![]() ![]() Unprecedented Financial Returnsīitcoin is traded across hundreds of public exchanges – meaning that its value will rise and fall throughout the day. This will allow you to evaluate whether a Bitcoin purchase is right for you and your financial goals. There are many reasons why South Africans are turning to Bitcoin – all of which we elaborate on in more detail below. Crucially, and as we cover shortly, Bitcoin has gone from a value of less than 1 cent to over $58,000 in the space of just 12 years. After all, the value of Bitcoin will rise and fall like a stock or currency – so it presents an interest investment opportunity. Fees are super-low too, often amounting to the equivalent of $1 or less.Īlthough the underlying technology is revolutionary – most people in South Africa buy Bitcoin on a speculative basis.If you send Bitcoin to another person – irrespective of where they are based the transaction will take just 10 minutes. Instead, transactions are anonymous and are sent wallet-to-wallet.Additionally, unlike traditional currencies such as the rand, dollar, or pound – Bitcoin is not backed or controlled by a central bank or government.This means that the technology is decentralized – meaning that no single person or entity owns it. That is to say, Bitcoin allows you to send and receive funds digitally – with no requirement for a third-party.In terms of what Bitcoin actually is, the easiest way to view this asset class is as a digital currency.Not only this, but Bitcoin has by far the largest valuation in the cryptocurrency scene – recently hitting a market capitalization of $1 trillion. Although there are now over 8,000 cryptocurrencies in the market – Bitcoin is by far the most recognized. In its most basic form, Bitcoin is a cryptocurrency. This is especially the case with an innovative technology like Bitcoin. It’s always a good idea to understand the asset you are investing in before taking the financial plunge. You leave them there until you decide to cash out or withdraw them to a private Bitcoin wallet. The coins will then be added to your eToro portfolio. ![]() To complete your commission-free Bitcoin purchase, click on the ‘Open Trade’ button. Automatically, this is set as a ‘Market Order’, so all you need to enter is enter the amount of Bitcoin that you wish to buy. You will then see a ‘Buy BTC’ box on your screen. Enter ‘Bitcoin’ and click on the result that loads up. ![]() At the top of the page, you will see a search box. Buy BitcoinĪs soon as your deposit is credited to your account – you can then proceed to buy Bitcoin. This is much cheaper than Coinbase – which charges 3.99%. Take note, eToro charges a 0.5% FX fee on deposits made in rands. Ensuring that you meet the minimum stipulated by the broker, you choose from the following payment methods: Now it’s time to deposit some funds into your eToro account. Once you’ve uploaded the documents – eToro should be able to verify them in less than a couple of minutes. This can be a recently-issued bank account statement or a utility bill. This can be a passport or driver’s license.Īdditionally, eToro also needs a document that verifies your residency status. Upload IDĪs is the case with all regulated brokers that allow you to buy Bitcoin with rands – you will need to upload a copy of your government-issued ID. Before moving on to the next step – you’ll also need to confirm your email address and mobile number. This is standard procedure, as eToro must comply with anti-money laundering regulations. Follow the on-screen instructions by entering your personal information and contact details. So, visit the eToro website and click on the ‘Join Now’ button. eToro is the best option here, as the provider allows you to buy Bitcoin from just $25 without paying any commission. ![]() To get the ball rolling, you’ll need to sign up with a regulated online broker that sells Bitcoin. Open an Account with eToro – Pay 0% Commission on Crypto Looking to buy Bitcoin in South Africa right now from the comfort of your home? If so, this quickfire guide will show you how to buy Bitcoin in South Africa commission-free in less than 10 minutes! 1. How to Buy Bitcoin in South Africa – Step by Step Guide 2022 We also discuss the best online brokers to do this with. In this guide, we show you how to buy Bitcoin in South Africa in the cheapest and most cost-effective way. All you need to do is open an account with a trusted cryptocurrency broker, deposit funds with a local debit/credit card – and then choose how much Bitcoin you wish to purchase.īest of all, there are now platforms in South Africa that allow you to invest in Bitcoin from just $25 upwards – which is about 380 rands. If you’re wondering how to buy Bitcoin in South Africa – the process could not be easier. ![]()
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