Buy Bitcoins in South Africa
by Helga Danova | May 20, 2016 | Crypto News
Along with Bitcoin being an innovative technology and expanding the range of money transfer opportunities in the developed countries, cryptocurrencies are now viewed as a solution to change remittance problems in such developing countries as Africa. Thus, many people are searching for the best ways to buy Bitcoin in South Africa.
Remittance as a Core Issue for Africans
Over 30 million Africans are living in the diaspora and are sending home $40 billion per year in average, and this figure is constantly growing. Money transfer services, Western Union and MoneyGram being on top, are getting significant income on these transactions. Total annual fees equal to about $1.4 billion. Herewith, only about 3% of Africans own credit cards, PayPal is not widespread, and bank transfers are also incredibly expensive, creating tough conditions for local merchants. As remittance is a core issue for Africans, Bitcoin could solve problems connected with huge fees.
Buy Bitcoin in South Africa
Even though based in the UK, CEX.IO is one of the most popular exchanges used to buy Bitcoin in South Africa. The exchange is acknowledged as reliable, because none of the users has ever experienced account funds theft. Along with stability, CEX.IO offers a user-friendly service, allowing to buy Bitcoin with credit cards issued in any currency. Thus, Africans are welcome to buy Bitcoin with ZAR using any Visa/MasterCard they have. To do so, they just need to sign up on CEX.IO and link the card to their account on the exchange.
How to Link a Card on CEX.IO
Adding a card on CEX.IO allows to easily deposit funds, buy Bitcoin, sell Bitcoin, and withdraw fiat funds (USD, EUR, RUB) to the same card instantly. Completing the following steps is the way to successful card linking:
- Provide data about your payment card (any credit or debit card)
- Upload photos proving your ownership of the card (selfie with a card and photo of the card next to your ID document)
- Enter CVV/CVC
- Pass verification by small charge amount
This short video shows how simple it is to link a card on CEX.IO:
Buy Bitcoin for ZAR Easily
CEX.IO accepts any Visa/MasterCard in any currency, so you can use your card in South African rand to buy Bitcoins. If your card is in ZAR, funds will be automatically converted into USD. In this video, you can see how to buy Bitcoins in South Africa for ZAR on CEX.IO:
Withdraw Bitcoin to Credit Card in ZAR
Another option recently enabled by CEX.IO is the ability to withdraw funds to credit card instantly. You can withdraw fiat money (USD, EUR, RUB) to your card at any time, without logging in to any third party services, and use your funds right away. In case you use a Visa/MasterCard in ZAR, the funds will be converted automatically.
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