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How to Buy Bitcoin in South Africa

You can easily buy and sell Bitcoin in South Africa. There are many Bitcoin exchanges that you can use to sell or buy Bitcoin. Bitcoin is becoming widely accepted as a payment method in South Africa. It is also legal to buy and sell Bitcoin in South Africa. If you want to buy or sell Bitcoin in South Africa, Bitcoin exchanges are the best option since they are safe, secure and reliable. In this article, we will show you how you can easily buy Bitcoin in South Africa.

Is it Legal to Buy and Sell Bitcoin in South Africa?

Yes, it is legal to buy and sell any cryptocurrencies in South Africa. Although the South African Reserve Bank (SARB) issued a warning against trading in Bitcoin, you can still invest in cryptocurrencies in South Africa. However, SARS says that income from Bitcoin trades is taxable. Currently, trading in cryptocurrency in South Africa is not regulated.

How to Buy Bitcoin in South Africa

There are several ways you can buy Bitcoin in South Africa.

Bitcoin Exchange

You can buy Bitcoin in South Africa through the Bitcoin exchange. When selecting Bitcoin exchange, ensure that it is reliable, secure and trustworthy. Some Bitcoin exchanges allow one to deposit fiat currencies from a bank account. Bitcoin exchange is the most secure way to buy Bitcoin in South Africa.

Buy Bitcoin with a Credit or Debit Card

The other way you can buy Bitcoin in South Africa is through a credit or debit card. You will still need to use a Bitcoin exchange to buy Bitcoin and then make payment using a credit or debit card. You will need to add your credit or debit card details to the Bitcoin exchange. When using this method, you will be charged credit card fees.

Read also: Best investment banks in South Africa.

Use BTM (Bitcoin ATM)

You can also buy Bitcoin in South Africa from the Bitcoin ATM. A Bitcoin ATM is a machine that looks much like an ATM machine. The BTM machine generates a QR code which you need to scan using your Bitcoin wallet on your Smartphone. You can use the BTM to purchase Bitcoin, but you can’t use it to withdraw Bitcoin.

Get Paid in Bitcoin

The other way to get Bitcoin in South Africa is to get paid through Bitcoin. Lately, Bitcoin payments are becoming widely accepted in South Africa. You can buy or sell goods and services using Bitcoin. You can use payment gateways providers like PayFast. This payment gateway allows you to pay in Bitcoin, which is then converted to Rands.

How to Buy Bitcoin in South Africa Instantly

You can buy Bitcoin in South Africa instantly through Bitcoin exchanges. Make sure that the Bitcoin exchange that you choose in South Africa is safe and secure. Some of the oldest Bitcoin exchange platforms in South Africa that you need to consider include the following:

Where to Buy Bitcoin in South Africa?

Where can i buy bitcoin in South Africa? Consider the following Bitcoin exchanges in South Africa that are safe, secure and reliable.

1. Paxful

Paxful is a peer-to-peer Bitcoin exchange that is operational in South Africa. You can use the platform to buy and sell Bitcoin in South Africa. You just need to create an account and get a Bitcoin wallet. Paxful is encrypted with two-factor authentication to protect your Bitcoin wallet. It also has 24/7 customer service ready to help you. You can make up to 60% profit selling Bitcoin through Paxful.

Read also: Best investment banks in South Africa.

2. Coinbase

Coinbase is a trusted cryptocurrency exchange platform in South Africa. You can use Coinbase to store and convert cryptocurrency. To start using Coinbase, you just need to sign up. It is easy to use and is safe and secure. Coinbase stores crypto assets securely offline while it also offers 2-step verification to secure your cryptos. All the cryptos stored on the servers are covered by an insurance policy.

3. Luno

Luno is a bitcoin exchange in South Africa you can use to buy and sell Bitcoin in South Africa. You just need to sign up for Luno account and set up your profile. Then confirm your account using your email address. You can then deposit money into your account and buy Bitcoin instantly.

Top Bitcoin Payment Methods in South Africa

You can buy Bitcoin in South Africa using any of the following methods:

  • FNB E-wallet
  • PayPal
  • Bank transfer
  • Perfect money
  • Mpesa
  • Cash deposit

Summary of How to Buy Bitcoin in South Africa

Buying Bitcoin in South Africa is easy. You can use the above platforms to buy and sell Bitcoin in South Africa. You just need to sign up on any of the above exchanges. Then fund the wallet using any of the above payment methods. After that, you can easily buy Bitcoin in South Africa. 

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