How to buy cryptocurrencies in South-Africa
trade Bitcoin, Ethereum, Dogecoin, Cardana across SA & Namibia
What is a Cryptocurrency
A cryptocurrency works similar to a normal currency like the U$ Dollar with the exception that it is not backed by any assets or resources.
Basically, a crypto is a digital asset that acts as an exchange currency between buyer and seller in a computerized database using computer programming methods to secure the transaction.
Cryptocurrencies are mostly decentralized and work through a blockchain, to serve a public financial transaction database.
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How do I buy crypto in South-Africa
VALR is a cryptocurrency trading platform which allows you to trade Bitcoin, Ethereum, Dogecoin, LiteCoin, Polkdadot, Chainlink, and more.
The company has partnered with Bittrex which allows the platform to offer over 50 cryptocurrencies to it’s customers, making it the largest crypto-offering in South Africa.
To get started you need to register an account and submit some documentation that is required to comply with regulations in order to determine any risks associated with financial crimes.
VALR is also available to residents in Namibia, and all over the world!
Users can make any deposit amount upwards of R10 from which you can purchase Bitcoin or Ethereum. Over 50 other cryptocurrencies can be purchased with your Bitcoin balance.
What can I invest in?
VALR gives you access to invest in a long list of cryptocurrencies which include but are not limited to the following:
- Cardano (ADA)
Get answers to the most frequently asked questions around Cryptocurrencies in South-Africa.
Cryptocurrencies have showed volatility in 2o21, however there are always risks associated with investments.
Crypto remains one of the most unpredictable investments as the price changes are mainly attributed to supply and demand.
It’s recommended to spend some time dedicated to understanding exactly how cryptocurrencies work and how much risk is associated with your investment.
Every beginner is unsure about investing in cryptocurrencies, try to invest a small amount that you don’t mind to loose and enter the exchange without any expectations.
Yes, VALR is a registered financial service provider in South-Africa. It is though very important to note that VALR is linked to Bittrex and is therefore subject to any possible wrongdoings by Bittrex.
The deposit and withdrawal process from VALR is facilitated by South-African banks. Contact the VALR support team to ensure if you are able to both deposit and withdraw money from VALR.
Scammers have been around since the existence of human beings.
There is an influx of scammers and criminals in the crypto exchange market which tries to profit from beginners who are unfamiliar with cryptocurrencies. It’s often a subject that many people aren’t too knowledgeable about which makes it easier to execute these scams.
It’s not recommended to invest your money in ANY company which promises fixed returns on your investment that often seem very high and attractive.
Also be careful to engage with individuals offering trading advice. They often trick persons to deposit the money into their own crypto account.
If it sounds to good to be true, it’s usually not true!
The trading of cryptocurrencies works similar to forex trading.
For example: If you buy 1 Bitcoin today for R500,000 and the value of Bitcoin to South-African Rand increases by 10%, you will make a profit of R50,000 by selling the token for the new price of R550,00.
The crypto market is open 24/7 and you can sell your tokens at any time given that there is demand in the market to purchase the same token.
Making profits with cryptocurrency is never guaranteed. Your investment may turn really profitable over a span of months or years IF you have purchased the tokens at a good time.
Unforeseen situations like Elon Musk releasing a negative tweet about crypto will see your portfolio crashing down.
It takes a lot of good decision making to make the most profits from your crypto portfolio.
The most important advice would be to educate yourself well on trading and cryptocurrencies in order to build your knowledge. We would recommend reading some books and refer to Youtube where you will find a lot of channels where you can learn more about crypto.
Here are some tips that we can give away from our experience:
- Don’t buy or sell on a basis of your emotions.
Be in a relaxed state of mind when making the final decision of a buy or sell.
- Don’t rely too much upon ‘expert advice, but only use it as a guide.
- Make up your own mind about which crypto you want to invest in.
- Stick to your tactics and avoid thinking impatiently.
- Always educate yourself on what you are buying.
- Stay on track with the latest news around crypto.
- Learn to analyze graphs which might help to make the right decision.
Disclaimer: We are not a financial services provider and don’t offer professional advice. Information provided is for educational purposes only and should not be considered financial advice.
Disclaimer: this content is only intended for educational purposes.
808 Media is in no way affiliated with VALR.