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February 11, 2019

How do I buy bitcoins in South Africa?

how to buy bitcoins in South Africa

There are various ways to buy bitcoins in South Africa. Coindirect offers 3 ways to buy bitcoin, the Wallet, Exchange and the Marketplace. Today we are only going to cover the easiest way to to buy Bitcoin In South Africa which is using the ZAR wallet provided by Coindirect.

What you will need to buy bitcoin in South Africa?

– You will need a free Coindirect account
– You will need to have cash to deposit into your ZAR Wallet (At Least R250 minimum spend)
– You will need a bitcoin wallet (Coindirect provides a free bitcoin wallet when you sign up for your account)

Are bitcoins legal in South Africa?

Yes, bitcoin is legal in South Africa to read more about how it is taxed and regulated read this article on Bitcoin regulation in Africa.

How much does it cost to buy 1 bitcoin?

The price of bitcoin changes every day, you can check the current market price of bitcoin on the Coindirect homepage or once you are logged in to your Coindirect account in your bitcoin wallet. Alternatively, you can use our BTC to ZAR calculator to check how much bitcoin you will get for your Rands at the current market price.

How to buy bitcoin on Coindirect

Watch this video to find out how to deposit cash into your Coindirect account

 

–  Sign up for a free account and you will get a bitcoin wallet

– Fund your account by depositing money from your bank account to your Coindirect account via bank transfer (Using your unique reference)

– Go to your bitcoin wallet and click the “Buy” button and purchase bitcoin at the current market rate using your available funds.

Watch this user video to see Live how to buy once you have already deposited ZAR into your account

How to sell bitcoin in South Africa

Scenario 1 – you already have BTC in your Coindirect account

– You can sell bitcoin by clicking on the “sell” button and you will sell bitcoin at the current market rate. When you sell bitcoin you are exchanging it for Rands (ZAR), you can then withdraw the cash into your preferred South African bank account.

– You can also sell bitcoin for another cryptocurrency. Selling bitcoin for an altcoin is called a conversion on our platform. Therefore if you want to sell bitcoin for Ethereum you have to convert it to ethereum.

Scenario 2 – You have BTC stored in an external wallet

– You have to go to your Coindirect account and go to your BTC wallet, once you are there click the receive button. This will display your Coindirect bitcoin wallet address.

– Send yourself BTC to this address and then sell it for cash or convert it to an altcoin.

 

Invite your friends and earn up to 7 XRP!

free xrp

We recently launched an earn program. If sign up and then share your unique referral link you can get up to 7 XRP for each person you refer. Find out more here.