If you’re considering buying bitcoin, it’s important to, first and foremost, have a base understanding of…
Coindirect makes it easy to buy Ripple, Ethereum, Litecoin and 30+ other altcoins, securely and easily.
Bitcoin is no longer the only cryptocurrency on the block, in fact, there are now over 1,500 digital currencies working off blockchain technology. Newer cryptocurrencies like Ripple, Ethereum and Litecoin are gaining an increasing amount of attention worldwide. Now South Africans want to know how they can buy these coins using their rands. Thankfully Coindirect offers a way for them to buy over 30 altcoins with a quick, secure and easy peer-to-peer marketplace. Using Ripple as an example, find out how you could buy your chosen cryptocurrency on Coindirect using these 6 steps.
Create a Coindirect account
Clicking ‘Sign Up’ on our homepage will prompt you to give an email address and a password of your choice. Once your email is confirmed, Coindirect requires some basic personal information such as your name, address, mobile number and date of birth. This information is kept secure but is needed as an anti-fraud measure.
Verify your identity
For buying Ripple over the value of R15,000, Coindirect asks for FICA requirements. This step can be temporarily bypassed if your trades remain under this value. The verification process is a way to protect buyers like yourself, as well as sellers, by following local and international compliance standards. This includes a clear copy of your proof of address (no older than 6 months), a government-issued identity document (Passport or ID), and a selfie of your face next to that same identity document.
Click to buy Ripple
Once you’ve set up your account, click on the ‘Buy Coins’ tab and find Ripple (or any of the 30+ altcoins available) near the top of the page. Clicking ‘Buy’ will open a 2nd page that displays the offers from the various sellers. The page displays who you’ll be buying Ripple from, user ratings, available payment methods and purchasing amount limitations. After selecting your preferred option, you can enter the amount you want to buy, your payment preference and then click ‘Place an order for Ripple’.
Coindirect can facilitate PayPal and bank transfers in South Africa. Our peer-to-peer platform lets you buy from a community of local sellers to ensure there are competitive prices. Another advantage is how quickly you can buy digital currencies like Ripple, as you don’t have to top up a separate trading account before making a purchase of cryptocurrency. Buying directly means there is a maximum 90-minute window to have the transaction confirmed and concluded.
Manage your Coindirect wallets
When you set up an account on Coindirect.com, you’ll automatically see a Bitcoin (BTC), US Dollar Tether (USDT) and an Ethereum (ETH) wallet in your wallets tab. If you successfully bought Ripple, You’ll see a 4th wallet that displays the balance of ripples you now own, as well as their ZAR value beneath. There is a horizontal scroll that helps you browse your active wallets. If you buy any of the 40+ altcoins currently available on Coindirect, a wallet for that coin will automatically be added to your ‘Wallets’ page. Adding additional wallets is free can be done instantly by clicking the ‘Add Wallets’ and selecting the coin you are interested in.
Safety and security
All transactions on our platform are escrow-protected to ensure both parties honour the agreement before releasing any coins. Our site utilises bank-grade security and is registered with the Isle of Man FSA, so its KYC and AML compliance is overseen in line with global standards. Individual users are able to add an extra level of personal account security by offering Two-Factor authentication for logging in. To activate this function, users can simply download a Two-Factor Authentication app like Google Authenticator and connect it by finding the ‘Security’ page on the top right profile drop-down menu.
Bonus: Diversify your investment
The market for altcoins have been experiencing high levels of growth and are affected by speculation, therefore you should expect a fair amount of volatility. Just like more traditional forms of investment, diversifying your cryptocurrency portfolio can help to lower your risk. Consider doing additional research into buying other top cryptocurrencies that show the most promise such as Ethereum, Cardano, Litecoin, Monero etc. Coindirect has a dedicated Exchange page that offers a simple currency conversion to turn your ripples into bitcoin or any other altcoin with just a few clicks.