4 Best Methods To Buy & Sell Bitcoin To Cash In South Africa

Buying and selling bitcoin can be a bit tricky especially if you’re not tech-savvy. That said, I’m going to make this how-to guide as simple as possible by offering you 5 different methods you can use to Buy & sell bitcoin.

Here’s a brief outline:

Method:Scam Risk:Difficulty:Transaction Time:Get Started Link:
01.LunoLowMediumEFT might take some time.VIEW
02.localbitcoins.comMediumMediumEFT might take some time.VIEW
03.South African Bitcoin ATM’sLowEasyTakes long to get to ATM.View subheading 03 below.
04.Credit Card Bitcoin PlatformsMediumMediumInstant transactionsView subheading 04 below.
Table shows four methods you can use to buy or sell bitcoin in South Africa, and the level of difficulty for each method.

Ready to buy some BTC using one of these methods? Keep reading to find out how to use each method.

01. Luno: Benefits & How to Buy/Sell

Luno is a local cryptocurrency exchange where you can buy and sell bitcoin along with other cryptocurrencies such as Bitcoin Cash, Ethereum, Litecoin, and even XRP.

Luno Benefits

Immediate transactions.

Well, they have several South African banks accounts, so once you’ve bought or sold your bitcoin here, your transaction happens almost immediately if done during a working day because nine times out of 10, they’ll have the same bank account as you do.

Trustworthy bitcoin exchange platform.

On top of that, it’s a trustworthy exchange platform. I’ve used Luno to buy and sell a ton a lot of bitcoin and ethereum without and issues, and they go to great lengths to protect your account through multiple security barriers.

Offers a mobile app for quick and easy transactions.

Finally, they have a mobile app that can be used to manage your cryptocurrencies directly from your phone.

Access to an online Wallet.

While I always recommend storing your crypto in a hardware wallet, Luno does give you an online wallet you can use to store your bitcoin.

Luno Drawbacks

Too much security?

The biggest drawback for me is I think they’ve taken security way too far. An example, I have been locked out of my Luno account for years now because I lost my mobile phone that has my Luno 2FA code. On top of that, I don’t have access to my mobile phone number, which is connected to my account. This combination makes it almost impossible to regain access.

They need a lot of personal information.

They make subscribing extremely simple initially, however, once you’re in the platform you can’t do anything until you provide a lot more personal information. If this is something that bothers you then rather try localbitcoins.com. All you need to starting buying and selling bitcoin is a valid email address, name, phone number, and country of residence.

How To Buy Bitcoin With Luno

Ready to get buy or sell your bitcoin with Luno? Here’s a step-by-step guide that will walk you through the process.

Video explains how to buy bitcoin on Luno.
  1. First, follow this link to sign up for Luno.
  2. Signing up is simple, all you need to do is add an email address, and password.
  3. Click on the top-left hamburger menu.
  4. On the menu that slides open, click on ‘Bitcoin Price.’
  5. Scroll down to the ‘Calculate the price’ section.
  6. Click on the blue ‘BUY’ button.
  7. Now select the number of rands you want to spend on Bitcoin.
  8. Click on the blue ‘BUY’ button.
  9. Then follow the prompts.

How To Sell Bitcoin With Luno

Before selling bitcoin using the Luno platform you first need to open a Luno account and transfer your BTC into your personal Luno wallet if you haven’t done so already. Here’s how to do it.

Video explains how to transfer bitcoin into your Luno account.
  1. First, follow this link to sign up for Luno.
  2. Once you’re in the platform, click on the hamburger menu at the top left of your screen.
  3. Once the menu slides open, click on the ‘Luno Wallet’ menu option.
  4. Now on the top menu, click on ‘Wallets.’
  5. Click on the ‘Receive’ option.
  6. Then follow the prompts.

Once you have BTC in your Luno wallet, it’s time to sell it and get that money into your bank account. Here’s how to do it.

Video explains how to sell bitcoin on Luno.

02. LocalBitcoins.com: Benefits & How To Buy/Sell Bitcoin

Localbitcoins.com is a worldwide platform that connects willing local bitcoin buyers and sellers.

LocalBitcoins.com Benefits

Immediate transactions.

While Localbitcoins.com does connect you to actual people who are trying to buy or sell bitcoin, you have the option of selecting a willing buyer or seller that banks with the same bank as you do. This means that the transaction should happen immediatly.

Secure account.

Localbitcoins.com goes through great lengths to make sure your trade is secure. Once you have found your buyer or seller, all assets that make up the trade is held in an escrow account to make sure the transaction is as safe as possible. On top of that, the platform is transparent. Each trader gets a feedback score along with other important trust factors that show you how trustworthy the trader you’re dealing with is.

Easy to use.

I really like the no B.S approach to this platform. All you need to do is go in, provide a few details if it’s your first time signing up, and you can start buying and selling bitcoin.

Access to an online Wallet.

While I always recommend storing your crypto in a hardware wallet, LocalBitcoins.com does give you an online wallet you can use to store your bitcoin.

LocalBitcoins.com drawbacks

Trading with real people.

With Luno, the trade happens behind the scenes; however, with LocalBitcoins.com, you have to trade with real people. This isn’t a significant problem for me, especially since they put so much effort into making these trades, but this might still make some people feel uncomfortable.

How To Buy/Sell Bitcoin Using LocalBitcoins.com

Before getting started, you first need to sign up to localbitcoins.com by following this link. Once you’ve signed up then learn how to use the platform by watching the video below.

03. Where Are Bitcoin ATMs Located in South Africa? And How To Use Them

If you don’t feel safe buying and selling bitcoin online, you do have the option of using a bitcoin ATM. As it stands on the 20th of August 2020, there are only around 5 bitcoin ATM’s located in South Africa that I know of.

List Of Bitcoin ATMs in South Africa

Here’s where you can find them.

Cape-Town Bitcoin ATMs

Willow Bridge (Buy & Sell Bitcoin)

  • Address: 39 Carl Cronje Dr, Tyger Valley, Cape Town, 7530, South Africa
  • Opening hours: Mon-Sun: 9:00 am – 7:00 pm

AnkerPay (Buy & Sell Bitcoin)

  • Address: Victoria Junction 8, Cape Town, 8001, South Africa
  • Opening hours: Mon-Thu: 9:00 am – 7:00 pm Fri: 9:00 am – 6:00 pm Sat: 10:00 am – 5:00 pm Sun: 11:00 am – 5:00 pm

Stellenbosh Bitcoin ATMs

Eikestad Mall (Buy & Sell Bitcoin)

  • Address: 43 Andringa Street, Stellenbosch, 7600, South Africa
  • Opening hours: Mon-Thu: 9:00 am – 6:00 pm Sun: 9:00 am – 2:00 pm

Johannesburg Bitcoin ATMs

Sandton City South Africa (Buy & Sell Bitcoin)

  • Address: Unit U61a, Sandton City, 83 Rivonia Rd, Sandhurst Sandton, 2196, South Africa
  • Opening hours: Mon-Sun: Mon-Sat: 9:00 am – 8:00 pm Sun: 9:00 am – 6:00 pm

Pretoria Bitcoin ATMs

Saverite Florauna (Only Buy Bitcoin)

  • Address: Corner West and Brits, Pretoria South Africa
  • Opening hours: 24/7

How To Buy Bitcoin On a Bitcoin ATM in South Africa

Video showing how to use a bitcoin ATM in South Africa,

04. Buy Bitcoin With a Credit Card In South Africa

As soon as you’re willing to use a credit card to buy bitcoin, then dozens of other international platforms open up to you.

Using a Credit Card Benefits

Buying bitcoin with credit cards is a lot safer.

For me, the biggest benefit is safety. There’s a big misconception online that credit cards are the unsafest option when making purchases online. There is a half-truth to this.

Yes, it’s easier to get scammed using credit cards online, however it’s also a lot easier getting your money back once you have been scammed. In the majority of cases, your credit card facility will refund your money instantly while they take on the case.

On the other hand, it’s almost impossible to get your money back if you get scammed while using EFT or bank transfer as a payment method. Because of this, I only use my credit card to make purchases online.

Transactions happen instantly.

In the cryptocurrency world, it’s all about speed because of the extreme volatility in the market. When you’re ready to buy bitcoin at a great price, you don’t have time to wait 3 days for an EFT to go through, you would have missed the boat ages ago. That said, credit cards solve this issue. When you purchase bitcoin with a credit card, the transaction will happen instantly.

Platforms You Can Use To Buy Bitcoin With Your Credit Card In South Africa

While not all world-wide bitcoin exchanges will allow South African’s to buy bitcoin from them, I’ve searched the internet and found a few that do allow it. Here they are:

NOTE: Some options above might even take your debit card, however, it all depends on what debit card you have so the best way to know is to try!

Example Of How To Buy Bitcoin Using Crypto.com

Video explains how you can buy Bitcoin using the Crypto.com mobile app.

Final Thoughts

There are literally a ton of different ways you can buy and sell Bitcoin in South Africa; that said, this article only mentions a few methods that I can vouch for.

An important point that I should make you aware of is Bitcoin is still relatively unregulated, which makes buying and selling bitcoin the perfect climate for scammers to take advantage of people who don’t know what they are doing.

So PLEASE make sure you do your due diligence before sending your money out to a random stranger for some BTC. To avoid being scammed, only transact with verified platforms and triple check the website URL that you are transacting with.

YOUR TURN: Have you found an easier way to buy or sell bitcoin in South Africa? Do you feel like I missed something? Let us know in the comments below so we can start learning from each other.

One thought on “4 Best Methods To Buy & Sell Bitcoin To Cash In South Africa

  1. Hi sir im new to this but my wish is to do arbitrage trading im in south africa can u plz tell me exacly what to do where i can go and where i must register

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