Best Bitcoin Trading Platform South Africa 2021 – Cheapest Platform Revealed

If you’re based in South Africa and looking to trade Bitcoin online – there are dozens of platforms to choose from.

In order to find a provider that meets your needs, you need to look at key metrics surrounding regulation, tradable Bitcoin markets, fees and commissions, and payments.

In this guide, we review the best Bitcoin trading platforms in South Africa. We also walk you through the process of getting started with a Bitcoin trading account today!

Best Bitcoin Trading Platform South Africa List 2021

If you’re looking to start buying and selling cryptocurrencies from the comfort of your home right now – below you will find the best Bitcoin trading platform South Africa and runners-up. Scroll down to read our review of each provider!

  • eToro – Overall Best Bitcoin Trading Platform South Africa
  • Capital.com – Best Bitcoin Trading Platform South Africa for Beginners
  • Libertex – Best Bitcoin Broker South Africa for Day Traders
  • Plus500 – Best Bitcoin Trading Platform South Africa for High Leverage
  • AvaTrade – Best Bitcoin Broker South Africa for Seasoned Pros
  • FXCM – Best Bitcoin Trading Platform for Small Deposits ($50 Minimum)

Best Bitcoin Trading Platforms in South Africa Reviewed

With so many top Bitcoin trading platforms available to South Africans, knowing which provider to open an account with can be challenging.

As noted above, you need to find out what Bitcoin markets the platform supports, what fees and commissions you’ll need to pay, and how safe the provider in question is.

To help clear the mist, below we discuss the very best Bitcoin trading platforms in South Africa available in the market right now.

1. eToro – Overall Best Bitcoin Trading Platform South Africa

If you’re looking for the best Bitcoin trading platform South Africa in terms of tradable markets, fees, and safety – eToro wins hands down. This popular online broker is now used by over 17 million people – many of which are based in South Africa.

This South Africa cryptocurrency trading platform gives you two options when it comes to trading Bitcoin. Firstly, you can buy Bitcoin in the traditional sense – meaning you will own the coins outright. This is ideal if you are looking to invest in Bitcoin for several months or years. Secondly, you might also consider trading Bitcoin via a CFD instrument.

This means that you can speculate on the future price of Bitcoin without taking ownership. There are dozens of Bitcoin pairs available should you take the CFD option. This includes crypto-to-fiat pairs like BTC/USD, BTC/GBP, and BTC/EUR. You can also trade crypto-cross pairs – such as ETH/BTC, BTC/EOS, and BTC/XLM.

etoro Bitcoin trading platform

Regardless of which Bitcoin pair you decide to buy or trade – eToro is a 100% commission-free broker. This means that you will only pay the spread when you enter and exit the market. If trading BTC/USD, for example, the spread averages a very competitive 0.75%. There are no ongoing platform fees either, and withdrawals cost just $5.

When funding your account in rands – you will pay an FX fee of 0.5%. This is because eToro operates in US dollars. You can, however, choose from a variety of payment methods – including South African debit/credit cards, e-wallets such as Paypal and Skrill, and bank account transfers. When it comes to usability, eToro is really simple to use – making it ideal for beginners.

etoro crypto copyportfolios

You can trade online or via the iOS/Android mobile app. Either way, eToro is heavily regulated – as the platform holds licenses with the FCA, CySEC, and ASIC. Finally, we should also mention the eToro CryptoPortfolio – which allows you to invest in a basket of different digital currencies. On top of Bitcoin, you’ll also be investing in the likes of Litecoin, Ripple and Ethereum.

Pros

  • Offers Bitcoin and 15 other top cryptocurrencies
  • Buy Bitcoin 100% commission-free
  • More than 17 million people using the platform
  • Accepts debit/credit cards, e-wallets, and bank transfers
  • Minimum investment of just $25
  • Supports copy trading to automate your Bitcoin trades
  • Fully regulated by the FCA, ASIC, and CySEC
  • Over 2,400 stocks and 250+ ETFs

Cons

  • Small withdrawal fee of $5
  • Platform operates in US dollars

Cryptoassets are highly volatile unregulated investment products. No EU investor protection.

 

2. Capital.com – Best Bitcoin Trading Platform South Africa for Beginners

Capital.comCapital.com is a regulated CFD trading platform that is super popular with beginners. It takes just minutes to sign up and the minimum deposit stands at just $20. This means that you can start trading Bitcoin with an account balance of just 300 rands.

This top-rated platform specializes in CFD instruments – meaning that you can buy bitcoin and trade other cryptocurrencies without needing to worry about ownership or storage. Plus, you can go long or short on Bitcoin – depending on which way you think the markets will go.

Capital.com supports a wide range of Bitcoin instruments – covering both fiat-to-crypto and crypto-cross pairs. Regarding the former, you can trade Bitcoin against the US dollar – with spreads averaging just 0.20%. Other popular pairs containing Bitcoin include BTS/BTC, BTC/EUR, ADA/BTC, TRX/BTC, STEEM/BTC, and XEM/BTC.

capital.com bitcoin trading

Each of every Bitcoin pair supported by Capital.com can be traded on a commission-free basis.  Additionally, all Bitcoin markets can be traded with leverage – which is great if you want access to a larger amount of capital. Once you have opened an account with Capital.com – you might consider starting off with the demo account facility if this is your first time trading Bitcoin.

This allows you to experience real Bitcoin market conditions in a risk-free manner. When you are ready to start trading Bitcoin with real-world rands, you can deposit funds instantly with a debit/credit card or e-wallet. Capital.com is also great for beginners as it offers heaps of educational materials – including a mobile app that is dedicated to learning.

capital.com bitcoin trading

There is also a mobile app that allows you to trade Bitcoin on the move – which is available on both iOS and Android. Capital.com also offers other CFD asset classes – should you wish to diversify. This includes stocks, commodities, forex, and indices. Finally, Capital.com is authorized and regulated by the FCA and CySEC.

Pros:

  • Trade dozens of Bitcoin and cryptocurrency CFDs
  • Also supports stocks, indices, commodities, and forex
  • Educational app for new traders
  • AI assistant identifies your weak points
  • Trade ideas generated daily
  • Excellent charting and analysis interface
  • 100% commission free trading

Cons:

  • Cannot build custom trading strategies

71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

 

3. Libertex – Best Bitcoin Broker South Africa for Day Traders

Libertex Logo Libertex is another CFD trading platform that allows South Africans to trade buy and sell Bitcoin instruments without taking ownership. Perhaps, this provider is best-suited for those of you that wish to day trade Bitcoin.

This means that you will be opening and closing several positions throughout the trading day. The reason Libertex is ideal for this strategy is that it charges zero spreads on all of its markets. This means that you will get the same buy and sell price when trading your chosen Bitcoin market.

Plus, Libertex commissions are really competitive too – you can target small and frequent profit margins without getting hammered by fees.  For example, you can trade the likes of BTG/BTC from just 0.1% per slide and DASH/BTC from 0.2%.

libertex south africa

As you will be trading Bitcoin CFDs, Libertex also allows you to apply leverage of 1:2. This means that you can trade with twice the amount you have in your Libertex account. On top of zero spreads and low commissions, Libertex also has an excellent reputation in the online CFD trading space.

Launched over two decades ago, the platform is now home to almost 3 million traders. It is also well regulated – holding a license with CySEC. The minimum deposit at this Bitcoin trading platform is $100. But, after you have completed your initial deposit, the minimum goes down to just $10. You can deposit funds with a debit/credit card, e-wallet, or South African bank wire.

Pros:

  • Trade dozens of Bitcoin and crypto pairs
  • Zero spreads
  • Super low commissions
  • Offers access to MetaTrader 4
  • Impressive trading app
  • Great reputation
  • Leverage available

Cons:

  • Withdrawal fees
  • CFDs only
  • Stock library is limited

4. Plus500 – Best Bitcoin Trading Platform South Africa for High Leverage

Plus500 LogoIf you’re looking to trade Bitcoin with leverage – then Plus500 is arguably the best platform for this. After all, the provider offers leverage of up to 1:30 on crypto markets. This means that you can turn a $200 account balance into Bitcoin trading capital of $6,000.

You do, of course, need to tread carefully when trading with such high levels of leverage. Nevertheless, Plus500 specializes in CFD instruments – much like Libertex. As such, this Bitcoin trading platform is best suited for shorter-term strategies. Once again, by trading Bitcoin CFDs, you can choose from a long or short position – meaning that Plus500 allows you to profit from rising and falling markets.

All financial instruments on the Plus500 platform – which also includes stocks, ETFs, commodities, forex, and indices – can be traded commission-free.  In most cases, you’ll find its dynamic spread system very competitive. For example, at the time of writing outside of standard market hours – you’ll pay a spread of just 0.29% on BTC/USD.

plus500 spreads review

Expect even better spreads as trading volume increases. In terms of tradable Bitcoin markets, Plus500 also supports a number of crypto-cross pairs – including ETH/BTC. We also like the Crypro 10 Index that Plus500 allows you to trade. This is a weighted CFD index that contains 10 of the most valuable cryptocurrencies in terms of market capitalization.

As such, this allows you to trade the wider crypto industry as opposed to focusing just on Bitcoin. Although Plus500 is a bit thin on the ground when it comes to technical analysis and fundamental news – it does offer several trading guides that might interest beginners. There is also an intuitive Plus500 trading app – which allows you to enter Bitcoin CFD positions while on the move.

plus500 bitcoin trading

When it comes to reputation, Plus500 is solid. It is regulated in a variety of marketplaces around the world. Through Plus500AU Pty Ltd, the platform is an Authorised Financial Services Provider #47546 in South Africa. Additionally, Plus500’s parent company is listed on the London Stock Exchange.

If you like the sound of what Plus500 offers for your Bitcoin trading needs, the minimum deposit is just $100. You can open an account in less than 5 minutes and the provider supports a variety of payment methods. This includes debit cards, credit cards, Paypal, and bank transfers. There is no fee to deposit or withdraw funds.

Pros:

  • A commission-free trading policy
  • Tight spreads on most markets
  • Leverage ratio of up to 1:30 on crypto assets
  • User friendly trading platform, available on web browsers and mobile phones
  • Plenty of features including risk management tools, price alerts and trader’s sentimen
  • Heavily regulated and listed on the London Stock Exchange

Cons:

  • Not a social trading platform
  • CFDs only

76.4% of retail CFD accounts lose money.

 

 

 

 

5. AvaTrade – Best Bitcoin Broker South Africa for Seasoned Pros

AvaTrade LogoIf you already know your way around an online trading platform and thus – require advanced features and tools, AvaTrade is likely to be of interest. This heavily regulated trading platform specializes in CFDs – with heaps of markets on offer.

On top of stocks, forex, and commodities – AvaTrade also offers a fully-fledged crypto trading facility. You can trade Bitcoin against the USD, EUR, or JPY. This comes with a very competitive spread of 0.25% – alongside a 100% commission-free policy. Should you wish to trade other cryptocurrencies – there’s plenty to choose from.

All paired against the USD, this includes the likes of Dash, EOS, NEO, Stellar, Ripple, and Ethereum. With that said, the spreads are slightly higher on non-Bitcoin markets. For example, spreads on Ethereum and Litecoin start from 0.35% and 0.6%, respectively. In terms of core trading tools – this depends on which platform you decide to trade Bitcoin on.

avatrade south africa

If opting for the AvaTrade web browser, you’ll have access to heaps of chart analysis tools – but in a more simplified manner. However, if you want to place sophisticated market positions – you might be best using AvaTrade via MT4 or MT5. As you likely know, these third-party platforms come packed with technical indicators, advanced market orders, and support for trading robots.

In a similar nature to eToro, AvaTrade also offers copy trading capabilities. In what it calls AvaSocial, this allows you to choose an experienced Bitcoin trader, and then copy their positions like-for-like. This paves the way for a more passive trading experience. In terms of payments, AvaTrade supports debit/credit cards and bank transfers.

avatrade MT4

The minimum account balance stands at a reasonable $100 – and there are no fees to add or withdraw funds. Finally, AvaTrade is authorized and licensed in 6 jurisdictions. This includes a regulated status with the South African Financial Sector Conduct Authority (FSCA number 45984).

Pros:

  • Trade CFDs for stocks, forex, and commodities
  • All fees built into the spread
  • Includes paper trading with MetaTrader 4
  • Copy and social trading features
  • Great reputation
  • Heavily regulated

Cons:

  • Very high inactivity fee

73.05% of retail investors lose money when trading CFDs at this site

 

6. FXCM – Best Bitcoin Trading Platform for Small Deposits ($50 Minimum)

Launched in 1999 – Forex Capital Markets (FXCM) is one of the most established and trusted trading platforms in the online space. While it initially focused exclusively on forex trading markets, the platform is now involved in a range of other popular asset classes.

All offered in the shape of CFDs – this includes stocks, indices, commodities, and of course – cryptocurrencies. In terms of what Bitcoin markets you can trade, this is limited to just BTC/USD. However, if you are planning to stick with this pair, you will benefit from some of the best fees in the market.

Not only can you trade BTC/USD commission-free, but FXCM has a headline spread of just $30. at the time of writing, that works out at roughly 0.06%. FXCM also allows you to trade Bitcoin with leverage. This stands at a maximum of 1:4 – allowing you to trade with four times the amount you have in your account.

FXCM forex trading review

Another plus-point of choosing FXCM as your go-to Bitcoin trading platform is that the minimum deposit is just $50 (about 750 rands). As such, by meeting the minimum and applying the maximum leverage on 1:4, you’ll have access to trading capital of $200. In terms of the platform itself, FXCM offers several options.

If you want to keep things simple, you can trade through your web-browser via Trading Station – which is the platform native to FXCM. This is also available through a mobile app – with both iOS and Android devices supported. Alternatively, you might also consider third-party platforms MT4 and ZuluTrade – both of which are compatible with FXCM.

FXCM Bitcoin trading

When it comes to safety, FXCM is an authorized Financial Services Provider and is regulated by the Financial Sector Conduct Authority under FSP Number 46534. If you like the sound of this top-rated Bitcoin trading platform – getting started takes minutes and you can instantly deposit funds with a South African debit/credit card, bank account, or e-wallet.

Pros:

  • Regulated in South Africa
  • Lots of currency pairs to trade
  • Choose from several trading platforms – including MT4
  • Supports EAs and forex robots
  • 0% commission on all assets
  • Tight spreads
  • You can also trade stock, crypto, oil, and gold via CFDs

Cons:

  • CFDs only
  • Limited number of cryptocurrency markets

There is no guarantee you will make money with this provider.

 

How to Choose the Best Bitcoin Trading Platform for You

As per our own findings – we have presented a selection of top Bitcoin trading platforms in South Africa right now. However, it’s important that you do a bit of research yourself to ensure the provider is right for you. For example, you might have a specific Bitcoin market in place, or a third-party trading platform like MT4 that you wish to use.

To ensure you pick the best Bitcoin trading platform South Africa for you – check out the key metrics outlined below.

Regulation

It goes without saying that you should only trade Bitcoin with a regulated provider. By heading over to cryptocurrency data platform CoinMarketCap – you will see that there are now hundreds of Bitcoin exchanges active in the market.

However, what you might not be aware of is that the vast bulk of these Bitcoin trading platforms are unregulated. This means that you will be depositing your hard-earned rands into a platform that doesn’t take investor protection seriously. Crucially, all of the providers that we have discussed on this page are regulated by at least one reputable financial body.

  • In some cases, the platform might be regulated by the South African FSCS.
  • With that said, your chosen Bitcoin trading platform doesn’t need to be licensed domestically – as many South Africans will opt for a global platform like eToro.
  • This provider is actually regulated by three, tier-one financial bodies – namely, the FCA, ASIC, and CySEC.

Ultimately, top Bitcoin trading platforms in South Africa will have your interests at heart – meaning that your capital is safe and secure at all times.

Bitcoin Markets

Before we get to specific markets, it is important to note that there are two ways in which you trade Bitcoin. Firstly, you can invest in BTC in the traditional way – meaning that you will be buying Bitcoin and then holding on to your coins for several months or years. This is knowing as ‘HOLDing’ in the Bitcoin trading scene.

If this is what you are planning to do, then eToro is by far the best option. This is because you can invest in Bitcoin commission-free and at a minimum of just $25. Once you’ve completed the trade, you can then keep your Bitcoin at eToro or withdraw the coins to a private wallet.

trade bitcoin on eToro

At the other end of the spectrum, you might also be considering day trading or swing trading Bitcoin. If you are, then the best option is to trade CFD instruments. As we mentioned in our reviews of the best Bitcoin trading platforms in South Africa, this allows you to go long and short, as well as apply leverage.

As the underlying asset does not exist, the best Bitcoin CFD platforms will give you access to both crypto-to-fiat and crypto-cross pairs. For example, eToro allows you to trade Bitcoin against the USD, EUR, GBP, JPY, and more. The provider also allows you to trade Bitcoin against other cryptocurrencies – such as Litecoin, EOS, Ripple, and Ethereum.

Fees

In a similar nature to forex trading and stock trading platforms – you will always need to pay a fee of some sort when you buy and sell Bitcoin. Not only can specific fees vary from provider to provider, but also the way in which you are charged.

It’s really important to know how much you are paying when trading Bitcoin online – so below we break down the main costs you need to look out for.

Deposits

Before you can start trading Bitcoin online, you will need to deposit some funds. As you might have guessed from our reviews, the best Bitcoin trading platforms in South Africa are based overseas.

This does, however, mean that you are likely to incur a small deposit fee when you deposit funds in rands. For example, eToro charges a reasonable FX fee of just 0.5%, albeit, other platforms are known to charge more.

In fact, were you to buy cryptocurrency at popular exchange Coinbase, the provider would charge you 3.99% to pay with your debit card!

Commission

Once you have funded your account and are ready to start trading Bitcoin – expect to pay a commission. This is almost always a charged  variable commission – which is multiplied against the size of your stake.

For example, Libertex charges a commission of 0.1% per slide when you trade BTG/BTC  – and slightly more on other markets.

With that said, when trading Bitcoin at eToro, the platform does not charge any commissions at all. This is also the case when opting for Plus500, AvaTrade, Capital.com, and FXCM.

Spreads

While the best Bitcoin brokers listed above do not charge any commission – you will need to keep an eye on the spread. This is the percentage gap between the buy and sell price of your chosen Bitcoin market.

As we mentioned earlier, the average spread on BTC/USD at eToro is 0.75% – which is reasonable. Libertex goes one step further by charging no spreads at all, albeit, unlike eToro, it isn’t commission-free.

Liquidity

Liquidity is often overlooked by newbie Bitcoin traders in South Africa, so it’s important that you are aware of this before you choose a provider. Put simply, liquidity determines how much trading activity there is at a particular platform.

By choosing a platform with high levels of liquidity around the clock – you will never have any issues entering and exiting a position.

bitcoin platform low liquidty

Unfortunately, many domestic Bitcoin platforms suffer from low levels of liquidity – meaning that you might struggle to find a buyer when you are ready to cash out. Low liquidity is also pre-cursor of wide spreads – as you will need to accept an unfavorable price to close the trade.

Trading Tools & Features

In order to trade to the best of your abilities – you need to choose a platform that offers certain tools and features. In our search for the best Bitcoin trading platform South Africa – we found the following features that you might find of interest.

Copy Trading

Our top-rated Bitcoin trading platform – eToro, offers an innovative feature called Copy Trading. As the name implies, this allows you to copy a seasoned Bitcoin trading pro that uses the eToro platform. You can do lots of research on the trader before taking the plunge – such as how much they have made since joining eToro, average monthly returns, and risk rating.

eToro copy trading

Then, it’s just a case of meeting a $500 minimum investment. Once you confirm the position, all future buy and sell orders will be copied like-for-like. Ultimately, this allows you to trade Bitcoin and other blockchain-assets in a 100% passive nature. You can exit the position at any given time and the feature comes at no additional cost.

Crypto Baskets

We also came across a number of Bitcoin trading platforms in South Africa that offer ‘crypto baskets’. In the case of Plus500 and AvaTrade, this comes in the shape of a CFD index that tracks the 10 largest digital currencies in the terms of market capitalization. In other words, you can speculate on the wider cryptocurrency industry as opposed to just trading Bitcoin.

We also liked the CryptoPortfolio offered by eToro. This is more suited for long-term traders, as CryptoPortfolios give you access to a full basket of digital assets that you will own outright. On top of Bitcoin, this also includes Ethereum, Ripple, Litecoin, and more.

Technical Analysis

If you are looking to engage in Bitcoin day trading or swing trading – it is crucial that you have access to a range of chart reading tools. This is because your main objective is to predict whether the price of Bitcoin will rise or fall in the short-term.

The best Bitcoin trading platforms in South Africa allow you to customize your chart area and come packed with technical indicators and drawing tools.

etoro pro charts

If you choose a platform that is compatible with MT4 or MT5, then these third-party platforms come with all of the Bitcoin analysis tools that you need.

Short-Selling and Leverage

When choosing a Bitcoin trading platform that offers CFD instruments – you are guaranteeing yourself flexibility. This is because you can choose to go long or short on Bitcoin – allowing you to make gains from bullish as well as bearish market sentiment.

Additionally, the best Bitcoin trading platforms in South Africa will offer leveraged CFDs. As we discussed earlier, this gives you access to a larger amount of trading capital than your account balance permits.

The likes of Plus500 offer leverage of up to 1:30 on Bitcoin CFDs – which is huge. Other platforms that we have discussed today also offer leverage, but at lower limits.

User Experience

You might be reading this guide on the Best Bitcoin Trading Platform South Africa because you are a complete newbie. If you are, then it is imperative that you choose a platform that offers a top-notch user experience. In other words, how easy or difficult is it to find the Bitcoin market that you wish to trade, and how seamless is the order execution process?

If the platform in question is cumbersome to navigate, then this will hinder your ability to trade to the best of your abilities. The best way to assess whether the platform is suitable for your skill-set is to start off with the demo account facility.

etoro user experience

This is offered by all of the Bitcoin trading platforms discussed on this page. All you need to do is register with the platform and then you can start trading risk-free via the demo account. When doing this with eToro, not only will you get $100,000 in paper trading funds, but the demo account mirrors live market conditions.

Mobile App

While most traders in South Africa prefer to place market orders via a desktop device, some of you might want access to your trading account on the move. If this is the case, then make sure that the provider offers a mobile app that is compatible with your operating system.

All of the Bitcoin trading platforms that we have discussed today offer an app that is available on iOS and Android devices. The app is connected to your main online account – so can swap between devices with ease. You do, however, need to ensure that the app offers the same functionalities as the main desktop platform.

This should include the ability to:

  • Deposit and withdraw funds
  • Check your portfolio
  • Place buy and sell positions
  • Set pricing alerts
  • Perform research

Payment Methods

When you are ready to start trading Bitcoin with real money, you’ll need to make a deposit at your chosen platform. Most of the providers that we have discussed on this page allow you to fund your account with a South African debit/credit card or an e-wallet like Paypal.

  • These payment methods allow you to deposit funds instantly – so you can start trading straight away.
  • When you make a withdrawal, the Bitcoin trading platform will send the funds back to the same payment method you used to deposit.
  • As you might have noticed from our provider reviews, most platforms operate in US dollars. This isn’t a problem, as you can still deposit funds in South African rands.
  • It just means that the platform will execute a real-time exchange in from ZAR to USD.

Once again, just make sure you check what FX fee the provider charges. Additionally, you should also explore what the minimum deposit is and how long withdrawals take to process.

Customer Service

Last but certainly not least, you’ll want to check how proficient the customer service department is. For example, does the provider offer convenient support channels like Live Chat, and what hours can you get assistance on your account?

We found that the best Bitcoin trading platforms in South Africa also have a presence on social media. This ensures that the cryptocurrency exchange replies to questions and concerns in a public setting.

How to Start Bitcoin Trading

If you’ve read our guide on the Best Bitcoin Trading Platform South Africa up to this point – you should now have a good idea of which provider meets your needs. All that is left to do now is open a trading account and place your first order!

If this is your first time trading Bitcoin online, below we walk you through the process with commission-free platform eToro.

Step 1. Open an Account

By trading Bitcoin with eToro, you are using a heavily regulated provider. As such, you will initially need to go through an account opening process. This shouldn’t take you more than a few minutes. First, head over to the eToro website and click on ‘Join Now’.

eToro sign up

Next, you’ll be asked to enter some personal information so that eToro knows who you are. This is standard practice and will require your name, address, email, date of birth, etc.

You will also need to choose a username and password. For added security, proceed to set up Two Factor Authentication (2FA).

Step 2. Upload ID

To complete the registration process at eToro, you’ll need to upload a copy of your government-issued ID – which can be a valid driving license or passport. To prove your residency status, you’ll also need to provide a copy of a recently issued bank account statement or utility bill.

Step 3. Deposit

Now it’s time to deposit some funds into your newly created eToro trading account. As we mentioned earlier, this top-rated platform supports a variety of South African payments.

If you want your deposit processed instantly – opt for a debit/credit card, Paypal, Skrill, or Neteller. If you transfer funds from your local bank account – expect to wait a couple of days for the money to arrive.

Step 4. Search for Bitcoin Market

Now that your deposit has been processed, you can proceed to search for your preferred Bitcoin market. The vast majority of traders in South Africa will look to trade Bitcoin against the US dollar – as this is the largest and liquidity cryptocurrency market globally.

trade bitcoin at etoro

All you need to do is search for ‘Bitcoin’ and then click on to result that loads up. If, however, you want to see what other Bitcoin markets are supports, click on the ‘Trade Markets’ button, followed by ‘Crypto’.

Step 5. Trade Bitcoin

Once you select the Bitcoin market that you wish to trade, an order box will appear. This is where you need to choose from a buy or sell order.

Put simply, if you think Bitcoin will increase in value – you don’t need to do anything, as by default – eToro selects a buy order. But, if you think that Bitcoin will go down in value, change this to a sell order.

buy cryptocurrency south africa

Then, you need to enter your stake. The minimum on eToro when trading Bitcoin is just $25. If you want to apply leverage or set-up a limit, take-profit, and/or stop-loss order – you can do this before placing the trade.

Finally, click on the ‘Trade Now’ button to place your commission-free Bitcoin trade!

Best Bitcoin Trading Platforms in South Africa – Conclusion

In summary, with more and more South Africans looking to trade Bitcoin online – this has resulted in hundreds of cryptocurrency platforms setting up shop. The key problem is that most of these platforms are unregulated. Even those that do hold a license will often charge exorbitant fees – with the likes of Coinbase asking for 3.99% to fund your account with a debit card.

With that said, we have reviewed the most notable providers active in this space and found that eToro is the best Bitcoin trading platform South Africa.

You can trade dozens of Bitcoin pairs commission-free, the minimum stake is just $25, and depositing funds is instant when using a South African debit/credit card or e-wallet. Most important – eToro is heavily regulated – so there is no longer a need to trade Bitcoin with an unlicensed operator!

eToro – Best Bitcoin Trading Platform South Africa with 0% Commission

67% of retail investor accounts lose money when trading CFDs with this provider.

 

FAQs

What is the best bitcoin broker South Africa?

If you're looking for the best Bitcoin broker South Africa - this illustrates that you are looking to buy the digital currency as opposed to trade it. If so, regulated broker eToro is popular with South Africans, as you can buy Bitcoin commission-free and the minimum investment is just $25.

What are the best bitcoin brokers South Africa for leverage?

In comparison to major markets like forex and gold - the amount of leverage offered by the best bitcoin brokers South Africa is somewhat modest. However, the likes of Plus500 and AvaTrade offer leverage of up to 1:30 and 1:25 when trading Bitcoin - which is more than enough for retail clients.

What is the cheapest Bitcoin trading platform in South Africa?

If low fees and commissions are your main priority - then eToro has you covered. The regulated platform - which is now home to over 17 million clients, allows you to trade Bitcoin and other altcoins without paying any commission. There are no ongoing platform fees, either. .

How much does it cost to buy 1 Bitcoin in South Africa?

The price of Bitcoin is typically quoted in US dollars and will, of course, change throughout the day. Nevertheless, based on the digital currency's recent high of $58,000 - this would amount to about 860,000 rands. Fortunately, there is no requirement to buy a full Bitcoin anymore. On the contrary, platforms like eToro allow you to invest from just $25 - so that's about 370 rands.

What are Bitcoin CFDs?

Contracts-for-differences - or simply CFDs, allow you to trade the future price of Bitcoin without you needing to worry about ownership or storage. This is because the CFD will track the real-time price of Bitcoin. By trading Bitcoin CFDs in South Africa, you can apply leverage and choose from a long or short position.

Kane Pepi

About Kane Pepi

Kane Pepi is a British researcher and writer that specializes in finance, financial crime, and blockchain technology. Now based in Malta, Kane writes for a number of platforms in the online domain. In particular, Kane is skilled at explaining complex financial subjects in a user-friendly manner. Academically, Kane holds a Bachelor’s Degree in Finance, a Master’s Degree in Financial Crime, and he is currently engaged in a Doctorate Degree researching the money laundering threats of the blockchain economy. Kane is also behind peer-reviewed publications - which includes an in-depth study into the relationship between money laundering and UK bookmakers. You will also find Kane’s material at websites such as MoneyCheck, the Motley Fool, InsideBitcoins, Blockonomi, Learnbonds, and the Malta Association of Compliance Officers.