The South African cryptocurrency industry is on the ascendancy and cryptocurency trading is extremely popular in this southern african country. South Africa is one of the most advanced African country in financial terms, this makes its economic environment favourable for adopting new technologies and that may be the reason why crypto trading has been easily accepted by South Africans.
According to a report by Chainalysis, between July 2020 and June 2021, the market grew by 1 200%, which translates to a stunning $105.6-billion, on the other hand Daily crypto trading in South Africa was reported as being higher than $145-million in January 2021, this shows an industry that is getting better and better by the day. OVEX, which is Africa’s largest cryptocurrency exchange platform trades in excess of R4-billion/month, which is quite huge.
There are several reasons why cryptocurrency trading has become so popular and one of those reasons is because they have lost faith in the local currency (ZAR), which is not stable. As a result, South Africans are now involved in the buying and selling of digital currencies to earn a fortune using local currency (ZAR). Some of the cryptocurrencies which are popular in South Africa include Bitcoin (BTC), Tether (USDT) and Ethereum (ETH) amongst others. South Africa is host to several crypto exchanges and this article seeks to list all SA crypto exchanges and their minimum deposits and withdrawal options.
1. OVEX
Most South Africans are now warming up to the idea of using Cryptocurrencies and that may be the reason why a company like OVEX was formed. OVEX is a South African cryptocurrency exchange which has been up and running since February 2019. The service offered by OVEX is impressive because the company offers trading in over 20 cryptocurrencies and one fiat currency. One of the main reasons why OVEX is popular is because of its low fees, tight spreads, and swift settlements and this then makes it easy to profit from cryptocurrency arbitrage. If you are into cryptocurrencies, you will know that cryptocurrencies are cheaper to buy in certain foreign markets than in South African markets due to local exchange controls, OVEX then takes advantage of that because it allows its customers to purchase cryptocurrencies from exchanges in countries such as the US, and immediately sell them at a higher rand price in South Africa.
Minimum Deposit : R100
2. Luno
Luno is a cryptocurrency exchange and payment service company which was launched in the year 2013 and is now available in several countries across the globe, Cryptocurrencies are still relatively new but the good thing about Luno is that it is one of the pioneers in this industry so they have enough experience and you can certainly trust them given their track record. The reason behind the creation of Luno was to empower billions of people across the world by upgrading them to a more open, efficient, and inclusive financial system. At the present moment, Luno is offering cryptocurrencies such as Bitcoin and Ethereum and the good thing about their service is that you can easily access it from wherever you may be. The significance of the aforementioned cryptocurrencies is that these are the two largest coins by market capitalization, across fiat currencies. Luno has made huge strides in the industry and it now operates in over 40 countries including United Kingdom, South Africa, Australia amongst others, and this is huge given the fact that the company has only been operational for a about 8 years.
Minimum Deposit : No minimum deposit
3. Valr
VALR is a crypto exchange company which was launched two years ago in the year 2019, besides being in the crypto exchange industry for such a short time, VALR has made a remarkable rise and is now regarded as one of the largest crypto exchanges in SA in terms of trading volumes. The company’s cumulative trading volume rose rapidly from R10 billion up to R50 billion, and this is very impressive indeed. VALR provide a digital asset platform that allows our customers to buy, sell, store and transfer cryptocurrencies seamlessly and securely, the main idea behind the creation of VALR was to help bridge the gap between our traditional fiat financial system and the new world of cryptocurrencies. VALR offers a variety of features bound to get anyone’s interest, some of these features include exchanging, selling, and buying cryptocurrency, trading crypto without fee, making payments to different VALR accounts.
Minimum Deposit : R100
4. Altcointrader
Altcointrader is an online cryptocurrency exchange from South Africa which supports a number of leading digital coins such as Bitcoin and Ethereum amongst other coins. Altcointrader is popular because it offers a simple way to buy and sell cryptocurrency without any hussles. AltCoin Trader was founded in the year 2015 so they have a proven track record. You will be excited to know that the platform allows you to deposit and withdraw your funds in ZAR, the reason being that this platform has a specific focus on the domestic marketplace, Altcointrader is one of the few platforms that allows you to buy and sell cryptocurrency in ZAR. This is great because it is quite a convenient way of trading which is different from the usual method whereby you need to first exchange your funds from ZAR for USD to start trading, this is made impossible by the fact that Altcointrader does not offer convertibility to euro, US dollars, or any other currency outside of the South African Rand. Supported payment methods on the platform are local bank deposits and Instant EFT (OZOW).
Minimum Deposit : No minimum deposit
5. Safcoin
Safcoin is a cryptocurrency trading company which is afrocentric, Safcoin’s main objective is to become a form of payment which is accepted across the African continent. The company has been in existence for 3 years now, having been launched in South Africa in July 2018. Safcoin is more than just a cryptocurrency and boasts within it an extensive network of functions united under the Safcoin umbrella. According to the information on the Safcoin website, the company is always looking for ways to positively impact Africa through their services by tapping into the numerous benefits of crypto for Africa.
Minimum Deposit : R50
6. Coinbase
Coinbase is a cryptocurrency trading and investment company offering a fair, accessible, efficient, and transparent financial system. The company was launched in the year 2012 and at the core of their buisiness is the idea that people should be able to easily and securely send and receive Bitcoin. With Coinbase, users can buy, sell, and exchange cryptocurrencies and you will be excited to know that the company offers over 100 tradable cryptocurrencies like Ethereum, Bitcoin, Dogecoin and several others. The company offers more opportunities to earn cryptocurrencies to its customers as they can either earn interest on eligible balances, or get a small amount of a new currency through Coinbase Earn. Coinbase runs two different platforms and these are Coinbase and Coinbase Pro, the two have their own unique differences but the similarities lie in the fact that each allows you to buy, sell, and trade cryptocurrencies.
Minimum Deposit : $2
7. Paxful
Paxful is a very popular cryptocurrency which is a Peer to Peer Bitcoin marketplace which connects buyers with sellers. Paxful gives its customers with a simple, fair and secure platform for trading the value of their work. The company was founded 6 years ago in 2015 and now has 4.8 million users around the world, which is a significant number. Paxful is not regulated in any country. This allows the exchange to provide its services worldwide. Customers can buy and sell cryptos using a number of payment methods available in South Africa namely, FNB Ewallet, Bank Transfer, Cash Deposit, PayPal, Perfect Money and Amazon Gift Card. When it comes to the number of cryptocurrencies available on the Paxful platform, the company still lags behind if we compare it to the likes of Coinbase and Binance. There is a total of three cryptocurrencies on the Paxful platform namely Bitcoin (BTC), Tether (USDT) and Ethereum (ETH).
Minimum Deposit : $10
8. Coindirect
Coindirect is a cryptocurrency exchange company which is originally from the Isle of Man and was launched recently in the year 2017. Coindirect allows or helps individuals and businesses to achieve borderless and long-term wealth creation by buying and selling cryptocurrency. The company employs 70 people and has over 321 000 users. There is variety when it comes to Coindirect because there is over 40 different cryptocurrency options to choose from among them are Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, EOD, Lumen, DAI, amongst others. Coindirect enables rapid, secure cross border payments with same day settlement options and fiat currency conversion between a wide range of countries. There are many options for depositing and withdrawing funds.
Minimum Deposit : No minimum deposit
9. EasyCrypto
Easy Crypto is a well-established crypto company which was initially launched in New Zealand but is now available in several countries including South Africa, the company offers its users with an opportunity to buy and sell cryptocurrencies. There are several cryptocurrencies on the Easy Crypto platform, in fact there is over 109 coins including Bitcoin, Ethereum, Litecoin and other alternative coins. One of the good things about Easy Crypto is that it simplifies everything such that both beginners and even seasoned users do not struggle on the platform. Everything on the platform from the sign-up process to the purchasing process is extremely easy and this makes it an ideal platform for new users. New users will also benefit from educational resources which are there to help in educating clients about cryptocurrencies because a lot of people do not understand about crypto.
Minimum Deposit : R100
10. ChainEX
ChainEx is a cryptocurrency exchange which was recently launched in South Africa in the year 2018. The good thing about ChainEx is that the company an extensive range of cryptocurrencies, from the popular ones to the least popular ones, some of the popular coins on this platform are Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) using the South African rand as the default fiat-buying currency. There is a Quick Buy and Sell feature on the ChainEx platform which is mostly used for beginners who are inexperienced in crypto trading. This feature allows you to buy or sell digital currencies instantly on ChainEX. ChainEx has dynamic trading fees and this lets you pay less charges while you trade more.
Minimum Deposit : R10
11. Revix
Revix is a an international crypto investment company which is available in several countries around the world including South Africa, the company is very popular as it is a platform which makes investing in crypto safer, faster and easier. Revix i backed by Sabvest, a company which is listed on the JSE. The company tries to accomodate everyone as the minimum investment on the platform is only R500, the other good thing is that there are no monthly fees and you will only be charged a 1% transaction fee for both your buys and sells. You can sell your crypto investment at any time and withdraw your funds. And there are no lock-up periods like there are with other investment funds. When it comes to the issue of investment products in the form of cryptocurrencies, Revix is one of the best in that regard because it gives you an opportunity to invest in top cryptocurrencies such as Bitcoin, Ethereum, Gold, Cardano, Uniswap amongst other cryptocurrencies.
Minimum Deposit : R50