Best platforms to trade crypto in South Africa
The best Cryptocurrency exchange in South Africa is OKX
The best Cryptocurrency exchanges in South Africa:
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OKX – Best exchange for advanced trading in South Africa;
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Bybit – South Africa’s most affordable cryptocurrency exchange;
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Binance – Best crypto exchange for spot trading;
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Huobi Global – Great selection of Crypto CFDs in South Africa;
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KuCoin – South Africa’s best exchange for emerging altcoins.
One of the advantages of using cryptocurrency is self-custody. This means that individuals can take responsibility for securing their digital assets. Despite criticisms, the value of Bitcoin and other major coins has consistently increased over time, presenting attractive investment opportunities for South Africans. There are numerous well-established crypto exchanges available for those interested in investing in or trading cryptocurrency.
In South Africa, the cryptocurrency industry has been subject to increased regulatory scrutiny in recent times. With so many options available, it can be a daunting task for beginners to select the right exchange. To help you make an informed decision, analysts at TradersUnion have reviewed and ranked the best cryptocurrency exchanges in South Africa based on factors such as regulation, user experience, available assets, deposit methods, fees, and more.
The Top 10 Crypto Exchanges in South Africa in 2024
By opting for our platform, you can enjoy a range of benefits such as cost-effective derivatives trading, an NFT platform, DeFi solutions, USDT staking with up to 10% annual returns, copy trading, and trading bots.
| Exchange | Commission | Minimum Deposit | Trading features |
|---|---|---|---|
Spot 0,1%, |
0.00005 (BTC) |
Spot and margin trading, NFT, DeFi, GameFi, options, futures, indices, lending, mining, and P2P trading are available |
|
Spot 0.01% |
No minimum amount required |
Low-cost derivatives trading, including an NFT marketplace, DeFi solutions, USDT staking with returns of up to 10% per year, copy trading, and trading bots |
|
Spot 0.1% |
From $5 |
Investment program available, extra high liquidity, over 400 trading assets |
|
Spot - 0.2% |
0,001 BTC |
OTC trading, crypto spot, crypto futures, staking |
|
0.01% |
From $1 |
Low fees, you can bring your own token to the exchange, regular promotions |
|
0.1% |
₮1 (USDT) |
BitGet is available for buying cryptocurrencies, spot trading, and trading futures contracts. As investment programs, a trade copying service and an affiliate program are presented |
|
0.25% |
USD 50 |
Favorable trading terms, a variety of cryptocurrencies, and no fiat. There is an affiliate program, a deposit with annual interest, and mining |
|
0.05% |
No |
Extra cheap spot trading, high spot leverage, referral program, large leverage, copy trading service |
|
Spot 0.0% |
From USD 1 |
Investment programs are available, including free spot trading |
|
Spot 0.26% |
0.0001 BTC |
US regulation, staking, spot and futures trading |
OKX
OKX has implemented several measures to cater to the South African market, including user-friendly deposit options. Its users can deposit Rand through any local bank account or payment method with ease and security. OKX is committed to delivering a safe trading environment to its South African users by complying with security protocols and legal requirements, making it one of the best cryptocurrency exchanges in the market.
Supported assets
Cold storage of digital assets
NFT Marketplace
Over 350+ supported digital assets
Trading tools and derivative products
Access to DeFi services
Investment options
Staking
Lending
NFT trading
Bybit
Bybit is a prominent cryptocurrency exchange that operates globally, with its headquarters located in Singapore. The founder of Bybit is none other than Ben Zhou, who is highly regarded in the cryptosphere. Bybit specializes in cryptocurrency derivatives trading, which allows its users to leverage up to 100x. Interestingly, Bybit does not require its users to undergo KYC verification, which makes the onboarding process faster and more convenient.
Experts in the South African cryptocurrency market consider Bybit as one of the best crypto exchanges available. Bybit's platform offers a one-stop-shop for minting, buying, and bidding on NFTs, making it ideal for those interested in the NFT market. The platform prioritizes security, transparency, and privacy, which makes it a reliable choice for South African investors. Unlike other exchanges, Bybit does not require KYC, ensuring investor privacy. To maintain transparency in its assets, Bybit provides proof of reserves, which confirms a 1:1 holding of funds.
Supported assets
300+ supported assets
Up to 100x leverage on crypto
Advanced tools supported by great technology
Risk-free testnet environment
Trading bots
Very low trading fees
Investment options
Copy trading
Farming
Binance
Binance has established itself as a highly-regarded cryptocurrency exchange in South Africa thanks to its commitment to regulatory compliance, secure trading platform, and peer-to-peer exchange. Known worldwide, Binance offers South African traders access to a broad spectrum of over 350 crypto assets that can be purchased using the South African rand. Binance also provides a wide range of trading options and boasts one of the lowest crypto exchange fees, at just 0.1%.
Due to its user-friendly interface, extensive functionality, and strong security measures, Binance appears to be the best option for South African investors. Its platform makes transactions simple and straightforward, ensuring a hassle-free experience for its users. The exchange is also committed to providing a safe trading environment, implementing robust security measures to instill confidence among its users. In addition to its advanced security measures, Binance adheres to regulatory requirements, offers a comprehensive set of features, and has a reputation as a leading cryptocurrency exchange in South Africa.
Supported assets
Cold storage of digital assets
Over 350+ supported digital assets
Trading tools and derivative products
Access to DeFi services
Investment options
Lending
NFT trading
Huobi Global
Following the Chinese government's ban on fiat-to-cryptocurrency trading, numerous prominent cryptocurrency exchanges were obliged to cease operations in China and relocate to other regions across the globe. Huobi was one of the few exchanges that managed to survive the Chinese crackdown on cryptocurrency trading. Huobi Global is a well-known digital asset exchange that operates globally in over 100 countries, including South Africa. Established in China in 2013, the exchange has been providing investment and trading services to users worldwide ever since.
With a significant presence in Singapore, Huobi Global is one of the most popular cryptocurrency exchange platforms that serves a diverse clientele. Although the company was founded in Beijing, it has relocated its headquarters to Singapore to make it more accessible to traders worldwide. One of its most notable features is the Huobi Trading Bot, which offers South African traders the flexibility of bot trading. Additionally, Huobi Global provides a platform and customer support in South African languages, which makes it easier for traders to use the exchange.
Supported assets
Over 400+ supported assets
Has an advanced user interface
Trading bot
Smart-Chain analysis
Investment options
Flash trade
KuCoin
According to TU experts, KuCoin emerges as a suitable option for South African investors who wish to engage in altcoin trading. The platform offers access to a vast array of more than 500 cryptocurrencies, comprising both established and lesser-known coins. KuCoin stands out in the market owing to its intuitive user interface, reasonable trading charges, and advanced trading capabilities, making it a popular choice among SA altcoin traders. Consequently, it has established itself as a robust contender in the South African market.
KuCoin is an enticing option for South African investors who want to trade cryptocurrencies. The exchange offers a range of features, including support for the South African language and flexible deposit methods for the Rand. KuCoin is committed to providing a secure and trustworthy trading experience, with a focus on user privacy and strict adherence to regulatory standards. These important factors make KuCoin a dependable and credible choice for anyone looking to participate in South Africa's thriving crypto market.
Supported assets
Over 500+ supported assets
Leverage up to x100
Trading bot
Marketplace
Investment options
Margin trading
Lending
Staking
NFT trading
How to choose a crypto exchange in South Africa?
Choosing the best crypto brokers in South Africa can be overwhelming due to the numerous options available. To help you make an informed decision, it's essential to be aware of the factors that need to be considered. According to TradersUnion's experts, there are several crucial aspects that you should keep in mind while selecting the best crypto exchange in South Africa.
Regulation and safety
As you pick a cryptocurrency exchange in South Africa, you should prioritise evaluating its security and dependability. A thorough assessment of the security measures offered is essential. You may want to explore regulatory compliance, two-factor authentication, regular security audits, and cold storage for coins. Additionally, it's advisable to confirm if the exchange provides insurance coverage for users' funds as a protection against hacks, theft, and unforeseen circumstances.
Fees
When using cryptocurrency exchanges, investors should be aware that fees are typically charged for their services, but the amount of fees can differ between platforms. Therefore, it's important to carefully consider the fees charged by a South African cryptocurrency exchange before making a decision. It's important to determine whether the fees are reasonable and align with your investment goals.
Benefits for South African clients
Selecting a cryptocurrency exchange in South Africa requires careful evaluation of the benefits and features offered by different exchanges. Each exchange provides unique advantages that might suit specific traders in the country. For example, some exchanges offer bonuses and special features that can sway your decision in their favour. However, it's crucial to assess other aspects of the exchange, such as whether it accepts Rand deposits and provides customer support in South African languages, to make an informed decision.
Investment options
To find the best cryptocurrency exchange in South Africa, it's necessary to evaluate various factors such as investment opportunities like copy trading, staking, and farming. Additionally, it's important to note the range of cryptocurrencies supported by different platforms. Some exchanges have a limited selection of coins, while others offer a broader range of options. By considering these factors, you can choose an exchange that aligns with your investment goals and provides the necessary features to meet your needs.
How To Buy Crypto in South Africa?
To purchase cryptocurrencies in South Africa, it is essential to understand the steps involved in the process. Let's take Binance as an example to explain these steps. However, the procedure may differ slightly based on the exchange you choose, but the results will remain the same.
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1
Register for an account:
In order to start using Binance, you must first create an account and complete the identity verification process by logging into your account. If you do not have an existing account, you can create one by visiting the Binance homepage and selecting either "Login" or "Register" -
2
Select a credit or debit card to purchase Crypto with:
To buy cryptocurrency using a credit or debit card, after logging in to your account, navigate to the main menu. Then, select the "Buy Crypto" option to proceed with your purchase -
3
Set a budget for your purchase:
This step involves determining the amount of crypto you wish to buy. At this point, you will need to input your preferred currency and the amount you want to spend. Once you have entered this information, you can proceed by clicking on the "Continue" button -
4
Input card information:
Here, you will be presented with the payment options available to you. Choose Visa/Mastercard and click Continue. Input your card details and click Next. To complete the process, select Add Card and enter your billing address -
5
Verify your order:
After adding your card information, click on the 'Continue' button. In less than a minute, you will be able to verify your order. Once the order is confirmed, you will be redirected to the OTP transaction page of your bank. Here, you can authenticate and authorize the payment with your bank's one-time password
Is it a good time to buy Bitcoin in South Africa now?
The stance towards purchasing Bitcoin can be seen from two different angles, both of which are backed up by strong arguments. To provide a comprehensive overview on the matter, we'll take a look at the advantages and disadvantages of investing in Bitcoin as highlighted by the analysts at TradersUnion in the following sections:
👍 Pros
• Inflation has caused several currencies to decline in value. Bitcoin can safeguard against such devaluation, and hence, it is viewed as a reliable option by many to protect against inflation. This is why Bitcoin and other cryptocurrencies are often regarded as a hedge against inflation
• Bitcoin is a form of digital currency that is increasingly being regarded as a store of value with similarities to gold. It has even earned the nickname "digital gold" and is now widely accepted by savvy investors. The value of Bitcoin has been gradually rising, making it a dependable way to preserve wealth
• In the past ten years, Bitcoin has emerged as the leading asset class, surpassing even the NASDAQ 100, the second-best-performing class, by a significant margin. Investors who have held onto their Bitcoin for the long term have seen remarkable returns, even with small initial investments. The impressive growth of Bitcoin has resulted in many success stories that continue to inspire new investors. Despite its incredible rise, Bitcoin is still far from reaching its historical peak, and experts believe that now is an ideal time to invest in it
👎 Cons
• Bitcoin, like other cryptocurrencies, is infamous for its extreme price volatility. This makes investing in it a risky venture, quite unlike conventional stock market investments. While it can potentially yield high returns, there is also a possibility of losing everything. Therefore, it is crucial to keep this in mind and take necessary precautions before investing in cryptocurrencies
• Investing in cryptocurrencies can be a risky decision since they are not currently regulated by the government. It's important to keep in mind that until federal governments start regulating cryptocurrencies, it's important to be cautious while investing in them
Does Crypto Exchanges Support Rand?
Yes, of course! Numerous cryptocurrency exchanges provide options for depositing and withdrawing in South African Rand. Binance, the most extensive digital currency exchange in terms of transaction volume, has recently extended its customer support for South African clients. This includes allowing manual bank deposits in South African Rand, providing users with a broader range of payment options.
Is Cryptocurrency Regulated in South Africa?
Yes. As per the latest announcement by the South African Financial Sector Conduct Authority (FSCA), cryptocurrency assets have been classified as a financial product. This decision came into effect on October 19th 2022, and as a result, crypto assets will now be subject to regulation by the FSCA under Section 1(h) of the Financial Advisory and Intermediary Services Act (FAIS) Act.
Is crypto taxed in South Africa?
Yes, in South Africa, cryptocurrency investments are subject to taxation. Any income that is generated through activities such as crypto mining, staking, airdrops, and hard fork proceeds are considered as income and are taxable at a rate of 45% if kept in the revenue account. However, if the owner intends to hold the mining income for the long term, then the capital gains tax rate of 18% would apply.
However, expertsI recommend investors from South Africa to seek tax consultation from professionals specializing in cryptocurrency taxation. These consultants will help navigate the complex tax regulations and ensure compliance with South African laws.
Summary
Last but not least, it is recommended that investors choose a trustworthy and established cryptocurrency exchange that accepts deposits in South African Rand or United States Dollars. These exchanges have a large user base and a proven track record of providing secure services for buying, selling, and trading cryptocurrencies. To ensure a safe and profitable experience in the rapidly changing crypto market, it is important to stay up-to-date with the latest developments and comply with local regulations. By taking these precautions, investors can navigate the world of cryptocurrencies with confidence and ease.
FAQs
What is the safest crypto exchange?
Binance and ByBit can be considered a highly secure exchange for cryptocurrency transactions. Also you can consider Coinbase, Kraken and other top US-based exchanges.
What is the number one crypto exchange?
Binance is currently the cryptocurrency exchange with the highest trading volume in the world. ByBit iso a great option for active derivatives trading due to its very low fees.
Is Binance better than Coinbase?
Binance is often considered more oriented towards customers from South Africa compared to Coinbase due to its support for the South African Rand (ZAR). Binance offers direct trading pairs with ZAR, allowing users from South Africa to trade cryptocurrencies directly with their local currency. This feature provides convenience and accessibility for South African users, making Binance a popular choice among them.
Where can South Africans buy crypto?
South Africans can buy cryptocurrencies from various platforms, including cryptocurrency exchanges like ByBit, Binance and OKX.. Additionally, peer-to-peer (P2P) platforms allow users to buy cryptocurrencies directly from other individuals in South Africa using various payment methods, including bank transfers and cash.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
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Team that worked on the article
Winnifred Emmanuel is a freelance financial analyst and writer with years of experience in working with financial websites and businesses. Her expertise spans various areas, including commodities, Forex, stocks, and cryptocurrency. Winnifred tailors her writing to various audiences, including beginners, while also providing useful insights for those who are already familiar with financial markets.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.
Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.
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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.