YOU NEED a service that exchanges your Rands for cryptocurrencies. Think of these companies as stock brokers, but in app form, handling all the logistics based on your instructions. Once you’ve bought your currencies, you’ll use that app to watch the market activity, and buy, sell, or trade with a few taps. Most of them are free, but charge you per trade. That’s good. It means motivation to buy and hold, rather than trade around constantly. In addition, most of these apps also let you produce a scannable QR code or identification key to buy stuff in person or online it works like a rudimentary version of Apple Pay or a credit card saved to your Amazon account. There are dozens of companies that provide this exchange and trading service, and many investors use more than one. Here are several endorsed by the entrepreneurs, venture capitalists, and other experienced investors we asked.
The most well-known name in cryptocurrency wallets in South Africa is Luno. The company has ensured that the Luno wallet has high levels of security and a great user experience. Luno has an easy-to-use Zar/crypto exchange and makes buying Bitcoin and Ethereum a breeze.
The most popular exchange service, with around 12 million users. Type in your bank’s routing and account numbers, and Coinbase will withdraw dollars to purchase bitcoin, ethereum, litecoin, or bitcoin cash, an offshoot alternative to bitcoin. The mobile versions are as clean as any banking app, down to features like Face ID verification on the iphone You can also set it to notify you if a currency goes above or below a certain value and you want to cash out.
If you want to work with a broad base of currencies, including more obscure options such as IOTA, this is the best option. To sign up, you’ll go through some unusual security measures like taking a photo of yourself holding up your driver’s license and a piece of paper with the date and the word Binance.
A trading site for professionals, presenting users with an array of X-Y graphs and trading options. Membership to Bitfinex used to be invitation- only. Its new barrier to entry: Accounts created after 1 January 2018, must have a minimum balance of $10 000 before they are allowed to trade.