Economy
Discover The Best Crypto Exchange In South Africa, Rated By Experts
Using cryptocurrency has a benefit: self-custody, where people protect their digital assets themselves. Bitcoin and other major cryptocurrencies have consistently grown in value, making them appealing investments in South Africa. Many reputable crypto exchanges are available for those interested in investing or trading.
Recently, South Africa has increased regulation of the cryptocurrency industry. With numerous options, beginners may find it challenging to choose the right exchange. Experts have ranked the best cryptocurrency exchanges in South Africa. They have done this based on factors such as regulation, user experience, assets, deposit methods, and fees to help you make an informed decision.
Best crypto exchanges in South Africa
If you’re looking for the best crypto exchange in South Africa, experts recommend considering these top platforms for your cryptocurrency trading needs.
- ByBit – a global cryptocurrency exchange with no KYC requirements, ideal for derivatives trading and NFT fans. Offers top security and transparency.
- OKEX – focuses on the South African market, offering user-friendly deposit options and strict security measures for a safe trading environment.
- Binance – a well-regarded exchange known for regulatory compliance, security, and low fees. Provides access to a wide range of crypto assets and a user-friendly platform.
- Huobi Global – an exchange with a significant global presence, including South Africa. Offers trading bots, South African language support, and a diverse range of assets.
- KuCoin – ideal for South African altcoin traders, with access to over 500 cryptocurrencies, a user-friendly interface, and strong security measures.
These exchanges cater to various trading preferences and provide access to a wide array of cryptocurrencies for South African investors.
Purchasing cryptocurrency
To purchase cryptocurrencies in South Africa, follow these steps using an exchange like Binance, as explained by experts:
- Create an account: begin by registering on the Binance website. If you don’t already have an account, you can effortlessly set one up.
- Choose payment method: once logged in, go to the main menu and select “Buy crypto” to purchase cryptocurrency using your credit or debit card.
- Set your budget: specify the amount of crypto you want to buy, along with your preferred currency and the spending amount.
- Enter card details: select Visa/Mastercard, provide your card information, and enter your billing address.
- Verify your order: click “Continue” to confirm your order. You’ll be redirected to your bank’s OTP transaction page to authenticate and authorize the payment.
Bitcoin investment in South Africa
Investing in Bitcoin comes with pros and cons, according to analysts:
Pros
- Bitcoin acts as a safeguard against currency devaluation caused by inflation, making it a reliable option.
- It’s considered a store of value, often called “digital gold,” with a steadily increasing value.
- Bitcoin has outperformed other assets like the NASDAQ 100 in the past decade, offering substantial returns for long-term investors.
Cons
- Bitcoin is known for its extreme price volatility, making it a risky investment.
- Cryptocurrencies like Bitcoin lack government regulation, posing risks for investors until regulation is established.
Crypto taxation in South Africa
Cryptocurrency investments in South Africa are taxed. Any income from crypto activities like mining, staking, airdrops, and hard forks is considered income and taxed at 45% if kept in the revenue account. If you plan to hold the income long-term, a capital gains tax rate of 18% applies. Analysts suggest South African investors consult with cryptocurrency tax professionals to understand and comply with the complex tax laws.
Conclusion
Cryptocurrency offers self-custody and the opportunity for investment growth in South Africa. Experts have reviewed and ranked the best crypto exchanges in the country. These recommended exchanges cater to various preferences and provide access to a wide range of cryptocurrencies.
Economy
Geo-Fluids, Afriland Properties Lift NASD Bourse by 0.13%
By Adedapo Adesanya
The duo of Geo-Fluids Plc and Afriland Properties Plc propelled the NASD Over-the-Counter (OTC) Securities Exchange up 0.13 per cent on Friday, January 10.
Investors gained N1.4 billion during the trading session after the market capitalisation of the bourse ended at N1.053 trillion compared with the previous day’s N1.052 trillion, and the NASD Unlisted Security Index (NSI) increased at the close of business by 4.07 points to wrap the session at 3,073.93 points compared with 3,069.86 points recorded at the previous session.
Geo-Fluids added 25 Kobo to its value to close at N4.85 per unit compared with the previous session’s N4.60 per unit, and Afriland Properties Plc gained 24 Kobo to close at N16.25 per share versus Thursday’s closing price of N16.01 per share.
There was a 35.4 per cent fall in the volume of securities traded in the session as investors exchanged 4.3 million units compared to 6.6 million units traded in the preceding session, the value of shares traded yesterday went down by 37.4 per cent to N17.2 million from the N27.5 million recorded a day earlier, and the number of deals decreased by 47.2 per cent to 19 deals from the 36 deals recorded in the preceding day.
FrieslandCampina Wamco Nigeria Plc remained the most active stock by value (year-to-date) with 1.9 million units worth N74.2 million, followed by 11 Plc with 12,963 units valued at N3.2 million, and Industrial and General Insurance (IGI )Plc with 10.7 million units sold for N2.1 million.
IGI Plc closed the day as the most active stock by volume (year-to-date) with 10.6 million units sold for N2.1 million, trailed by FrieslandCampina Wamco Nigeria Plc with 1.9 million units valued at N74.2 million, and Acorn Petroleum Plc with 1.2 million units worth N1.9 million.
Economy
Naira Depreciates to N1,543/$1 at Official Market
By Adedapo Adesanya
The Naira witnessed a depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, January 10.
According to data from the FMDQ Exchange, the local currency weakened against the greenback yesterday by 0.12 per cent or N1.80 to sell for N1,543.03/$1 compared with the preceding day’s N1,541.23/$1.
The pressure on the domestic currency came as the access granted to the Bureaux de Change (BDC) operators by the Central Bank of Nigeria (CBN) to purchase FX from the official market through the Electronic Foreign Exchange Matching System (EFEMS) platform prepares to end next week, precisely on January 19.
The CBN had given a 42-day window to the operators to access the platform to help stabilise the Naira in December, and this expires next week.
On Friday, the Nigerian currency tumbled against the Pound Sterling in the official market by N30.78 to sell for N1,889.29/£1 compared with the previous day’s N1,858.51/£1, but gained N5.48 against the Euro to finish at N1,583.81/€1, in contrast to Thursday’s rate of N1,589.29/€1.
As for the parallel market, the Nigerian Naira remained stable against the US Dollar during the trading session at N1,650/$1, according to data obtained by Business Post.
In the cryptocurrency market, it was bearish as the US economy added 256,000 jobs last month, the Bureau of Labor Statistics reported on Friday, topping forecasts for 160,000 and up from 212,000 in November (revised from an originally reported 227,000).
However, the readings came after a number of recent economic reports triggered a broad-market pullback across asset classes such as crypto as investors quickly scaled back the idea of a continued series of Federal Reserve rate cuts in 2025.
Cardano (ADA) fell by 3.6 per cent to trade at $0.921, Solana (SOL) slumped by 2.8 per cent to $185.93, Ethereum (ETH) depreciated by 1.4 per cent to $3,233.27, Litecoin (LTC) lost 1.3 per cent to finish at $103.62, Dogecoin (DOGE) shed 0.5 per cent to sell at $0.3315, Bitcoin (BTC), waned by 0.2 per cent to $94,154.43, and Binance Coin (BNB) went south by 0.1 per cent to $693.30.
On the flip side, Ripple (XRP) jumped by 1.5 per cent to settle at $2.34, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) sold flat at $1.00 each.
Economy
Customs Street Crumbles by 0.08% as Profit-Takers Take Charge
By Dipo Olowookere
Profit-takers took control of Customs Street on Friday, plunging it by 0.08 per cent at the close of trading activities.
The sell-offs were across all the key sectors of the Nigerian Exchange (NGX) Limited on last trading session of the week.
The insurance space went down by 1.53 per cent, the banking index depreciated by 0.41 per cent, the consumer goods sector weakened by 0.16 per cent, and the energy counter slumped by 0.08 per cent, while the industrial goods sector closed flat.
At the close of business, the All-Share Index (ASI) tumbled by 79.68 points to 105,451.06 points from 105,530.74 points and the market capitalisation retreated by N48 billion to N64.303 trillion from N64.351 trillion.
Yesterday, investors traded 1.5 billion shares worth N19.4 billion in 12,877 deals compared with the 489.5 million shares worth N13.1 billion transacted in 13,010 deals in the preceding day, indicating a decline in the number of deals by 1.02 deals and a rise in the trading volume and value by 203.14 per cent and 48.09 per cent, respectively.
Wema Bank was the busiest stock with 976.2 million units valued at N9.8 billion, Tantalizers traded 53.0 million units worth 129.6 million, Universal Insurance sold 34.8 million units for N26.8 million, Access Holdings exchanged 33.9 million units valued at N843.8 million, and Nigerian Breweries traded 27.3 million units worth N873.3 million.
The heaviest loss was suffered by Sunu Assurances with a decline of 9.99 per cent to trade at N7.30, Eunisell shed 9.96 per cent to N17.35, SAHCO crumbled by 9.87 per cent to N30.15, DAAR Communications plunged by 9.28 per cent to 88 Kobo, and Sovereign Trust Insurance went down by 7.04 per cent to N1.32.
On the flip side, C&I Leasing gained 10.00 per cent to close at N4.51, Honeywell Flour appreciated by 9.99 per cent to N10.02, Trans Nationwide Express jumped by 9.89 per cent to N2.00, RT Briscoe rose by 9.83 per cent to N2.57, and Secure Electronic Technology grew by 9.46 per cent to 81 Kobo.
Business Post reports that the bourse ended with 33 price gainers and 25 price losers, indicating a positive market breadth index and strong investor sentiment.
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