Best Bitcoin Brokers in South Africa: If you’re wanting to trade bitcoin in South Africa, there are two options available to you.
To begin, you can purchase Bitcoin straight from a cryptocurrency exchange, store it in a BTC wallet, and wait for the price of Bitcoin to grow. You can then sell it later when the price of Bitcoin has increased in order to profit. The disadvantage of this is the risk associated with the security of your Bitcoin wallet and the exchange, as well as the fees associated with the exchange. Additionally, if you wish to speculate on the price of Bitcoin falling, you will be unable to place a sell order.
In the second option, you can trade Bitcoin as a contract for difference (CFD) trading instrument at licensed forex brokers without really owning the asset; that is, you are not investing in bitcoin but are merely speculating on its price.
In this tutorial, we will look at the brokers that offer leveraged Bitcoin trading as CFDs in South Africa, as well as the brokers who charge the lowest costs.
For the purposes of this article, we investigated more than 20 CFD firms that provide cryptocurrency trading in South Africa. We looked into whether or not they were locally regulated, the number of crypto CFDs offered on their site, bitcoin trading fees, multi-device support, and the quality of their customer care.
6 Best Bitcoin brokers in South Africa for 2022
- Exness – Overall best Bitcoin Trading Broker
- Plus500 – Good Cryptocurrency CFD provider
- Hotforex – FSCA Regulated CFD broker offering Bitcoin trading
- IC Markets – Low-cost Bitcoin CFD Broker
- Avatrade – Regulated with FSCA
- FXTM – Good Bitcoin Trading platform
1. Exness – Best Bitcoin Broker in South Africa
They offer MetaTrader 4 & 5 trading platforms. There are no fees on deposits & withdrawals.
- Licensed with FSCA in South Africa.
- 7 crypto CFD pairs.
- Low minimum deposit.
- Zero deposit & withdrawal charges
- Some users have complained about support being inaccessible at times or slow to respond
2. Plus500 – Overall Best Cryptocurrency CFD provider
- Plus500 is a regulated CFD provider, regulated with ASIC (AFSL N. 417727), FCA (FRN 509909) & CySEC (Licence No. 250/14).
- 14 crypto CFD pairs are available on their platform.
- Their minimum deposit is R1500, which is not too high. And zero fees on deposits & withdrawals.
- User-friendly platform, available on mobile & web.
- Negative balance protection & guarantee Stop loss available.
- Support is good & available 24/5 via Live Chat & emails.
- The trading fees for some Crypto CFDs is a bit higher than other platforms.
3. Hotforex – regulated with FSCA & offers Bitcoin Trading
- Hotforex is regulated with FCA (UK), CySEC, and in South Africa with FSCA under FSP No: 46632. So it is considered safe to trade with them.
- 7 crypto pairs are available for trading.
- Their order execution is quick.
- Their Bitcoin CFD trading fees is very competitive at around 30 units of currency ($30 USD) on average per 1 BTCUSD trade.
- The standard market trading hours at Hotforex are limited from Monday to Friday. So you cannot trade bitcoin CFD on weekends.
4. IC Markets – Low-cost Bitcoin CFD broker
IC Markets Pros
- IC Markets is ASIC regulated CFD broker (AFSL No. 335692).
- 10 cryptocurrencies available for CFD trading.
- Their spread for crypto trading is very low.
- IC Markets is a ECN broker, so there is no conflict of interest.
- Zero Fees on deposits & withdrawals.
- Their support is very good & available 24/5.
IC Markets Cons
- They don’t offer negative balance protection.