How to Buy Bitcoin Cash South Africa – Top Exchanges Revealed
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When Bitcoin Cash was created, many people in the crypto community believed that it is able to take over Bitcoin. Now, almost four years since its foundation and Bitcoin Cash has not yet achieved this goal. But, it is still one of the largest digital coins in the world with a market cap of $27 billion and high hopes to become the crypto coin that will replace Bitcoin and fiat currencies in the future. Also, it is one of the most liquid cryptocurrencies in the market which makes it a great asset for short-term trading.
So, if you are based in South Africa and looking for the easiest and most cost-effective way to buy Bitcoin Cash South Africa x10, keep on reading our guide.
How to Buy Bitcoin Cash South Africa – Step by Step Guide 2022
If you are ready to buy Bitcoin Cash instantly, the four steps below will help you to get started without reading our full Bitcoin Cash South Africa guide:
- Open an investment account with eToro – First, visit eToro’s homepage and open an account.
- Verify Your Identity – Before you can add funds to your account and buy Bitcoin Cash, you first need to verify your identity by uploading your passport or any other national ID.
- Deposit Funds – Make a deposit of at least $200, which is around 3000 ZAR. eToro supports the following payment methods: credit and debit cards, bank transfer, Neteller, Skrill, and PayPal.
- Buy Bitcoin Cash – From eToro’s trading dashboard, search for Bitcoin Cash or BCH and click on the ‘Trade’ button. Then, insert the amount you want to invest and click on the Open Trade button.
What is Bitcoin Cash?
Bitcoin Cash is a cryptocurrency and a payment network that was created in August 2017 after a fork in the Bitcoin blockchain that has changed the size of blocks, and thus, allowing more transactions into a single block. As a result, when we compare the two coins, Bitcoin Cash is able to process a larger number of transactions more quickly, solving one of the main problems of bitcoin – the scalability problem.
Much like Bitcoin, Bitcoin Cash has a supply limit of 21 million coins and is a decentralized peer-to-peer crypto coin with no central authority. But, since the hard fork in 2017, the general opinion about the creation of Bitcoin Cash splits into two sides. On the one side of the fence are many people in the crypto community that criticize the idea of another coin that essentially has the same code and brand name as Bitcoin. Moreover, some might say that the creation of Bitcoin Cash is basically the same as printing money, which is a contradiction of the original concept of Bitcoin’s founder, Satoshi Nakamoto.
On the other hand, Bitcoin Cash supporters claim that Bitcoin had failed to scale enough transactions and the fork was inevitable. By doing so, Bitcoin Cash can solve many of Bitcoin’s problems and replace fiat currencies in the future.
Regardless, Bitcoin Cash has managed to maintain a strong position as a leading cryptocurrency and is currently the number nine crypto coin in terms of market capitalization.
Difference Between Bitcoin and Bitcoin Cash
Obviously, the most interesting question about Bitcoin Cash is the difference from the coin it is trying to replace, Bitcoin. The fork in 2017 happened largely due to different philosophical views within the Bitcoin community about the use of Bitcoin. While some developers thought Bitcoin should be used as a store of value, the Bitcoin Cash community had the vision to create a digital currency that has the ability to replace fiat currencies (USD, EUR, GBP, JPY, etc) and thus, become a widely used medium of exchange.
With that in mind, some of the main differences between Bitcoin (BTC) and Bitcoin Cash (BCH) include:
- Bitcoin blocks are limited to 1 MB, while Bitcoin Cash blocks are up to 32 MB
- Bitcoin Cash has an improved hash rate, which made the new coin more profitable to miners than Bitcoin.
- Bitcoin Cash has cheaper transaction costs
- Different visions – While Bitcoin developers focus on creating a decentralized coin that can be used primarily as a store of value, the goal of the Bitcoin Cash community is the mass adoption of the coin and making it a currency that serves to exchange goods and services.
Why Buy Bitcoin Cash? Bitcoin Cash Analysis
Bitcoin Cash is known for being the better alternative for Bitcoin. But it has not yet gained the mainstream attention that Bitcoin receives and despite the huge price rally seen over the last year, Bitcoin Cash still lacks mass adoption and interest outside the crypto community.
Nowadays, BCH is mainly seen as a tool for speculation and mining profit for crypto investors and traders. That said, there are some crucial factors to take into consideration when we analyze Bitcoin Cash:
Bitcoin Cash Has a Huge Upside Potential
The first and most important thing to take into account when we analyze Bitcoin Cash is the huge upside potential it offers. As of May 2021, Bitcoin Cash is trading at around $1400 per coin. In 2018, Bitcoin Cash has already reached an all-time high of over $3700, which represents a return of nearly 300%. But in the case Bitcoin Cash will overtake Bitcoin, the potential return is huge as Bitcoin has recently reached an all-time high of $63,000.
Bitcoin Cash Has a Better potential to Become the Leading Cryptocurrency in the Longer Term
Currently, Bitcoin is the most popular and widely used cryptocurrency in the world. However, that might change in the future, particularly given the fact that Bitcoin is not the best crypto coin out there in terms of technology. Other coins like Litecoin and Bitcoin Cash have a larger block size and lower transaction fees than Bitcoin. As such, if you believe that Bitcoin is going to collapse in the future, Bitcoin Cash is one of the first coins on the list to replace its place as the most dominant cryptocurrency in the world.
Merchants Around the World Continue to Adopt Bitcoin Cash
Surprisingly, there are already over 4000 merchants around the world supporting Bitcoin Cash as a payment method. On its official website, you can find lots of merchants that currently accept BCH. Some of these include Purse, BitPay, GoCrypto, Coinbase Commerce, CheapAir.com, BCH.games, Bitcoin Casinos, read.cash, member.cash, Blockchain.poker, lazyfox.io, VenezuelaWorkers, GitCash, TipBitcoin.cash, ChainTip, Detoken, Coindance, AlfaTop, CoinRabit, BlockCard, WebMoney, etc.
In addition, via Purse service, you can shop with Bitcoin and Bitcoin Cash on Amazon with a gift card (and even get a 15% discount).
Bitcoin Cash Price
Since its launch in 2017, Bitcoin Cash has seen tremendous volatility. In the beginning, the price of Bitcoin Cash surged from its initial price of $573 to its all-time high of $3720 in less than six months. One of the reasons for the rise in Bitcoin Cash price was that after the Bitcoin fork, anyone who had Bitcoin has received an equal amount in Bitcoin Cash.
But at the beginning of 2018, the price of Bitcoin Cash crashed, and the ‘bubble’ burst. Eventually, in December 2018, it reached a bottom of $102 per coin and BCH was trading at a range of $100-$400 until early 2021.
However, since the beginning of the year, Bitcoin Cash has been on fire, rising from around $340 on January 1st to its current price of around $1400 per one Bitcoin Cash coin. Moreover, in the last few days, Bitcoin Cash rallied more than 20% on the network upgrade which will bring plenty of improvements for Bitcoin Cash’s users and merchants.
Bitcoin Cash Price Prediction
In general, the vast majority of analysts have a positive outlook for the future price of Bitcoin Cash. The first target of the coin is clearly the 2017 all-time high of $3721. Some analysts like the Economy Forecast Agency predict that Bitcoin Cash can reach this level as early as October 2021. CoinPriceForecast predicts that Bitcoin Cash price can be trading at around $15,000 in 2025. On the other hand, some analysts remain bearish or neutral as to the future of Bitcoin Cash.
Though these predictions should be taken with caution, the general sentiment towards Bitcoin Cash is very positive right now. Lately, BCH prices jumped by more than 100% in one month due to the bi-annual Bitcoin Cash hard fork that is expected to occur on May 15.
Bitcoin Cash to Rand
At the current price of Bitcoin Cash of around $1400 per coin, the BCH/ZAR pair is trading at around 20,000. If you are looking on how to buy Bitcoin Cash in South Africa with South Africa Rands, you need to find a crypto exchange or an online crypto trading platform that allows you to buy cryptocurrency with your local fiat currency. Binance, Bitfinex, Coinbase and eToro are some of the best platforms in SA that support deposits with fiat currency (credit and debit card, bank wire transfer, and PayPal).
Where to Buy Bitcoin Cash in South Africa
Clearly, the first thing you need to do is to find a brokerage firm or a decentralized crypto exchange that supports Bitcoin Cash (BCH). This should not be a problem as the vast majority of exchanges and online trading platforms support Bitcoin Cash, however, you need to make sure you find an easy-to-use, cost-effective and safe platform in order to make the most out of your trading experience. With that in mind, below you can find our two recommendations on where to buy Bitcoin Cash in South Africa.
1. eToro – Overall Best Broker to Buy Bitcoin Cash in South Africa
eToro is our top choice broker to buy Bitcoin Cash in South Africa. This online CFD brokerage that was founded in 2006 is the largest social trading network in the world and is offering users to buy assets at no cost. As network blockchain fees are very high due to the high traffic and mining costs, CFDs are a great alternative to speculate on the price of crypto assets like Bitcoin Cash. Further, when you buy crypto CFDs, there’s no need to store the coins on a Bitcoin wallet.
Unlike crypto exchanges that require to pay fixed trading fees of around 0.15%-0.5% on each transaction you make, eToro allows you to buy and sell any asset on its platform without paying any fees. The only cost you need to take into consideration is the spread of 1.9% and a withdrawal fee of $5. For those unaware, the spread is the difference in the bid and ask price quoted when you want to make a trade.
Another reason why eToro is the best option to buy Bitcoin and Bitcoin Cash in South Africa is that it gives you access to a user-friendly and easy-to-use trading platform that is available on web-browser and on mobile devices (iOS and Android). And, this is something to take into account as buying and selling digital assets on most crypto exchanges is somehow complicated, even for experienced investors. eToro, on the other hand, offers a simple solution to buy cryptocurrencies or speculate on the price of digital assets like Bitcoin Cash.
When it comes to leverage, eToro does not offer you to buy Bitcoin Cash in South Africa with a leverage ratio of 10:1 nor 3:1. Instead, this brokerage firm enables you to use 50% of the position size in order to open a Bitcoin Cash position, which is considered a modest leverage ratio and significantly minimizes the risk of losing your funds.
67% of retail investor accounts lose money when trading CFDs with this provider.
Further, eToro is not only an online trading platform but it is also a social trading network. This means you’ll be able to use tools like the CopyTrade and CopyPortfolios. First, the eToro CopyTrade is a social trading tool that enables investors to share trading information by copying to the trading activity of other users on the broker’s network. Therefore, you can choose an investor that focuses on the market you want to trade, specify the risk, and view the trader’s return over a various time duration.
The second social trading feature, the eToro CopyPortfolios, allows you to invest in 55 actively managed funds and diversify your portfolio. This includes four crypto funds – CryptoPortfolio, CryptoCurrency, NapoleonX, and the CryptoTakeOver. For example, if you decide to invest in the CryptoPortfolio fund, you get exposure to the largest crypto coins in terms of the market cap including Bitcoin, Ethereum, Bitcoin, Dash, Litecoin, Ethereum Classic, Cardano, IOTA, Stellar Lumens, EOS, NEO, TRX, Zcash, and Tezos.
Finally, in order to buy Bitcoin Cash at eToro’s platform, you need to register for an online account and deposit a minimum of $200. Also, take note that if you decide to invest in Bitcoin with eToro, you are protected by the FCA, CySEC, and ASiC.
Pros
Cons
67% of retail investor accounts lose money when trading CFDs with this provider.
How to Buy Bitcoin Cash Tutorial
Now that you have all the important information about Bitcoin Cash investment and you still want to buy this coin, we will show you the step-by-step process to sign up on eToro and place a Bitcoin Cash buying order.
Step 1: Open an eToro Account
To start the process, you need to head over eToro’s website and register for an online trading account. On the broker’s homepage, you’ll see a Join Now button that leads to a registration form where you need to insert your email address, username, and password.
67% of retail investor accounts lose money when trading CFDs with this provider.
Step 2: Verify Your eToro Account
In the next step, you need to verify your identity before you are allowed to make a deposit and start trading. To verify your eToro account, you need to upload both a proof of identity (POI) and proof of address (POA). This includes a driving license or any other government-issued ID and any document that contains your full name, address, and issue date (bank account statement, electricity bill, credit card statement, etc).
Step 3: Make a Deposit
At this point, you need to fund your account in order to start trading with real money. If you are a beginner and have no trading experience, we suggest you use the demo account for as long as you need until you get familiar with eToro’s platform and the trading conditions. eToro offers an unlimited demo account so you can take advantage of this tool.
Once you are ready to start trading the real-time live markets, you can make a deposit by clicking on the Deposit button and choosing one of the supported payment methods – credit/debit card, wire transfer, Skrill, Neteller, and PayPal. South African investors need to meet a minimum deposit requirement of around 3000 ZAR to get started.
Step 4: Buy Bitcoin Cash
As mentioned above, eToro offers users to buy Bitcoin Cash outright directly from a crypto marketplace or speculate on the price of the asset by using CFDs. To make a Bitcoin Cash purchase on eToro’s, you need to find the instrument by typing Bitcoin Cash or BCH at the search bar at the top of the dashboard.
67% of retail investor accounts lose money when trading CFDs with this provider.
From there, you have two options – to navigate directly to the order form and place a buying order by clicking on the ‘Trade’ button or to click on the Bitcoin Cash logo in order to be channeled to the Bitcoin Cash instrument page. On this page, you get access to research and analysis tools.
To buy Bitcoin Cash, click on the Buy button and you’ll be transferred to an order form.
In the order form, you need to choose the type of order you want to place – Market (Trade) or Limit (Order). Then, insert the amount you want to invest in Bitcoin Cash and click on the Open Trade button to complete your purchase.
Conclusion
This guide on where to buy Bitcoin Cash in South Africa x3 has covered everything that you need to know about Bitcoin Cash – the difference from Bitcoin, key features, price prediction, and top SA brokers that support this coin. Looking ahead, if Bitcoin Cash succeeds on a global scale, then the price of Bitcoin Cash (much like Bitcoin price) could rise to $60,000 or even higher.
So, if after reading this review, you are still interested in buying Bitcoin Cash, we suggest you check eToro. This regulated brokerage firm is offering commission-free trading and very competitive spreads. Further, if using eToro, you can buy Bitcoin Cash in South Africa is the easiest and safest way.
67% of retail investor accounts lose money when trading CFDs with this provider.
FAQs
What is the best Bitcoin Cash exchange South Africa?
Basically, there are plenty of crypto exchanges and online trading platforms that are regulated and authorized to operate in South Africa. That said, this review found that the best platform to buy Bitcoin Cash in South Africa x3 is eToro. This is because eToro does not charge any trading fees and gives users access to margin trading and thousands of other products and markets.
What is the best Bitcoin Cash wallet South Africa?
There's no doubt that the best wallet to store Bitcoin Cash or any other digital coin is a hardware wallet like Trezor, and Ledger Nano. Otherwise, you can also store your Bitcoin Cash coins on a hot wallet like Binance wallet, Exodus, or eToro's crypto wallet.
What is the Bitcoin Cash to USD rate?
At the time of writing, the BCH/USDT rate is trading at around $1400.
What is the Bitcoin Cash value?
Right now, Bitcoin Cash is trading at 1400 US Dollar per coin, which represents a market capitalisation of nearly $27 billion, according to CoinMarketCap.
What is Bitcoin Cash mining?
Much like Bitcoin and other cryptocurrencies, Bitcoin Cash mining is a process in which new coins are entered into circulation. In order to mine Bitcoin Cash coins, there's a process of solving complex mathematical problems and in return, miners receive rewards for successfully mining new blocks and adding them to the blockchain network. Presently, mining BCH is more profitable than Bitcoin mining.
