How to choose a crypto exchange in South Africa
There is no single best exchange, only one that fits what you need. In South Africa the supervising body is FSCA and the South African Reserve Bank, and the platform has to accept EFT and instant EFT. This page is about how to compare, not which to pick.
The four costs people confuse
- Deposit fee - what the platform charges to accept your money. Often zero.
- Spread - the gap between the platform's price and the market price. Usually the largest cost and rarely displayed as a fee.
- Trading fee - a percentage of the order, sometimes lower on limit orders.
- Withdrawal fee - charged when you move bitcoin to your own wallet. Unrelated to the three above.
What to check before depositing
- Is it registered with FSCA and the South African Reserve Bank? An unlicensed platform gives you no recourse.
- Does it accept EFT and instant EFT directly, or only through a P2P counterparty?
- Can you withdraw to your own wallet, or only sell back to currency? A platform you cannot leave is not custody, it is a promise.
- What identity documents are required, and are you willing to hand them over?
Platforms with a presence in South Africa
- Luno
- VALR
- Binance
- AltCoinTrader
Where it goes wrong
- The advertised commission is low and the spread is wide. Compare the amount of bitcoin you end up holding, not the fee.
- Deposits from an account in someone else's name are frozen under anti-money-laundering rules.
- A platform that has just entered the market may leave it just as quickly. Length of local presence is a signal.
FAQ
Which exchange is cheapest in South Africa?
It depends on the amount and the method. For small amounts the deposit fee dominates; for large ones the spread does. Compare the final bitcoin amount for your actual sum.
Is a bigger international platform safer than a local one?
Not automatically. A locally licensed platform answers to FSCA and the South African Reserve Bank; a larger foreign one may not be reachable by your regulator at all.
Do I have to leave my bitcoin on the exchange?
No, and for anything you intend to hold, you should not. An exchange account is a claim on the platform; a wallet you control is the asset itself.
Why does the price differ from what I see on a chart?
Charts show a global average. Your platform quotes its own price, and the gap is the spread - a real cost even though it is not labelled as a fee.