Welcome to our detailed article on how to buy bitcoin in south Africa. This article covers all you need to know about buying bitcoin in south Africa and at the end of this article, you should be able to purchase bitcoin in south Africa using the different methods we explained in this article.
Bitcoin is the leading and most well-known digital and crypto currency in the world today with billions of users actively running different and multiple transactions with it. This has made the demand for bitcoin skyrocket over the past decades. With the use of bitcoin, online and digital payment have been made easy and payment sent to the right parties within seconds.
Bitcoin is not widely supported by all countries. countries such as Qatar and other Asia countries have restrictions placed on the use of bitcoin. But out of all the countries against bitcoin, south Africa is one of the countries fully in support of the use of bitcoin.
This has made the use of bitcoin in south Africa legal and there are lots of different methods and exchanges supporting transactions in bitcoin.
Due to the increase in the demand for bitcoin, there have also been an increase in the amount of scam related bitcoin transactions. One of the most affected areas when it comes to dealing with bitcoin is buying them. A lot of people have lost funds when trying to buy bitcoin. This lead to why we have decided to put out a detailed article on how to buy bitcoin in south Africa for those interested in buying bitcoin.
There are different ways you could buy bitcoin in south Africa and they include:
- Buying from a regulated or trusted company or person.
- Buying from an online crypto exchange company.
- Buying from an online digital currency and escrow company.
- Buying through bitcoin ATMs.
How To Buy Bitcoin in South Africa
Buying from a regulated or trusted company or person
The first and simplest way to get bitcoin in south Africa is through a trusted person that deals on bitcoin retail trading. There are lots of people around south Africa that buys and sell bitcoin for a living. You just need to ask around your locality for trusted persons. You pay them in cash or bank transfer and the bitcoin will be released to you.
Buying from an online crypto exchange company
Another easy way of getting bitcoin is using an online crypto exchange or trading company such as binance. Binance is a multi billion dollar cryptocurrency trading company that is supported in south Africa. You can fund your account using your local currency and convert the funds to bitcoin.
Another crypto exchange company that is supported in south africa is luno. Luno is a well known crypto exchange company that supports most african countries such as south africa and nigeria. You can buy and sell bitcoin using luno. Luno allows you to fund your account using your local currency and the funds can be exchanged for bitcoin. You can also convert your bitcoin to your local currency using luno, and your withdrawal will be sent straight to your bank account. You can visit the official website using luno.com
Buying from an online digital currency and escrow company.
Escrow companies are companies that serve as intermediate for every transaction. These company’s provide a safe means for every transaction you transact using them. An example of such company include paxful. Paxful is a well known escrow company that supports the conversion of gift cards to bitcoin and any other crypto currency. You can also purchase bitcoin using cash and other forms of payment. To check the official website, kindly visit paxful.com
Buying through bitcoin ATMs
Using bitcoin ATM is not a widely known method in most bitcoin supported African countries. Bitcoin ATM is just like your regular ATM but can be used to buy and sell bitcoin at a defined rate. Bitcoin ATMs are available in some south African states such as Cape Town, Pretoria, Johannesburg etc. So if you are in any of this states, you can look out for bitcoin ATMs around you.
The above methods are some of the easy and verified methods you can use in buying bitcoin in south Africa. We strongly recommend you use only platforms and persons with good history.