Forex Trading in South Africa is rapidly increasing. South Africans are among the most active traders on broker websites, and these brokers are primarily focused on forex. However, a range of other trading instruments are available, including stocks, indices and cryptocurrency. As a result, there has been a surge in interest in trading cryptocurrency.
With the sheer number of trading platforms for cryptocurrency, it can be difficult to choose the best one. To find the ideal platform, traders should consider factors such as fees, security, liquidity, asset collection, and reputation. Here, we will rank the best cryptocurrency trading sites in South Africa, taking all these factors into account.
Binance is a popular choice for many cryptocurrency traders. Launched in 2017, the company has built a solid reputation. Binance also has a commitment to keeping client funds as secure as possible, and the Binance SAFU Insurance Program is an added bonus. Furthermore, the platform offers a wide range of crypto assets – 387 in total – and clients from South Africa can use the South African Rand to make deposits.
Binance has an impressive trust score of 9.9 on Coinmarketcap and 10 on Coingecko, and it is clear that it has a good reputation among traders. Additionally, BNB holders pay lower fees, and the more BNB a trader has, the lower their trading fees will be.
Coinbase is ranked second on both Coinmarketcap and Coingecko, with a trust score of 7.8 on Coinmarketcap and 10 on Coingecko. This shows that the platform has an excellent reputation, and the high liquidity attracts many traders. Unfortunately, Coinbase was the victim of a hacking incident in 2021, but the security issues were quickly resolved and the user was fully refunded.
Coinbase does not support the South African Rand, so clients from South Africa would need to convert their money to one of the supported currencies. Nonetheless, there are an impressive 245 different coins that clients can invest in, and the fees are not too high – 1% for all transactions involving cryptocurrency.
KuCoin supports more than 45 currencies, including the South African Rand, so clients from South Africa can deposit and start trading without needing to convert their funds. The exchange has a good daily trading volume, so liquidity is good, and the trust score is 10 on Coingecko and 6.9 on Coinmarketcap.
Sadly, KuCoin was the victim of a major hacking attack in 2020, losing $281 million. The exchange froze withdrawals and deposits to contain the losses, and was eventually able to recover over $200 million from the hackers. The trading fees are in line with industry standards at between 0.005% to 0.10% per trade, and there is a 20% discount when traders use the KuCoin Token.
eToro is a broker that offers a range of multi-asset trading, including real cryptocurrencies and CFDs on cryptocurrencies. This gives traders plenty of options, but it is important to note that trading CFDs can be risky, and accounts may lose funds. eToro is one of the most liquid brokers, with more than 28 million users registered by 2022, and the liquidity is high, keeping costs low and allowing orders to be executed quickly.
eToro is regulated in several jurisdictions, including the UK by the FCA and Cyprus by CySEC, and is expected to provide top-level protection for client funds. There are 92 cryptocurrency assets available, including Bitcoin, Ethereum, XRP, Binance Coin, Cardano, Solana, Polkadot and Tron.
Ranked seventh on Coinmarketcap, OKX is worth considering. The trust score is 6.3 on Coinmarketcap and 10 on Coingecko, the exchange has a strong reputation with traders, and it supports South African Rand, so clients from South Africa can deposit immediately and begin trading. The fees for OKX vary depending on the Tier a trader is in, and liquidity is fairly high.
OKX claims its servers are secure and not susceptible to hacking, and the company uses encryption algorithms and cold storage to ensure system security. It is also important to note that the fees for OKX are lower than some exchanges, and traders are charged a 0.080% taker fee and a 0.080% maker fee.
Kraken is ranked in the top 10 on both Coinmarketcap and Coingecko, with an average trust score of 9 on Coingecko and 7.6 on Coinmarketcap. The platform has a huge range of listed coins – 222 – and the high daily trading volumes provide great liquidity. Kraken has never been the victim of a major hacking attack, and the security of client funds is a priority. Furthermore, the fees are based on the trader’s monthly trading volume and are lower than some exchanges – 0.16% maker fee and 0.26% taker fee.
Uniswap is widely regarded as one of the most decentralized cryptocurrency exchanges in the world, and it ranks first on both Coinmarketcap and Coingecko among all decentralized cryptocurrency exchanges. There are over 900 cryptocurrencies available for trading on the platform, and Uniswap uses the highest encryption techniques to protect user assets. Decentralized exchanges can be more at risk of losing assets, though, and the fees for Uniswap are 0.3% when swapping tokens.
Crypto trading is legal in South Africa, and there are many brokers and exchanges to choose from. To ensure a pleasant trading experience, it is important to select the best trading platform. As the market is volatile, only invest what you can afford to lose.