Why is Bitcoin on South African exchanges more expensive than the Bitcoin price listed when you google “Bitcoin price”?
Bitcoin price is volatile and is constantly changing because it is dependant on the supply and demand for each exchange. This means that no two exchanges have exactly the same price for the cryptocurrency.
The Bitcoin price that is reflected on Google is taken from the USD value of BTC from high volume international exchanges. This price is different from the price you will find in local exchanges. The reason for this is that the BTC to ZAR price you find on google is simply the BTC to USD value converted into ZAR and not the actual BTC to ZAR market value in South Africa.
How to buy Bitcoin for the lowest price in South Africa
The lowest price of Bitcoin in South Africa is offered by Coindirect. This exchange sources cryptocurrency at European prices. In order to take advantage of this, you have to use your Visa credit card or cheque account to buy Bitcoin. Here are the steps to follow to buy Bitcoin with your credit card:
- Sign up for a free Coindirect account (simply log in if you already have an account)
- Find your way to your Bitcoin wallet
- Click ‘Buy’ and then select ‘New VISA card (EUR)’ from the drop-down.
- Enter EUR value of BTC you want to purchase (more than the minimum limit) or the BTC amount you want to buy and then click ‘Preview Buy’
- You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds)
- Type in your credit card details and pay
- You will be taken to a page to verify your transaction
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful
Currently, the limits for credit card purchases in South Africa are:
Unverified users – R1500
Verified users – R15000
This verification process will allow your credit card limits to increase, meaning that you can buy more Bitcoin at the cheapest rate in South Africa.