In this review, we share our insights about the best cryptocurrency exchanges in South Africa. We have tested and analyzed 133 exchanges. We evaluated all particularities of their service, including fee structures, platforms, apps, assets, deposits & withdrawals, customer service, and security.
The crypto exchange platforms with the highest rating are in the list below.
Top 6 Crypto Exchanges In South Africa
- Crypto.com – the best crypto exchange in South Africa.
- Binance – Well-established cryptocurrency trading platform with large trading volumes and liquidity.
- Gemini – In-house hot wallet, access to different coins.
- Coinbase – Great trading platform and low fees.
- Kraken – Great Bitcoin exchange founded in 2022. Sophisticated trading tools for experienced investors.
- Capital.com – Discount broker with great educational content and resources.
Best Crypto Exchanges In South Africa – List
|Exchange||Overall Score||General info||Fees (Maker/Taker)||Spot Volume (BTC)|
|#1||Crypto.com||4.3||Best crypto exchange||1.8%/2.75%||$68,571|
|#2||Binance||4.3||Best altcoin portfolio||0.1% /0.1%||$806,899,070|
|#3||Gemini||4.5||In-house hot wallet, access to different coins||0.01%/0.00%||$808,571|
|#4||Coinbase||4.4||Best crypto trading platform||1.99%/1.99%||$451,706,550|
|#5||Kraken||4.5||Most trusted exchange||0.16%/0.26%||$53,964,331|
|#6||Capital.com||4.7||Great educational content and resources||0.16%/0.26%||$45,734,111|
This section below breaks down the best crypto trading platforms in South Africa, beginning with the highest-rated Crypto.com.
01. Crypto.com: Best Overall Crypto Exchange Platform In South Africa
Crypto.com is a modern crypto exchange platform with intuitive services. It offers NFTs, staking, investing, and crypto trading services. Crypto.com offers an e-wallet and its own credit card.
The Crypto.com app is user-friendly and offers mobile access to trading services. It is available on Android and iOS devices. Crypto.com has competitive trading costs and bonuses for staking different coins in your account. This platform has a comprehensive asset portfolio with 256 unique coins.
02. Binance: Best Platform For High-Volume Traders
Binance is a leading crypto exchange platform with industry-leading safety protocols. It offers premium services for advanced traders searching for high-volume trades. High-volume traders receive access to low fees and professional order types.
Binance has an excellent trading app with staking rewards. Users receive up to 10% in rewards for staking different assets over time. Binance has limited learning tools, and we do not recommend it for new traders.
03. Gemini: Best Exchange App With A Hot Wallet
Gemini has an excellent reputation in the industry as a secure crypto exchange platform. It offers fast buy, sell and exchange solutions for traders at all levels. The Gemini platform has an intuitive interface and access to 103 coins.
Gemini offers a proprietary in-house hot wallet. This hot wallet protects users’ funds and diminishes trading risks. Gemini has high trading costs and limited learning tools.
04. Coinbase: Best Platform For Advanced Crypto Enthusiasts
Coinbase is a well-known exchange platform with a comprehensive asset portfolio and professional exchange solutions. It offers 109 crypto coins and rewards for trading.
Coinbase has a basic platform for new traders with an intuitive interface.
This crypto exchange offers many funding options and a transparent fee structure. Coinbase stores users’ funds in cold storage and offers access to an FDIC insurance that covers up to $250,000 for each account.
*Coinbase is sunsetting the Coinbase Pro platform in 2022.
05. Kraken: Best Platform Security In South Africa
Kraken is a popular exchange with advanced safety measures and industry-leading safety protocols. We recommend it for intermediate and professional traders who want access to low trading costs. Kraken offers margin and futures trading solutions.
Its app is available on iOS and Android devices. It offers excellent learning tools, sufficient trading volume, and quick buy features. Kraken provides management services for high-net-worth users.
06. Capital.com: Best Exchange For Research And Education
Capital.com is a top brokerage firm with secure exchange services. It is a leading discount broker with access to comprehensive research and education tools. Capital.com has versatile services with many tradable assets.
This broker has many top-tier licenses and follows strict rules. Capital.com offers an outstanding mobile trading experience and an advanced web platform. The minimum deposit with this broker is $20.
How To Choose A Crypto Exchange?
The main aspects to remember when choosing a crypto exchange include costs, platforms, funding options, customer service, liquidity, assets, and security.
Fees: Avoid platforms with hidden trading costs, high fees on trades, and overnight commissions.
Trading Platforms: Search for a straightforward and easy-to-use exchange platform.
Mobile Trading: Mobile trading adds up to an excellent online trading experience. You should choose an app with the same tools and services as its web versions.
Deposits & Withdrawals: Funding your account and withdrawing funds must be straightforward. Select a platform with simple access to your preferred deposit and withdrawal solutions.
Assets: Search for an exchange with access to many asset classes. Avoid platforms that don’t offer access to popular altcoins.
Customer Service: Crypto traders at all experience levels should choose a platform with professional and responsive customer service available in their language.
Liquidity: Search for an exchange with high liquidity and trading volumes. These will guarantee your ability to buy and sell your crypto coins.
Security: Focus on regulated exchanges with proof of funds, a good reputation, and penetration tests.
Regulation Of Cryptocurrency Exchanges in South Africa
The Financial Services Conduct Authority (FSCA) offers the regulation of cryptocurrency exchanges in South Africa. It oversees all digital transactions and crypto exchange activities in the country. There is no clear legal framework that regulates digital currencies and crypto exchanges in South Africa. All exchanges offering their services in the country must follow the guidelines provided by the Intergovernmental Fintech Working Group (IFWG).
Is Cryptocurrency Trading Legal In South Africa?
Trading cryptocurrencies in South Africa is legal. Traders cannot use digital assets for commercial purposes. Crypto coins aren’t legal tender in South Africa but are subject to taxation.
How To Start Trading With – Capital.com
Crypto.com is a leading exchange app in South Africa. It has a valuable asset portfolio, access to user-friendly services, and advanced trading tools. To start trading with Crypto.com, you have to follow the steps below.
Step 1: Go to the Crypto.com official website
Access the Crypto.com website and download the app here – https://crypto.com/eea/app.
Step 2: Install the app and create a new account
After installing the app, click on the “Sign up” button. Fill in your personal email address and select a password.
Step 3: Verify your Crypto.com account
To trade with Crypto.com, you must open an account, verify your identity, and make an initial deposit. You’ll receive an email with the steps to follow to verify your account.
Step 4: Buy cryptocurrencies
Look for the crypto portfolio in your account. Choose your preferred coin and buy, hold, or sell fractions of the asset. You don’t need to buy a full coin to own any crypto.
Crypto.com is the leading cryptocurrency exchange in South Africa. It provides access to secure services, a reliable mobile app, and competitive exchange fees. Binance comes in second place because of its industry-leading safety protocols and a great selection of assets.
What Is A Centralized Exchange?
A centralized exchange represents a provider with secure platforms and exchange services. This exchange follows strict rules and requests user identification under the Know Your Customer rule.
What Is A Decentralized Exchange?
A decentralized exchange (DEX) is a provider that doesn’t have a central control point and doesn’t follow any rules. It functions as a server and has a copy of the exchange on many devices. A DEX uses liquidity pools from users and functions based on an “automated market maker” protocol. It doesn’t need a central trading desk.
A DEX is challenging to hack directly and comes with increased risks if misused. DEXs usually provide higher staking rewards than centralized exchanges. Traders should know that choosing this type of exchange has increased benefits and risks.
Will South Africa Ban Cryptocurrencies?
South Africa aims to implement a legal framework for cryptocurrencies by the end of 2022.
Is It Legal To Trade Bitcoin In South Africa?
Yes, it is legal to buy and sell Bitcoin and other cryptos in South Africa.
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Past performance is not an indication of future results. Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework.
- 1 Top 6 Crypto Exchanges In South Africa
- 2 Best Crypto Exchanges In South Africa – List
- 2.1 01. Crypto.com: Best Overall Crypto Exchange Platform In South Africa
- 2.2 02. Binance: Best Platform For High-Volume Traders
- 2.3 03. Gemini: Best Exchange App With A Hot Wallet
- 2.4 04. Coinbase: Best Platform For Advanced Crypto Enthusiasts
- 2.5 05. Kraken: Best Platform Security In South Africa
- 2.6 06. Capital.com: Best Exchange For Research And Education
- 3 How To Choose A Crypto Exchange?
- 4 Conclusion