Best platform to buy cryptocurrencies South Africa 2021
Digital assets are on the rise
No one had heard of cryptocurrencies until 2009. But the invention of bitcoin spurred the creation of thousands of new electronic currencies, making the choice truly enormous. Logically, this new form of money immediately aroused great interest in making cryptocurrency a powerful trading tool. And it was motivated mainly by its high volatility.
In the early days, you could find very different prices for the same cryptocurrency, including bitcoin. And since these new currencies only existed in the electronic space, they did not have a directly assigned value. All this led to all digital currencies suffering drastic price fluctuations during the first few years of their existence. It is still not stable, but a clear trend has emerged in recent years.
Some currencies proved to be reliable enough to attract the attention of traders. Thus, cryptocurrencies paved the way for an exchange, where they could be traded freely. The process is quite simple: traders exchanged one asset for another, with the intention of holding on to the asset until its price rose. The popularity of these activities has led to the creation of many new exchanges around the world. And they all work quickly, responding to all market changes.
What is a cryptographic exchange?
Before comparing the best stock exchanges in the world, it is essential to understand how they work.
A cryptocurrency exchange is a service that allows you to exchange cryptocurrencies. Many platforms accept both fiat money and cryptocurrencies. Therefore, you can sell and buy both fiat currencies and cryptocurrencies, in any combination.
In fact, there is nothing special about making trades. You just need to register on the platform of your choice and start trading. These services connect real people who want to trade their digital assets. All you have to do is enter the amount you want to sell or buy and initiate the transaction. You can then hold the received funds until their value increases and continue trading.
Cryptocurrencies are traded in the same way as any other asset. There is a certain market value, which is largely influenced by numerous external factors, the main ones being supply and demand. It can be explained that cryptocurrencies are quite unique and have no real-world value.
To deposit your account in a cryptocurrency exchange, you must have an active virtual wallet. This is a service for storing your cryptocapital. You will use the wallet address to send money to the exchange account. Find out if a certain exchange accepts the coins you are going to sell. Some exchanges offer their own integrated wallets, which are well secured.
When you load your forex account from your wallet, you can create a buy or sell order in the system. Once the other interested customer sees your offer and is satisfied with the rates and other details, you proceed with the transaction. The purpose of the exchange is to help people do mutually beneficial business. Always check what the exchange rate requirements are for these types of transactions, as they may vary slightly in different locations.
What influences the value of cryptocurrencies?
Digital assets are always very volatile and their value is difficult to predict.
Before you start actively trading on reputable cryptocurrency exchanges, make sure you know more about cryptocurrencies, especially about what affects their value. It would be impossible to list all the factors, but here are the most important ones to keep in mind.
- Limited supply. This is one of the top factors that can affect the price of a particular coin. For example, bitcoin has a preset emission. So, in many cases, it is known in advance how many coins can be issued in total. Once the coin has limited supply, it becomes extremely difficult to get more coins when current circulation gets closer to the maximum.
For example, only 21 million bitcoins can be mined. That amount is really nothing when it comes to any currency. That is why bitcoin is so highly valued. This currency is already approaching its stock limit, so fluctuations are inevitable if more bitcoins are not expected to be in circulation. At least that is the opinion of the main bitcoin owners.
- Demand. It is another crucial factor that significantly influences the value of this or that cryptocurrency. The more customers want to purchase a certain coin, the higher the mark is reached if the supply does not grow. In cases when supply is not limited, there is an end limit which also influences the demand.
It is not the only factor that influences demand. It is essential that you take into account all the advantages offered by a particular currency and the regulations that apply to different currencies. Once you know the level of interest in a particular currency, you can make a rough prediction of how demand will affect its value.
- Regulations. There is no generally accepted cryptocurrency regulation in the world financial system. In some countries, there are restrictions at all, while in others, there are still disputes on how to monitor this relatively new type of money. Experts believe that once this question is solved, the value of digital money will substantially rise.
No one can say for sure how regulation will limit the use of cryptocurrencies. Cryptocurrencies may lose their current value. But the adoption of cryptocurrencies is inevitable, and this will be reflected in their value.
- Media. All forms of mass media always have influence on the value of cryptocurrencies. Public reaction can seriously change the value of any coin. So any information can lead to unexpected jumps of cryptocurrency. All people follow major events today, and any breaking news immediately becomes an effective tool for price prediction.
This list is not exhaustive, but these factors are the most crucial.
Review of Exchanges
Nowadays you can find many cryptocurrency exchanges and an average user often has trouble choosing. Sometimes, these services have similar offers, but differences remain. Therefore, it is important to know these nuances and understand how they differ if you are going to exchange cryptocurrencies.
The most important feature is the degree of security that this or that exchange offers to its customers. It is crucial when transacting in an online environment. So when looking for a trusted exchange, make sure that is the number one criterion. A cryptocurrency exchange is your guide in the world of cryptocurrencies.
It is one of the largest exchanges. It started operating in 2012, shortly after the invention of Bitcoin. It is based in the United States and operates under all the regulations required here. Once you have joined the platform, you can use one of two accounts: standard and pro. The exchange has high fees for a standard account, while a pro account has many advantages. Pro account holders can enjoy advanced charting features and effective indicators to notice even the smallest changes in the market. In addition, the service offers an extensive list of currencies that can be traded. But it would be fair to mention that some of Coinbase's competitors have an even better variety of cryptocurrencies. The exchange system is very easy to use, and even a novice will quickly learn how to navigate the site. If you are going to use the cryptocurrency exchange wallet, rest assured that it is well protected against hacking. Overall, this exchange offers a really beneficial trading environment with all the features that an average user may need in the working process. It is especially recommended for newcomers to the cryptocurrency sphere. Familiarize yourself with the most important features:
|Coins available||23 coins.|
|Fees and commissions||You pay $0.00 for all transactions under $10; you pay $1.49 for transactions from $10 to $25; you pay $1.99 for transactions from $25 to $50; you pay $2.99 for transactions from $50 to $200. And for higher amounts, a fixed interest rate applies, depending on the method of payment.|
|Cartera||A free online wallet compatible with mobile devices.|
|Payments||All major means of payment: bank card, bank transfer, electronic services.|
|Security||Two-factor authentication; encryption of traffic with SLL protocols; the wallet is encrypted with AES-256 protocol; only 2% of the customer's money is kept online and secured.|
|Mobile applications||For iOS and Android.|
This cryptocurrency platform was founded in 2017. Despite its youth, it has managed to attract many traders. One thing is easy to explain: the exchange offers its customers more than 150 different cryptocurrencies. It is quite difficult to find a service with such an impressive selection of cryptoassets. Binance does not only work with digital money, it also accepts fiat money, although cryptocurrencies still dominate. It also offers trading of its own token: BNB. Very soon, the exchange reached a very high trading volume, which allowed it to rank among the most influential cryptocurrency platforms in the world. And a flexible and affordable fee system left its competitors far behind. In record time, the platform managed to build a huge customer base, with new users coming to the service every day.
By registering on the site, you can make a deposit in crypto or cash. This feature makes the exchange accessible to literally anyone. The only drawback you may encounter here is the somewhat complicated setup. It can be a bit difficult for a novice to navigate the service. Other than that, it works very well.
|Coins available||740 fiat e cryptographic pairs.|
|Fees and commissions||A flexible and competitive commission system. It pays 0.01% for a transaction and only 0.075% for transactions with the BNB token.|
|Cartera||Mobile application - Trusted portfolio.|
|Payments||All major methods are supported: bank transfer, bank cards, electronic payments.|
|Security||The exchange has implemented a unique monitoring system: CryptoSafeAlliance (CSA). It combines many services designed to enhance platform security.|
|Mobile applications||A free app for iOS and Android.|
This exchange was launched in 2011. It developed with impressive speed and within a few years became one of the leading exchanges in the market. It remains very popular among traders as it offers a good selection of both altcoins and fiat currencies. Although other exchanges have a wider selection, Kraken has other strong features that encourage customers to stick with it.
Users value this exchange highly for its many technical features that are vital to successful trading: extensive charting tools and margin trading. Advanced traders benefit greatly from these features. Beginners may find it difficult at first, but with some effort they too will be able to get to grips with the interface. Once you have successfully executed your first trades, things will speed up.
In short, this exchange has everything a trader may need for his daily activity. The only flaw to mention is the inadequate choice of payment methods. Therefore, before you decide to create an account on the site, you can freely deposit and withdraw your money. If you do not find the desired option, it may not suit you to work with that particular exchange.
|Coins available||8 cryptocurrencies.|
|Fees and commissions||For all transactions up to 50,000 of a given token, 0.16% is charged to the seller and 0.26% to the buyer. For amounts above 50,000 of a given currency, the commission becomes 0.14% and 0.24% respectively.|
|Cartera||There is no cryptocurrency portfolio.|
|Payments||Only direct transactions from crypto-wallets or a bank transfer. Bank cards are not accepted on this platform.|
|Security||2-factor authentication; PGP encryption; the exchange also uses a global configuration lock to prevent excessive account changes.|
|Mobile applications||Kraken Pro y Kraken Futuros.|
This exchange started in 2014. It was the time when cryptocurrencies hit the global financial market and became an interesting tool for trading. The founders approached the task well by offering a really impressive selection of coins. This allowed traders to easily diversify their trading portfolio for better results. In addition, the creators of the exchange have also added a virtual wallet to their service so that users can store their money securely on the platform. The site is very reliable, as many security technologies have been implemented for the safety of customers.
|Coins available||More than 250 trading pairs.|
|Fees and commissions||The exchange uses a flexible commission system, but there is a different rate for each currency.|
|Cartera||Online cryptographic wallet.|
|Cryptocurrency wallets, bank cards and bank transfers.|
|Security||Approximately 80% of all funds are cold-stored; 2-factor authentication; IP verification via email address as soon as the user connects via a new IP address; IP whitelisting.|
|Mobile applications||Bittrex Global and the Bittrex application.|
This fair accepted its first customer in 2014. And it has only taken a few years to attract thousands of traders. This was mainly due to its tempting margin trading offers. There was no other platform with such attractive requirements for binary trading. In the case of futures, for example, a trader could use leverage, which was a powerful method of multiplying profits significantly. At the same time, leverage is a complicated mechanism that always carries a high financial risk. Therefore, margin trading is recommended only for traders with sufficient experience in the market.
Bitmex is a reliable platform. The registration process is more than simple. It is an excellent compromise between ease of use and numerous additional features. Traders continue to join the exchange with the intention of getting the benefit of margin trading.
|Coins available||More than 55 commercial pairs.|
|Fees and commissions||No commissions are charged for deposits and withdrawals. For all transactions, users pay 0.075% of the total transaction value.|
|Cartera||BitMex online portemonnee.|
|Payments||The service only accepts cryptographic wallets.|
|Security||Funds are stored in cold wallets; 2-factor authentication; SMS registration; multi-signature wallets.|
|Mobile applications||Bitmex mobile application.|
This fair has been running since 2012 and is considered one of the first services of its kind. It has managed to grow and remain popular all these years. The winning feature of Bitfinex is margin trading. Many traders could make a steady profit with this opportunity. As mentioned above, you must have some experience to use margin in your trading. Otherwise, there is a high risk of losing your investments.
Bitfinex does not have the widest selection of trading instruments on the market. But the platform has been accepting both cryptoassets and fiat assets since 2015, which has made it very popular among traders. Thanks to this feature, users from all over the world can use the exchange without any problems.
|Coins available||140 cryptocurrencies and more than 300 trading pairs.|
|Fees and commissions||No fees are charged for deposits and withdrawals. There is a 0.1% fee for all dollar transactions, but not less than $20. The transaction fee for Fiat money is $60. For all other transactions, there is a 0.1% fee for the maker and a 0.2% fee for the borrower.|
|Cartera||Three different portfolios available - Margin, Foreign Exchange, Financials.|
|Payments||The service accepts cryptocurrency wallets, bank cards and bank transfers.|
|Security||99.5% of all money is stored in cold wallets; accessing this money requires several verification steps to keep it securely protected.|
It is another pioneer among cryptocurrency exchanges. In 2012, local coins appeared on the market. Its main feature is that it originally started as a P2P (peer-to-peer) service, and did not focus much on the volume of exchanges. Although the service is global, its customers have a local trading experience.
The platform allows any trader to find a favorable offer and discuss rates with other participants until an agreement is reached. You can open an escrow account to facilitate the transaction process. The exchange has managed to create a truly reliable environment for trading. That is why it is quite popular, especially among industry insiders. However, it is important to note that Localbitcoins operates with slightly higher fees than other similar services.
|Coins available||Only Bitcoin is traded here.|
|Fees and commissions||Buyers do not pay any commission, while sellers must pay 1% of the traded value.|
|Cartera||Cryptocurrency wallet for btc.|
|Payments||Bank transfers, bank cards, electronic systems.|
|Security||2 Authentication factor; locked account system.|
The first transactions on this exchange were recorded in 2014. Since then, the platform has progressed quite a bit. It offers more than 100 cryptocurrency pairs for trading in a very reliable environment. The service charges very low commissions and offers its customers many advantages. For example, the higher the trading volume, the lower the commission you will be charged.
Poloniex has separate fees for takers and makers. This is done to encourage traders to open more positions, as manufacturers pay really small commissions for doing so. There is a whole list of other benefits for traders registered with Poloniex - these include chat boxes, analysis tools, news and more. The site has a very easy to navigate interface.
|Coins available||More than 100 currency pairs.|
|Fees and commissions||All deposits are free of charge. Withdrawal fees are fixed for each currency. Fees are distributed to borrowers and manufacturers.|
|Cartera||Online cryptographic wallet.|
|Payments||Payment methods vary depending on the country in which the merchant lives.|
|Security||2 cuenta authenticatie factor authenticatie.|
It is one of the youngest exchanges registered in Singapore in 2017. Despite its age, the platform was created by experienced market players. Therefore, the service has everything necessary for successful cryptocurrency trading. Thanks to its modern features, it immediately gained popularity and attracted users from almost all countries of the world.
One of the winning features is a high quality security system built into the bag. It can be compared with that of the most reputable banks. A high level of encryption and multi-step authentication is applied here. So far, there have been no cases of hacker breaches on this platform. But it is still too early to assess the security of this exchange, as it does not yet exist on the market.
|Coins available||200 currencies and 450 currency pairs.|
|Fees and commissions||All deposits are free of charge. Withdrawal fees are fixed for each currency. A fixed fee of 0.10% is charged for all transactions.|
|Payments||All major payment channels are supported, including electronic systems.|
|Security||Google 2-factor authentication.|
Originally, the exchange was known as Coinimal. This Austrian service was launched in 2014. But some time later, it was renamed Bitpanda. The goal of the platform was to make cryptocurrency trading accessible and easy for anyone. To do this, the founders created a user-friendly website, which even a complete beginner will be able to navigate effortlessly. This approach worked well, as the exchange attracted more than a million users within a few years.
In addition to cryptocurrencies, you can also trade other instruments here: silver and gold. The platform offers automated tools that facilitate cryptocurrency trading. Once you have enough experience in the industry, you can trade between digital assets and metals. The company has many affiliates around the world that offer additional opportunities to earn money. You can invest in the exchange token itself and use it to minimize your operating costs.
|Coins available||Meer dan 30 cryptocurrencies.|
|Fees and commissions||All deposit and withdrawal fees are fixed for each particular currency. The same approach works for cryptocurrencies.|
|Payments||Bank transfers, bank cards, electronic systems.|
|Security||2-factor authentication for each login. Cold storage of funds. Validation via email address.|
Coinmama is another decent source for cryptocurrency trading. It started its operations in 2013, when cryptocurrencies were entering the global financial system with a bang. You should not treat the platform as an exchange service. Technically, you are buying and selling assets for the exchange itself.
The selection of cryptocurrencies is not that large on this platform. Once you buy cryptocurrencies through your credit card, be prepared, there is a limit on the amount you can buy. And don't forget to check what commission you will be charged for the amount you want to redeem. There are many payment channels accepted on the website. You can also find decent multilingual support, as the exchange caters to the global market. The only drawback is that there is no cryptocurrency wallet on this platform. Otherwise, it is a good choice for a beginner.
|Coins available||Meer dan 10 cryptocurrencies.|
|Fees and commissions||A service fee is charged for the use of a bank card. Fixed fees for selling and buying cryptocurrencies.|
|Cartera||No portfolio available.|
|Payments||Bank transfers, bank cards, electronic systems, SEPA and SWIFT payments.|
|Security||Comodo's fiduciary guardianship and protection technologies.|
This exchange started serving traders in 2015, it was registered in the United States. From the very beginning, the service was aimed at the global audience, accepting clients from Europe and the United States. The platform itself is quite simple, with reliable protection and affordable rates. In other words, Paxful can be called a P2P exchange. When you start working here, you will need to create your wallet. You can browse other traders' wallets and assess their reliability before confirming a transaction.
One of the major shortcomings of this service is that it only allows you to exchange bitcoin. In fact, you can use a whole list of currencies to pay with bitcoin. But when it comes to a sale transaction, you can only sell bitcoin. There is a 1% fee on all sales, while purchases are free. The exchange supports many payment methods.
|Fees and commissions||A 1% fee is charged on all sales, while purchases are free of charge. An additional fee may be charged depending on the payment method chosen.|
|Cartera||De Paxful portemonnee app.|
|Payments||All known payment methods are supported.|
|Security||Mandatory authentication procedure; 2-factor authentication.|
|Mobile applications||Paxful portemonnee app.|
This exchange is based in Denmark. It was launched in 2013. The service was created to offer individuals the widest possible range of cryptocurrencies. Currently, the exchange offers more than 800 trading pairs. You will be able to find even the rarest coins on this platform. This approach is a great way to diversify your investment portfolio. HitBTC offers a demo account that allows any new customer to test the service for free. All client funds are protected by the most reliable technologies. The exchange allows clients to trade large volumes.
The disadvantage of the platform is that it does not accept fiat money. Only cryptocurrencies can be traded here. But to overcome this drawback, the exchange has added a special built-in system where you can buy digital coins and pay with a bank card. But in that case you will have to pay higher commissions.
|Coins available||800 commercial pairs.|
|Fees and commissions||All deposits are free of charge. Withdrawal commission is fixed for each currency. Multi-level trading system.|
|Cartera||There is no cryptocurrency portfolio.|
|Payments||Only cryptocurrencies are accepted.|
|Security||2-factor authentication; high-level encryption technology.|
As you can see, the market is full of excellent bags. Now you should analyze your needs and choose the one that best meets your expectations.