Binance South Africa - Is it Legit? Can I Withdraw ZAR?
Yes, Binance is available in South Africa, offering a range of services to local users. Key facts:
Fiat gateway. Since August 2022, Binance supports ZAR deposits and withdrawals via Instant EFT.
Trading services. Users can access spot trading, P2P, and Binance Earn. Futures, options, and margin trading were discontinued in October 2021 due to regulations.
Regulatory compliance. Binance is not directly regulated by South African financial authorities but complies with international standards.
Market presence. Binance remains a top crypto platform, offering 350+ cryptocurrencies with competitive fees.
By volume, Binance is the largest cryptocurrency exchange in the world, and it has local affiliates in the US, UK, and Singapore. Each day, it handles from $30 billion to $40 billion in transactions, which is about five times as much as its next-largest competitor.
The popular crypto exchange has a lot to offer its South African clients, but it does come with some limitations. Here, we talk about some of those weaknesses as well as the safety of trading on the platform.
Is Binance available in South Africa? Is it legit?
Binance is available in South Africa and is one of the most popular platforms for trading Bitcoin and other cryptocurrencies, but some services are restricted due to regulatory compliance.
Binance allows South African users to buy, sell, and trade cryptocurrencies, including trading coins against Bitcoin’s price. However, certain services, like options, margin trading, and leveraged tokens, are no longer accessible in South Africa following a warning from the Financial Sector Conduct Authority (FSCA).
In September 2022, Binance reintroduced futures trading for eligible South African users through a partnership with FiveWest OTC Desk (Pty) Ltd, an authorized Financial Services Provider.
While Binance is a legitimate exchange, it’s important to note that the FSCA has stated Binance is not authorized to provide financial advice or intermediary services in the country.
Additionally, crypto-related investments remain unregulated, which could make recovering funds challenging if issues arise. South African users should approach the platform with caution and be aware of these risks.
Binance South Africa limitations
As mentioned above, Binance has adjusted its service offerings in South Africa to comply with local regulations. While options, margin trading, and leveraged tokens remain unavailable, Binance has reintroduced futures trading. Eligible South African users can now access USDⓈ-M and COIN-M perpetual and delivery futures contracts through a partnership with FiveWest OTC Desk (Pty) Ltd, an authorized Financial Services Provider under the FSCA.
These changes followed a warning from the FSCA about the risks associated with unregulated crypto investments and services offered by the “Binance Group”. Additionally, the South African Revenue Service (SARS) has imposed taxes of up to 45% on digital asset earnings, further influencing the platform’s operations in the country. Despite these limitations, Binance remains a popular platform for cryptocurrency trading in South Africa.
Binance South Africa pros and cons
👍 Pros:
•Fast transaction processing. Binance processes 1.4 million orders per second.
•Extensive collection of crypto coins available for trading. Binance offers trading on more than 500 popular coins.
•Low fees. Binance has some of the lowest cryptocurrency trading fees in South Africa.
•Liquidity. Since trading started on the platform, Binance has offered high liquidity to its customers.
•Offers its own cryptocurrency wallet. The Trust Wallet app is available for iOS and Android devices and can be used with Binance or other Bitcoin exchanges in South Africa.
•Offers deposits and withdrawals of South African Rand (ZAR). Users can deposit and withdraw ZAR to and from their Binance wallets via Instant EFT.
•Futures trading available. Eligible users in South Africa can now access futures trading on Binance.
👎 Cons:
•Limited trading options. While futures trading has been reintroduced, options, margin trading, and leveraged tokens remain unavailable in South Africa.
•Not regulated by any financial authority in South Africa. The FSCA states that Binance isn’t authorized “to give any financial advice or render any intermediary services.”
•Unregulated crypto investments. The lack of regulatory oversight in South Africa means users have limited protection if issues arise.
How to buy Bitcoin in South Africa with South African Rand?
Depending on the type of currency you're depositing, the minimum deposit on Binance will vary. A minimum amount for USD is $10, whereas a minimum amount for ZAR is 500 ZAR. When transferring cryptocurrencies into your Binance account, there is no minimum deposit.
A step-by-step guide to buy Bitcoin:
Launch the Binance App. Select "P2P Trading".
Select BTC from the Buy tab. To filter your results, click on the filter icon in the top right corner of your screen.
In order to buy crypto, choose the bank payment method you’d like to use. Then, be sure to specify that you want to use the ZAR currency to purchase Bitcoin. Once you’ve done that, tap on the confirm button.
Simply choose the offer you want and enter the quantity you'd like to purchase. Select a payment method and click on "Buy BTC.".
Upon receiving the seller's payment information within the payment deadline, transfer the money directly to the seller. To communicate with the seller, use the chat box.
Next, tap on "Transfer" to send the money to the seller.
Click Confirm. Don’t click Confirm if you haven't made any transactions. By doing so, you will be violating the P2P User Transaction Policy.
Once you’ve confirmed, the status will change to “To be released.”
How to withdraw ZAR to card
How to withdraw ZAR to card
Contact the Binance Support Team to withdraw ZAR from your Binance account by submitting a “Support Ticket”.
And select a specific request with “ZAR Withdrawal Request”.
To ensure Binance processes your request, provide the following data and documents:
Email address
First name and last name (as indicated in your identification document)
Binance ID
Primary residential address
ID number (passport number if foreign national)
Cell phone number
Name of your bank
Bank account number
Branch code
Account holder name (must be the same as the Binance user)
Withdrawal amount Rands (ZAR)
Try auto-invest and P2P arbitrage
If you're new to Binance in South Africa, try auto-invest to build crypto holdings without constantly watching the market. It’s like setting up a monthly debit order for crypto — the system buys coins regularly, helping you stack up over time while avoiding impulsive trades. At the same time, put some money in flexible savings for coins like USDT or BUSD to earn interest while keeping access to your funds.
For something unique, explore P2P arbitrage trading. Banks in South Africa sometimes cause differences in crypto prices on Binance’s P2P platform. If you notice one seller offering a lower price than others, buy from them and sell to a higher bidder. It’s a hands-on way to make money without risking a lot upfront.
Conclusion
Binance offers South African users a comprehensive platform for trading, investing, and managing cryptocurrencies. Despite the lack of direct regulation by South African authorities, Binance remains a globally trusted exchange with robust security and diverse features. However, users should stay informed about regulatory developments and practice caution when engaging in crypto trading. By understanding the risks and leveraging Binance’s tools effectively, South African traders can explore the growing opportunities in the cryptocurrency market.
FAQs
How do I withdraw ZAR balances into my bank account?
Open a customer service ticket and provide the information and documents listed above. Prior to requesting a ZAR withdrawal, make sure you read the directions thoroughly. If you wish to withdraw funds to a bank account, make sure the bank account belongs to the verified account holder of the Binance account that’s requesting the withdrawal.
Is there a fee to deposit ZAR to Binance?
No. When you make a deposit with ZAR or another fiat currency, Binance doesn’t charge you a deposit fee.
Can I trade Bitcoin with Binance?
Yes. Binance is one of the most popular platforms for trading Bitcoin in South Africa. You can buy and sell Bitcoin and trade other cryptocurrencies against the price of Bitcoin.
Can you trade futures on Binance in South Africa?
Yes, futures trading is available on Binance in South Africa for eligible users. Binance reintroduced futures trading in the country, allowing users to access these products. However, options, margin trading, and leveraged tokens remain unavailable. These changes align with regulatory adjustments and compliance requirements in South Africa.
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Alamin Morshed is a contributor at Traders Union. He specializes in writing articles for businesses that want to improve their Google search rankings to compete with their competition. With expertise in search engine optimization (SEO) and content marketing, he ensures his work is both informative and impactful.
Chinmay Soni is a financial analyst with more than 5 years of experience in working with stocks, Forex, derivatives, and other assets. As a founder of a boutique research firm and an active researcher, he covers various industries and fields, providing insights backed by statistical data. He is also an educator in the field of finance and technology.
As an author for Traders Union, he contributes his deep analytical insights on various topics, taking into account various aspects.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).