How To Buy Bitcoin In South Africa In 3 Easy Steps (Best Method in 2023)

If you want to learn how to buy bitcoin in South Africa in 2023 without getting scammed, continue reading. South Africa has continued to make progress with financial technology in Africa as bitcoin adoption grows in the country.

According to KLA, over 47% of South African adults use cryptocurrency. The study also showed that 53 per cent of those yet to invest plan to do so in the future.

In this article, we have shared the 3 simple steps on how to buy bitcoin in South Africa and enjoy better rates.

The State Of Bitcoin In South Africa

 Global usage of bitcoin has increased in recent years. The need for a better way to make money transfers globally has helped increase adoption in South Africa. According to Finder's Cryptocurrency Adoption Index report, 4 million South Africans own cryptocurrencies.

The most significant driving factors include the following:

Currency Devaluation:

The South African rand is one of the most traded currencies in the world, with high volatility. This discourages many investors from saving in Rands.

Cost Of Remittance:

The cost of banking transactions in African nations is expensive and time-consuming. Yet, transactions involving bitcoin are rapid and far cheaper, driving adoption.

Impact of Government Regulations

When bitcoin usage first began in South Africa, there were no crypto laws in place, which sparked a number of attempts at cryptocurrency fraud. Today, there is anti-money laundering (AML) legislation to make crypto users safer.

Why You Should Buy Bitcoin in South Africa

1. Bitcoin transactions do not incur banking fees:

The most significant advantage of using bitcoin as a preferred payment method is that it does not incur banking fees.

2. Low transaction fees for international Bitcoin payments:

When it comes to fees, bitcoin payments have very low transactional fees for international payments compared to most global remittance companies.

3. Mobile-friendly and secure transactions:

Aside from having low transaction fees, bitcoin transactions are also very mobile-friendly and secure. This means that with a phone, one can engage in financial transactions without going to a physical bank and standing in queues.

4. International currency

Bitcoin is distinct from other crypto assets because it is quickly becoming a global currency. For example, if you are in the United States and want to purchase something in USD, you must first convert your RAND to USD. However, with bitcoin, your money retains its value and is accepted worldwide.

5. Transaction time

Most international transfers may take 4 to 5 days to process if you use other payment methods or third parties such as a bank. However, if you buy bitcoin and transfer it, the recipient will receive it immediately.

Where to Buy Bitcoin In South Africa (Use Yellow Card)

You can simply buy bitcoin in South Africa with Yellow Card. Yellow Card is a well-known and reliable bitcoin exchange in South Africa. It is a digital platform to trade, sell, store, and buy bitcoin. 

With the Yellow Card, you can buy bitcoin with fiat money electronically transferred from your bank account, as well as sell your bitcoin and receive the proceeds directly in your bank account.

To buy bitcoin in South Africa is a simple process that requires no prior investing experience. Simply open an account with a reputable exchange that accepts debit/credit card payments. You can then keep your BTC tokens in a crypto wallet until you're ready to cash out.

How to Buy Bitcoin in South Africa in 3 Simple Steps

Bitcoin has been a lifesaver for South Africans, and you can buy bitcoin in South Africa easily on Yellow Card by following the steps below.

1. Sign up for an account

Creating a Yellow Card account is free, and there are no hidden fees. You must sign up and fill out your information on the official Yellow Card website at web.yellowcard.io on your device. You can also get the Yellow Card app from the App Store for iOS and Google Play for Android.

2. Fund your account with South African Rand (ZAR) At Zero Fees

Once you've created your Yellow Card account, log in and select "deposit" from the menu on your dashboard. Select one of the payment options available on display: Standard bank transfer or Instant EFT.

For Standard bank transfers (at zero fees):

• Input the amount you wish to add to your wallet and Confirm
• Deposit into the bank account displayed on your screen
• Once your deposit has been confirmed, the funds will reflect in your ZAR balance at zero fees. 
• You can withdraw your funds anytime, as any amount added to the wallet belongs to you and you alone.

For Instant EFT (at zero fees):

You can now link one of your bank accounts to Yellow Card for quick, free and easy deposits.

• Input the amount you’d like to deposit and select "Continue."
• Confirm the amount being deposited and continue to Select Bank
• Under Stitch payment, choose your bank
• Follow the prompts and log in to your internet banking profile (this is encrypted for safety)
• Review and confirm your transaction. Once the transaction is approved, the funds will reflect in your ZAR balance at zero fees.

Is Bitcoin legal in South Africa?

As of the end of 2019, South Africa's strict regulatory laws governing cryptocurrency trading were largely non-existent.

Today, many still fear when the name "cryptocurrency" is mentioned, but you don't have to anymore. Selling and buying bitcoin is legal in South Africa, but it is not fully regulated.

While the South African Reserve Bank (SARB) says that bitcoin does not meet the country's legal tender definition, many people are still trading cryptocurrencies because of their many benefits.

While crypto trading is risky and unregulated in South Africa, the government is working on new laws to protect citizens. The SARB has now stated that any profits from these trades are taxed, so you should check if you are crypto-tax compliant in South Africa.

Bitcoin (BTC) Price Prediction

Bitcoin is now one of the most appealing investment options. Despite the fact that the price is volatile, many people believe they can make huge profits by investing in Bitcoin.

Many people are curious to know the "Bitcoin Price Prediction" since the price of bitcoin changes daily. However, that shouldn't be the most important factor, but rather the potential of bitcoin in our day-to-day activities.

While the bitcoin price can change, the bitcoin price in South Africa as of October 24, 2022, is currently 356228.27 ZAR per one bitcoin. 

Note that the bitcoin price might change from time to time, as it does everywhere else. This is because bitcoin and other cryptocurrencies are volatile. 

Way Forward With Bitcoin in South Africa

The Financial Sector Conduct Authority (FSCA) issued a notice confirming that the country's Financial Advisory and Intermediary Services Act had been revised to include virtual currencies.

Finally, financial products are defined as "crypto assets" by the FSCA. This is a significant step forward for crypto adoption and citizen safety using cryptocurrencies in South Africa. Next should be education about crypto in South Africa and luckily, we offer a robust Crypto Academy where you can learn about bitcoin and other cryptocurrencies.

With Yellow Card, you can buy bitcoin and enjoy the best rates. When you buy bitcoin on Yellow Card, you can earn up to 20% of the trading fees from the people you refer through the Yellow Card referral program.

Don't get left behind! Buy Bitcoin Safely Here!