South Africa is one of the few African countries that allow users to use their debit cards to purchase bitcoin, Ethereum, BNB, Litcoin, Solana and over 100 other cryptocurrencies in the world.
In case you are not sure if the crypto exchange supports your country, you can check out the list of African countries supported by coinbase.
This guide focuses on how to buy bitcoin in South Africa with Coinbase App using a credit or debit card.
And of course, we need to point out that the app gives its users a lot of options. It’s easy and secure.
Requirements for Coinbase account
- A valid ID
- Proof of address to carry out transactions
- ID verification
Below is a guide on how to buy Bitcoin online in South Africa using the Coinbase app:
1. Download the Coinbase App from Google Playstore or Apple store
2. Create an account
3. Undergo the verification process. It may take a few minutes
4. Click the payment method to add a debit card as a payment method if that’s the most convenient method for you.
5. Start a trade by selecting “buy” from the list of options
6. The list of available cryptocurrencies will be displayed, from the list choose Bitcoin.
You can filter by typing Bitcoin in the search bar
7. Tap the crypto asset to open up the purchase screen.
8. Enter the amount of BTC you want to buy in rand (the official currency of South Africa). When you type the amount you want to spend in South African rand, which would automatically be converted into a Bitcoin amount.
9. You can preview your order by tapping the “preview” button. This way, the details will be displayed on your screen
10. Click the confirm option to finalise your purchase. The Bitcoin value will show in your account (wallet).
How to buy Ethereum in South Africa Using Coinbase App
You can purchase Ethereum in South Africa by following the guide above to step 5
- On the 6th step, filter the list by typing “Ethereum” using the search bar
- Enter the amount you want to buy in rand and watch it automatically convert it into ETH amount
- Preview and click confirm your ETH purchase
The process is the same as other coins on the app. The only change is the selection of the coin you want to trade.
Called, coinbase asset directory below is a list of popular cryptocurrencies you can buy in South Africa by using Coinbase App:
- USD Coin (USDC)
- Binance USD (BUSD)
- Bitcoin Cash (BCH)
- Chainlink (LINK)
- Solana (SOL)
- Dogecoin (DOGE)
- Wrapped Bitcoin (WBTC)
- UNiswap (UNI)
- Litecoin (LTC)
- Ethereum classic (ETC)
- EOS
- Polkadot (DOT)
- Polygon (MATIC)
- Tether (USDT)
- Shiba Inu (SHIB)
- Zcash (ZEC)
Coinbase transaction fee in South Africa
It is important to pay attention to the coinbase transaction fee or percentage of payment methods when using the crypto exchange platform. The fees depend on the payment method you use.
Coinbase’s spread is equal to about 0.50% of your crypto sales and purchases, based on the market fluctuations.
If you are trading Ethereum for Bitcoin, you may charge a spread of up to 2%, based on market fluctuations.
Recap:
Coinbase is one of the cryptocurrency exchanges in South Africa.
Irrespective of the transaction fees on the crypto exchange platform, the ability to purchase crypto in South Africa with coinbase app is something more than 40 excluded African countries like Nigeria can not enjoy.
Ensure to read our trading terms because cryptocurrency trade carries lots of volatility. Only trade with money you can afford to lose.
WHY CANT I OPEN COINBASE ACCOUNT IN south Africa?
Coinbase ONLY allows crypto-to-crypto conversions for South African residents as of January of 2021. However, you can buy South African Tether using Coinbase Wallet,