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Bitcoin exchanges in South Africa

At this point, Bitcoin, other digital coins and crypto-exchanges have no official legal status in South Africa. However, the country has undertaken a balanced approach to cryptocurrency regulations and authorities imply that such might be introduced soon. 

 

In March 2017, the South African Reserve Bank (SARB) warned local investors of risks posed by Bitcoin. The Bank said that the cryptocurrency has no legal status or regulatory framework and therefore, it poses a number of risks. However, Bitcoin, and trading in other digital currencies was not banned, so people can use the cryptocurrency at their own risk.

 

Bitcoin in South Africa is starting to pick up the pace, as the financial market there holds a great potential and besides, locals have been enduring massive inflation for years now. So, many of them are willing to invest in cryptocurrencies or anything that might protect their wealth.

 

At a South African parliamentary discussion in August 2017, the country’s Finance Minister Gigaba said that “the relevant authorities continue to monitor and assess the use of virtual currencies and consult with private sector stakeholders in this regard”. “Further guidance or regulations may be issued, should the need arise,” he added.

 

Indeed, the CEO of blockchain-based solutions provider, Bankymoon, said that it will cooperate with SARB and will start testing different regulation frameworks related to Bitcoin and other cryptocurrencies. Bankymoon is allegedly the bank’s first sandbox (experimental) business to trial-run new regulations.

 

While South Africa has not yet witnessed the high level of cryptocurrency adoption that takes place in the United States, Europe, and the UK, a small cryptocurrency ecosystem is already developed there, delivering innovative services to local consumers and businesses. 

 

Of course, apart from the cryptocurrency exchanges available, South Africans have yet another option: to trade in cryptocurrencies with higher leverage, provided by forex brokers, regulated by the local Financial Services Board. With IGFXTMHYCM or XM investors are able to speculate on the price movement of the most popular cryptocurrencies.

Forex

Bitcoin exchanges in South Africa

Broker Country Regulation Leverage Deposit Fees Review
USA N/A 1:5 SEPA: free SWIFT: $10 Review
Luxembourg CSSF 1:1 CC: 5% Wire: 0.05% (7.5 EUR/USD Minimum); SEPA: Free Review
South Africa N/A 1:1 BTC - 0; ZAR 0.5% Review
South Africa None 1:1 No info Review
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