Cryptocurrencies are gaining traction worldwide. South Africa is standing out as a growing hub for trading digital assets. More South Africans are adopting this new financial tool. So, the need for secure cryptocurrency exchanges has grown.
I'm CEO David Wabinz, founder of DavidWabinz.com. In this article, I will help you get information about the top 10 Best Crypto Exchanges in South Africa. Let's get started!
Top 10 Best Crypto Exchanges in South Africa | Fees | ||||
Exchange | Logo | Review | Cryptos | Maker | Taker |
MEXC |  | 610 | 0.00% | 0.02% | |
OKX |  | 359 | 0.06% | 0.08% | |
Bybit |  | 168 | 0.02% | 0.055% | |
Binance |  | 446 | 0.10% | 0.10% | |
Kraken |  | 127 | 0.00% | 0.01% | |
Coinbase |  | 150 | 0.05% | 0.60% | |
Bitmart |  | 161 | 0.04% | 0.06% | |
Bitsgap |  | 0.02 % | 0.04 % | ||
Luno |  | 82 | 0.00% | 0.10% | |
AltCoinTrader |  | 32 | 0.10% | 0.10% | |
Best Crypto Exchanges in South Africa
1. MEXC
MEXC is the top crypto exchange in South Africa. It was established in 2018 and has over 10 million users. What distinguishes MEXC is its extensive range of offerings. The platform has over 2,195 digital assets. They are available for instant buying and selling. They include major cryptocurrencies like BTC and ETH. They also include newer altcoins, NFTs, DeFi tokens, GameFi, and Metaverse projects. The platform caters to diverse investment interests. Furthermore, MEXC offers many trading features. It includes spot, futures, copy, and P2P trading.
MEXC has a notable Kickstarter program. It lets users invest in new tokens and maybe get free airdrops. Additionally, the exchange has low trading fees. Spot trading fees are 0.1% for both makers and takers. Futures trading has even lower fees: 0% for makers and 0.02% for takers. Readers can refer to our full review for more details about MEXC's offerings.
2. OKX
OKX is our fourth pick for cryptocurrency exchanges in South Africa. It stands out for its diverse array of financial services. These services cater to millions of users across more than 100 countries. The platform offers many services. These include spot, margin, options, and perpetual futures trading. It also offers DeFi, lending, and mining.
Also to its core exchange services, OKX has added more. It now includes a decentralized finance (DeFi) ecosystem. This ecosystem is built on the OKT Chain. This ecosystem integrates many DeFi activities. These include yield farming, liquidity mining, DEXs, lending, borrowing, etc. Also, OKX provides a liquid marketplace. It is tailored for OTC and high-volume institutional traders.
3. Bybit
Bybit is another top choice for crypto traders in South Africa. It's popular for its focus on trading low-cap altcoins. Bybit was established in 2018. It focuses on security and has a very responsive support team.
The platform hosts many cryptocurrencies. It has over 1,133 options. They range from established coins like Bitcoin to new projects. Traders in South Africa can do spot trading. They can also do derivatives trading to leverage positions. They can use a copy trading platform to follow seasoned traders on Bybit.
Bybit's “Earn” section has opportunities for staking and yield farming. They let users earn passive income from their assets. The exchange uses advanced security measures. These include multi-factor authentication, address and account whitelisting, and an anti-phishing code. They protect user accounts and funds.
4. Binance
A very famous exchange is Binance. It has expanded its services to South Africa. It boasts the highest trading volume and has over 160 million users worldwide.
The exchange supports around 379 established coins and tokens. It primarily caters to established digital assets, not new or low market-cap altcoins. Its easy-to-use interface makes it good for beginners. It offers many trading features. These include spot and futures trading, margin trading, automated bots, and options trading.
Binance offers more than basic trading. It offers users many additional features. These features enhance their experience. Through Binance Earn, users can earn passive income. They do this through betting and saving. Binance Launchpad offers the opportunity to participate in token sales and ICOs.
Ensuring a safe trading environment is a top priority for Binance. It uses top security measures to protect user funds and personal information. These measures include multi-layer encryption. They also include two-factor authentication (2FA) and cold storage. They aim to minimize security risks. Furthermore, Binance operates the Secure Asset Fund for Users (SAFU). It allocates insurance funds for additional protection in rare cases.
5. Kraken
Kraken is a top choice for crypto trading in South Africa. It has had a long presence in the market since it started in 2011. The platform provides entry to an extensive range of options. It has over 200 cryptocurrencies for trading and investing.
Also to its main trading features, Kraken provides many advanced services. You can do margin trading. It lets users borrow extra funds for trading. Kraken Pro offers a suite of trading tools. These include custom charts, diverse order types, and detailed order books. Are you interested in passive income? Kraken's staking service lets users earn rewards by holding certain cryptocurrencies.
Too to its main offerings, Kraken's Learn Center is a valuable resource hub. It provides educational materials to help people understand cryptocurrencies and their concepts. But, Kraken's fees are worth noting. They are set at 0.25% for makers and 0.4% for takers. They are higher than those of competitors like Binance. Binance offers fees starting at 0.1%.
6. Coinbase
Coinbase is a US crypto exchange. It offers its services in over 100 countries, including South Africa. Users can use Coinbase Basic to buy, sell, trade, and store cryptocurrencies. It's convenient. Currently, the platform supports over 240 recognized digital assets.
Coinbase serves a diverse range of crypto enthusiasts. It accommodates both new users and experienced South African traders. Additionally, Coinbase offers a non-custodial crypto wallet known as “Coinbase Wallet.” The platform also has other products. These include Coinbase Advanced, Coinbase Commerce, Coinbase Vault, and Coinbase One. They are meant to improve user experience and functionality.
Traders want advanced tools and analysis. Coinbase Advanced provides them. It has charting tools, order books, and limit orders. The exchange operates as a futures commission merchant (FCM). But, it's essential to note: Coinbase does not have licenses for South Africa.
7. Bitmart
Jacques Serfontein founded Bitmart. He was the CEO of the renowned SEO and web development company Be Visible for 16 years. Serfontein knows a lot about the fintech sector. His knowledge is key to shaping Bitmart's path. The platform has introduced Crypto Miner hosting solutions to the wider South African market. It provides specialized services. These include Niche Hardware Repair for top brands such as Bitmain, Innosilicon, Avalon, and GPU Rigs.
Many consider Bitmart to be the leading provider of cryptocurrency mining hardware. It has won praise from both customers and businesses across South Africa. Bitmart has exceptional skills in product sourcing, purchasing and importing. They have built strong business relationships in key markets. These include Germany, Denmark, Sweden, Iceland, China, Australia and Hong Kong. These partnerships extend to leaders in the cryptocurrency mining sector. They also include product manufacturers worldwide.
Bitmart is the Official Agent for famous brands. These include Avalon Miners, Ledger, Sirin Labs Finney, KeepKey, and Trezor Hardware Wallet. They also sell Canaan Sukastech fiber products, among many others. Bitmart holds a prominent position in Africa's cryptocurrency landscape. By committing to quality, innovation, and customer satisfaction, Bitmart is strengthening its reputation. It's a trustworthy partner.
8. Bitsgap
Bitsgap is a respected cryptocurrency trading platform in South Africa. It gives users a robust set of tools. The tools help users navigate the digital asset market. They also help them manage their investments well. Bitsgap was established in 2018. It uses API connections with over 30 cryptocurrency exchanges. This setup allows easy integration. It gives access to many automated trading bots for executing strategies.
Beyond its automated trading capabilities, Bitsgap offers comprehensive portfolio management and analytics features. Users can track balances across linked exchanges. They can monitor their cryptocurrency investments' performance. They can easily generate tax reports. This streamlines the process of overseeing portfolios and reporting finances.
Bitsgap has core features for cryptocurrency traders. It offers detailed charts, spread scanning, and in-depth market analysis. Bitsgap consolidates these diverse trading capabilities in a single platform. It aims to boost efficiency. It offers valuable insights and enables automation. Above all, it maximizes its users' profits.
9. Luno
Luno is an exchange. It is headquartered in the UK and was established in 2013. It is known for being user-friendly and catering mainly to beginners. It serves Europe, Australia, and Africa.
In external evaluations, Luno gets praise for its easy interface. It makes cryptocurrency trading simpler for users of all levels. Moreover, Luno prioritizes security. It uses robust measures, such as storing all cryptocurrencies offline. It also uses features like two-factor authentication. These measures ensure the safety of customer funds.
One notable thing about Luno is its quick onboarding process. It lets users start buying and selling cryptocurrency within minutes of signing up. Luno emphasizes simplicity and security. This shows its commitment to providing a smooth and trustworthy platform. It's for individuals entering the world of digital assets.
10. AltCoinTrader
AltCoinTrader is a highly regarded exchange. It operates in South Africa. It is known for its reputation for trustworthiness among investors. The platform prides itself on low fees and strong security. It ensures a safe and cheap trading environment for users.
One thing that makes AltCoinTrader unique is its interest reward program. It lets users earn rewards on select cryptocurrencies, like xZAR, DOT, and SOL. Notably, at the time of writing, interest rewards for xZAR are over 12%. They offer a great incentive for investors. Also, AltCoinTrader has low fees. The fees range from 0.75% to 1%. This makes it more appealing to traders who want low-cost solutions.
AltCoinTrader lets users transact in ZAR. This makes deposits, withdrawals, and purchases easy for local users. The focus is on accessibility and user-friendliness. It shows that AltCoinTrader is committed to serving the needs of South African crypto users. They do this while focusing on security and affordability.
How to pick a crypto exchange in South Africa?
Unsure of how to choose a cryptocurrency exchange in South Africa? Consider these key factors:
Ease of use should be a priority when selecting an exchange. This is especially true for beginners. Look for platforms with intuitive user interfaces that streamline the trading process. But, seasoned investors might focus on exchanges offering advanced features and tools.
Understanding the fee structure is key. It helps you avoid unexpected costs that eat into your profits. Be mindful of trading fees, withdrawal fees, and any other charges imposed by the exchange.
Make sure the exchange is reputable. Do this by checking third-party reviews and user feedback. This helps guard against potential scams and ensures a trustworthy trading environment.
Security is paramount in the crypto space. Check the security measures implemented by the exchange. These include two-factor authentication and cold storage solutions. They safeguard your digital assets.
Consider the range of cryptocurrencies available on the platform. Some investors focus only on established coins like BTC and ETH. Others seek a diverse selection of altcoins and tokens to diversify their portfolio.
Weigh these factors. Then, you can decide. Choose the crypto exchange that best fits your trading style and goals.
How to buy crypto in South Africa
To purchase cryptocurrency in South Africa, you can follow these steps:
- Go to a cryptocurrency exchange website.
- Register for an account and complete the verification process.
- Connect a payment method and proceed to buy cryptocurrency.
Do I have to pay tax on crypto trades in South Africa?
Cryptocurrency transactions in South Africa are liable to taxation. When you sell or dispose of cryptocurrency, you may be obligated to pay either capital gains tax or income tax, depending on whether the transaction is classified as a ‘trade' or an ‘investment'.
Presently, income tax rates in South Africa vary between 18% and 45%. Below is a chart illustrating the current tax rates for the year.
| Taxable Income (ZAR) | Tax Liability |
| 1 – 237,100 | 18 % of taxable income |
| 237,101 – 370,500 | 42,678 + 26% of taxable income above 237,100 |
| 370,501 – 512,800 | 77,362 + 31% of taxable income above 370,500 |
| 512,801 – 673,000 | 121,475 + 36% of taxable income above 512,800 |
| 673,001 – 857,900 | 179,147 + 39% of taxable income above 673,000 |
| 857,901 – 1,817,000 | 251,258 + 41% of taxable income above 857,900 |
| 1,817,001 – and above | 644,489 + 45% of taxable income above 1,817,000 |
Frequently asked questions
Is Binance Legal in South Africa?
Yes, Binance operates in South Africa; however, it lacks a crypto license for operation. Users can also deposit South African Rand (ZAR) on the platform.
Is Coinbase Available in South Africa?
Coinbase is accessible in South Africa for purchasing and trading cryptocurrencies. It does not have an FSCA license in the country. But, it remains popular among South African traders.
Are there any regulated and compliant crypto exchanges in South Africa?
Indeed, exchanges such as Bybit, MEXC, and OKX adhere to regulation and compliance with South African financial laws, offering traders an additional level of security and safeguarding.
Can I trade advanced products like futures and derivatives on South African crypto exchanges?
Most South African exchanges focus on spot trading. Platforms like Binance and MEXC offer advanced trading features. These include futures, perpetual contracts, and leveraged tokens. They cater to experienced traders.
What is the best crypto exchange for beginners in South Africa?
Luno, MEXC, and Bybit are highly recommended. These platforms prioritize simplicity. They offer educational materials and easy-to-use interfaces. They are perfect options for people new to cryptocurrency trading.
Which crypto exchange offers the lowest trading fees in South Africa?
MEXC, Binance, and Bybit are known for their low trading fees. These fees appeal to cost-conscious traders in South Africa.
How secure are South African crypto exchanges?
Security is a top concern for most reputable South African crypto exchanges. Platforms like OKX, Luno, and Kraken have strong security. They use cold storage. They also use two-factor authentication and strict rule adherence. This protects users' digital assets.
