Gradually but surely, many South Africans are starting to embrace digital currencies. It’s safe to say however that the low uptake of digital currencies in the past years was not solely down to the reluctance by South African folks to embrace crypto but rather, was down to the many merchants who refused to accept digital currencies as a method of payment. With a few merchants both local and international starting to accept crypto payments, more and more folks are now eager to buy/trade cryptocurrencies. In light of this, we have penned this article which shares the top Crypto Exchanges in South Africa.
Luno
Luno is a proudly South African crypto exchange platform that was founded back in 2013. At first, Luno used to go by the name BitX. However, it later revamped its operations and, in the process, changed its name. Luno is a trusted crypto exchange platform in South Africa. Luno’s trading volume on average per day is $74,281,697 and it handles around 6,000,000 users per day. The exchange platform supports various payment methods which include Bank Transfer, credit/debit cards, and cash electronic funds transfer. Deposit fees vary by currency used while withdrawal fees vary by payment method.
Paxful
Paxful operates as a crypto exchange marketplace that allows all South Africans to buy or sell cryptocurrencies. Folks can buy all sorts of digital currencies which include Bitcoin, Ethereum, and Litecoin among many others. When it comes to payment methods, the platform supports a variety of local banking methods which include FNB e-Wallet, Bank Transfer (most South African banks accepted), cash deposit to bank, PayPal, perfect money, and cardless cash. The beauty of Paxful is that it offers a Bitcoin Kiosk and Affiliate Program. All folks who join the program stand a chance of earning passive revenue for the rest of their lives.
Ovex
Ovex is a local brand that’s headquartered in the Western Cape in South Africa. As a local brand, local folks will be happy to hear that the crypto exchange accepts only the South African Rand (ZAR) as the fiat currency of choice for making deposits. The platform offers a variety of trading pairs which include main coins such as Ethereum and Bitcoin as well as meme coins such as Dogecoin. For high trades by institutions and HNWIs, Ovex has an OTC solution. Ovex has a 30-day OTC trading volume of over ZAR4.5 billion.
Revix
Revix describes itself as an intelligent investment management platform. As an investment management platform, Revix allows all South Africans to create a diversified portfolio of the world’s top cryptocurrencies. Revix’s portfolio or ‘bundle’ as its affectionately termed makes investing in crypto simple, smart and effortless. The local South African Rand is accepted for deposits.
VALR
VALR is a crypto exchange platform that allows users to buy or trade in over 50 cryptocurrencies. Some of these include Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano. To deposit funds at the platform, users need to use the local South African Rand via EFT from any South African bank. Likewise, users can initiate withdrawals to any South African bank account. One of the great beauties of VALR is that it has a rewards program that rewards users based on referrals, so be sure to use a VALR Referral Code.
AltCoinTrader
AltCoinTrader prides itself as the biggest crypto exchange platform in South Africa. At AltCoinTrader, users have the chance to purchase South Africa’s digital currency that is, the xZAR which is pegged at 1:1 with the fiat South African Rand. AltCoinTrader offers dozens of crypto trading pairs something which presumably necessitates the platform to pride itself as the biggest crypto exchange platform in the country. Some of the digital currencies supported at AltCoinTrader include Bitcoin, Bitcoin Cash, Litecoin, Namecoin, Ripple, Ethereum, Dash, ZCash, USD Tether, Cardano, NEO, GAS, Stellar Lumens, Tron, Monero, Bitcoin Cash SV, Dogecoin, BitTorrent, Krugerrand, Silver, South African Tether, Compound, DAI, LINK, Solana and Songbird.
Coinbase
Coinbase is one of the few crypto exchange platforms operating in South Africa that allows users to trade and obtain a crypto wallet at the same time. The Coinbase wallet allows users to store various digital currencies which include South Africa’s crypto, South Africa Tether (xZAR). Globally, Coinbase is home to over 89 million traders with a large proportion of this being South African traders. Most folks are in love with Coinbase as it offers offline storage, best-in-class security, and insured products.
Coindirect
Coindirect is one of the several crypto exchange platforms operating in South Africa. One of the biggest advantages of settling at Coindirect is that all those who settle at the platform stand a chance of buying and trading dozens of digital currencies. The digital currencies offered include both the main cryptocurrencies such as Bitcoin and Ethereum as well as the meme coins talk of Dogecoin and xZAR among others.
Easycrypto
Easycrypto is one of the less-heralded crypto exchange platforms in South Africa. Though this is the case, the platform is slowly but surely increasing its influence in the country. The strategy that Easycrypto is taking to increase its influence is to support a variety of digital currencies. This, therefore, means all traders at the platform have a chance to trade in different trading pairs at the platform. To deposit funds, traders are free to use the local South African Rand (ZAR).
Round-Up
South Africa is home to dozens of crypto exchange platforms. However, traders should not just settle for the first platform they stumble upon. Rather, they need to settle at reputable crypto exchange platforms that offer the very best in terms of trading pairs, platforms that accept the local South African Rand, support a wide variety of banking methods as well as platforms that employ world-class safety and security protocols. Such platforms are the ones exposed and explored in this article.
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