Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
How To Sell Bitcoin In South Africa
Before selling bitcoin using you first need to open an account and transfer your BTC into your personal Luno wallet if you haven’t done so already
- First, follow this link to sign up for Luno.
- Once you’re in the platform, click on the hamburger menu at the top left of your screen.
- Once the menu slides open, click on the ‘Luno Wallet’ menu option.
- Now on the top menu, click on ‘Wallets.’
- Click on the ‘Receive’ option.
- Then follow the prompts.
Once you have BTC in your Luno wallet, it’s time to sell it and get that money into your bank account. Here’s how to do it.
LocalBitcoins.com: Benefits & How To Buy/Sell Bitcoin
Localbitcoins.com is a worldwide platform that connects willing local bitcoin buyers and sellers.
LocalBitcoins.com Benefits
Immediate transactions.
While Localbitcoins.com does connect you to actual people who are trying to buy or sell bitcoin, you have the option of selecting a willing buyer or seller that banks with the same bank as you do. This means that the transaction should happen immediately.
Secure account.
Localbitcoins.com goes through great lengths to make sure your trade is secure. Once you have found your buyer or seller, all assets that make up the trade are held in an escrow account to make sure the transaction is as safe as possible. On top of that, the platform is transparent. Each trader gets a feedback score along with other important trust factors that show you how trustworthy the trader you’re dealing with is.
Easy to use.
I really like the no B.S approach to this platform. All you need to do is go in, provide a few details if it’s your first time signing up, and you can start buying and selling bitcoin.
Access to an online Wallet.
While I always recommend storing your crypto in a hardware wallet, LocalBitcoins.com does give you an online wallet you can use to store your bitcoin.
LocalBitcoins.com drawbacks
Trading with real people.
With Luno, the trade happens behind the scenes; however, with LocalBitcoins.com, you have to trade with real people. This isn’t a significant problem for me, especially since they put so much effort into making these trades, but this might still make some people feel uncomfortable.
How To Buy/Sell Bitcoin Using LocalBitcoins.com
Before getting started, you first need to sign up to localbitcoins.com by following this link. . Once you’ve signed up then learn how to use the platform by watching the video below.
Where Are Bitcoin ATMs Located in South Africa? And How To Use Them
If you don’t feel safe buying and selling bitcoin online, you do have the option of using a bitcoin ATM. As it stands on the 20th of August 2020, there are only around 5 bitcoin ATMs located in South Africa that I know of.
List Of Bitcoin ATMs in South Africa
Here’s where you can find them.
Cape-Town Bitcoin ATMs
Willow Bridge (Buy & Sell Bitcoin)
- Address: 39 Carl Cronje Dr, Tyger Valley, Cape Town, 7530, South Africa
- Opening hours: Mon-Sun: 9:00 am – 7:00 pm
AnkerPay (Buy & Sell Bitcoin)
- Address: Victoria Junction 8, Cape Town, 8001, South Africa
- Opening hours: Mon-Thu: 9:00 am – 7:00 pm Fri: 9:00 am – 6:00 pm Sat: 10:00 am – 5:00 pm Sun: 11:00 am – 5:00 pm
Stellenbosh Bitcoin ATMs
Eikestad Mall (Buy & Sell Bitcoin)
- Address: 43 Andringa Street, Stellenbosch, 7600, South Africa
- Opening hours: Mon-Thu: 9:00 am – 6:00 pm Sun: 9:00 am – 2:00 pm
Johannesburg Bitcoin ATMs
Sandton City South Africa (Buy & Sell Bitcoin)
- Address: Unit U61a, Sandton City, 83 Rivonia Rd, Sandhurst Sandton, 2196, South Africa
- Opening hours: Mon-Sun: Mon-Sat: 9:00 am – 8:00 pm Sun: 9:00 am – 6:00 pm
Pretoria Bitcoin ATMs
Saverite Florauna (Only Buy Bitcoin)
- Address: Corner West and Brits, Pretoria South Africa
- Opening hours: 24/
Buy Bitcoin With a Credit Card In South Africa
As soon as you’re willing to use a credit card to buy bitcoin, then dozens of other international platforms open up to you.
Using a Credit Card Benefits
Buying bitcoin with credit cards is a lot safer.
For me, the biggest benefit is safety. There’s a big misconception online that credit cards are the unsafest option when making purchases online. There is a half-truth to this.
Yes, it’s easier to get scammed using credit cards online, however it’s also a lot easier getting your money back once you have been scammed. In the majority of cases, your credit card facility will refund your money instantly while they take on the case.
On the other hand, it’s almost impossible to get your money back if you get scammed while using EFT or bank transfer as a payment method. Because of this, I only use my credit card to make purchases online.
Transactions happen instantly.
In the cryptocurrency world, it’s all about speed because of the extreme volatility in the market. When you’re ready to buy bitcoin at a great price, you don’t have time to wait 3 days for an EFT to go through, you would have missed the boat ages ago. That said, credit cards solve this issue. When you purchase bitcoin with a credit card, the transaction will happen instantly.
Platforms You Can Use To Buy Bitcoin With Your Credit Card In South Africa
While not all world-wide bitcoin exchanges will allow South African’s to buy bitcoin from them, I’ve searched the internet and found a few that do allow it. Here they are: