Cryptocurrencies like Bitcoin, Ethereum, and Litecoin were among the highest-performing assets in the world in 2020. Over the past few months, these blockchain-based digital currencies have continued to break records and claim their mantle as an alternative to traditional money.
If you’re interested in trading cryptocurrencies for a profit in South Africa, you’ll need a trustworthy and high-quality trading platform. In this guide, we’ll review the 7 best cryptocurrency trading platforms in South Africa for 2021.
- 1 Best Cryptocurrency Trading Platform South Africa List
- 2 Best Cryptocurrency Trading Platforms in South Africa Reviewed
- 3 How to Choose the Best Cryptocurrency Trading Platform for You
- 4 How to Start Cryptocurrency Trading
- 5 Best Cyrpto Trading Platform South Africa -n Conclusion
- 6 eToro – Best Cryptocurrency Trading Platform South Africa
- 7 FAQs
Best Cryptocurrency Trading Platform South Africa List
Before we take a more in-depth look at the top crypto brokers, here’s the best cryptocurrency trading platform South Africa and some other good alternatives.
- eToro – Buy Cryptocurrencies Outright with 0% Commission
- Libertex – Trade Cryptocurrency with MetaTrader 4
- Capital.com – Widest Selection of Cryptocurrency CFDs
- Plus500 – Ultra-low Spreads for Cryptocurrency CFD Trading
- AvaTrade – Trade Cryptocurrency CFDs with Leverage
- XTB – Advanced Platforms for Crypto Trading
- FXCM – Best Crypto Trading Research Tools
Best Cryptocurrency Trading Platforms in South Africa Reviewed
Trading cryptocurrencies profitably in South Africa requires having the right trading tools for the job. You also need a platform that can give you instant access to the crypto market, with minimal fees, plenty of assets to trade, and support when you need it.
So, let’s take a closer look at the 7 best cryptocurrency trading platforms in South Africa for 2021.
1. eToro – Buy Cryptocurrencies Outright with 0% Commission
eToro is one of the best platforms in South Africa for buying cryptocurrency. A big part of what sets this platform apart from all the other platforms is that you have two ways to trade the crypto market.
First, you can buy or sell cryptocurrencies outright since eToro is a full-service Bitcoin exchange. This means you own Bitcoin or another cryptocurrency, and you can store it in a personal wallet that’s connected to the token’s blockchain. eToro also offers its own digital wallet to make buying and selling crypto on the platform easier.
Second, you can buy or sell cryptocurrency CFDs (contracts for difference). In this case, you can trade with leverage up to 2:1, and you don’t have to worry about storing coins in a crypto wallet since you never own a cryptocurrency itself.
Either way you trade, eToro is 100% commission-free. If you buy cryptocurrencies outright, you’ll pay a spread of 0.75% to 2.90% per roundtrip trade (buy and sell).
eToro also stands out for its integrated social trading network. You can swap trade ideas and strategies with thousands of other crypto traders. You can also quickly check market sentiment to see whether other traders are buying or selling a specific cryptocurrency.This platform even supports copy trading, which allows you to set aside a portion of your funds to mimic a professional trader’s positions. That means that you can day trade cryptocurrency without putting in any of the effort typically required.
eToro offers trading on 15 popular cryptocurrencies and you can get started with just a 3,000 ZAR deposit. The platform offers 24/5 customer support by phone and is regulated by the UK’s Financial Conduct Authority (FCA).
76% of retail investor accounts lose money when trading CFDs with this provider.
2. Libertex – Trade Cryptocurrency with MetaTrader 4
Libertex is a CFD broker that offers trading on more than 30 cryptocurrencies. You can also speculate on the prices of popular cryptocurrencies relative to each other, which is something that few other trading platforms in South Africa offer.
This broker uses a unique pricing scheme that can be very favourable for swing trading cryptocurrencies. Instead of paying a spread, which can vary based on how quickly the price of a digital coin is changing, you pay a fixed commission that’s pre-set for every cryptocurrency. Libertex’s commissions run as low as 0.74% for Bitcoin CFD trading, which is highly competitive.
Perhaps the best thing about Libertex is it’s trading platform. Libertex enables you to trade with MetaTrader 4, which is used and loved by forex, crypto, and CFD traders around the world. This platform offers incredibly advanced tools for technical analysis, including the ability to create custom indicators, backtest your trading strategy, and set up automated trading.
For traders who want a platform with a faster learning curve, Libertex also has its own proprietary trading platform. This is easier to use and comes with dozens of technical studies built-in. Both the Libertex and MetaTrader 4 platforms are available for Android and iOS mobile devices.
Libertex offers customer support by phone and email, and the platform is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Your capital is at risk.
3. Capital.com – Widest Selection of Cryptocurrency CFDs
If you want the widest possible selection of cryptocurrencies to trade, look no further than Capital.com. This cryptocurrency CFD broker has more than 80 instruments available, so you can trade a huge variety of altcoins as well as speculate on the price of cryptocurrencies relative to the Euro and Bitcoin.
All trades on Capital.com are 100% commission-free. The broker charges a spread, which is as low as 0.23% for Bitcoin/USD trading. Capital.com also limits account fees and doesn’t charge an inactivity fee, which is a major plus for occasional traders.
The platform also boasts excellent analysis and research tools. For example, you can take advantage of the built-in technical analysis interface. It boasts highly customisable charts, dozens of indicators, a market news feed, and even daily trade ideas. You can also access a similar trading platform from TradingView, which offers even more customisation options. The only criticism we have is that Capital.com’s platform doesn’t offer price alerts.
Capital.com is also one of the best trading platforms for first-time crypto traders in South Africa. This platform has a library of videos that cover the basics of trading CFDs, including how to use leverage and how to spot common trading setups. Capital.com also hosts webinars where you can learn from professional analysts.
This platform offers top-notch customer service, with representatives available 24/7 by phone, email, and live chat. Capital.com is regulated by the UK’s FCA and CySEC, so it is considered highly trustworthy.
71.2% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider.
4. Plus500 – Ultra-low Spreads for Cryptocurrency CFD Trading
Plus500 is one of the most cost-effective cryptocurrency trading platforms in South Africa, particularly for frequent traders. This CFD brokerage charges a spread of just 0.30% for Bitcoin trading, and spreads for popular altcoins like Ethereum are the same.
On top of that, Plus500 minimizes the other types of fees it charges. This platform doesn’t charge deposit or withdrawal fees, and it’s upfront about how much trading crypto on margin will cost you. The only extra charge to watch out for with Plus500 is an inactivity fee, but you can avoid this simply by logging into your account.
Plus500 has a relatively limited selection of just 7 cryptocurrencies to trade. However, the platform enables you to trade with leverage up to 30:1 – so it’s ideal for placing big bets when you find a setup you like.
This broker offers a powerful trading platform with nearly 100 different technical studies built-in for you to use. It also includes a news feed, economic calendar, and customisable alerts. We especially like that the alerts can be set based on market sentiment and percent change, and not only on price levels.
The Plus500 trading platform is also available as a mobile app for iOS and Android. You can view full-screen charts and push alerts to your home screen, so it’s very useful for trading on the go.
Plus500 is regulated by the UK’s FCA and the Australian Securities and Investments Commission (ASIC). The broker offers 24/7 customer support by live chat, which is very helpful if you ever run into an issue with your account.
76.4% of retail investor accounts lose money when trading CFDs with this provider.
5. AvaTrade – Trade Cryptocurrency CFDs with Leverage
AvaTrade is another top cryptocurrency trading platform in South Africa that offers CFD trading on the most widely traded cryptocurrencies. You can trade 13 different cryptos, plus a custom index that tracks the 10 most popular coins.
All cryptocurrency trades on AvaTrade are 100% commission-free. Spreads start at just 0.25% for Bitcoin and 0.35% for Ethereum, although they can be up to 2% for some less popular altcoins.
One of the biggest advantages to using AvaTrade is that this platform provides a lot of leverage. If you were looking to buy Bitcoin and then trade, you can trade on margin up to 25:1. You can trade Ethereum at 20:1, Litecoin and Ripple at 10:1, and all other cryptocurrency CFDs at 5:1. So, AvaTrade is a great option if you want to open large positions or multiple trades with only a small initial deposit.
AvaTrade offers several different trading platforms for you to choose between. The proprietary AvaTrade platform is available for web and mobile and includes dozens of technical studies, a news feed, and an economic calendar. More experienced traders can use MetaTrader 4 or 5 with AvaTrade to develop custom indicators or set up crypto signals.
AvaTrade even has a social network, called AvaSocial, that integrates with MetaTrader 4. It enables you to follow other traders, see what cryptocurrencies are getting the most interest from traders, and even copy the moves of professional cryptocurrency traders.
AvaTrade is regulated by ASIC and South Africa’s Financial Services Board. The platform offers customer support 24/7 via phone, email, and live chat.
Your capital is at risk.
6. XTB – Advanced Platforms for Crypto Trading
XTB is one of the best South Africa crypto trading platforms for experienced traders. That’s thanks to the broker’s xStation trading platform, which offers a suite of highly advanced tools.To start, the platform is available for web, mobile, and desktop – so it’s easy to access no matter where you are during market hours. The platform includes several different chart styles and dozens of highly customisable technical indicators, so you can analyse price movements in extreme detail.
In addition, xStation keeps your open orders and order form on the same window as your charts. For day trading cryptocurrency, that’s a big deal. It means that you can execute trades with as little delay as possible and easily keep track of how your positions are performing.
XTB also includes useful tools like a news feed and economic calendar. Traders get access to market research from the broker’s professional analysts, too, which can help you spot trading opportunities.
Trading with XTB is limited to just 9 cryptocurrencies, but you can trade an additional crypto CFD pairs that track altcoins relative to the price of Bitcoin and Ethereum. Trades are commission-free, but XTB’s spreads can be high – BTC trading spreads start at 1%. In addition, leverage is limited to 2:1 for all crypto CFD trades.
XTB is regulated by the UK’s FCA and the broker offers 24/7 customer support by phone, email, and live chat.
79% of retail investor accounts lose money when trading CFDs with this provider
7. FXCM – Best Crypto Trading Research Tools
FXCM is one of the all-around best cryptocurrency brokers in South Africa. This trading service offers a wide range of platforms, top-notch research tools, and very competitive pricing.
When you trade with FXCM, you get to choose between several popular trading platforms. For example, you can integrate MetaTrader 4, Trading Station, TradingView, and Capitalise AI. Each of these platforms offers different ways to look at price movements, so having such a wide range of options is perfect for traders who really want to dive into technical analysis. FXCM also works with ZuluTrade, which adds a social trading network to this broker.
On top of that, FXCM offers its own research and analysis tools. The broker has a market news feed and economic calendar, plus a volatility scanner that allows you to instantly see what assets are experiencing the biggest price fluctuations. FXCM also has a heatmap that allows you to easily visualize how top cryptocurrencies are moving over the day of trading.
FXCM only offers 6 cryptocurrency CFDs, so it’s best suited for traders who want to focus on coins with high liquidity and a lot of market activity. Leverage is limited to 4:1 for all coins.
CFD trading with FXCM is 100% commission-free, and spreads for Bitcoin trading start as low as 0.06% – among the lowest spreads available in South Africa. However, spreads at FXCM are highly variable, so it can be hard to know how much your trade will cost ahead of time.
This platform is regulated by the UK’s FCA. Support is available by phone, email, and live chat 24/5.
Your capital is at risk.
How to Choose the Best Cryptocurrency Trading Platform for You
Choosing the best cryptocurrency trading platform is key to turning a profit from trading digital currency. The right platform can give you access to the markets you want to trade, help you identify potential trading setups, and keep your costs to a minimum.
So, what should you be looking for in order to decide which platform is right for you? There’s a lot to consider, so let’s dive into some of the most important features you need to know about.
Knowing how a cryptocurrency trading platform is regulated certainly isn’t the most exciting part of choosing a platform. But it is among the most important parts of choosing the best cryptocurrency broker in South Africa.
Regulation ensures that your trading platform is working in your best interests. That means executing trades at the best possible price, eliminating delays that could hold up your trades, and eliminating hidden fees that could surprise you later.
All of the best crypto trading platforms we reviewed are regulated by a top-tier financial watchdog. In general, you should choose a trading platform that is regulated by the UK’s Financial Conduct Authority, the Australian Securities and Investments Commission, or the Cyprus Securities and Exchange Commission.
There are two things to consider when it comes to the types of crypto assets a trading platform gives you access to.
First, how many cryptocurrencies can you trade? If you only plan to trade Bitcoin, Ethereum, and a few other popular coins, this might not be an important factor in your choice of platform. However, if you want to trade lesser-known altcoins that might offer more volatility, then you should look carefully to find out exactly what cryptocurrencies are available.
Second, is a trading platform a CFD broker, a cryptocurrency exchange, or both? A CFD broker enables you to trade cryptocurrency CFDs, so you never take ownership of the underlying coin. A cryptocurrency exchange enables you to exchange fiat currency, like ZAR, for cryptocurrencies like Bitcoin.
Both allow you to speculate on the price of cryptocurrencies. CFD trading gives you more flexibility to short coins and trade with leverage, while an exchange might be better if you want to invest in a coin for the long term.
Trading fees can quickly eat into your profitability when trading cryptocurrencies. That’s why many of the top cryptocurrency trading platforms charge 0% in commissions and compete aggressively to offer the lowest spreads.
Ideally, you should look for a crypto trading platform that charges less than 0.5% per trade for Bitcoin CFDs. Many of the platforms we reviewed charge a spread of 0.35% or less, although the cost for trading altcoins is typically higher.
It’s also important to look at non-trading fees. Some CFD brokers charge deposit fees, withdrawal fees, inactivity fees, or rollover fees. These can add up surprisingly fast. So, it’s important to know what charges you’ll be on the hook for and how you can minimise them. Some of the best crypto trading platforms eliminate account fees altogether.
Trading Tools & Features
Your Bitcoin trading platform will be your primary resource for analysing price movements, spotting trade setups, and executing trades. It’s essential that whatever platform you choose has high-quality tools to give you a seamless and profitable trading experience.
To start, look at what platform you’ll use for charting and analysis. Many brokers offer their own proprietary web and mobile trading apps, while others offer highly popular platforms like MetaTrader 4. It’s not necessary to choose the most advanced platform, especially if you’re new to trading – it’s just as important that you can learn how to use whatever platform is available quickly.
Other key tools for crypto trading include market news feeds, economic calendars, and visualizations of market-wide price data. Some platforms offer a market sentiment gauge, which can be useful for identifying changes in a coin’s price momentum.
If you are new to crypto trading, consider looking for a platform that offers social trading. That way, you can easily learn from more experienced traders, discover hot cryptocurrencies, and even copy the trades of professional day traders.
One important quirk of CFD trading is that the liquidity of a CFD rests with your broker, not with the underlying asset. So, it’s important to check how liquid cryptocurrency CFDs are – particularly for lesser-known altcoins – at a prospective platform.
In general, more liquidity is better. Look for price data to update rapidly and for orders to be filled nearly instantly. If your orders can’t be fulfilled because of low liquidity, that can potentially hurt your ability to trade and prevent you from profiting off of trades.
While powerful trading tools and low fees are important, they don’t mean much if your trading platform is difficult to use. That’s why all of the best cryptocurrency trading platforms in South Africa have invested heavily in providing users with a seamless experience.
This starts with crafting web and mobile apps that are intuitive. Look for easily accessible customisation options and the ability to save sets of technical indicators as defaults for future use. In addition, you should have the option to change the layout of the whole trading platform to better suit your trading style.
Another aspect of the user experience to look for is how seamless trade execution is. You need to be quick on the trigger to trade cryptocurrency profitably. So, look for the ability to enter orders without leaving your charting interface.
Many of the top cryptocurrency trading platforms also invest in other aspects of the client experience. For example, you might find a library of educational tools to help you improve your trading. You might also get access to webinars or insights from professional analysts that aren’t available to anyone outside that broker’s clientele.
Trading on the go is increasingly important to how traders operate. So, it should come as little surprise that nearly all South Africa crypto trading platforms have a mobile app for iOS and Android devices.
The mobile app should offer all the same functionality as the web trading platform. That is, you should have the ability to display full-screen technical charts and overlay technical indicators. The mobile app should also include other trading tools like a news feed or social network.
One big thing to check about a platform’s mobile app is how order entry works. For some platforms, buying cryptocurrency on the go is seamless. For others, it can be a hassle to monitor orders and place trades compared to the web interface.
Another thing to check when choosing a South Africa crypto trading platform is what payment methods you can use to fund your account. Most platforms accept transfers from a bank account or payment by debit card or credit card. Some also enable you to use an e-wallet like PayPal or a mobile-friendly payment method like Apple Pay or Google Pay.
It’s also worth checking whether a platform requires a certain minimum deposit. Many do, although it’s typically 3,000 ZAR or less.
Customer service is easy to ignore, right up until the moment you need it. So, be sure to check what type of customer support a potential broker offers before signing up.
The best cryptocurrency trading platforms offer 24/7 support or close to it, since the cryptocurrency market itself operates around the clock. In addition, check whether you can get in touch right away by phone or live chat. Email is good, but it can take several hours to get answers to your questions.
How to Start Cryptocurrency Trading
Ready to start trading cryptocurrency in South Africa? We’ll walk you through how to get started with eToro, which is our pick for the overall best cryptocurrency broker South Africa.
That’s because eToro serves as a cryptocurrency exchange as well as a CFD trading platform. In addition, this broker offers 0% commission crypto trades and a built-in social trading network.
Step 1: Open an eToro Account
The first step to trading with eToro is to register a new account. Head to the broker’s website or download the mobile app, and click or tap ‘Join Now.’
You can create a new account using your email, or by signing in with Google or Facebook.Step 2: Verify Your Identity
eToro is regulated by the UK’s FCA, which requires all traders to verify their identity. You can complete this authentication step online simply by uploading a copy of a government-issued ID like your driver’s license or passport. You’ll also need to upload a proof of address, such as a recent utility bill or financial statement.
Step 3: Deposit Funds
Next, add funds to your new account. eToro requires a minimum deposit of 3,000 ZAR if you pay by debit card, credit card, PayPal, Neteller, or Skrill. If you pay using a bank account, the minimum deposit required is 7,500 ZAR.
Step 4: Start Trading Crypto
Now you’re ready to trade cryptocurrency on eToro. From your account dashboard, search for the coin you want to buy. It’s important to note that eToro enables you to buy cryptocurrency outright and to trade CFDs. If you want to trade CFDs, look for the version of the cryptocurrency that is paired with another currency.
Once you find the cryptocurrency you want to trade, click ‘Trade’ to open an order form. Enter how much money you want to trade with. If you’re trading CFDs, you can also select how much leverage to apply to your trade. Then enter a stop loss level and take profit level to manage your trading risk.
When your trade is ready, click ‘Open Trade’ to execute your first crypto trade.
Best Cyrpto Trading Platform South Africa -n Conclusion
Finding the best cryptocurrency trading platform South Africa doesn’t have to be hard. With our reviews of the 7 top cryptocurrency trading platforms, you can start trading crypto for a profit with a service that perfectly fits your needs.
Ready to get started with the overall best cryptocurrency trading platform in South Africa? Click the link below to sign up for an eToro account today!
eToro – Best Cryptocurrency Trading Platform South Africa
76% of retail investor accounts lose money when trading CFDs with this provider.
What are the most popular cryptocurrencies to trade?
The most popular cryptocurrency to trade is Bitcoin, followed by Ethereum, Litecoin, Bitcoin Cash, and Ripple.
Do I need a crypto wallet to trade cryptocurrencies?
If you want to buy cryptocurrency outright, you will need a digital wallet to store your coins. However, if you are trading cryptocurrency CFDs, you do not need a cryptocurrency wallet.
What are altcoins?
Altcoins, or ‘alternative coins,’ are any cryptocurrencies other than Bitcoin. Ethereum and Litecoin are considered altcoins even though they are widely used.
Do I need a cryptocurrency exchange to trade crypto in South Africa?
You need a cryptocurrency exchange if you want to purchase digital currency outright and hold the tokens in a digital wallet. However, if you want to trade on the prices of cryptocurrencies without holding the coins, you do not need an exchange.
Can I spend cryptocurrency?
If you own Bitcoin or other digital currencies outright, you can spend them at online stores that accept cryptocurrency for payment. However, you cannot spend crypto if you are trading CFDs since you do not own the underlying coins.