The best cryptocurrency South Africa 2021
Digital assets are on the rise
Before 2009, no one had heard of cryptocurrencies. But the invention of bitcoin spurred the creation of thousands of new electronic currencies, making the choice truly enormous. Logically, this new kind of money immediately sparked a lot of interest in turning cryptocurrency into a powerful trading instrument. And this was mainly due to its high volatility.
In the early days, you could find very different prices for the same cryptocurrency, including bitcoin. And because these new currencies existed only in the electronic space, they had no directly assigned value. This led to dramatic fluctuations in the prices of all digital currencies in the early years of their existence. It is still not stable, but there has been a clear trend in recent years.
Some coins turned out to be reliable enough to attract the attention of traders. So cryptocurrencies were sent to an exchange where they could be traded freely. The whole process was quite simple: traders exchanged one asset for another in order to hold it until its price rose. The popularity of these activities led to the emergence of many new exchanges around the world. And all of them work quickly, reacting to all market changes.
What is a cryptocurrency exchange?
Before comparing the best stock exchanges in the world, you need 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. Thus, you can sell and buy both fiat and cryptocurrencies in any combination.
In fact, there is nothing special about how trading works. 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 commodities. All you have to do is enter the amount you want to sell or buy and start the transaction. You can then hold the funds you receive until their value increases and continue to trade them.
Cryptocurrencies are traded just like other assets. There is a certain market value, which is heavily influenced by numerous external factors, the main ones being supply and demand. This can be explained by the fact that cryptocurrencies are completely unique and have no value in the real world.
In order to fund your account on a cryptocurrency exchange, you need to have an active virtual wallet. This is a storage service for your cryptocurrency. You will use the wallet address to send funds to the exchange account. Check if the particular exchange accepts the coins you are going to sell. Some exchanges offer their own built-in wallets that are well protected.
After loading your exchange account from your wallet, you can create a buy or sell order in the system. When another interested customer sees your offer and is satisfied with the rates and other details, the transaction begins. Thus, the purpose of the exchange is to help people make mutually beneficial deals. Always check what the exchange requirements are for this type of transaction, as they may vary slightly from site to site.
What affects 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, be sure to learn more about cryptocurrencies, in particular what affects their value. It is impossible to list all the factors, but here are the most important ones to consider.
- 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. This amount is really nothing when it comes to any currency. This is why bitcoin is so highly valued. This currency is already approaching its supply limit, so fluctuations are inevitable when no more coins are expected to be in circulation. At least, that is the opinion of major bitcoin holders.
- 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.
This is not the only factor affecting demand. It is very important to consider all of the benefits that a particular currency offers, as well as the rules that apply to different currencies. Once you know the level of interest in a particular currency, you can roughly predict how much demand affects 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 regulations will limit the use of cryptocurrencies. Cryptocurrencies could lose their current value. But the adoption of cryptocurrencies is inevitable and 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 complete, but these factors are the most important.
Overview of stock exchanges
Nowadays, one can find many cryptocurrency exchanges, and the average user often finds it difficult to understand which one to choose. Sometimes these services may have similar offers, but there are still differences. Therefore, it is important to know these nuances and understand how they differ if you are going to exchange cryptocurrencies.
The most important characteristic is the level of security that a particular exchange provides to its clients. This is crucial when making transactions in an online environment. Therefore, when you are looking for a reliable exchange, make sure that this is the number one criterion. A cryptocurrency exchange is your guide to the world of cryptocurrencies.
This is one of the largest exchanges. It started operating in 2012, shortly after the invention of Bitcoin. It is based in the U.S. and works according to all the rules required here. Once you join the platform, you can use one of two accounts: standard and professional. This exchange has high commissions for the standard account, while the pro account has many advantages. Pro account holders can take advantage of advanced charting capabilities and effective indicators to detect even the smallest changes in the market. In addition, the service offers an extensive list of currencies for trading. But it is fair to say that some of Coinbase's competitors have an even better range 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 exchange's cryptocurrency wallet, you can be sure that it is well protected against hacking. Overall, this crypto exchange offers a really favorable trading environment with all the features a regular user might need in the process. It is especially recommended for cryptocurrency newbies. Learn more about the main features:
|Available currencies||23 coins.|
|Fees and commissions||You pay $0.00 for all transactions under $10; you pay $1.49 for transactions $10 to $25; you pay $1.99 for transactions $25 to $50; you pay $2.99 for transactions $50 to $200. And for larger amounts, you'll be charged a flat rate of interest, depending on the payment method.|
|Cartera||Free online wallet compatible with mobile devices.|
|Payments||All the main methods of payment - bank card, bank transfer, electronic services.|
|Security||Two-factor authentication; traffic encryption using SLL protocols; wallet is encrypted using AES-256 protocol; only 2% of customer funds are stored online and they are secure.|
|Mobile applications||For iOS and Android.|
This cryptocurrency platform was founded in 2017. Despite its young age, it has managed to attract many traders. It is easy to explain one thing: the exchange offers its clients more than 150 different cryptocurrencies. It's pretty hard to find a service with such an impressive selection of crypto-assets. Binance not only works with digital money - it also accepts fiat money, although cryptocurrencies still dominate. It also offers the ability to trade its own symbol: BNB. Very quickly, the exchange achieved a very high trading volume, which allowed it to take its place among the most influential cryptocurrency platforms worldwide. And its flexible and affordable payment system left its competitors far behind. In record time, the platform managed to create a huge customer base, with new users joining the service every day.
By registering on the site, you can make a deposit in crypto or fiat money. This feature makes trading accessible to literally everyone. The only disadvantage you might encounter is the somewhat complicated setup. It can be a bit difficult for a newbie to navigate the service. Otherwise, it works perfectly.
|Available currencies||740 fiat e cryptographic pairs.|
|Fees and commissions||Flexible and competitive commission system. You pay 0.01% per transaction and only 0.075% for transactions with a BNB token.|
|Cartera||Mobile App - Trusted Portfolio.|
|Payments||All basic methods are supported: bank transfer, bank cards, electronic payments.|
|Security||The Exchange has launched a unique surveillance system - CryptoSafeAlliance (CSA). It combines a variety of services designed to improve platform security.|
|Mobile applications||Free app for iOS and Android.|
This exchange entered the market in 2011. The service has developed at an impressive rate and in a few years has become one of the leading exchanges on the market. It remains very popular among traders because it offers a good selection of both altcoins and fiat currencies. While other exchanges have a wider selection, Kraken has other strengths that encourage customers to stick with this particular exchange.
Users appreciate this exchange for the many technical features that are vital for successful trading activities: comprehensive charting tools and margin trading. Advanced traders benefit greatly from these features. Beginners may find it challenging at first, but with some effort, they too can master the interface. Once they make their first successful trades, things will start to go faster.
In short, this exchange has everything a trader might need for day-to-day trading. The only drawback worth mentioning is the insufficient choice of payment methods. So before you decide to create an account on the site, check if you'll be able to freely deposit and withdraw your funds. If you don't find the option you want, you might not want to work with this particular exchange.
|Available currencies||8 cryptocurrencies.|
|Fees and commissions||For all transactions of up to 50,000 units of this currency, the seller is charged 0.16% and the buyer 0.26%. For amounts over 50,000 in this currency, the fee changes to 0.14% and 0.24%, respectively.|
|Cartera||There is no such thing as a cryptocurrency wallet.|
|Payments||Transactions can only be made directly from cryptocurrency wallets or by bank transfer. Bank cards are not accepted on this platform.|
|Security||Two-factor authentication; PGP encryption; the exchange also uses a global configuration lock to prevent too many changes to the account.|
|Mobile applications||Kraken Pro и Kraken Futures.|
This exchange was launched in 2014. It was the moment when cryptocurrencies entered the global financial market and became an interesting tool for trading. Its founders took the right approach by offering a really impressive selection of coins. This allowed traders to easily diversify their trading portfolio to achieve better results. Moreover, the creators of the exchange also added a virtual wallet to their service, which allows users to safely store their funds on the platform. The site is quite reliable, as many security technologies have been implemented for the safety of customers.
|Available currencies||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 cryptocurrency wallet.|
|Payments||Cryptocurrency wallets, bank cards and bank transfers.|
|Security||About 80% of all funds are kept cold; two-factor authentication; verification of IP address by email address when user registers through new IP address; IP whitelisting.|
|Mobile applications||Bittrex Global and the Bittrex app.|
This exchange took its first client back in 2014. And it took only a few years to attract thousands of traders. It was mainly due to their tempting margin trading offers. There was no other platform with such attractive requirements for binary trading. For example, in the case of futures, a trader could use leverage, which is a powerful method that allows one to significantly multiply profits. At the same time, leverage is a complex mechanism, which is always associated with high financial risk. Therefore margin trading is expedient only for traders with sufficient experience in the market.
Bitmex is a reliable platform. The registration process is more than simple. It's a great compromise between ease of use and lots of additional features. Traders continue to join the exchange with the intention of benefiting from margin trading.
|Available currencies||Over 55 pairs of quotes.|
|Fees and commissions||There are no deposit or withdrawal fees. Users pay 0.075% of the total transaction amount for all transactions.|
|Cartera||BitMex Online Wallet.|
|Payments||Service accepts only cryptocurrency wallets.|
|Security||Funds stored in cold wallets; two-factor authentication; SMS registration; wallets with multiple signatures.|
|Mobile applications||Bitmex mobile app.|
This exchange has been operating since 2012 and is considered one of the first services of this kind. All these years it managed to grow and remain popular. A winning feature of Bitfinex is margin trading. Many traders have been able to make steady profits using this feature. As mentioned earlier, you need to have some experience in order to use margin to trade. Otherwise, there is a high risk of losing your investment.
Bitfinex does not have the widest selection of trading instruments on the market. But the platform has been accepting both crypto and fiat assets since 2015, which has made it extremely popular among traders. Thanks to this feature, users from all over the world can use the exchange without any problems.
|Available currencies||140 cryptocurrencies and over 300 trading pairs.|
|Fees and commissions||There is no deposit or withdrawal fee. All transactions in U.S. dollars are charged 0.1%, but not less than 20 U.S. dollars. The fee for a fiat money transaction is $60. For other transactions, the service charges 0.1 percent for the sender and 0.2 percent for the recipient.|
|Cartera||Three different portfolios are available - margin, currency, and stock.|
|Payments||Service accepts cryptocurrency wallets, bank cards and bank transfers.|
|Security||99.5% of all funds are stored in cold wallets; accessing this money requires multi-step authentication to keep it secure.|
It is another pioneer among cryptocurrency exchanges. Localbitcoins appeared on the market in 2012. Its main peculiarity is that it initially started as a P2P (peer-to-peer) service, and did not pay much attention to the trading volume.
The platform allows each trader to find a profitable offer and discuss fees with other participants until an agreement is reached. You can open a deposit account to facilitate the transaction process. The exchange has managed to create a really reliable environment for trading. That is why it is quite popular, especially among newcomers to the industry. However, it is important to note that Localbitcoins operates with slightly higher commissions than other similar services.
|Available currencies||Only Bitcoin is traded here.|
|Fees and commissions||Buyers pay no commission, while sellers are charged 1% of the transaction amount.|
|Cartera||Cryptocurrency wallet for btc.|
|Payments||Bank transfers, bank cards, electronic systems.|
|Security||Two-factor authentication; escrow account system.|
The first transactions on this exchange were registered in 2014. The platform has come a long way since then. It offers over 100 cryptocurrency pairs to trade in a highly secure environment. The service charges very low commissions and offers many benefits to its customers. For example, the higher your trading volume, the lower the commission you will be charged.
Poloniex applies separate commissions for buyers and producers. This is done to encourage traders to open more positions, as producers pay really small commissions. There is a whole list of other benefits for traders registered on Poloniex, such as a chatbox, analytical tools, news and more. The site has a very easy to navigate interface.
|Available currencies||More than 100 currency pairs.|
|Fees and commissions||All deposits are free of charge. The withdrawal rate is fixed for each specific currency. Fees are shared between borrowers and originators.|
|Cartera||Online cryptocurrency wallet.|
|Payments||Payment methods vary depending on the seller's country of residence.|
|Security||Two-factor account authentication.|
It is one of the youngest exchanges registered in Singapore in 2017. Despite its age, the platform was created by very experienced market participants. Thus, 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 the high-quality protection system implemented on the exchange. It can be compared to the one used by the most reputable banks. High-level encryption and multi-step authentication are used here. So far, there have been no cases of hacking on this platform. But it is too early to assess the security of this exchange because of its insufficient existence on the market.
|Available currencies||200 tokens and 450 currency pairs.|
|Fees and commissions||All deposits are free of charge. Withdrawal fees are fixed for each specific currency. All transactions are subject to a fixed fee of 0.10%.|
|Payments||All major payment channels are supported, including electronic systems.|
|Security||Google two-factor authentication.|
Originally, the exchange was known as Coinimal. This Austrian service was launched in 2014. But some time later it was renamed to Bitpanda. The goal of creating the platform was to make cryptocurrency trading accessible and easy for everyone. To do this, the founders created a user-friendly website that even an absolute beginner could easily navigate. 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 make trading cryptocurrencies much easier. When you have enough experience in this industry, you will be able to trade between digital commodities and metals. The company has many affiliates around the world that offer additional earning opportunities. You can invest in your own exchange symbol and use it to minimize your operating costs.
|Available currencies||Over 30 cryptocurrencies.|
|Fees and commissions||All deposit and withdrawal fees are fixed for each specific currency. The same approach works for cryptocurrency trading.|
|Cartera||Bitpanda cryptocurrency wallet.|
|Payments||Bank transfers, bank cards, electronic systems.|
|Security||Authentication with 2 factors for each login. Cold storage of funds. Validation via email address.|
Coinmama is another decent resource for cryptocurrency trading. It started its activity in 2013, when cryptocurrencies firmly entered the global financial system. You should not treat the platform as an exchange service. Technically, you buy and sell assets for the exchange itself.
The cryptocurrency offerings on this platform are not as broad. When you buy bitcoins via credit card, be prepared for the fact that there is a limit to the amount you can buy. And don't forget to check what fee you will be charged for the amount you want to exchange. The site accepts a fair number of payment channels. In addition, you can find decent multilingual support since the exchange is geared towards the global market. The only drawback is that there is no cryptocurrency wallet on this platform. Otherwise, it is a good option for a beginner.
|Available currencies||More than 10 cryptocurrencies.|
|Fees and commissions||There is a service fee for using the bank card. There are fixed commissions for selling and buying cryptocurrencies.|
|Cartera||There is no portfolio.|
|Payments||Bank transfers, bank cards, electronic systems, SEPA and SWIFT payments.|
|Security||Trust Guard and Comodo protection technologies.|
This exchange began serving traders in 2015, having registered in the United States. Since its inception, the service has been focused on a global audience, accepting clients from Europe and the United States. The platform itself is pretty basic, with robust security and affordable prices. In other words, Paxful can be called a P2P exchange. If you start working here, you'll have to create your own wallet. You can check the wallets of other traders and evaluate their reliability before confirming a trade.
One of the biggest drawbacks of this service is that it only allows you to trade in bitcoin. In fact, you can use a whole list of currencies to pay with bitcoin. But when it comes to buying and selling transactions, you can only sell bitcoins. All sales are charged a 1% commission, while purchases are free. The exchange supports multiple payment methods.
|Fees and commissions||A 1% commission applies to all sales, while purchases are free of charge. Depending on the payment method selected, additional fees may apply.|
|Cartera||Paxful wallet app.|
|Payments||All known payment methods are supported.|
|Security||Mandatory verification procedure; 2-factor authentication.|
|Mobile applications||Paxful wallet app.|
This exchange is based in Denmark. It was launched in 2013. The service was created in order to offer individuals the widest possible choice of cryptocurrencies. Currently, the exchange offers more than 800 exchange pairs. You can find even the rarest coins on this platform. This approach is a great way for users to diversify their investment portfolio. HitBTC offers a demo account that allows every new customer to test the service for free. All client funds are protected with the most reliable technology. The exchange allows you 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 added a special built-in system, where you can buy digital coins and pay with a bank card. But in this case you will have to pay a higher commission.
|Available currencies||800 trading pairs.|
|Fees and commissions||All deposits are free of charge. Withdrawal fees are fixed for each specific currency. Multilevel trading system.|
|Cartera||There is no such thing as a cryptocurrency wallet.|
|Payments||Only cryptocurrencies are accepted.|
|Security||Two-factor authentication; high-level encryption technology.|
As you can see, the market is full of great bags. Now you need to analyze your needs and choose the option that best meets your expectations.