10 Best Crypto Trading Platforms in South Africa For 2024

Luno is a crypto trading platform available in over 40 countries including South Africa. The platform was founded in 2013 and has since grown in its crypto service offerings. According to South Africa’s FSCA, Luno has received a CAT I license to operate in the country. CAT I license enables CASPs to offer advisory services and mediate in the exchange of assets. Luno offers primarily spot cryptocurrency exchange services for selected crypto assets including SOL, BTC, and ETH.

Luno allows investors in South Africa to connect to their traditional banking services through its on-ramp crypto trading feature and purchase crypto using their native currencies. Users can also deposit money directly from their banks into the platform. Luno is one of the best crypto trading platforms in South Africa.

• Spot trading of crypto assets.
• On-ramp crypto trading and bank transfer deposit method.

VALR is a licensed crypto asset service provider for South African traders. The platform was founded in 2019 and has since expanded to several nations worldwide. In South Africa, it has received a CAT I and II license to offer crypto financial services according to the specifications of the FSCA. VALR offers spot and derivatives trading for over 75 crypto assets including Bitcoin and Ethereum. It allows users to automate their trading strategies using bots.

VALR is one of the best derivatives trading platforms for South African traders. It also offers additional services like passive income through crypto lending and staking and institutional solutions like OTC trading, B2B crypto payment facilities, and financial advisory services.

• Spot crypto trading with up to 5X leverage.
• Derivatives crypto trading with up to 10X leverage
• Institutional financial services like crypto-based payment facilities and OTC

Yellow Card claims to be a zero-fee crypto trading platform for investors in the African continent. The platform was launched in 2019 and is available in over 20 African nations including Nigeria and South Africa. It offers instant crypto trading and an effective connection between tradfi and crypto. This allows South African investors to purchase crypto using ZAR through their native banking services. About 15 crypto assets are listed on the platform, including stable coins like USDT.

According to recent reports, Yellow Card has received a CAT II license from the FSCA to offer crypto asset services in the region and boast top security for users.

• Instant on-ramp crypto trading.
• Institutional and private crypto payment solutions.
• Crypto payment API
• Yellow Card also offers crypto tutorial resources.

AltcoinTrader is one of the largest native South African crypto exchanges by daily trading volume. According to the FSCA, the platform has received CAT I and II licenses to offer crypto asset services in the nation.

AltcoinTrader offers spot trading services for over 30 crypto assets. Assets on the platform are paired with the South African Rand, allowing traders in the region to get price quotes in their fiat currencies. Users can purchase crypto assets using their native traditional banking facilities. Fees for bank deposits and withdrawals could be up to 5% of the deposited amount. AltcoinTrader also claims to ensure the security of users’ assets and has an accessible proof of reserves (POR) for verifying asset custody.

• Spot trading for over 30 crypto assets.
• On-ramp crypto trading and support for bank deposits

The licensing data for Coinbase in South Africa is still unclear, however, investors in the region can use the platform for their crypto investment operations. Coinbase is a US-based crypto asset service provider and is available in over 100 countries. The platform offers spot and derivatives trading services for over 200 crypto assets, it also supports the USD, EUR, and GBP fiat currencies, but it is yet to support the South African Rand at the time of writing.

Coinbase is a highly liquid trading platform and is viable for trading strategies such as day trading and swing trading. It also offers institutional crypto solutions and passive income opportunities through crypto staking. It is one of the best exchanges for day trading for traders in South Africa.

• Spot and derivatives trading for over 200 crypto assets.
• Self-custody services through the Coinbase wallet and other web3 facilities
• Passive income and platform promotional program.

Bybit is a custodial crypto trading platform. It features a spot and derivatives trading platform with high leverage. Despite not being licensed under the latest FSCA report, the platform is accessible to investors in SA. Bybit is a highly liquid trading platform and supports a wide range of crypto assets and fiat currencies. It is suitable for swing, arbitrage, and day trading. In addition to spot and derivatives crypto trading.

Bybit also features a P2P crypto platform where investors in SA can trade their assets with peers and in their native fiat currency.  Other services on the platform include institutional crypto-based financial solutions and passive income opportunities. Note that some of these services might not be available for investors in South Africa due to the unclear licensing in the region.

• P2P cryptocurrency trading
• On-ramp crypto trading support for investors in South Africa

eToro is licensed to provide financial services to investors in South Africa. It is a popular platform for trading traditional assets like stocks and shares, however, it also offers crypto trading services and supports up to 30 crypto assets. Spot and leverage trading (up to 30X leverage) services are available on the platform. The platform is accessible to investors in South Africa and about 74 other countries worldwide.

Mainstream investors in SA who wish to dive into the crypto space can leverage the platform to day trade cryptocurrencies. However, compared to several other crypto trading platforms, trading fees on eToro are relatively high. Traders are charged up to 1% in trading fees. Regardless, it is still a solid choice for trading cryptocurrencies in South Africa.

• Spot, margin, and derivative trading pairs for crypto and traditional assets.
• Derivatives trading with up to 30X leverage. 

Binance is the largest cryptocurrency exchange by daily volume. The platform is available to cryptocurrency investors in South Africa and over 150 other countries worldwide. Binance offers spot and derivatives crypto trading with up to 100X leverage. It supports over 300 crypto assets including bitcoin, Ethereum, and several fiat currencies. Binance also allows traders in the African region to purchase crypto through their native banking services via its On-ramp crypto trading services.

Binance is one of the best leverage trading platforms. Users can also automate their trading strategies using bots. Binance also offers passive income opportunities through flexible staking programs, crypto lending, and promotional activities. Trading fees on the platform is relatively low regardless of the users tier.

• Spot and derivatives trading for over 300 crypto assets.
• P2P crypto trading
• Flexible staking and crypto lending services

Kraken is a top crypto exchange, the platform is accessible to investors in South Africa. Over 200 crypto assets are listed on Kraken. South African traders can access the spot and derivative trading platform. The maximum leverage on the derivatives trading platform is up to 50X. Kraken is one of the cheapest platforms to trade cryptocurrencies, trading fees are as low as 0.02% from makers. The Kraken mobile application is also available for portable crypto trading and asset management.

• Spot trading platform for over 250 crypto assets.
• Derivatives trading platform with up to 50X leverage
• Additional crypto financial services like OTC trading and institutional services.

Gemini is a US-based crypto assets financial service provider. The platform is accessible to investors in over 70 countries worldwide including South Africa. Gemini supports spot and derivatives trading for over 80 crypto assets.  Basic trading services on the platform are available to traders from South Africa, however, the regulatory position of the platform in the country is not clear at the time of writing.  Gemini also claims top asset security and is one of the safest crypto exchanges.

• Spot and derivatives trading for over 80 crypto assets
• Mobile application for ‘on the go’ trading

As a crypto enthusiast in South Africa, here are some points to consider before choosing a crypto exchange for your investment activities; 

Verify The Exchange’s License To Operate

The FSCA provides licensing guidelines for CASPs (Crypto Asset Service Providers) in South Africa, this is designed to regulate how they operate, ensure the security of investors, and also curtail fraudulent financial activities in the sector. Therefore, it is important to transact with verified South African crypto exchanges. Before creating an account on any trading platform, ensure that they are listed in the FSCA’s directory of registered service providers. Note that this does not ensure the safety of your funds on any platform, always apply risk management strategies and hold your crypto assets in your personal wallet.

Evaluate The Platform’s Provision For Security And Customer Support.

Reliable cryptocurrency exchanges publish their security strategies to inform users on how they keep their assets safe. Evaluate the security information provided by the exchange and also their security history. Also, ensure that the platform has a responsive customer care facility to assist you when needed.

The intuitiveness of the User interface and Liquidity for your trading volume

To improve your experience as a user, a well-arranged user interface is important. Before creating a trading account on an exchange, review the platform’s design to ensure that you can use it easily. Depending on the volume of your trades and your trading strategy, sufficient liquidity is important when considering an exchange in your region to use. Study the daily trading volume and the spread between order levels on spot and derivatives trading platforms. Sufficient liquidity prevents loss of profit due to high slippage.

Support For Your Trading Strategy And Assets

Review the services available on the exchange, the daily trading volume, and the technical capability of the exchange you wish to use. Many of the best crypto exchanges in South Africa only support spot trading and on-ramp crypto trading, platforms like this are not suitable for futures and perpetual trading. Other platforms might also not support trading bots and are not suitable for experienced traders who wish to automate their trades. Before creating an account, ensure that the assets you wish to trade are listed on the platform and that you can perform the desired activities on the platform.

Available Miscellaneous Services.

The availability of secondary services and features such as passive income programs, copy trading, investment advisory, and promotional programs is another important factor to consider while choosing an exchange to use in South Africa. While these services may not matter to your primary investment/trading procedure, they could contribute significantly to your user experience. It is, therefore, important to look out for them before creating an account on an exchange.

Luno is the best app to buy Bitcoin in South Africa. The exchange is a popular crypto service provider and is licensed to operate in South Africa. Luno offers prompt trade execution and has a track record of quality security features. It also supports the South African Rand and enables traders in the region to trade bitcoin and other crypto assets using their traditional banking facilities through its on-ramp trading feature. Other top crypto trading applications in South Africa include;

Crypto Laws in South Africa

South Africa has an active legal specification for cryptocurrencies and digital assets. Crypto Asset Service Providers (CASPs) in the region are required to gain due licensing from the FSCA (Financial Sector Conduct Authority). However, while crypto assets are recognized under South African laws, they are not a legal tender. Cryptocurrency investors in the region must comply with KYC procedures and anti-money laundering laws. Crypto gains are also taxed. Here is a list of licensed CASPs in South Africa.

Crypto Taxes in South Africa

Cryptocurrency is not a legal tender in South Africa, however, crypto investments are subject to taxation in the African nation. Profits from crypto investment are subject to capital tax gain of up to 45% depending on the investor’s income bracket.