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How to Buy Bitcoin with Credit Card South Africa – Top Exchanges Compared

Buying Bitcoin with a credit card can make it easier for South African traders and investors to get into the world of cryptocurrency.

In this guide, we’ll show you how to buy Bitcoin with a credit card in South Africa.

How to Buy Bitcoin with Credit Card – Step by Step Guide 2020

Want to learn how to  buy Bitcoin with a credit card in South Africa right away? We’ll show you how to get started in just 4 simple steps.

  1. Open an account with Avatrade – Avatrade is our top-rated Bitcoin exchange. Click here to head to the website and open a new account.
  2. Upload ID – Avatrade requires you to verify your ID to comply with financial regulations.
  3. Deposit – Deposit at least $100 USD to your account using a Visa or Mastercard.
  4. Buy Bitcoin – Search for ‘BTC,’ click ‘Trade,’ and buy Bitcoin with a credit card.

Where to Buy Bitcoin in with Credit Card in South Africa

In order to buy Bitcoin with a credit card in South Africa, you’ll need a crypto exchange that accepts credit card payments. Let’s take a closer look at 2 of our top-rated best Bitcoin brokers in South Africa.

1. Avatrade – Buy Bitcoin with Credit Card with 0% Commission

AvaTrade Logo

Our recommended broker when it comes to buying Bitcoin with a credit card in South Africa is Avatrade. Avatrade is heavily regulated by top entities such as the FCA, ASIC, and the FSCA, meaning you can be confident that your capital and personal details are safe and secure. Furthermore, Avatrade has a stellar reputation in many countries, and has over 300,000 registered users worldwide.

In terms of crypto trading, Avatrade offers a solid number of options to choose from including Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. In total, Avatrade offer 17 different crypto CFDs to invest in, which puts them in a leading position in terms of digital currency variety in South Africa. Another great thing is that because Avatrade offer crypto CFDs, users can employ 1:2 leverage on their position which can increase potential profits.

avatrade bitcoin

Notably, Avatrade do not charge any commissions when you buy Bitcoin with a credit card – which is in stark contrast to many other brokers and exchanges. Instead their fee is built in to the spread, which tends to be quite tight for Bitcoin due to the currency’s high liquidity.

Finally, deposits are completely free with Avatrade, and the minimum deposit if only $100 (around 1356 ZAR). You can quickly and easily deposit through credit card, debit card, bank transfer, or a selection of e-wallets. Once your account has been funded, you’re then able to buy Bitcoin seamlessly through Avatrade’s online platform.

Pros:

  • Trade Bitcoin with 0% commission
  • All fees built into the spread
  • Mt4 and Mt5 support
  • Free deposits via credit card, debit card, bank transfer, and e-wallets
  • Great reputation
  • Heavily regulated

Cons:

  • High inactivity fee

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

2. Capital.com – Best Bitcoin CFD Trading Platform South Africa

Capital.com LogoIf you want to trade Bitcoin CFDs instead of owning this cryptocurrency outright, Capital.com is a good option. This cryptocurrency trading platform offers 0% commission trading and spreads of just 0.25% for BTC trading. Capital.com also doesn’t charge any deposit or withdrawal fees when you make a credit card payment.

Capital.com offers a wide range of cryptocurrencies to trade in addition to Bitcoin. Notably, you can trade digital currencies against fiat currencies other than the US dollar. So, if you want to trade BTC/GBP or BTC/EUR, you easily can.Capital.com Cryptocurrencies

Another thing we like about Capital.com is that it offers a comprehensive web and mobile trading experience. The technical analysis platform includes dozens of technical studies, plus a news feed and economic calendar to help you stay on top of the market. Even better, the platform uses artificial intelligence to monitor your trading patterns and suggest ways to improve your win rate.The Capital.com trading platform

Capital.com also stands out for its educational materials. The broker has a library of videos that explain the basics of CFD trading as well as a mobile app dedicated entirely to trader education. So, if you’re new to the market, Capital.com is a great place to get started trading.Capital.com Education

Capital.com is regulated by the UK FCA and offers 24/7 customer support. The broker accepts all Visa and Mastercard credit cards and debit cards.

Pros:

  • BTC spreads from 0.25%
  • No deposit or withdrawal fees
  • Comprehensive trading platform with AI features
  • Regulated by the FCA
  • 24/7 customer support

Cons:

  • Cannot buy Bitcoin or other coins outright

76.25% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.

How to Buy Bitcoin with Credit Card Today

Ready to buy Bitcoin today? We’ll show you how to buy Bitcoin with a credit card using Avatrade, which charges zero deposit fees and no commissions.

Step 1: Open an Account with Avatrade

To open an account with Avatrade, head to the broker’s website and click ‘Register Now.’ Then simply enter your email address and choose a password.

avatrade sign up

Step 2: Upload ID

Avatrade requires you to verify your identity to comply with their regulations. You can complete this step online by uploading a copy of your driver’s license or passport. You’ll also need to upload a proof of address such as a bank statement or utility bill.

Step 3: Deposit

Next, deposit funds into your Avatrade account using any Visa or Mastercard credit card. Avatrade also accepts debit cards, bank account transfers, Neteller, WebMoney, or Skrill for payments. You must deposit a minimum of 100 USD.

Step 4: Buy Bitcoin

Now you’re ready to buy Bitcoin with Avatrade. Search for ‘BTC’ and click the relevant option when it appears in the drop-down menu. You will see the current exchange rate for Bitcoin from USD.

Enter the amount of Bitcoin you want to buy and choose whether to add a stop-loss or take profit to your order.

avatrade online platform

Once your trade is ready, click ‘Buy’ to buy Bitcoin.

Benefits of Buying Bitcoin with Credit Card

Why should you buy Bitcoin with a credit card in South Africa as opposed to using other payment methods?

Here, we’ll cover some of the key advantages of buying Bitcoin with a credit card.

Simplicity

The number one reason to buy Bitcoin with a credit card is because it’s easy. You don’t have to go through the complex process of using a Bitcoin ATM, finding an exchange that will convert cash to digital currency, or something else.

When you are buying Bitcoin with a credit card, all you have to do is enter your credit card number and your Bitcoin exchange will take care of the rest. It’s one of the simplest ways to convert fiat currency to cryptocurrency.Bitcoin Credit Card

Speed

Another benefit to buying Bitcoin with a credit card (or a debit card, for that matter) is that it’s fast.

When you fund a cryptocurrency trade with a bank account, it can take up to several days for the money to appear in your trading account. On the other hand, credit card deposits are available for trading instantly.

That means there’s no waiting around when you use a credit card. You can buy Bitcoin and other digital currencies in minutes.

Security

When you buy Bitcoin with a credit card in South Africa, you also get extra security.

Since credit card payment is nearly instantaneous, there’s very little time for a hacker to insert themselves into your transaction. This is important when so many cryptocurrency exchanges have fallen prey to hackers, particularly during the pandemic.

Mobile Payments

If your credit card is connected to a mobile payment app like Apple Pay or Google Pay, you also get the benefit of making payments right from your smartphone.

That’s a big plus since so many Bitcoin wallets and crypto exchanges are available on mobile devices. With Apple Pay or Google Pay, it’s seamless to buy Bitcoin and store it in your mobile wallet.

Bitcoin Credit Card Regulation

Buying Bitcoin with a credit card does mean you should know some things about how credit card companies view digital currencies.

For one thing, many credit card providers will not allow you to claim rewards for crypto purchases. So, if you normally receive 1% cash back for your credit card account, you probably won’t get that when you buy Bitcoin with a credit card. That said, Visa just introduced the first Bitcoin rewards credit card – so rewards may be coming soon.

Another thing to note is that chargebacks aren’t possible when you use a credit card to buy Bitcoin. Transactions are handled anonymously on the Bitcoin blockchain, so there’s no way for a credit card company to undo your transaction.

Can I Buy Bitcoin with Credit Card with No Verification?

Whether or not you need to verify your identity when buying Bitcoin with a credit card depends on the exchange you use. More specifically, it depends on whether your crypto exchange is regulated.

Bitcoin exchanges that are regulated by South Africa’s Financial Sector Conduct Authority (FSCA) or the UK Financial Conduct Authority (FCA) require users to verify their identity. You might be able to buy Bitcoin using a credit card payment without verification, but you will need to provide ID before you can withdraw any funds from your trading account.

Unregulated crypto exchanges often do not require you to verify your identity. However, beware of unregulated exchanges. Since they are not overseen by any financial authority, there are no investor protections. Many unregulated exchanges have also been targeted by hackers.

Conclusion

Buying Bitcoin with a credit card comes with several advantages, including simplicity, speed, and security.

Now that you know how to buy Bitcoin with a credit card in South Africa, it’s time to get started. Just click the link below to sign up for an Avatrade account today!

Avatrade – Buy Bitcoin with a Credit Card with Low Fees

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

FAQs

Can I buy Bitcoin with a credit card in South Africa?

Yes, you can buy Bitcoin with a credit card in South Africa. You must find a crypto broker that accepts credit cards, like Avatrade.

How do I buy Bitcoin with a credit card in South Africa?

You can buy Bitcoin with a credit card simply by using your card to fund your Bitcoin exchange account.

Are there fees for using a credit card to buy Bitcoin?

Many exchanges charge extra fees - up to 5% - when you buy Bitcoin with a credit card. We recommend using an exchange like Avatrade that charges no deposit fees for credit card transactions.

Where can I buy Bitcoin with a credit card in South Africa?

You can buy Bitcoin with a credit card at a crypto exchange like Avatrade. Avatrade charges no commissions and no deposit fee when you pay with a credit card.

Can I buy Bitcoin with a credit card without verification?

You can buy Bitcoin without verification by using an unregulated crypto exchange. However, we recommend regulated exchanges like Avatrade because they are typically safer for investors.

About Michael Graw PRO INVESTOR

Michael Graw is a freelance journalist based in Bellingham, Washington. He covers finance, trading, and technology. His work has been published on numerous high-profile websites that cover the intersection of markets, global news, and emerging tech.

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