Unlike in most other parts of the world, investing in cryptocurrencies can be risky business in South Africa. With new cryptocurrency-related being rolled out on a weekly basis, criminals are eager to get their share of crypto at your disposal. With that being said, it's still very possible to buy and sell cryptocurrencies in South Africa; here's how I do it:
Firstly, it’s important to note that there are very few registered cryptocurrency exchanges in South Africa but there are many local cryptocurrency-related scams. ICE3X is a reliable local exchange which has been operating since 2013 and allows for safe Bitcoin, Litecoin and Ethereum trading in ZAR and NGN. Since this is the exchange I use, this advice pertains particularly to this exchange.
Starting off is as easy as creating an account which can be done by following this link: https://ice3x.com?ref=14315278 - Once that’s done, get your account verified by submitting a copy of your ID, proof of residence and proof of bank account ownership and you’re all set to start trading! (See Starting Trade Fees below - these become less as you begin to trade more)
You can decide on how much you’d like to invest (which should never be more than you can afford to lose just in case things turn sour) and depositing funds into your account is just a quick EFT away. From there, you can buy your preferred choice of Bitcoin, Litecoin and/or Ethereum, and sell it again whenever you want to. You can also choose to withdraw or transfer your ZAR funds at any time to get your money back whenever you need it.
NB. Although your ICE3X account does come with your own secure cryptocurrency wallet, storing large amounts of money online for long periods of time is not recommended on any exchange and ICE3X is no different in that sense. If you plan to buy cryptocurrencies to store for the long run, best be safe and buy yourself an offline cryptocurrency hardware wallet for guaranteed long-term protection of your investment(s) against hackers. Transferring your crypto from ICE3X to your offline hardware wallet is simple and when you’re ready to sell, you can always transfer it back into your ICE3X account and sell it in no time at all.
And that, ladies and gentlemen, is how to safely buy and sell cryptocurrencies in South Africa without having to worry about being scammed in the process. I hope this helped you in some way and if it did, please don't forget to "upvote" this article and subscribe to my Steemit channel for more content like this. 👊
