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How to buy Bitcoin in South Africa legally


Johannesburg, 11 Jan 2021
Read time 6min 00sec
Source: Cryptocoinstockexchange
Source: Cryptocoinstockexchange

You shouldn't be amazed that the growing rate of bitcoin to rand transactions has increased exponentially. Well, this is because South Africa is one of the countries where bitcoin growth, adoption, and use have increased at a very rapid rate. The use of the internet has also made bitcoin spread quickly across the world and in Africa.

In South Africa, there are now different platforms that make it easy to buy and sell bitcoin. In this article, we will explore the best process and practices to buy bitcoin legally in South Africa. It is always exciting to know that you can easily convert your bitcoin to rand when trading with other exchangers across the globe.

South African rands and Bitcoin

Even though South Africans can now buy bitcoin easily with their local currency, it is impossible to shy away from the fact that South Africans still face the problem of many unsecured platforms. A lot of South Africans see bitcoin as a growing project with a lot of business opportunities. At the same time, these people are concerned about scammers duping people out of their hard-earned money.

To avoid being scammed, most South Africans have used trusted and reliable international platforms in which they can easily register and navigate. It is an undisputed fact that Bitcoin is becoming more profitable by the minute. It is right to say that bitcoin is definitely the next generation of digital currency and also one of the next big ways to boost the economy of South Africa.

With the help of cryptocurrency exchanges and remittance services, South Africans now have unlimited access to bitcoin and buy cryptocurrencies legally.

Let’s explore the various options to buy bitcoin legally in South Africa.

Remitano is an option

Source: remitano.com
Source: remitano.com

There are different legal ways to get bitcoin or even convert bitcoin to rand in South Africa. One of the most reliable options is Remitano. Remitano is a crypto exchange platform that allows you to trade with buyers and sellers without any prior training. This means you don't need to attend any class or any course before you can buy bitcoin on Remitano easily.

Remitano user interface is built in a way that trading becomes easy, whether as a beginner or as an expert. One of the most important things is that you need to verify your identity before using any of the platform's payment modes. In less than thirty minutes, you are already a trader on Remitano.

Buying bitcoin with bank transfer

It is good news that customers can make an international transfer from their local bank. This means you can transact with people internationally from their local bank to buy bitcoin. Once you follow the right instructions or have a good vendor, the process is much more straightforward. This method of buying bitcoin is easy because you only need to transfer funds to the person you want to get the Bitcoin from, and the person would also transfer bitcoin back to your wallet.

Using gift cards to buy bitcoin

One of the most common methods South Africans use to buy Bitcoin is by buying or converting their gift cards into bitcoin. This method means you need to first purchase a gift card from online stores like Amazon or iTunes with your local cash. After purchasing the gift card, you need to activate it. After activation, you click on the option of using the gift card to buy bitcoin on websites like Coincola. Once you click on this option, you'll be directed to the page where you have traders that are ready to pay the Bitcoin worth of your gift card, and then you can later convert the Bitcoin to rand after you have made a profit.

Learn how to buy bitcoin on Cashapp.

Bitcoin ATM

Source: coindesk
Source: coindesk

With over 4000 bitcoin ATMs scattered around the world, South Africa has the highest number of these ATMs in Africa. According to CoinATMradar, there are currently 8 bitcoin ATMs in South Africa. There are 4 in Cape Town, 2 in Johannesburg, 1 in Durban, and 1 in Pretoria.

The first step to buying bitcoin using a Bitcoin ATM is to find an ATM around you. Click on buy coins and type in your phone digit. Once you input your phone number, a verification code would be sent to you via SMS. Then, input the amount you would like to buy, scan your wallet QR code, or manually input your wallet address into the Bitcoin ATM. The next step is to insert your cash into the machine and click on ‘Finish’. As soon as you complete all the steps, the right amount of Bitcoin would be deposited into your wallet.

In-person buying

This is one of the riskiest methods of buying bitcoin. This is because you would have to meet the person you want to buy Bitcoin from, in person. And you would either have your cash with you, that is, your rand, or be ready to transfer to the person on the spot. The major disadvantage here is that the person might have the intention of scamming you and you might not know until it’s done.

One of the best advice you would get is to ensure that you have talked or had a long chat with the person you are meeting physically beforehand. Video calls, preferably. Additionally, it is best to meet at a public location where everybody can see you. Even though this method seems to have some risks, it is not illegal in South Africa.

Buying bitcoin using your debit card

The debit card purchase means that you will contact vendors that have POS machines that want to receive rand and send you bitcoin directly. Once you send them money or you make the payment via POS, you would be paid bitcoin in your cryptocurrency wallet directly. You can also use your debit card on crypto exchange platforms that allow users to buy bitcoin with their debit card such as Remitano.

Conclusion

You have many options to buy bitcoin legally in South Africa, however, you have to be careful while doing so. Some options that are listed and explained in this article are the best options for you to go with. Make sure to conduct adequate research before choosing a particular option. Once your research is complete and you’re satisfied with that option, you can then go ahead to buy Bitcoin using the chosen option.

Editorial contacts
Remitano Adeagbo Adedolapo adeagbo@remitano.com
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