South Africa is one of the biggest marketplaces in Africa for the sale and purchase of Bitcoin. There are also many Bitcoin ATMs available, and this makes Bitcoin trade more convenient.
In this article, you will learn helpful tips and steps to follow to buy Bitcoin in South Africa. We'll be using one of the easy-to-use international platforms for Bitcoin trading – Remitano.
Remitano is a product of Babylon Solutions Limited, which is a Seychelles-based venture. It is a marketplace for trading both fiat and cryptocurrencies. It works in over 38 countries, including South Africa.
Considering the uncertainties many South African crypto buyers and sellers are met with, Remitano is one of the trustable platforms to buy Bitcoin.
Centralized Bitcoin exchanges have several demerits, and their customers are looking for more efficient ways to carry out their transactions.
This is where peer-to-peer trading comes to the rescue. Remitano is a peer-to-peer exchange platform where you can sell and buy Bitcoin and trade in fiat currency.
Because Bitcoin growth is hampered by poor global traction and external control, as observed with centralized Bitcoin exchanges, P2P exchange platforms like Remitano are a better option.
You really would not be comfortable with every one of your transactions being monitored, would you?
If you are worried about the risks that can be incurred during P2P Bitcoin transactions, Remitano has a way to deal with that. Remitano is an escrow-protected P2P marketplace.
This means that a third party – Escrow – holds the funds from you and your supplier until the transaction is complete.
So, you can dismiss the fear of being duped when you send money directly into the account of the counterparty you want to buy Bitcoin from.
The counterparty also does not have to worry about the possibility of not getting paid when a potential customer wants to buy Bitcoin from them.
Remitano's user interface is also easy to use and navigate through. You don't have to be an expert in FinTech to use Remitano to buy Bitcoin.
To buy Bitcoin on Remitano, follow these simple steps.
Make sure you agree to Remitano's terms of services and privacy policy too.
Remitano does not require a password for your account. Instead, a secured login link would be sent to your email. This is the link that you have to open before you can sell or buy Bitcoin.
There is a list of Bitcoin sellers on the platform based on the location that you can choose from. Make your choice from the list of Bitcoin sellers provided.
After making the payment, make sure you click on the "I have paid seller" button.
Your Bitcoin wallet will be funded once the seller confirms the receipt of payment.
For every transaction carried out, Remitano charges a 1% fee. And as mentioned earlier, Escrow secures all trades until both you and the seller meet all the criteria for the transaction to be successful.
With Remitano's Simplex feature, purchasing Bitcoin using a credit or debit card is effortless.
The Simplex feature isn't accessible in any of the FATF-listed nations. Fortunately, South Africa is not on the list, so you can appreciate this service.
Let's talk about how you can use this service.
Click "Buy" and input the desired Bitcoin amount that you want. If you are satisfied with the amount to be paid, click "Buy now."
You will be asked to check your payment information and after confirming, click "Buy now."
You will then be redirected to the Simplex website. A payment form will appear; fill it and select "Pay Now."
A verification mail will be sent to you and a 4-digit code to your phone. Enter the verification code.
Take not that there's a Remitano Bitcoin Trade Limitation for a Buyer!!
On Remitano, you will only be allowed to buy a maximum of 2 BTC in your initial deal, and once you complete your first transaction, the restriction will be lifted.
The seller, on the other hand, can set a restriction on the quantity of trade. That is, a seller can put a restriction on how much you can buy.
The minimum amount of Bitcoin you can buy on Remitano is 0.02 BTC.
Remitano takes pride in their delivery competence, and so, they set a maximum of 15 minutes to complete all transactions after commencement.
However, there may be instances where you buy Bitcoin, and there is a delay in the transaction. What then does Remitano compensate for this?
Remitano will return 50% of the transaction cost to you if the trade is not completed within the stated 15 minutes to compensate you.
Simply put, the transaction will be referred to as a delayed completion.
If you need any further assistance with Bitcoin transactions, Remitano offers responsive customer service that is accessible 24/7.
Confirm the Bitcoin address thoroughly. The moment you notice any errors, discontinue that transaction.
For a faster transaction, select a seller who uses the same bank as you do.
Carry out transactions in areas where the network service is good. A poor network can delay transactions or even halt them.
All transactions must be done on the Remitano platform. Do not send money to any external account for any trade with a seller.
In South Africa, trading in Bitcoin is not forbidden by law. Despite this, the South African Reserve Bank has issued some warnings to crypto enthusiasts concerning dealing in the currency.
This was done to make people aware of the risks associated with the cryptocurrency trade. However, there are no regulations against undertaking Bitcoin transactions.
The South African Reserve Bank also stated that revenues generated from Bitcoin trades are taxable. This holds for all other crypto trades as well.
Asides from the attempts to warn citizens of crypto-related risks and the statement on taxation, there are no issues so far with Bitcoin trade in South Africa.
Asides from Bitcoin, other cryptocurrencies like Ripple, Ethereum, Bitcoin Cash, Tether, Litecoin, and a variety of other altcoins are supported by the Remitano app.
Yes, there is an app for the P2P exchange service. To encourage mobile-based traders, Remitano developed mobile apps on both the Android and iOS platforms.
You can either download the app on the Google or Play store or buy Bitcoin directly on the Remitano's website.
