The Best Crypto Exchange to Buy Altcoins in South Africa
To buy altcoins in South Africa is not complicated. First, when people mention altcoins, they are simply referring to any coin other than Bitcoin (BTC)..
To buy altcoins in South Africa is not complicated. First, when people mention altcoins, they are simply referring to any coin other than Bitcoin (BTC). Second, nowadays you can buy altcoins through many platforms that already exist. But since thousands of cryptocurrencies are circulating on the internet, it can be understood why buying altcoin is not always an easy job.
Trying to navigate through cryptocurrency space can be a daunting task. You need to consider a lot of things before making the decision. Luckily, in this guide, we’ll be sharing everything that you need to know about buying altcoins in South Africa and which exchanges you should consider using.
What are altcoins?
Before you read this article, you’ve probably heard the term “altcoin” at least once, even if you are new to cryptocurrency. Altcoins, or alternative coins, refers to every cryptocurrency that isn’t Bitcoin. Thousands of altcoins have been created since Bitcoin first started in 2009. In fact, there are still over 5000 cryptocurrencies in existence today, you can check them out on CoinMarketCap.
Altcoins can come into existence in a few different ways. A few of these include:
- The results of forking cryptocurrency, which could be a hard fork cryptocurrency (E.g. Bitcoin Cash), or a fork of the code of another coin (E.g. Litecoin).
- A coin/token that doesn’t run on its own blockchain (E.g ERC20 tokens built on Ethereum).
- A completely new blockchain.
What are the best altcoins to invest in?
Deciding which coins you should buy is something that only you can decide on. We’ve included a brief description of the top 3 altcoins below:
Ethereum aims to be the worlds biggest decentralized computer that is capable of running and executing complicated smart contracts and run tokens on top of it. We’d recommend taking a look at Ethereum official website for further information.
Learn more: How to Buy Ethereum in South Africa
- XRP (RIPPLE)
XRP is a coin developed by a company called Ripple. Ripple aims to help drastically improve global settlement time by allowing banks and financial institutions to use their coin to settle international transactions in a matter of seconds. Check out Ripple’s official website for more information on XRP.
Learn more: How to Buy XRP (Ripple) in South Africa
Litecoin is one of the older altcoins, which went live in October 2011. Litecoin is very similar to Bitcoin because it is a fork of Bitcoins codebase. The only difference is that Litecoin has shorter block times (2.5 minutes compared to Bitcoins 10 minutes), and it has lower transaction fees.
*Please make sure you do your research before buying any altcoins to make sure you understand what you are buying and to avoid any scams
How to choose the right place to buy altcoins in South Africa?
Now that you know what altcoin is and its many types are, the next question would be how to choose the best cryptocurrency exchange to buy altcoins in South Africa. Choosing the right cryptocurrency exchange can be a difficult and confusing task. Here are some tips on what to look for when choosing a crypto exchange:
This tends to be the make or break when people are looking for an exchange to use. Unfortunately, it’s just about impossible to find any exchange that has 0 fees. Of course, you want to use an exchange with competitive and low fees. It’s up to you to decide how much you are willing to pay towards fees, in our opinion anything under 2.5% is a decent exchange fee.
- EASE of USE
Many crypto exchanges are quite complicated and are nearly impossible to use if you are new to the cryptocurrency industry. Most people will look for an exchange that has a clean and easy to use interface.
- VERIFICATION PROCESS
Any exchange that supports fiat currencies (such as the Rand) will require KYC/AML (Know Your Customer/Anti Money Laundering). It is however still possible to find cryptocurrency exchanges that do not support any fiat deposits/withdrawals that will allow users to trade completely anonymously. It is always best to find an exchange that has a simple and quick sign up and verification process.
- COINS LISTED
One of the big things that people look for when trying to find an exchange is the coins that they have listed. This is something that will be different for everyone, but if you are planning on purchasing multiple altcoins try to find 1 exchange that has all/most of them rather than having to sign up and deposit funds onto multiple exchanges.
Where can I buy altcoins in South Africa?
You’ve come to the right place if you’re looking for the best cryptocurrency exchange in South Africa! Here, Easy Crypto makes it quick and easy for any South African to purchase over 100 cryptocurrencies in the world!
Why should I use Easy Crypto?
- Easy Crypto has some of the most competitive pricing and fees in South Africa.
- Easy Crypto makes it extremely easy for anyone in South Africa to purchase Bitcoin and cryptocurrencies, even if you have no experience.
- We deliver coins to your wallet within minutes.
- You are in control of your funds at all times.
- We have over 100 different cryptocurrencies listed on our site.
How can I buy altcoins with Easy Crypto?
Time needed: 5 minutes.
As we mentioned earlier, to get started with Easy Crypto is easy. Here, you can follow these simple steps:
- Sign up
Head over to Easy Crypto’s sign up page and log in using your email address, Facebook account, Google account or Twitter account.
- Verify your account
Once you’ve logged in you’ll need to verify your account. This should only take a couple of minutes.
- Buy your altcoins
Once your account has been verified you’re all good to go! You can now purchase any cryptocurrency that we have listed on our site. You can buy Bitcoin and you can buy any altcoin in South Africa.
If you need any help with setting up your account, verify your account, placing an order, or anything else, please don’t hesitate to contact Easy Crypto team, we’d be more than happy to help!
Now, are you interested in buying Ethereum, or any other altcoin in South Africa?