It’s getting easier to get access to Bitcoin these days and more organisations and institutions are around to make the buying of Bitcoin and other cryptoassets as easy task.
In this article, we’ll list some of the easiest and safest ones to use to buy your first coins.
On most of these exchanges, you’ll have to first verify your identity via a KYC (Know Your Client) process they have, before you can either fund or withdraw from your account in fiat.
You can transfer money from most banks to a Bitcoin exchange or you could use a VISA or MasterCard on some of the exchanges.
Once you have bought your Bitcoin on the exchange, you have the choice of keeping your Bitcoins in the exchange and trading them for other altcoins, transferring them to your personal offline wallet and HODLing them or doing whatever else you want to do (just please don’t send it to any “investment” scheme that claims it can grow your Bitcoin passively.
Below we list some of our favourite places to buy Bitcoin from.
BitVice is the best place I’ve found to buy and secure Bitcoin in one quick and convenient place.
This is the solution for the serious HODLer, one who knows that Bitcoin is going to transform our society in remarkable ways and want to secure their wealth for future generations.
They have a minimum of R20,000
Okcoin is the world’s leading cryptocurrency platform to buy, hold and sell bitcoin, ethereum, litecoin and other top cryptocurrencies.
Another exchange that allows for the stacking of Stacks (which is what put them on my radar) and staking a bunch of other cryptocurrencies.
EXCHANGE THE WORLD
Binance is a powerful crypto trading platform for those who mean business. They have desktop trading apps for your Windows or MacOS device as well as mobile trading apps.
In addition to buying and selling, you can also lend or stake qualifying coins as well as mine or bet on the Futures price of select coin pairs.
ADVANCED & SECURE
They do run promotions regularly and one of the first when I started trading with them was the 2021 New Years promotionwhere they gave out over $110,000 to new traders.
Start trading with KuCoin
Bitfinex once held the title for having the largest volume on any exchange after the collapse of MtGox.
They’ve had their ups and downs in a checkered past, one being a hack which lost the exchange a large amount of Bitcoin and their relationship with Tether, coming under scrutiny.
They have recently relaunched their affiliate program paying up to three levels deep, are introducing coin staking for some of the POS coins and are attempting to reclaim some of their past glory.
They’re still a solid platform and the one that I mainly trade on.
VALR is like the Bittrex of South Africa. In fact, they may still have a partnership with that company to get liquidity for their more exotic coins. They have the most extensive collections of altcoins on their platform for you to buy.
This is great if you’d like to speculate on the DeFi market that really took off in 2020 or buy that obscure coin that you just found out about.
They’re cheap, the charge the least transaction fees and they pay YOU a maker fee if you add liquidity to the platform by placing limit orders. The CEO, COO and social media team are very active on Twitter
The easiest way to buy Bitcoin is from the exchanges and Luno is one of the most liquid exchanges in South Africa.
Open an account, get verified, make a deposit with one of the big South African banks and you’re ready to buy Bitcoin on their exchange.
After you sign up and buy or sell R500.00 or more (exchange excluded), you will receive R10.00 worth of Bitcoin.
CRYPTO DERIVATIVES PLATFORM
FTX is a crypto derivatives exchange that offers Futures, Leveraged Tokens and OTC. Developed by Alameda Research (one of the largest crypto market makers and liquidity providers in the space), FTX is an exchange built BY traders, FOR traders.
LocalBitcoins is not an exchange.
Its a website that puts you in touch with other people in the similar area who want to buy or sell Bitcoin. I haven’t used it before and the price is sometimes at a premium to the other exchanges or it could even be cheaper (if you find a good deal)
Coindirect is a new entrant into the market and is a unique place to buy and sell not only Bitcoin but other cryptocurrencies as well (up to 40 coins).
Not only can you buy coins on the exchange, but you can buy or sell Over The Counter (OTC) so you can transact large amounts without impacting the price on exchange.
Very few of the people who saw my content could figure out how to enter, so I invested the rest of the funds I was given into Bitcoin and giving out to those who can follow directions sufficiently to enter correctly.
https://harounkola.com/huobi/ for all the details.
Remitano seems to be a African based peer-to-peer Bitcoin exchange, similar to LocalBitcoins.
I haven’t investigated or used them at all. All that I know is that they pay affiliates 40% commission and a further 10% on a second tier.
As the name suggests, AltcoinTrader offers the most amount of altcoins from all the exchanges that we’re investigating here. I haven’t used them yet, so I can’t say how good they are.
Click here to buy Bitcoin with AltcoinTrader.