How to Buy Bitcoin in South Africa 2021

Feb 24, 2021 | South Africa | 0 comments

Congratulations on making the impressive decision to invest in the best performing asset of the last decade. Bitcoin, and cryptocurrencies, have well and truly arrived on the scene and now it’s time to get involved – if you haven’t done so already. Since the mass influx of institutional investment into Bitcoin, many of the arguments previously discrediting Bitcoin are no longer valid. You’ve picked a great time. Let’s get into how to buy Bitcoin in South Africa 2021.

How To Buy Bitcoin Via Bank Transfer – Luno

The best way to buy Bitcoin via bank transfer in South Africa is arguably Luno. The platform offers an easy to use interface that guides you through the few simple steps. First you’ll need to create an account on Luno. They offer three ways to do so, either through their website, or their iOS or Android apps. You’ll also be able to sign up through your Apple, Google or Facebook account. Fill in the information they require and create an account. 

Next, you’ll want to top up your Luno ZAR wallet by using bank transfer. Simply select the ZAR wallet and “Deposit”. You have two options, either Instant EFT with PayU or bank transfer. You’ll then need to enter the amount of money you’d like to deposit, noting that the minimum amount is R100 and the maximum amount is R50,000. You will then be provided with a unique reference code and the banking details. Ensure that you enter the code correctly, and once the deposit is made you can confirm with the button provided.

The funds should clear within 2 business days and reflect in your ZAR wallet. You can then open your Bitcoin wallet and select Buy, choosing your ZAR wallet as the payment option. 

That’s 3 simple steps:

  • Sign up
  • Deposit funds via bank transfer
  • Buy Bitcoin

How To Buy Bitcoin Via Credit / Debit Card – Coindirect

While we’ve all gotten very used to online shopping in South Africa (and the world, thanks Covid), there is no reason why buying cryptocurrencies should be any different. This London based company, Coindirect, was actually the first exchange to offer credit / debit card crypto purchases to South Africans. The platform has a wide range of over 40 cryptocurrencies on offer and boasts very low fees.

In order to buy Bitcoin via credit / debit card on Coindirect you will need to create an account. You’ll need to provide information like name, number, address, cell phone number, country and a few other details. Once you have created your account, you can select the Buy option in the top menu and select Bitcoin. You will need to enter the amount you’re looking to purchase as well as your credit card details. Once the transaction is successful the funds will appear in your Coindirect wallet.

Again, 3 simple steps:

  • Sign up
  • Complete quick KYC (the more information you provide the more you can buy)
  • Buy Bitcoin funds via credit / debit card

How To Buy Bitcoin With A Local Payment Processor – AltCoinTrader

If you’re looking for something more local, we’re going to show you how to buy Bitcoin with Zapper through AltCoinTrader. The process is simple and quick, and in this case local really is lekker. First you’ll need to sign up with the well reputed South African crypto exchange. Once you’re logged in, select Deposit from the top menu, then select the “Deposit type” drop down option and select “Credit/Debit Card (Zapper). 

Once you’ve entered the amount of crypto you would like to buy, select the “Generate Zapper deposit QR” option. Using your Zapper app, scan the barcode and confirm payment. Wait for the “payment successful” confirmation, and then ensure that the same is reflected on the AltCoinTrader site. Once the transaction has cleared the BTC funds will be credited to your BTC wallet on the platform. 

You will need to:

  • Sign up
  • Select Deposit and the Zapper option
  • Scan barcode and transfer funds

How to Buy Bitcoin in South Africa 2021

Now that you know how to get your hands on the biggest cryptocurrency it’s time to turn that knowledge into action. With a wide range of options such as how to buy Bitcoin through bank transfer, credit / debit card and a local payment processor, there’s something to suit every traders’ preference. Don’t be one of the guys kicking themselves for not investing sooner. Keep your eye on our Bitcoin 101 section to find out more, stay informed, and keep in the thick of things.

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