Buying and selling Bitcoin in South Africa is now easier since you can take advantage of the different options available. Actually, you can transfer funds from any of the major financial institutions in the country to a Bitcoin exchange and start trading as soon as possible.
And you don’t have to worry about the rates considering there are platforms that allow you to convert Bitcoin to Rands. But remember crypto trading in South Africa is currently unregulated though the government is working on a new regulatory framework to control the industry.
Having said that, today we will take you through some of the most remarkable ways to buy Bitcoin in South Africa. Read on below:
Leverage a Bitcoin Exchange Platform
You can always leverage Bitcoin exchange platforms when you want to convert Bitcoin to Rands and start trading. But with the mushrooming exchange platforms, you must learn to exercise caution to avoid scam cases.
The catch lies in doing your homework and choosing a Bitcoin exchange platform that’s regarded as reliable, secure, and trustworthy. Research the different exchanges in South Africa, after which you can select the ideal one for your needs.
Use a BTM/VTM
While there are not many BTMs in South Africa at the moment, they are already available in some of the major cities around the globe. For those who might not know, this is a vending machine that works in much the same way as an ATM.
However, you will first need a Bitcoin wallet loaded on your smartphone which generates a QR code that the BTM reads. An important point to remember is that you can use a BTM to deposit funds to buy Bitcoin but you can’t use a BTM to withdraw the money earned from selling Bitcoin.
Buy Bitcoin with a Credit or Debit Card
Now more than ever, you can buy Bitcoin in South Africa using a credit or debit card. However, you will still have to go through a renowned Bitcoin exchange platform where you add your card details to the system and transfer money electronically after verification of the card details.
You should be more than ready to make do with credit card fees, which makes it a slightly more expensive way to buy Bitcoin in South Africa. Nevertheless, it is still an option worth relying on when you want to convert Bitcoin to Rands.
In Conclusion
Buying Bitcoin in South Africa is now easier than before. You can choose to use a BTM/VTM, a credit card or debt card, a Bitcoin exchange, or simply get paid in Bitcoin. The option you choose is entirely upon you.
As a rule of thumb, be sure to factor in the pros and cons of each option to ensure you choose one that best fits your needs. If you want to convert Bitcoin to Rands without feeling the heat, then you should consider taking advantage of what Remitano offers. Check it out today to find out more!
