Crypto Exchange Comparison in South Africa

The crypto space has been predominantly occupied with Bitcoin’s rally over the past few months. As of March 2021, Bitcoin has charted a new all-time high by trading just over USD $61,000 or roughly ZAR R896,000.

For those interested in investing in Bitcoin or cryptocurrencies in South Africa, there has never been the perfect timing. Luckily, nowadays buying crypto is a relatively simple and easy process if you know where to start.

This crypto exchange comparison in South Africa will help you get started investing in no time.

To help you get started, we’ll be discussing and comparing the process of buying Bitcoin from crypto exchanges in South Africa compared to Easy Crypto. 

Get the latest BTC rates: Click here to view the latest Bitcoin prices in South Africa.

Comparing crypto exchanges in South Africa

As with any investments, whether it’s stocks or crypto, there are variables to consider before proceeding. One of those variables to consider are the fees and costs involved. 

Common fees that crypto exchanges charge you are network fees, withdrawal fees, conversion fees, and more. Some exchanges are upfront and transparent about these fees, while others are more cleverly hidden. 

To get a sense of the true costs involved when buying crypto, we’ve conducted a comparison below by purchasing R1000 worth of bitcoins (BTC). 

Also read: Click here to read our complete guide on Bitcoin.

Easy Crypto

Our first comparison will involve conducting a Bitcoin purchase through our very own platform at Easy Crypto. R1000 worth of Bitcoin was purchased using our platform at a rate of R928,970. We ended up receiving 0.00107646 BTC or 107646 sats. 

Because Easy Crypto includes all fees/withdrawal fees in the initial quote, this was the final amount received in our wallet.

As stated previously, since the fee is included in the rate, we ended up receiving the exact amount we were quoted. It appears that we were not charged a withdrawal fee at all, but it was actually included in the actual rate.

Here you can see the transaction ID for the bitcoins we received from Easy Crypto for reference.

Binance

Binance being one of the most globally popular platforms for exchanging cryptocurrencies, we also included it in this comparison. We made a purchase order of R1000 worth of Bitcoin using Binance at a rate of R865,180. We ended up getting 0.001155 BTC or 115000 sats in our Binance account. 

We then withdrew the entire amount to our external crypto wallet and ended up receiving 0.00067167 BTC or 67,167 sats in our wallet.

We were charged a withdrawal fee of 0.0005 BTC or 50000 sats to have them send the bitcoins to our external wallet. 

Here you can see the transaction ID for the bitcoins we received from Binance for reference.

Valr

Valr is another popular option for South Africans to buy, sell, and exchange cryptocurrencies. We made an order of R1000 worth in Bitcoin at a rate of R916,000. We ended up getting 0.00108351 BTC or 108351 sats in our Valr account. 

After we withdrew the entire amount to our external crypto wallet, we ended up receiving 0.00084473 BTC or 84472 sats. Similar to Binance, Valr incurs a fee of 0.00024 BTC or 24000 sats to have our funds sent to our crypto wallet.

Here you can see the transaction ID for the bitcoins we received from Valr for reference.

Luno

Last, but not least is Luno which is also another reputable cryptocurrency exchange available to South Africans. Again, we made a purchase order of R1000 worth of Bitcoin at a rate of R916,472. We ended up getting 0.00107066 BTC or 107066 sats in our Luno account. 

We then proceeded to withdraw our funds directly to our wallet which then yielded 0.00092082 BTC or 92082 sats in our wallet.

Luno, similar to Valr and Binance, incurred a withdrawal fee of 0.00014984 BTC or 14984 sats to have our funds delivered to our external crypto wallet.

Here you can see the transaction ID for the bitcoins we received from Luno for reference.

Need suggestions for a crypto wallet? Click here to read our complete guide into crypto wallets.

Which crypto exchange has the best value in South Africa?

Now that you have a brief overview of how each of the crypto exchanges operates, which one yields the most BTC to your external crypto wallet? Refer to our table below for an overview of the results.

Below are the crypto exchanges ranked by advertised rate v. actual BTC received to our external crypto wallet:

1. Easy Crypto: R928,970 rate. We received 107646 sats in our wallet.
2. Binance: R865,180 rate. We received 67167 sats in our wallet.
3. Valr: R916,000 rate. We received 84472 sats in our wallet.
4. Luno: R916,472 rate. We received 92082 sats in our wallet.

*Note: 1 BTC = 100 000 000 Sats and 0.001 BTC = 100 000 sats*

Below are the crypto exchanges in South Africa ranked based on the advertised rate for BTC/ZAR from lowest to highest:

1. Binance
2. Valr
3. Luno
4. Easy Crypto

Below are the results for the amount of BTC received to our external crypto wallet from each exchange, ranked from most received to least received amount:

1. Easy Crypto
2. Luno
3. Valr
4. Binance

As you can tell, despite the lower rates at Binance, you will get the least amount of BTC for ZAR delivered to your wallet.

With Easy Crypto, you are getting the most end-to-end value and the highest amount of BTC delivered to your crypto wallet within minutes – and at the end of the day, that’s where it counts.

With all that said, we hope this crypto exchange comparison has been informative and insightful for those looking to buy crypto in South Africa. 

In addition to competitive rates, we also offer the ability to automate your investment purchases with auto-buy templates. 

Get started: Click here to Buy Bitcoin in South Africa.

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