Outlook Spotlight

6 Best Crypto Exchanges And Trading Platforms South Africa

In this article, we list the best crypto exchange in South Africa based on a rigorous review process done by our expert team consisting of Charles, Anna, and Dave.

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Best Crypto Exchange Trading Platform South Africa: BYDFi
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The top crypto trading platforms in South Africa in our list have been selected thanks to outstanding qualities when it comes to cost, security, user reviews, user experience, and the number of listed cryptocurrencies.

Best crypto exchange South Africa list

  1. BYDFi - Best crypto exchange and trading platform South Africa (lowest fees)
  2. Binance - Biggest crypto exchange in South Africa
  3. Bybit - Best social crypto exchange South Africa
  4. Phemex - Best crypto app in South Africa
  5. Gate.io - Best crypto bot trading platform in South Africa
  6. Coinbase - Best exchange to buy crypto in South Africa

(This article is not financial advice. Research before investing. Some links are affiliate links, earning us a commission without extra cost for you. Our content remains unbiased regardless of affiliates.)

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Key takeaways

  • Our expert team, comprising Charles, Anna, and Dave, has unanimously ranked BYDFi as the best crypto exchange in South Africa. With a rating of 9.9/10, BYDFi excels in trading features, low fees, regulatory compliance, and an extensive selection of cryptocurrencies.
  • Binance, the continent's largest exchange, supports local payment methods. Bybit is a frontrunner in social trading, while Phemex offers the best crypto app experience. Gate.io stands out with its advanced trading bot.
  • Coinbase takes the spot as the best exchange for buying crypto in South Africa. Noteworthy for its regulatory alignment, diverse cryptocurrencies, transparent fees, and user-friendly interface, Coinbase stands as the go-to choice.

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Top crypto exchanges and trading platforms in South Africa reviewed

When reviewing the platforms, our team has looked at features such as:

  • Payment methods
  • Security
  • Trading features
  • Fees
  • Regulations
  • User interface

1. BYDFi - Best crypto exchange and trading platform South Africa

BYDFi rating 9.9/10

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BYDFi at a glance

BYDFi is your top choice as the best crypto exchange in South Africa thanks to great platform features, fiat on-ramps for RAND users, low fees, government regulations (FinCEN and ACRA), and plenty of cryptocurrencies listed.

Features like perpetual futures contracts, copy trading, advanced order types, good risk management tools, and a demo mode are perfect for beginners and experts alike which can be used on BYDFi and makes it the obvious choice when looking for the best crypto trading platform South Africa. 

BYDFi also offers high daily withdrawal limits, up to 100 BTC, giving you good flexibility. Charles tested the withdrawal fees during his review period of BYDFi and he can confirm that the withdrawal fees on BYDFi are cheaper than the competitors. He withdrew a total of $1200 worth of USDT and paid a total of 1 USDT in fees by using the Tron network.

BYDFi's extensive range of crypto assets (over 300 listed coins), including BTC, ETH, and more, caters to diverse trading preferences. While adhering to KYC regulations, the hassle-free signup process gets you trading in no time. BYDFi's crypto positioning in Africa makes it a top crypto exchange in South Africa.

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Fees

  • Trading fee: 0.02% - 0.3%
  • Withdrawal fee: 0.0002 BTC
  • Deposit fee: Free

Why we like it

Situated in Singapore, BYDFi understands the region's unique market dynamics, offering tailored services. Since its launch in 2019, BYDFi has garnered a stellar reputation. Bank transfers, credit cards, local e-wallets, and mobile wallets are offered by Binance to all traders in South Africa. With competitive trading fees (0.05% maker and taker fee), BYDFi trumps others.

Pros

  1. Multi-language platform
  2. Mobile app
  3. Fast account verification
  4. High leverage trading (200x)
  5. Advanced trading tools
  6. Instant deposits
  7. Secure cold wallets

Cons

  1. Learning curve
  2. Relatively new exchange
  3. No decentralized trading
  4. High leverage risk

2. Binance - Biggest crypto exchange in South Africa

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Binance rating 9.7/10

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Binance at a glance

Binance stands out as the biggest crypto exchange in South Africa thanks to thousands of positive user reviews in the country together with platform features such as staking, fiat-to-crypto gate-ways, and a great crypto trading platform.

Since its launch in 2017, Binance has embraced the local market by supporting Rand (ZAR) deposits and withdrawals via various payment methods, including bank transfers and debit/credit cards. Its competitive trading fees, averaging 0.1%, enable cost-effective transactions.

Binance have over 350 coins listed on the platform which is one of the biggest selecitons of cryptocurrencies on a centralized exchange. 

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Anna researched the listed cryptocurrencies on Binance and can confirm that it is the biggest crypto exchange available in South Africa. She also confirms that she found many rare altcoins such as YFI, ZEN, WLD, XNO, and TOMO.

Committed to regulatory compliance, Binance implements KYC procedures to ensure security. It’s very easy for South African investors to sign up on the platform which only requires a fast verification process to verify your identity. 

Fees

  • Trading fee: 0.05% - 0.1%
  • Withdrawal fee: 0.00005 BTC
  • Deposit fee: Free

Why we like it

Some factors that made us choose Binance over other similar platforms were spot trading, futures, and the options trading platform. Generous withdrawal limits provide flexibility, with Tier 2 verified users allowed up to 100 BTC per day. 

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Pros

  1. Diverse Cryptocurrencies: 700+ options
  2. Rand Support: Local currency
  3. Binance Launchpad: Exclusive token sales
  4. High Liquidity
  5. Staking Rewards
  6. OTC Trading: Large orders
  7. Binance Savings: Earn interest

Cons

  1. Overwhelming for Beginners
  2. Withdrawal Delays
  3. Regulatory Compliance Issues
  4. Exchange Restrictions: Some areas

3. Bybit - Best social crypto exchange for copy trading South Africa

Bybit rating 9.6/10

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Bybit at a glance

Bybit stands out as the best social crypto exchange for copy trading in South Africa due to its robust features and reliability. Launched in March 2018, it has firmly established itself as a trusted exchange in the South African region. 

Bybit is really good for traders from South Africa. It's easy for them to use because it's in a good spot and their customer help is great. You can pay in different ways, like using your bank or credit card. This is nice because people like different ways to pay.

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When you trade, they don't charge too much, only about 0.075% which is a small part of the money you trade with. This keeps the costs from being too high for people.

You can do different types of trading on Bybit. You can say exactly what price you want to trade at, or you can trade right away at the current price. They also have something called "perpetual contracts" which lets you keep trading without a fixed expiration date.

Bybit lets you trade lots of different cryptocurrencies. This means you can trade not only Bitcoin and Ethereum but also other kinds of digital money that are popular. 

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To make things safe and trusted, Bybit asks you to show some documents to prove who you are. This is called KYC and it's easy to do. It takes less than 2 minutes to complete and the team at Bybit usually verifies you in less than 2 hours.

Dave reviewed Bybit and tested the KYC process to see how long it would take to get started on the exchange. He confirms that it took 1h and 35 minutes to complete which is one of the fastest KYC verification processes on our list. Only BYDFi beats that number with a KYC verification process of 50 minutes.

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Fees

  • Trading fee: 0.03% - 0.1%
  • Withdrawal fee: 0.0005 BTC
  • Deposit fee: Free

Why we like it

Withdrawal limits are generous, allowing seamless access to profits. Signing up with BYDFi takes less than 1 minute and can be done with your email address alone. To start trading you don’t need to verify your identity. Another reason why BYDFI is a great choice for South African traders is the fact that i scores over 4.3 in local customer reviews.

Pros

  1. Leverage up to 100x
  2. Demo trading available
  3. Secure storage solutions
  4. Liquidation protection system
  5. Segregated funds storage
  6. Quick withdrawals
  7. Social trading options

Cons

  1. Regulatory uncertainty
  2. Steeper learning curve
  3. Regional restrictions
  4. Complex trading strategies
  5. Limited educational material

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4. Phemex - Best crypto app in South Africa

Phemex rating 9.5/10

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Phemex at a glance

Phemex ranks as the best crypto app for trading and buying in South Africa, it stands out for several reasons such as a very easy-to-use interface, lowest fees in the app industry, plenty of tokens to choose from, and a robust security infrastructure. 

Launched in November 2019 in Singapore, Phemex swiftly gained traction in South Africa due to its user-friendly interface and top-notch security.

Withdrawal limits and processing times vary by user level, adding flexibility. The platform also regularly lists new altcoins where some of which have just been released to the market and are considered cheap cryptos. 

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While KYC is mandatory, the streamlined verification process expedites onboarding. All the way from top-class trading features, security, and a long list of altcoins, Phemex is a great choice for South African traders. 

Counting with all the trading features that the app has, the security, and the overall review from local customers, Phemex is a great South African crypto trading app.

Fees

  • Trading fee: 0.06% - 0.1%
  • Withdrawal fee: 0.00057 BTC
  • Deposit fee: Free

Why we like it

We like Bybit because depositing with Rand is very easy. South African crypto traders can deposit fiat money with credit crads, debit cards, bank transfers, and some local payment methods. With competitive trading fees at 0.10%, Phemex remains cost-effective, saving users' funds for investments.

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Pros

  1. Futures Contracts
  2. Options Contracts
  3. Staking
  4. Limit Orders
  5. VIP Program
  6. Trading Contests
  7. Fiat Gateways

Cons

  1. KYC Requirements
  2. No Phone Support
  3. Margin Calls
  4. Limited track record

5. Gate.io - Best crypto trading bot in South Africa

Gate.io rating 9.5/10

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Gate.io at a glance

As the best crypto trading bot in South Africa, Gate.io stands out on multiple fronts thanks to good mobile charting interface, fast order execution, very low slippage, and a lightning-fast order execution engine. 

Gate.io is based in the Cayman Islands and has since its launch in 2013 provided crypto trading with a global reach. Accepting various payment methods, including credit/debit cards and bank transfers, Gate.io ensures convenient transactions.

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Gate.io lists both big crypto names such as Bitcoin and Ethereum, but they also list smaller altcoins with lower market cap which is interesting for crypto day traders. Its user-friendly sign-up process and efficient KYC procedure streamline onboarding. All these things counted together makes Gate.io a great bitcoin trading platform in South Africa, especially for those who want to automate their strategies.

Anna reviewed the Phemex app and tested the different contracts available. She confirms that up to 100x leverage was available in the perpetual futures contract.

Fees

  • Trading fee: 0.20
  • Withdrawal fee: 0.001BTC
  • Deposit fee: Free

Why we like it

With competitive trading fees averaging 0.2%, it offers an array of trading features like spot and margin trading, perpetual contracts, and futures markets. Withdrawal limits vary based on user verification levels, from 2 BTC for Level 1 to 100 BTC for Level 3.

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Pros

  1. Global Availability
  2. Spot Trading
  3. Multi-Language Support
  4. Lending Features
  5. Short selling
  6. Market Analysis Tools
  7. Insurance Fund

Cons

  1. Limited Fiat Options
  2. Complex for Beginners
  3. KYC Requirements
  4. Limited Cryptocurrency Education

6. Coinbase - Best exchange to buy crypto in South Africa

Coinbase rating 9.5/10

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Coinbase at a glance

Coinbase is by far the best exchange to buy crypto in South Africa due to its alignment with local regulations and the available payment methods for South African investors. 

Launched in 2012, Coinbase has swiftly established trust among users. Bank transfers, credit cards, debit cards such as VISA and Mastercard are some of the most popular payment methods for South African traders. This variety offers flexibility for users to transact seamlessly.

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Withdrawal limits on Coinbase are determined by account verification levels. For fully verified South African accounts, the daily withdrawal limit stands at $25,000. 

Coinbase offers a diverse range of 200+ cryptocurrencies, including Bitcoin, Ethereum, and prominent altcoins such as Laika, Falcon, TagCoin, and Aave which was confirmed by Anna during her review period of the platform.

To adhere to regulations, Coinbase follows a robust KYC (Know Your Customer) process. Users need to provide valid identification for verification. It is also registered as an MSB with FinCEN. Signing up is straightforward: visit the Coinbase website, provide your email, create a password, complete KYC verification, and you're set to buy crypto.

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Fees

  • Trading fee: 0.2% - 3.99%
  • Withdrawal fee: 1% + standard network fees
  • Deposit fee: USD10 - 3.99%

Why we like it

Fees on Coinbase are transparent, with a standard 1.49% fee for buying crypto using a bank account. For instant purchases with a debit/credit card, a fee of 3.99% applies. Coinbase also offers a great mobile app for buying crypto in South Africa which is easy to use for beginners.

Pros

  1. Regulated and Compliant
  2. Secure Wallets
  3. Simplified Tax Reporting
  4. Quick Account Setup
  5. Rand-to-Crypto Support (Fiat gateway)
  6. Institutional Services
  7. Integration with PayPal

Cons

  1. Limited Altcoin Variety
  2. Currency Conversion Fees
  3. Limited Margin Trading
  4. Limited Anonymity

What is a South African crypto exchange?

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A South African crypto exchange is an online platform where individuals can trade various cryptocurrencies. South African exchanges let you buy, sell, and trade cryptocurrencies with other traders or from the market makers on the platform. If you want a safe way of transacting with cryptocurrencies, a South African crypto exchange is what you are looking for.

Different types of crypto exchanges in South Africa

In South Africa, you'll find different types of crypto exchanges catering to various needs. Firstly, there are traditional centralized exchanges that operate similarly to stock markets. Then, there are peer-to-peer exchanges that connect buyers and sellers directly which are called decentralized exchanges. Additionally, there are advanced trading platforms designed for experienced traders who want more intricate features and analysis tools, these exchanges are called derivatives crypto exchanges.

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What makes a crypto exchange good for South African investors?

A crypto exchange suitable for South African investors offers several key features. Accepting the local currency (Rand) simplifies transactions. An intuitive interface and user-friendly experience make trading accessible. The exchange should be equipped with at least the basic security protocols such as 2-fa, cold storage wallets, and an insurance fund. Diverse cryptocurrency offerings enable investors to choose from a range of digital assets.

How to buy crypto in South Africa

To buy crypto in South Africa, follow these steps:

  1. Sign up with Coinbase.
  2. Verify your account using the required documents.
  3. Deposit Rand into your exchange account.
  4. Browse available cryptocurrencies and choose the one you want to buy.
  5. Enter the amount and confirm the purchase.

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After you have made your purchase, you are free to store it in the Coinbase account, the vault, or simply withdraw it to your hardware wallet.

Is buying and selling crypto legal in South Africa?

Yes, buying and selling crypto is legal in South Africa. The South African Reserve Bank (SARB) has recognized cryptocurrencies as a legitimate form of payment. However, regulations and tax obligations apply, and it's essential to stay informed and compliant.

Pros and cons of buying crypto

Pros: The biggest benefit of investing in cryptocurrencies has been the outsized return it has generated during the last couple of years. Crypto has beaten all traditional financial investments such as ETF’s, indices, and stock investing. Crypto investment can lead to big profits if the correct project is chosen for investment.

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Other pros for crypto traders and investors are decentralized payment methods, smart contracts for scaling, and new global reach with blockchain.

Cons: The volatile nature of crypto prices can lead to losses, technological complexity might be daunting for beginners, and there's a risk of falling victim to scams.

Other cons that investors might stumble upon are high network fees, emotional rollercoaster, and highly volatile asset prices.

How We Review Cryptocurrency Exchanges

Our review process is like giving something a really close look. We do this to learn all we can about different crypto exchanges.

We check out a bunch of things, like how much it costs to do trades, how easy the exchange is to use, how they keep things secure, what kinds of cryptocurrencies you can trade there, how well they help customers, and what people who use it have to say.

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We do all this to make sure we tell you the real deal. We want you to know the truth, without any preferences or twists.

We then assemble all the data we have gotten together in a team meeting where we decide which crypto exchange in South Africa was the best and give each one its individual scoring.

FAQ

What is the biggest crypto exchange in South Africa?

The largest crypto exchange in South Africa is Binance. Since its launch in 2017, South African traders have been buying and selling cryptocurrencies and left only good customer reviews.

Which banks accept cryptocurrency in South Africa?

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While some banks like FNB and Standard Bank have cooperated with certain crypto exchanges, the relationship between banks and cryptocurrencies can vary. It's recommended to check with your bank directly.

Which cryptocurrency app is best in South Africa?

In South Africa, the best crypto app is Phemex, other notable cryptocurrency apps include Luno, VALR, and AltCoinTrader. 

Where can I buy cryptocurrency in South Africa?

Cryptocurrencies can be bought on platforms like Coinbase, BYDFi, Bybit, Luno, VALR, AltCoinTrader, and ICE3X. These exchanges allow users in South Africa to purchase various cryptocurrencies using the local currency.

Can I buy crypto on Coinbase in South Africa?

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Yes, you can buy cryptocurrencies on Coinbase while in South Africa. Coinbase, as an internationally recognized exchange, extends its services to South African customers, facilitating the purchase of a diverse selection of digital assets.

Conclusion - Best crypto exchange South Africa

To sum up, our expert team has compared and reviewed the best crypto exchanges and trading platforms in South Africa. Our team has checked each platform based on the trading features, fees, security, user experience, the available coins, and online user reviews.

BYDFi came out on top as the best crypto exchange in South Africa with a score of 9.9/10. Things that made us choose this exchange over others were great trading features, fiat on-ramps for RAND, very low fees, government regulation, a long listed of available altcoins, and an easy-to-use interface. 

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Binance, as the continent's largest exchange, supports local payment methods, while Bybit excels in social trading. Phemex offers a user-friendly crypto app, and Gate.io stands out with its advanced trading bot. 

Coinbase, with its regulatory alignment, diverse cryptocurrencies, transparent fees, and user-friendly interface, claims the position as the best exchange for buying crypto in South Africa, with a solid rating of 9.5/10.

In some parts of the article we have added affiliate links in which we earn a commission if you click on the link. However, this is at no extra cost to you and our opinions about the platforms are not influenced by our affiliate partners. 

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About the authors

About the authors: Charles, Anna, and Dave are dedicated experts in the field of cryptocurrency trading and investment. Together they have used their prior experience to create a list of the best South African crypto exchanges so you don’t have to do all the work yourself.

Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.

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