How to Buy Bitcoin in South Africa
In this article, we will show you how to buy Bitcoin in South Africa. But before we begin, here’s a quick introduction to what Bitcoin is.
What is Bitcoin?
Bitcoin is the world's first decentralised cryptocurrency. It was launched in January 2009 by Satoshi Nakamoto, its anonymous creator whose real identity still remains a mystery even after over 15 years.
As one of the first applications of blockchain technology, Bitcoin was initially created to function as a peer-to-peer (P2P) electronic cash system. Users can send, receive, and pay with BTC via P2P transfers, without any intermediaries, third parties, or geographical restrictions.
The Bitcoin blockchain is public and permissionless. So, anyone can view and inspect transactions and addresses publicly on the distributed ledger or become a validator. Bitcoin uses the Proof-of-Work (PoW) consensus mechanism in which miners utilise the computing power of their physical equipment to solve complex mathematical puzzles to validate blocks and receive BTC rewards in exchange.
One unique aspect of Bitcoin is its limited supply. There will only ever be 21 million BTC in existence. Bitcoin's deflationary nature – powered by its halving mechanism, which reduces its annual inflation by 50% roughly every four years until the max cap of 21 million BTC is reached – has also made it an attractive store of value, similar to gold, in the eyes of investors.
Despite being the oldest cryptocurrency, Bitcoin still remains the top digital asset by market capitalisation. But how can you buy it in South Africa?
How to Buy Bitcoin in South Africa
One of the easiest ways to buy Bitcoin in South Africa is through VALR. VALR supports the deposits of South African Rands (ZAR), which can then be used to purchase BTC on the platform.
Here's a step-by-step guide on how you can buy Bitcoin in South Africa using VALR:
Step 1: Log into your VALR Account
To get started, sign into your account by heading to VALR's website or open the VALR app on your phone. If you don't have a VALR account, you can create one here (it's super easy, and verification only takes a few minutes).
Step 2: Fund your VALR Account with ZAR
Next, deposit ZAR to your VALR account, which you can do with either a South African bank account or a credit/debit card.
For bank transfers, head into your ZAR Wallet, select "Deposit," and then the "Via EFT" method. Choose your bank and use the displayed VALR's banking details and your unique VR reference to transfer Rand to your VALR account. Be sure to utilise your unique VR reference number as the beneficiary reference when making the transaction via your bank.
For South African-issued Visa and Mastercard debit and credit cards, you must head to the "Deposit" menu after selecting "Wallet" and "ZAR" on the website or the app and choose the "Via Credit or Debit Card" option. Enter your card details on the next page. Please note that only 3D Secure-enabled cards are accepted, and there's a rolling 24-hour card limit of 10,000 ZAR.
Step 3: Place the Order
After your ZAR has been credited to your account (instantly for card payments and around 2 business days for EFT transfers), you can use your new fiat balance to buy Bitcoin in South Africa. You can purchase BTC in two ways:
1) Via the Simple Buy/Sell service that's suited for beginners or
2) The Pro Trading feature that is tailored mostly for advanced traders.
1) Simple Buy/Sell
Select "Buy/Sell" on the website or in the app and click the "Buy" button next to Bitcoin. Choose ZAR as the currency to pay with, as well as the amount of BTC to purchase, and finalise the trade.
2) Pro Trading
Select the "BTC/ZAR" pair from the "Pro Trading" menu. Unlike the Simple Buy/Sell service, Pro Trading lets you set custom order parameters, such as the type of the order (Limit, Market, Stop-Limit), the Limit price, and the time in force. After providing these details, as well as the amount of Bitcoin to buy, click "Place Buy Order" to finalise the transaction.
If you’re now ready to gain exposure to Bitcoin through VALR, but don't have an account yet? Sign up below and get started in just a few minutes!
Frequently Asked Questions (FAQ)
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VALR's Simple Buy/Sell feature is among the easiest ways to buy Bitcoin in South Africa. Just deposit ZAR to your account via a credit or debit card or bank transfer, select the amount of BTC you with to purchase, and finalise the transaction with a few clicks.
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Yes, you can buy Bitcoin with as little as R10 (10 ZAR) on VALR. As a unit of BTC is divisible to eight decimal places (the smallest unit is called sat), you don't have to hold a full BTC to gain exposure to the cryptocurrency. Instead, you can also buy small amounts of Bitcoin (e.g., 0.000001 BTC).
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For South Africans, the best Bitcoin wallet offers a blend of solid security and convenience. VALR, for example, offers in-app BTC purchases with ZAR, as well as secure custody over users' funds with multiple layers of protection and compliance with regulatory standards.
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You can buy Bitcoin with your South African bank account by using it to deposit funds to a trusted crypto exchange like VALR and using the deposited funds to purchase BTC on the platform.
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You can buy Bitcoin in South Africa through various apps. If you are looking for a safe and easy way to purchase BTC with ZAR via a reputable service, then you should definitely check out VALR!
Risk Disclosure
Trading or investing in crypto assets is risky and may result in the loss of capital as the value may fluctuate.
VALR (Pty) Ltd is a licensed financial services provider (FSP #53308).
