Frequently asked questions
The best way to buy bitcoin in South Africa, for most traders, is via an exchange. These are networks through which you can buy and sell without knowing who you’re trading with. In South Africa, there are several options. You can compare them using Cryptoradar.
In South Africa, crypto adoption is fairly widespread, but its use is still unregulated. The South African Reserve Bank has warned that it does not ‘oversee, supervise or regulate’ the world of crypto — but you are expected to pay tax on any profits you make from trading crypto. Bitcoin exchanged for goods and services is liable for income tax; if you invest in Bitcoin and sell it for a profit, you are subject to capital gains tax.
The vast majority of cryptocurrency exchanges are not available in South African languages, and most who buy bitcoin in South Africa will use exchanges where English is the main supported language.
Many exchanges will only offer US dollar or euro trading pairs. When you send Rand to a cryptocurrency exchange, they will most often convert your deposit into US dollars for a small fee. This is something to bear in mind when you’re comparing the various exchanges available.
Bitcoin is the first decentralized digital currency and the leading cryptocurrency worldwide. Bitcoin serves as a store of value and is therefore often referred to as digital gold. Read our guide on Bitcoin to learn more about this cryptocurrency.
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