July 2, 2024

Best Cryptocurrency Trading Platform In South Africa

July 2, 2024

Crypto
Content:

 

Cryptocurrency has grown in popularity since its 2008 debut, but it has also taken investors on an incredible journey. Other cryptocurrency coins, like Ethereum, Litecoin, Dogecoin, and over 22,000 other altcoins, rose to prominence due to their success. They can be bought from exchanges or other people, mined on the blockchain, and moved between digital wallets.

 

Cryptocurrencies have no discernible reason to fluctuate in value without a centralized regulatory authority. The value of cryptocurrency only increases when a sufficient number of individuals concur.

 

Anyone interested in trading or investing in cryptocurrencies can choose from various reliable cryptocurrency exchanges. Choosing the appropriate exchange can be difficult for newcomers due to so many possibilities and the ever-evolving crypto markets.

 

Therefore, we will review the best cryptocurrency trading platform in South Africa for 2024 in this guide, and their pros and cons. This list of South African crypto exchanges has been chosen for their reputation, transparency, and inexpensive trading fees. Continue reading to find out which brokers best fit your unique trading needs. 

Binance

 

Binance is a feature-rich exchange with a vast array of supported coins and affordable fees. With over 300 cryptocurrencies you may purchase with South African rands, you can begin assembling a cryptocurrency portfolio now.

 

Binance is the most widely used exchange in the world as it has a higher trading volume than any rival and an estimated 128 million users. Additionally, Binance offers various earning options, including yield farming, savings accounts, and staking for more than 100 coins. There is an NFT marketplace there as well.

 

The platform’s range of advanced trading features, which includes many order types, automated trades, and charting options, will appeal to more seasoned traders.

 

Binance launched Binance Smart Chain (BSC), its blockchain, in 2020. The native coin of BSC, BNB, provides several advantages to Binance users. Specifically, there is a 25% discount when trading fees are paid using BNB.

 

The Binance exchange now offers several of BSC’s capabilities. There is no need to learn how to utilize a blockchain or a Web3 wallet because users can use decentralized finance (DeFi) services directly from within the site.

Pros

  • Binance offers over 500 cryptocurrencies for buying, selling, and trading.
  • Transaction fees on Binance are low, ranging from 0 to 0.1%.
  • Binance supports margin and derivative trading, making it ideal for experienced traders.
  • Unlike many other foreign exchanges, Binance allows South African users to deposit, withdraw, and purchase cryptocurrencies using ZAR.

Cons

  • Binance has faced regulatory challenges, leading to its withdrawal from countries like the United States and Canada.

AvaTrade

 

AvaTrade is another one of the best cryptocurrency trading platforms in South Africa for beginners. It trades CFD on the most popular cryptocurrencies. In addition to trading 13 distinct cryptocurrencies, you can track the top 10 coins with a bespoke index.

 

All cryptocurrency trades are entirely commission-free on AvaTrade. For Bitcoin and Ethereum, spreads begin at just 0.25% and 0.35%, respectively, but for certain, less well-known altcoins, spreads can reach 2%.

 

You can trade on a margin of up to 25:1 if you want to purchase Bitcoin before making a trade. Ethereum is available for trading at a 20:1 leverage, Litecoin, Ripple, and all other cryptocurrency CFDs at a 10:1 leverage.

 

Thus, if you wish to open several trades or significant positions with just a small initial deposit, AvaTrade is a wonderful choice.

 

You can select from a variety of trading platforms offered by AvaTrade. AvaTrade’s web and mobile platform provides an economic calendar, news feed, and hundreds of technical studies. More seasoned traders can create custom indicators or build up crypto signals using MetaTrader 4 or 5 with AvaTrade.

 

AvaSocial is a social network developed by AvaTrade. It is integrated with MetaTrader 4. You may use it to track other traders, check which cryptocurrencies are most popular with traders, and even emulate the strategies experienced cryptocurrency traders use.

 

AvaTrade is regulated by ASIC and the Financial Services Board of South Africa. The platform provides amazing customer support with live chat, email, and phone help around the clock.

Pros

  • 100% commission-free trading on CFDs.
  • Offers leverage up to 25:1 for Bitcoin trading.
  • Compatible with MetaTrader 4 and 5 platforms.
  • Includes a built-in social networking app.
  • Support: Provides 24/7 phone and chat support.

Cons

  • Some altcoins have high spreads.
  • The selection of available cryptocurrencies is limited.

KuCoin

 

KuCoin was our clear choice in this best crypto exchanges list if you’re seeking to develop altcoins. It offers an amazing assortment of up-and-coming altcoins compared to other centralized crypto exchanges.

 

Generally, you must know how to utilize a Web3 wallet to buy lesser-known altcoins using a decentralized exchange (DEX) like Uniswap or PancakeSwap. All you need to do is register an account to access more than 700 digital assets with KuCoin.

 

However, proceed with caution, as many of these assets are relatively new, unproven, and have far more unpredictable prices than assets such as Bitcoin or Ethereum.

Pros

  • Offers cryptocurrency exchange, spot, margin, and futures trading.
  • Provides leverage up to 100x in the professional version.
  • Includes a detailed guide for beginners.
  • Adaptive commission calculation based on trading volume.
  • Allows users to list their tokens on the exchange.

Cons

  • The platform’s localization is not fully comprehensive.
  • Does not offer investment programs.

VALR

 

Since its launch in 2018, VALR, a local exchange, has developed into one of South Africa’s exchanges with the biggest trading volume. It is user-friendly, accommodates both inexperienced and seasoned traders, and provides a basic mobile app for trading while on the road.

 

Numerous payment options, the majority of which are free, are available to load your account: bank transfers, e-wallet deposits, credit cards, and debit cards.

 

In order to incentivize users to supply liquidity to the market, VALR also offers attractive fees, with takers paying as little as 0.1% and maker’s costs at -0.01%. Additionally, the exchange has a compelling rewards and rebates program with the chance to receive rebates on all trades of up to 15%.

Pros

  • Trade over 60 high market cap cryptocurrencies
  • AI-driven Know Your Customer (KYC) verification process
  • Automated investing with scheduled auto-buys
  • Earn rewards and rebates with frequent trading
  • User assets are securely stored in cold storage

Cons

  • Limited to spot trading – no derivatives available
  • Fiat withdrawal fees are relatively high

Crypto

Coinbase

 

Renowned worldwide exchange Coinbase is well-known for its approach to cryptocurrency that is beginner-friendly. With over 108 million registered members from more than 100 countries and some of the highest daily trading volumes, it is also one of the most popular cryptocurrency exchanges worldwide.

 

Coinbase’s cryptocurrency trading platform is its most well-known offering. Through an intuitive and straightforward user experience that is tailored to the needs of complete beginners, customers may buy, trade, or convert cryptocurrencies instantaneously.

 

It is also becoming well-known for its Learn and Earn initiative, which gives users free cryptocurrency for each successfully completed learning module.

 

For those seeking something more sophisticated, Coinbase’s Advanced Trade (formerly Coinbase Pro) features provide reduced trading fees and an increased array of trading alternatives, such as limit orders and stop loss orders.

Pros

  • Over 150 cryptocurrencies are available, with new ones frequently added.
  • Ideal for newcomers with a user-friendly interface and educational Learn modules that reward you with crypto.
  • Highly secure with no history of hacks, employing advanced encryption and risk management.

Cons

  • Higher fees compared to other exchanges.
  • Criticized for slow and unresponsive customer service.

ByBit

 

Bybit is one of the world’s biggest crypto trading and derivatives exchanges by volume. The Singapore-based exchange supports advanced trading types for many crypto coins across spot and derivatives markets. As a result, seasoned crypto investors who understand leveraged trading and the additional risks that go with it can take advantage of this platform.

 

While the exchange is known mainly for its derivatives trading feature, it also supports instant buys and offers several crypto-earning products – some of which are more complex than others.

 

Plus, if you are intrigued by the NFT market, Bybit’s platform is a one-stop shop for minting, purchasing, and bidding on NFTs. You can easily link your bank account, facilitating easy deposits and withdrawals. This feature is crucial for seamless and efficient trading.

Pros

  • Offers a wide range of assets, including cryptocurrencies and NFTs.
  • Allows trading with leverage up to 100x.
  • Features low trading fees.
  • Digital assets are stored in multi-sig cold storage wallets.

Cons

  • Leveraged trading carries high risks, with potential losses exceeding deposits.
  • The selection of spot trading pairs is limited.
  • Derivatives trading is not recommended for beginners.

CMTrading

 

Among South African traders, CMTrading is a well-known online platform that has grown in popularity. CMT was established to provide both novice and experienced traders with a comprehensive trading experience in the turbulent world of foreign exchange, cryptocurrencies, and other financial products.

 

One of CMTrading’s unique features is its intuitive design, which makes trading easier for beginners while offering extensive features for more experienced traders. Regardless of prior trading experience, this balance ensures that a wide range of users can effectively utilize the platform. Additionally, CMTrading offers a mobile trading app, which is a crucial tool in the fast-paced trading world of today.

 

Furthermore, it enables traders to oversee their assets and react to market movements while traveling.

 

CMTrading’s commitment to resources and education is another significant feature. The website provides a range of instructional resources, including articles, tutorials, and seminars, to assist South African investors in developing their trading abilities.

 

Another noteworthy aspect of CMTrading is its strict security protocols. Understanding how important it is to keep customers’ money safe, the platform has robust security measures in place to protect user information and financial transactions.

Pros

  • Negative balance protection is applied to retail accounts
  • Offers several robust security features
  • Website secured with an SSL certificate

Cons

  • Not regulated by any Tier-1 entities
  • Investor protection is not provided

Conclusion

This was our list of the best Crypto trading platforms in South Africa. We hope it was helpful for you and you found a good platform to start trading yourself!

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Disclaimer
Trading involves a significant risk of loss and is not suitable for all investors. It’s important to understand the risks and seek advice from an independent financial advisor if necessary.

The information provided here does not constitute investment advice.

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