Meta description: Discover the top 5 cryptocurrency exchanges in South Africa for 2024. Compare fees, features, security, and customer support to find the best platform for buying and trading Bitcoin and altcoins.
As cryptocurrency adoption continues to grow in South Africa, it’s crucial to choose a reliable and trustworthy exchange. Based on our experts’ comprehensive review, we’ll reveal the five best crypto exchanges in South Africa for 2024. Learn about the top platforms and compare their fees, features, security, customer support options, and more.
Summary of 5 Best Crypto Exchanges in South Africa:
In South Africa, experts advise opting for exchanges regulated by the South African Reserve Bank (SARB) for purchasing and trading Bitcoin and other cryptocurrencies. By utilizing bank transfers, PayFast, or credit cards to deposit South African rand (ZAR), individuals can legally buy, stake, and trade digital assets.
For novices embarking on their crypto ventures in South Africa, we’ve assessed the top 5 trading platforms prevalent in the region:
- Bybit – Best Overall Crypto Exchange in South Africa
- Binance – Best Alternative Exchange
- MEXC – Best for Derivatives and Leverage
- OKX – Good Option for Institutional Investors
- Gate.io – Top Choice for Altcoins
| Exchange | # of Cryptos | Trading Fees | Deposit Methods | Key Features |
| Bybit | 930+ | 0.01% maker, 0.06% taker | Bank transfer, PayFast, debit/credit card | Staking, options, futures, lending |
| Binance | 350+ | 0.1% spot, 0.5% spread | Bank transfer, debit/credit card | Derivatives, earn, BNB chain |
| MEXC | 300+ | 0.02% maker, 0.06% taker | Bank transfer, debit/credit card | 200x leverage, options |
| OKX | 300+ | 0.1% trading, 0.1% spread | Bank transfer, debit/credit card | Options, futures, DeFi, OKX wallet |
| Gate.io | 1,700+ | 0.08% trading, 0.1% spread | Bank transfer, credit card | Widest altcoin variety, futures, options |
Bybit Overview
Rated as the premier crypto exchange in South Africa and also recognized as the best crypto exchange in Asia, Bybit is known for its extensive selection of over 930 cryptocurrencies, robust security measures, and compliance with local regulations. The platform offers a comprehensive and reliable trading experience for both novice and advanced users.
Best features:
- Supports trading of 930+ cryptocurrencies via spot, options and futures markets
- Highly competitive fees with 0.01% for makers and 0.06% for takers
- Instant ZAR deposits and withdrawals via bank transfer, PayFast, debit/credit cards
- Advanced features like staking, margin trading, derivatives, and lending
- Trusted by over 10 million users worldwide
Why we like it: Bybit stands out as the top choice in South Africa for its vast coin selection, feature-rich platform, and adherence to SARB regulations. Both beginner and professional traders can enjoy low fees, ZAR support, and advanced trading products.
Key Metrics:
- 930+ supported cryptocurrencies
- Maker/taker fees of 0.01%/0.06%
- Processes $10B+ in daily trading volume
- Serves over 10 million registered users
- Offers up to 100x leverage on derivatives
- Supports ZAR deposits via bank transfer, PayFast, debit/credit cards
- 99.99% cold wallet storage for user funds
- 100,000 TPS matching engine
- 24/7 customer support via live chat and email
- Rated 4.3/5 on Trustpilot with 10,000+ reviews
Binance Overview
A leading global exchange, Binance provides South African traders with access to 350+ cryptocurrencies at competitive fees. It is authorized with a financial services provider license and enables diverse payment options for easy ZAR deposits.
Best features:
- 350+ cryptocurrencies available for spot and derivatives trading
- Low 0.1% trading fee and 0.5% spread
- Licensed financial service provider in South Africa
- Supports bank transfers and debit/credit card deposits in ZAR
- Staking, savings, and loans available for earning passive income
- Binance NFT marketplace and Binance Pay services
Why we like it: With its strong brand reputation, diverse crypto selection, and low fees, Binance is a reliable option for South African investors. The convenient ZAR deposit methods and licensed operations provide a secure on-ramp.
Key Metrics:
- Supports 350+ cryptocurrencies
- 0.1% spot trading fee and 0.5% spread
- Fully licensed by the FSCA in South Africa
- Processes over $50 billion in daily trading volume
- 100+ million registered users worldwide
- Offers up to 125x leverage on futures
- Staking rewards of up to 120% APY
- 180+ supported fiat deposit options
- SAFU insurance fund valued at $1 billion
- Rated 4.2/5 on CoinGecko with 1,000+ reviews
MEXC Overview
Emerging as a derivatives-focused crypto trading platform, MEXC Global caters to South African traders seeking high-leverage options up to 200x across 300+ cryptocurrencies. The exchange prioritizes security through its Estonian licensing and Seychelles-based operations.
Best features:
- Supports 300+ cryptocurrencies for spot and margin trading
- Offers up to 200x leverage on futures contracts
- Competitive maker/taker fees of 0.02%/0.06%
- Supports ZAR deposits via bank transfer and debit/credit cards
- Provides staking, IEOs, and a user-friendly mobile app
- Processes over $2 billion in daily trading volume
Why we like it: MEXC stands out for its high-leverage futures offering, appealing to advanced South African traders. The platform’s wide range of altcoins, competitive fees, and user-friendly interface make it a solid choice for derivative enthusiasts.
Key Metrics:
- 300+ supported cryptocurrencies
- 0.02% maker and 0.06% taker fees
- Offers up to 200x leverage on perpetual futures
- Processes $2 billion+ in daily trading volume
- Supports ZAR deposits via bank transfer, debit/credit card
- Licensed in Estonia and based in Seychelles
- Staking rewards of up to 150% APY
- Hosts IEO launchpad for new projects
- Mobile app with 4.2/5 rating on Google Play
- 24/7 customer support via live chat and email
OKX Overview
OKX offers South African investors a comprehensive selection of 300+ digital assets, including majors like BTC and ETH and popular DeFi tokens. With its extensive suite of services including spot and derivatives trading, staking, a native blockchain, and NFT marketplace, OKX provides a dynamic ecosystem for diverse crypto exposure.
Best features:
- 300+ crypto assets across spot, margin, futures, and options markets
- Low 0.1% trading fees and 0.1% nominal spread
- Supports ZAR deposits via bank transfer and debit/credit cards
- Earn passive income with staking and flexible savings
- Built-in DeFi ecosystem with OKT Chain and AMM DEX
- Learn and earn program with Cryptoversity educational content
Why we like it: OKX appeals to South African investors seeking a versatile platform with DeFi capabilities. With the OKT Chain enabling lucrative yield farming and extensive trading features, OKX is well-suited for DeFi enthusiasts and experienced traders looking to optimize their crypto portfolio.
Key Metrics:
- Supports 300+ cryptocurrencies
- 0.1% trading fees and 0.01% maker/taker fees
- Offers up to 125x leverage on perpetual swaps
- Over $7 billion in average daily trading volume
- 20 million+ registered users worldwide
- Staking yields of up to 90% APY
- Awarded best crypto exchange at Blockchain Life 2023
- Cryptoversity learning hub with 200+ articles
- OKT Chain features 100+ DApps and $100M TVL
- 4.4/5 rating on Trustpilot with 2,000+ reviews
Gate.io Overview
With a staggering variety of 1700+ supported cryptocurrencies, Gate.io is a prime destination for South African altcoin traders. The platform combines its vast token selection with competitive fees, a startup incubation program, and robust trading features to cater to a range of investor preferences.
Best features:
- Extensive selection of 1,700+ crypto assets for trading
- Competitive 0.08% trading fee and 0.1% spread
- Supports ZAR funding via bank transfers and credit cards
- Offers spot, margin, futures, and options markets
- Dedicated startup program for early-stage projects
- Intuitive mobile app and copy trading functionality
Why we like it: Gate.io is a top choice for South African crypto investors seeking exposure to newly launched and niche altcoins. With its massive variety of supported assets, attractive fee structure, and unique services like Startup, Gate.io offers a compelling platform for discovering high-potential projects.
Key Metrics:
- 1,700+ supported cryptocurrencies
- 0.08% trading fee and 0.1% spread
- Up to 10x leverage on margin trading
- $5 billion+ average daily trading volume
- 8 million registered users worldwide
- Lists 50+ new coins through Startup program monthly
- Offers software and hardware wallet integrations
- Mobile app with 4.6/5 rating on iOS App Store
- Supports 170+ trading pairs on spot and derivatives
- 4.3/5 rating on CoinGecko with 350+ reviews
For those considering crypto investments in other regions, check our comprehensive reviews of:
- Best Crypto Exchanges in Bangladesh
- Best Crypto Exchanges in Thailand
- Best Crypto Exchanges in Qatar
How to Buy Crypto in South Africa
For beginners aiming to invest in digital currencies within South Africa, adhere to this detailed, step-by-step guide for lawful and secure transactions:
- Select a reliable exchange: Choose a SARB-approved platform like Bybit for the best overall experience.
- Register an account: Sign up with your email, set a strong password, and complete any required KYC verification.
- Deposit ZAR: Fund your account via domestic bank transfer, PayFast, or debit/credit card.
- Buy crypto: Navigate to the trading page, select your desired cryptocurrency, and confirm the purchase amount.
- Secure your assets: Withdraw your purchased coins to a private wallet for safekeeping.
Legality and Regulation of Crypto Investing in South Africa
While crypto is not recognized as legal tender, Bitcoin and other digital assets can be legally purchased and traded under the oversight of the South African Reserve Bank (SARB) and Financial Sector Conduct Authority (FSCA).
Is Crypto legal in South Africa?
Yes, buying, selling, and holding cryptocurrency is legal in South Africa. The SARB has stated it has no intention to ban digital currencies. However, crypto is not considered legal tender, and transactions remain subject to existing exchange control regulations.
In 2022, the FSCA officially declared crypto assets as financial products, requiring exchanges and service providers to register as financial services providers. This subjects crypto platforms to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) obligations while providing greater consumer protections.
How is Crypto taxed in South Africa?
The South African Revenue Service (SARS) views cryptocurrencies as intangible assets subject to income or capital gains tax. Profits from frequent trading are taxed as income, while occasional disposals are subject to capital gains tax with a maximum effective rate of 18%.
Taxpayers must declare all crypto-related profits or losses on their annual returns. The tax brackets range from 18% to 45% for income tax and 0% to 18% for capital gains, based on total annual income. SARS can access local and foreign crypto exchange records to enforce compliance.
Conclusion
When selecting a cryptocurrency exchange in South Africa, it’s essential to prioritize platforms that are reputable, secure, and fully compliant with SARB and FSCA regulations. Our top recommendations, Bybit and Binance, stand out for their extensive crypto selections, competitive fees, convenient ZAR deposit options, and advanced features. By using a trusted exchange and staying informed on the evolving legal landscape, South African investors can confidently navigate the exciting world of cryptocurrency trading.
FAQs
What is the best crypto exchange in South Africa?
Bybit is our top pick for the best overall crypto exchange in South Africa, offering 930+ coins, low fees, ZAR support, and advanced trading features.
How can I buy Bitcoin in South Africa?
To buy Bitcoin in South Africa, sign up on a SARB-approved exchange like Bybit, deposit ZAR via bank transfer or PayFast, navigate to the BTC/ZAR trading pair, and place an order.
Are crypto gains taxed in South Africa?
Yes, profits from cryptocurrency trading are subject to either income tax or capital gains tax in South Africa, with rates based on your total annual income. Be sure to keep records and declare any crypto gains on your tax return.
Which exchanges allow ZAR deposits?
The best South African crypto exchanges supporting ZAR deposits include Bybit, Binance, MEXC, OKX, and Gate.io. These platforms enable ZAR funding via bank transfer, PayFast, and debit/credit cards for convenient trading.
