There are various ways to buy bitcoins in South Africa. Coindirect offers 3 ways to…
Have you ever wondered why bitcoin on South African exchanges is more expensive than the bitcoin price listed when you search for “bitcoin price” on Google?
Bitcoin price is constantly changing and is dependant on the supply and demand on each exchange, therefore, no two exchanges have exactly the same bitcoin price.
The bitcoin price that is reflected on Google is taken from the USD value of BTC from high volume international exchanges. This price is different from the price you will find in local exchanges. The BTC to ZAR price you find on google is simply the BTC to USD value converted into ZAR and not the actual BTC to ZAR market value in South Africa.
How to buy bitcoin for the lowest price in South Africa
Coindirect sources cryptocurrency at European prices, but in order to take advantage of this you have to use your Visa credit card or cheque account to buy bitcoin.
Here are the steps to follow to buy bitcoin with your credit card:
- Sign up for a free Coindirect Account (Simply login if you already have an account)
- Find your way to your bitcoin wallet
- Click ‘Buy’ and then select ‘New VISA card (EUR)’ from the drop down.
- Enter EUR value of BTC you want to purchase (more than the minimum limit) or the BTC amount you want to buy and then click ‘Preview Buy’
- You will receive a quote, press ‘confirm’ before timer runs out (counts down from 55 seconds)
- Type in your credit card details and pay
- You will be taken to a page to verify your transaction
- Finally you will be redirected back to your Coindirect Wallet once the payment is successful
Make sure that your account is verified so that your credit card purchase limits are increased.
Currently, the limits for credit card purchases in South Africa are:
Unverified users – R3000
Verified users – R15000
Share this post with your friends so they can also get a good rate on Bitcoin, better yet invite them to open a free Coindirect account using an earn link and you will both get 5 XRP (worth R30) when they perform their first transaction.
Find out more here.