How to Buy USDC in South Africa
What is USDC?
USDC is a stablecoin that makes it easy and secure to move money globally. Issued by Circle, a trusted financial technology company, USDC is backed 100% by cash and cash-equivalent assets, ensuring it is always redeemable for one US dollar.
With USDC, you can send money across borders in seconds at a fraction of a cent, all without needing a bank account. Designed for everyone, USDC offers a stable and accessible way to store and exchange value 24/7, anywhere in the world.
How much is 1 USDC in South African rands (ZAR)?
As of today, 1 USDC = 0.000000 South African Rands (ZAR).
Market data last updated: Sep 19, 2024, 06:48 AM (GMT)
How to buy USDC in South Africa?
One of the easiest ways to purchase USDC in South Africa is through VALR, Africa’s leading cryptocurrency exchange by trade volume. VALR allows users to deposit South African Rands (ZAR), which can then be used to buy USDC on the platform.
Here’s a step-by-step guide on how you can buy USDC in South Africa using VALR:
Step 1: Log into Your VALR Account
Begin by signing into your VALR account through the website or the VALR app on your mobile device. If you don’t have a VALR account yet, you can easily create one here. The verification process is quick and easy, typically taking just a few minutes.
Step 2: Fund Your VALR Account with ZAR
To buy USDC, you'll need to deposit ZAR into your VALR account. This can be done using a South African bank account or a credit/debit card.
For bank transfers:
Go to your ZAR Wallet, select "Deposit," and choose the "Via EFT" method. Select your bank and use the provided VALR banking details along with your unique VR reference number to transfer Rands to your VALR account. It’s crucial to use your unique VR reference number as the beneficiary reference when making the transaction via your bank.
For credit/debit cards:
After choosing "Wallet" and selecting "ZAR," click on the "Deposit" menu and opt for the "Via Credit or Debit Card" option. Enter your card details on the next page. Only 3D Secure-enabled cards are accepted, and there is a rolling 24-hour card limit of 10,000 ZAR.
Step 3: Buy USDC on VALR
Once your ZAR has been credited to your account (instantly for credit card payments and approximately 2 business days for EFT transfers), you can use your fiat balance to buy USDC in South Africa. You have two options for purchasing USDC:
1. Via Simple Buy/Sell:
Select "Buy/Sell" on the website or in the app, then choose USDC as the currency you want to buy. Pick ZAR as the payment currency, enter the amount of USDC you wish to purchase, and complete the trade.
2. Via Pro Trading:
Select the "USDC/ZAR" Spot pair from the "Pro Trading" menu. This feature allows you to set custom order parameters, such as the order type (Limit, Market, Stop-Limit), the Limit price, and the time in force. After entering these details, as well as the amount of USDC to buy, click "Place Buy Order" to finish the transaction.
If you’re ready to buy USDC through VALR but don't have an account yet, sign up and start trading in just a few minutes!
Common ZAR to USDC Conversions
| Amount (ZAR) | USDC Amount as of MMM XX, YYYY at HH XM (GMT) |
|---|---|
| 5 | X.XXXXXX |
| 10 | X.XXXXXX |
| 25 | X.XXXXXX |
| 50 | X.XXXXXX |
| 100 | X.XXXXXX |
| 500 | X.XXXXXX |
| 1,000 | X.XXXXXX |
| 5,000 | X.XXXXXX |
| 10,000 | X.XXXXXX |
| 25,000 | X.XXXXXX |
| 50,000 | X.XXXXXX |
Frequently Asked Questions
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Yes, you can send USDC on the Solana network. VALR supports deposits and withdrawals of USDC on multiple networks, including Solana, Avalanche, and Ethereum. Be sure to select the appropriate network when transferring USDC.
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The time it takes to send USDC depends on the network you use. Transactions on the Solana network are typically very fast, often completing in just a few seconds to a couple of minutes. Ethereum transactions might take longer, depending on network congestion.
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To start trading USDC, ensure you have USDC in your VALR wallet, then choose between spot trading for direct trades or margin trading to leverage your position. Simply select the trading option that suits your needs on VALR.
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The cost to send USDC varies by network. Transfers on the Solana network are usually inexpensive, often costing less than a penny. Transfers on the Ethereum network can be more expensive, particularly during times of high congestion, where fees can range from a few cents to several dollars.
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USDC is a stablecoin pegged to the US Dollar, so its value remains relatively stable around 1 USD. However, the amount of ZAR you will need to buy 1 USDC depends on the current USD/ZAR exchange rate, which fluctuates based on market conditions. You can check the current exchange rate directly on 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).
