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7 Best Crypto Exchanges in South Africa 2024 Reviewed

Publisher

January 25, 2024
Best crypto exchange South Africa

Crypto trading in South Africa is becoming more prominent as South Africa has become one of the most active countries in the cryptocurrency market. Therefore, as a crypto trader or investor in South Africa, it is essential to use a safe and reliable exchange that complies with the guidelines of the South African Reserve Bank and also meets all your trading requirements among the wide variety of exchanges in the market.

 

Top 7 Crypto Platforms in South Africa Reviewed

This article features the 7 best cryptocurrency exchanges in South Africa and all their features, including trading fees, supported coins, security, and many more, to help you make a well-informed decision on the proper exchange for your needs. They include:

  1. Bybit – Best Overall Crypto Exchange in South Africa
  2. Bitget – Best Alternative Crypto Exchange in South Africa
  3. Binance – Largest Crypto Exchange in South Africa
  4. Luno -Simple Beginner Exchange in South Africa
  5. Kraken – Oldest Crypto Exchange in South Africa
  6. Gate.io – Most Versatile Exchange in South Africa
  7. Coinbase – Beginner Friendly Exchange in South Africa

 

1. Bybit

Bybit was founded by Ben Zhou in 2018 and has its headquarters in the United Arab Emirates, Dubai. Bybit has over 15 million users across over 160 countries worldwide, including South Africa. The platform gives users access to over 400 cryptocurrencies for trading, with an average daily trading volume of over $10 billion, according to Coinmarketcap. Bybit is fully licensed and complies with all the South African Reserve Bank guidelines for crypto trading in South Africa.

Bybit is best for Copy and futures trading in South Africa as it offers advanced trading features, low fees, and high leverage. The platform charges 0.02% for makers and 0.055% for takers, with power of up to 100x on futures and perpetual contracts. Aside from futures trading, Bybit offers spot, bot, and NFT trading. It charges 0.1% for both makers and takers on the spot market. That makes Bybit an excellent choice for South African traders seeking advanced trading features with low fees and high leverage.

Bybit also offers various passive income products, such as staking, mining, and copy trading, to help users earn money on the platform.

Bybit offers free crypto deposits for all supported cryptos, but crypto withdrawals attract a fee that depends on the coin and selected blockchain network.

For fiat deposits and withdrawals, Bybit supports over 15 fiat currencies, including the South African Rand (ZAR) for users in South Africa. There are various payment methods: ApplePay, GooglePay, Advcash, ZEN, SEPA, Visa/Master card, Bank transfer, and P2P trading. On Bybit, payments can also be made through third-party payment providers which are BANXA, Mecuryo, Xanpool, Neofi, and MoonPay. BANXA is the best option for users in South Africa as it offers free bank transfers for the South African Rand (ZAR).

Bybit is also well known for having one of the highest-rated crypto trading apps, as it offers a mobile app available for Android and IOS users in South Africa with a 4.7/5 star rating on the Google Play Store.

Bybit’s key features include:

  • Adequate security and Proof of reserves
  • Copy trading for beginners to learn from the top traders on the platform\
  • A demo trading account allows users to practice trades before using real funds
  • 24/7 customer support via live chat and email
  • Low trading fees
  • Automated trading bots help users make money without constantly monitoring the market.
  • Crypto debit card for users to spend cryptocurrencies on the go

If you want to learn more about Bybit, Check out our comprehensive Bybit review here.

 

Spot Fees: 0.1% maker/ 0.1% taker

Futures Fees: 0.02% maker/ 0.055% taker

Supported Cryptos: 432+

Futures Contracts: 200+

ZAR Payments: Yes, with Visa/Mastercard, GooglePay, ApplePay, and P2P trading

Customer Support: 24/7 live chat

Bonus: $30,000 (Claim Now)

 

Bybit Pros and Cons

👍 Bybit Pros👎 Bybit Cons
✅ Low spot and futures fees❌ No ZAR trading (only EURand USD)
✅ Most advanced trading features❌ Slow free demo account
✅ Very user-friendly❌ Not available in United States
✅ 0% Fee ZAR payments

 

Visit Bybit

 

2. Bitget

Bitget was founded by Sandra Lou in 2018. It ranks as one of the largest trading platforms, with over 20 million users across over 100 countries worldwide, including South Africa. The platform has its headquarters located in Seychelles. Bitget gives users over 500 cryptocurrencies, with a daily trading volume of over $5 billion. Bitget is best for spot and futures trading as it features a comprehensive spot and futures market where crypto traders in South Africa can access up to 125x leverage and low trading fees. Bitget offers a 0.02% maker fee and a 0.06% taker fee with leverage of up to 125X on derivatives and perpetual contracts. On the spot market, it offers a 0.1% charge for both makers and takers with a 20% discount when you use its native token, “BGB.”

Bitget uses a tiered fee structure based on 30-day trading volume whereby users can reduce fees by up to 0.0125% maker fee and 0.035% taker fee on the spot market and by up to 0.008% maker fee and 0.032% taker fee on futures trading.

The platform is fully licensed and obeys all the rules and regulations of the South African Reserve Bank for crypto trading in South Africa. Aside from spot and futures trading, Bitget stands out with copy trading and a wide range of passive income products, including staking and mining.

Crypto deposits are free on Bitget, but withdrawals depend on the coin and blockchain network used. Bitget supports 40+ fiat currencies, including the South African Rand (ZAR). Payments can be made through GooglePay, SEPA, ApplePay, Visa/Master card, third-party payment providers, and P2P trading. The cheapest option for users in South Africa is BANXA as it offers free ZAR bank transfers.

Bitget features a great mobile trading app for users in South Africa with a 4.3/5 star rating on the Google Play Store.

Bitget’s key features include:

  • Demo trading account
  • Copy trading
  • Adequate security and proof of reserves
  • 24/7 customer support via live chat and email
  • Automated trading bots

If you want to learn more about the exchange, check out our comprehensive Bitget review.

 

Spot Fees: 0.1% maker/ 0.1% taker

Futures Fees: 0.02% maker/ 0.06% taker

Supported Cryptos: 500+

Futures Contracts: 200+

ZAR Payments: Yes, with a bank card, SEPA, ApplePay, and GooglePay

Customer Support: 24/7 live chat

 

Bitget Pros and Cons

👍 Bitget Pros👎 Bitget Cons
✅ Low spot and futures fees❌ Limited educational materials
✅ Most advanced trading features❌ Advanced features may confuse newbies
✅ Very user-friendly❌ Not available in United States
✅ ZAR Payments supported with Credit/Debit card
✅ Best copy trading feature

 

Visit Bitget

 

3. Binance

Binance was founded by Changpeng Zhao in 2017 and has its headquarters in China. It is the largest crypto exchange in the world, with over 120 million users across 180 countries, including South Africa. Binance offers over 350 cryptocurrencies, with a daily trading volume of over $20 billion. Binance is fully licensed and complies with all the South African Reserve Bank guidelines for crypto trading in South Africa.

Binance stands out as the best crypto exchange with the most crypto-related products and services for users in South Africa. Binance offers spot and futures trading with low fees. On the spot market, the charge is 0.1% for both makers and takers, while for futures trading, the charge is 0.02% for makers and 0.04% for takers with leverage up to 125x on derivatives and futures. Users can also receive a 25% discount on spot trading fees and a 10% discount on futures trading fees when they use the Binance native token “BNB” for payments.

Binance offers NFT trading, staking, mining, bot trading, and many more crypto products available for users in South Africa. The platform features many advanced trading tools, which makes it overwhelming for beginners. However, it is an excellent choice for experienced traders. Users can deposit supported cryptos for free. For fiat deposits and withdrawals, Binance supports over 40 currencies, including the South African Rand (ZAR). Payment methods include Bank transfer, SEPA, Visa/Mastercard, E-wallet, P2P trading, etc. The charge for deposit through Bank transfer is 1.20%, while it is a fixed 20 ZAR for withdrawals.

Binance also offers a mobile trading app for Android and IOS users in South Africa to trade on the go, with a 4.4/5 star rating on the Google Play Store.

Key Features of Binance include:

  • Copy trading
  • Bot trading
  • 24/7 customer support via live chat and email
  • Mock trading to practice trades before using real funds
  • Offers over 500 listed cryptocurrencies, including major coins and numerous altcoins
  • Adequate security with the use of two-factor authentication and cold storage
  • Advanced trading features include several order types, automated trades, and charting options.
  • Crypto debit card

To learn more about Binance, check out our comprehensive Binance review here.

 

Spot Fees: 0.1% maker/ 0.1% taker

Futures Fees: 0.02% maker/ 0.04% taker

Supported Cryptos: 380+

Futures Contracts: 260+

ZAR Payments: Yes, with a bank card, SEPA, or P2P trading

Customer Support: 24/7 live chat

Bonus: $100 (Claim Now)

Binance Pros and Cons

👍 Luno Pros👎 Luno Cons
✅ Very beginner friendly❌ Lacks advanced features
✅ Simple signup process❌ High trading fees
✅ Easy to buy and sell cryptos❌ Poor liquidity
✅ Reliable app❌ No margin or leverage trading
❌ Low number of supported cryptos

 

Visit Binance

 

4. Luno

Luno was founded in 2013 and has its headquarters in London, England. The platform has over 10 million users across 40 countries, including South Africa. Luno offers about 10 cryptos for trading with a daily trading volume of about $2 million. That makes it unsuitable for users who want various digital assets to trade.

However, Luno is best for beginners to learn crypto trading as it offers a user-friendly app interface with simple tools for buying and selling cryptos. Luno is a fully licensed trading platform that complies with all the South African Reserve Bank guidelines for crypto trading in South Africa.

The Luno platform is a fiat/crypto to cryptocurrency trading exchange connecting traders seeking to buy or sell digital assets. The platform supports payments of 10 fiat currencies, including the South African Rand (ZAR). Payment methods include ETF, Instant ETF, and cash deposit. Luno offers free deposits and withdrawals of ZAR through ETF.

Luno has a mobile app available for IOS and Android users in South Africa with a 3.9/4 star rating on the Google Play Store.

Some of Luno’s key features include:

  • Adequate security
  • Free ZAR deposits and withdrawals
  • Trading fees: 0.4% for makers and 0.6% for takers, which may be reduced based on your 30-day trading volume
  • 24/7 customer support
  • Educational materials to help users understand cryptocurrencies

If you want to learn more about Luno, check out our comprehensive Luno review here

 

Trading Fees: 0.4% maker/ 0.6% taker

Supported Cryptos: 10+

ZAR Payments: Yes, with ETF

Customer Support: 24/7 live chat and email

 

Luno Pros and Cons

👍 Luno Pros👎 Luno Cons
✅ Very beginner friendly❌ Lacks advanced features
✅ Simple signup process❌ High trading fees
✅ Easy to buy and sell cryptos❌ Poor liquidity
✅ Reliable app❌ No margin or leverage trading
❌ Low number of supported cryptos

 

Visit Luno

 

5. Kraken

Kraken was founded by Jesse Powell in 2011 and has its headquarters in San Francisco, California. The platform has over 9 million users across over 190 countries, including South Africa. Kraken supports over 200 cryptocurrencies for trading with an average daily trading volume of over $100 million. It is a fully licensed crypto exchange and fully complies with all the rules and regulations for trading in South Africa.

Kraken is the best option in South Africa regarding security. The platform takes security very seriously as it implements advanced security features, including two-factor authentication, cold storage, and SSL encryption. Kraken also provides proof of reserves, which shows that user assets are backed with company funds. That makes it the most secure exchange for crypto traders or investors in South Africa.

Kraken offers spot and futures trading and a wide range of passive income products, including staking and mining. It offers a 0.16% maker fee and a 0.26% taker fee on the spot market. For futures trading, it offers a 0.02% maker fee and a 0.05% taker fee with leverage of up to 50x on derivatives and perpetual contracts. That makes Kraken more suitable for futures trading and less suitable for spot trading, as it offers low futures but high spot fees. Kraken supports 7 fiat currencies for payments, but the South African Rand (ZAR) still needs support. However, users in South Africa can buy crypto directly through a Visa/master card or digital wallet.

Kraken provides a mobile app for trading for Android and iOS users in South Africa with a 4.2/5 star rating on the Google Play Store.

Some of Kraken’s key features include:

  • Optimum security and proof of reserves
  • Copy trading
  • Demo trading account
  • 24/7 customer support via live chat and email
  • Low future fees
  • Offers margin trading with up to 5x leverage
  • Educational materials to help users understand cryptocurrencies
  • User-friendly interface for beginners

If you want to learn more about Kraken, check out our comprehensive Kraken review here

 

Spot Fees: 0.16% maker/ 0.26% taker

Futures Fees: 0.02% maker/ 0.05% taker

Supported Cryptos: 220+

Futures Contracts: 110+

Customer Support: 24/7 live chat

 

Kraken Pros and Cons

👍 Kraken Pros👎 Kraken Cons
✅ Very beginner friendly❌ Lacks advanced features
✅ Low futures fees❌ High spot fees
✅ Very secure❌ Poor liquidity
✅ Reliable platform❌ No ZAR payments

 

Visit Luno

 

6. Gate.io

Gate.io was founded by Lin Han in 2013 and has its headquarters in the Cayman Islands. Gate.io is one of the largest crypto exchanges in the world, with over 13 million users across 180 countries, including South Africa. The platform gives users over 1700 cryptocurrencies, with an average daily trading volume of over $4 billion. That makes Gate.io the best choice for South African traders and investors seeking a wide range of digital assets to diversify their portfolios. Gate.io is fully licensed and complies with all the South African Reserve Bank guidelines for crypto trading in South Africa.

Gate.io is best for a wide range of supported coins and bot trading for users in South Africa. It stands out with its wide range of trading bots that help users earn money without constantly monitoring the market.Gate.io also offers spot and futures trading, NFT trading, and a wide range of passive income products. On the spot market, Gate.io offers a 0.2% fee for both makers and takers, while for futures trading, it charges 0.015% for makers and 0.025% for takers. The platform offers leverage of up to 10x on margin trading and up to 100x for futures and derivatives. Additionally, there’s a 25% discount on spot fees when you pay with the Gate token “GT.”

Gate.io is also the best option in South Africa for passive income products as it offers Crypto loans, Copy trading, Lend&Earn, HODL&Earn, staking, cloud mining, liquidity mining, auto investment, ETH 2.0 staking, and many more to help users earn money on the platform.

Gate.io offers free crypto deposits. Unfortunately, Gate.io doesn’t support direct fiat deposits or withdrawals. You can only deposit or withdraw supported cryptos. However, users in South Africa can buy crypto on Gate.io through Visa/Mastercard or bank transfer through 3rd party payment methods, e.g., Mercuryo, MoonPay, and BANXA. The fees range from 1% to 6% based on your currency and payment method. The cheapest option for South African traders is BANXA as it offers free ZAR bank transfers.

Gate.io also features a mobile trading app to enable users in South Africa to trade and invest easily on their phones, available for IOS and Android devices with a 4.3/5 rating on the Google Play Store.

Some of Gate.io’s key features include:

  • Copy trading
  • Demo trading
  • Automated trading bots
  • Offers leverage of up to 100x on futures
  • Wide range of passive income products
  • Wide range of supported cryptos
  • Adequate security and proof of reserves

If you want to learn more about Gate.io, check out our comprehensive Gate.io review here

 

Spot Fees: 0.2% maker/ 0.2% taker

Futures Fees: 0.015% maker/ 0.025% taker

Supported Cryptos: 1700+

Customer Support: 24/7 live chat

 

Gate.io Pros and Cons

👍 Gate.io Pros👎 Gate.io Cons
✅ High liquidity❌ Not beginner friendly
✅ Low futures fees❌ High spot fees
✅ 1500+ supported cryptos❌ No fiat deposits or withdrawals (only payments)
✅ Numerous passive income products

 

Visit Gate.io

 

7. Coinbase

Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam, with its headquarters in San Francisco, California. It is one of the largest crypto exchanges in the world, with over 100 million users across over 150 countries, including South Africa. Coinbase offers users access to over 250 cryptocurrencies for trading with a daily trading volume of over $230 million. Coinbase is fully licensed and compliant with all the South African Reserve Bank guidelines for crypto trading in South Africa.

Coinbase stands out as the best trading platform in South Africa for beginners and inexperienced traders, as it features simple tools and a user-friendly interface for easy navigation and effective portfolio management.

Unfortunately, Coinbase does not offer futures trading. That makes it less suitable for crypto traders and more suitable for investors seeking to buy and hold cryptos. It also has high trading fees, offering a charge of 0.4% for makers and 0.6% for takers on the spot market. Coinbase supports over 60 fiat currencies for payments, including the South African Rand (ZAR). Payment methods include Visa/Master card, wire transfers, and PayPal. Users in South Africa can make use of a Visa/Mastercard which attracts a fee of 3.99% per transaction.

Critical features of Coinbase include:

  • Price alert notifications
  • Educational materials
  • Offers crypto staking
  • Offers a Web3 wallet
  • User-friendly interface with simple tools

If you want to learn more about Coinbase, check out our comprehensive Coinbase review here

 

Spot Fees: 0.4% maker / 0.6% taker

Futures Fees: Does Not support futures trading

Supported Cryptos: 220+

Futures Contracts: Doesnt support futures trading

Customer Support: 24/7 email support

 

Coinbase Pros and Cons

👍 Coinbase Pros👎 Coinbase Cons
✅ Very beginner friendly❌ Very high trading fees
✅ Low futures fees❌ Poor liquidity
✅ Highly regulated❌ Lacks advanced trading options
✅ NFT trading❌ No margin or futures trading

 

Visit Coinbase

 

How to Choose a Crypto Exchange in South Africa

The following factors should be considered before choosing a crypto exchange in South Africa.

Security and Regulatory Compliance: Look for advanced security measures, including two-factor authentication and cold storage. The platform should also comply with all the South African Reserve Bank guidelines for crypto trading in South Africa. Adequate security and regulatory compliance guarantee the safety of your assets on the platform.

Fees: Consider a platform with low trading fees and low deposit and withdrawal fees, as this would help you maximize profit and improve your overall trading experience.

User Interface:

  1. Choose a platform that offers a user interface for your needs.
  2. If you’re a beginner, look for platforms with simple interfaces and trading tools.
  3. If you’re an experienced trader, choose a platform with advanced trading features for your trading techniques.

South African Rand (ZAR) support: As a crypto trader or investor in South Africa, choosing a platform that supports ZAR for payments is essential, as this helps improve your trading experience.

Supported Cryptos: Consider the number of supported coins on a trading platform. The more the number of supported coins, the better the platform is.

Passive Income products: As a trader or investor in South Africa, consider a platform with a wide range of earning opportunities to help you maximize profit.

 

Final Words

This guide explains the 7 best Crypto exchanges in South Africa. Choose any platform that offers the services you like based on this comprehensive review.

  • Gate.io and Bitget are the best options for a wide range of supported cryptos.
  • For a user interface that is easy to navigate for beginners, Coinbase and Luno are the best options.
  • Binance, Bitget, and Bybit are the best options for low trading fees and generous discounts.
  • Gate.io stands out as the best option for users in South Africa for a wide range of passive income products.
  • Kraken, Bitget, and Bybit are the best options for adequate security and proof of reserves.
  • For a wide range of payment options and supported fiat currencies, Binance and Coinbase are the best options.
  • For high leverage on derivatives and futures, Binance, Bybit, Bitget, and Gate.io are the best options for users in South Africa.

 

FAQs

Is Cryptocurrency Trading Legal in South Africa?

Yes, crypto trading is legal in South Africa and is fully regulated by the South African Reserve Bank.

Which Crypto Exchange has the Lowest Trading Fees in South Africa?

Gate.io has the lowest futures trading fees as it offers 0.015% for makers and 0.025% for takers, with leverage of up to 100x for futures and derivatives. However, Bitget and Binance offer the lowest spot trading fees as they charge 0.1% for both makers and takers and give discounts of up to 25% when payments are made with their native tokens.

What is the Safest Crypto Exchange in South Africa?

Kraken is the most secure crypto exchange in South Africa as it implements advanced security features, provides adequate proof of reserves, and has never been hacked.

Is it Safe to Buy Crypto in South Africa?

Yes, it is safe to buy Crypto in South Africa. Use any of the exchanges listed above to purchase any cryptocurrency.

What is the best Crypto Exchange For Beginners in South Africa?

Coinbase is the best crypto exchange for beginners in South Africa as it offers a simple interface and simple tools that are easy to navigate for beginners.

Which Crypto Exchange is The Best in South Africa?

Overall, Bitget is the best Crypto exchange in South Africa as it has all the necessary features for a seamless trading experience. It offers copy trading, demo trading, bot trading, a wide range of supported cryptos, passive income products, and many more that make it stand out.

 

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