What is Cryptocurrency?
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
What Is The Best Platform To Buy Cryptocurrency In South Africa
Below are some of the Best Platform To Buy Cryptocurrency.
Centralized Exchanges
These kinds of exchanges work on the same lines as conventional equity stock exchanges or full-time brokerages. As the name says, the centralized exchange is regulated by a single authority that keeps an eye on every account and maintains the full charge on each and every transaction.
Decentralized Exchanges or DEX
These kinds of exchanges are completely opposite of centralized exchanges. They run on the basis of distributed ledger infrastructure. These kinds of exchanges allow the trading of cryptocurrencies without any authority.
Decentralized exchanges are fully autonomous where the users control their keys and their digital assets. Moreover, the users are not required to go through any kind of KYC formalities and thus have more privacy in securing their transactions.
Hybrid Exchanges
A hybrid exchange is a mix of both CEX and DEX exchanges and has been designed to offer the best of both worlds. They assist in providing the ease and convenience of the centralized exchange and also offer the benefit of privacy and security of a decentralized exchange.
What Is The Best Crypto Exchange In South Africa?
Each year, we conduct an extensive review of the crypto exchanges and trading platforms available in South Africa. To arrive at these picks, we evaluated more than 20 platforms on user experience, fees, payment methods, selection of coins, and more.
When deciding on the best crypto trading platform for your needs, think about what you plan on using it for. It’s quite common to use multiple exchanges to benefit from their different areas of specialty, like using one for its range of coins and another for access to NFTs or staking features.
- Binance – Best crypto exchange (overall)
- Kraken – Best exchange for USD trading
- VALR – Best South African exchange
- Coinbase – Best exchange for beginners
- Easy Crypto – Best crypto broker
- Luno – Best exchange app
- By bit – Best exchange for advanced trading
- KuCoin – Best exchange for emerging altcoins
Which South African Bank Support Crypto Exchange?
FNB Bank doesn’t enforce any stringent policies that prohibit its clients from buying or trading digital currencies. Thus, customers in South Africa and other nations can effortlessly carry out crypto transactions through FNB Bank.