Best Cryptocurrency Exchanges For South Africans

Cryptocurrency Exchanges, more notably Fiat-to-Crypto exchanges are usually the first place a beginner would purchase or interact with cryptocurrency for the first time. There are many cryptocurrency exchanges, many of which inflate their trading volumes (The sum of the amount of trades that occurred within a period of time.) or practice wash trading (A form of market manipulation in which an investor simultaneously sells and buys the same financial instruments to create misleading, artificial activity in the marketplace.).

Hacks are another big issue when it comes to cryptocurrency exchanges. $927 million (R12 849 842 250) worth of cryptocurrency was stolen in 2018 according to a new report by CipherTrace.

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Because cryptocurrency is still in its infancy, there can still be vulnerabilities on exchange websites, which could lead to the loss of an investor’s funds.

Because of these misleading practices it is wise to choose a cryptocurrency exchanges with a strong team and near accurate data reporting. This is why we have decide to give our list of best exchanges for South Africans.

Luno.com

Luno.com gives South Africans the option to buy Bitcoin (BTC) or Ethereum (ETH) with South African Rand (ZAR). Luno.com is serving more than 2 million customers and has a learning portal to help new cryptocurrency users to quickly understand the basics.

Pros:

  • Great Support Service
  • Fast Deposits
  • Fast Withdrawals

Cons:

  • Lack of cryptocurrencies
  • Cannot diversify portfolio

BitFund.co.za

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Bitfund.co.za offers a simplified solution to invest in a wide variety of cryptocurrencies on one single platform rather than multiple exchanges. Bitfund.co.za allows you to create your own diversified cryptocurrency portfolio, or choose from pre-specified ones.

Pros:

  • Diversified Portfolio
  • Variety of coins to choose from
  • Fast Deposits
  • Fast Withdrawals
  • Great support service

Cons:

  • Cannot withdraw cryptocurrency
  • No trading pairs

Ice3x.com

Ice3x.com provides quick and easy deposits via EFT using any of the major banks in South Africa, including ABSA, Standard Bank, NedBank, FNB and Capitec. Same day processing of deposits and withdrawals comes as standard. Your funds will also be kept offline in cold storage. Ice3x.com offers a variety of digital assets to choose from, including Bitcoin, Ethereum, Litecoin and more.

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Pros:

  • Lots of cryptocurrencies to purchase and trade.
  • Crypto/ZAR trading pairs
  • Fast Deposits
  • Fast Withdrawals

Cons:

  • Not user friendly for beginners

Coindirect.com

Coindirect.com allows you to fund your account from any local bank. Coindirect.com also gives you the option of diversifying your cryptocurrency portfolio, all while having low fees.

Pros:

  • Great user interface
  • Peer-to-Peer marketplace
  • Fast Deposits
  • Fast Withdrawals.

Cons:

  • Lacking good support service

Binance.com

Binance.com is probably the best place for cryptocurrency traders. Binance.com is capable of processing 1,400,000 orders per second, and supports multiple coins for deposit and trading including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Binancecoin (BNB). Although you cannot deposit South African Rand (ZAR), you can buy bitcoin on one of the above mentioned exchanges and transfer it onto Binance.com in order to conduct more efficient cryptocurrency trading with both crypto-to-fiat and crypto-to-crypto trading pais.

Pros:

  • Multiple cryptocurrencies may be used to deposit funds.
  • Trading Interfaces for both beginners and advanced users.
  • Lots of trading pairs to choose from.
  • Fast Deposits.
  • Fast Withdrawals.

Cons:

  • No Fiat deposit options.
  • User Interface may be difficult to navigate for beginners.

Coinbase.com

Coinbase.com will require you to have a credit card, or a bank card which is capable of online transactions in order to purchase cryptocurrency. Coinbase.com lets you invest in digital currency slowly over time by scheduling buys daily, weekly, or monthly. Digital assets stored on their servers is covered by their  insurance policy. Coinbase.com also has mobile apps available for ease of use, and to monitor your portfoli

Pros:

  • Large User Base
  • Easy To Navigate User Interface
  • Insurance
  • Good Support Service

Cons:

  • Need a credit card to deposit money
  • Very Little cryptocurrencies to choose from to diversify.

Those are our recommended cryptocurrency exchanges for South Africans, due to security, ease of use and the option of purchasing cryptocurrency with South African Rand (ZAR). Always make sure that you do research about an exchange before sending any funds to it. It is always best to purchase and store your cryptocurrency on a cold wallet that you own.

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