As the cryptocurrency craze gets hotter, people in South Africa are becoming more and more eager to get their hands on some bitcoin or other cryptocurrency. Experts agree that this is only the beginning of cryptocurrency’s rise, and that it is not too late to invest.
The large price tag for one bitcoin might make many South Africans think that bitcoin is out of their reach – one bitcoin is currently worth nearly a million rand. But bitcoin isn’t the only cryptocurrency around. And, if you choose the right cryptocurrency exchange, you can purchase many other coins as well.
Is it legal to buy cryptocurrency in South Africa?
Buying cryptocurrency in South Africa is 100% legal!
In some countries, buying cryptocurrency is banned or restricted in some way. China was the latest to declare all cryptocurrency transactions illegal, and some countries restrict its use to pay for goods, such as Russia and Vietnam.
But aside from these examples, most governments support and encourage the growth of cryptocurrency. El Salvador has gone so far as to recognise bitcoin as legal tender, with signs of other countries following suit.
Cryptocurrency is extremely popular and welcomed in South Africa.
The easiest way to buy bitcoin and other cryptocurrencies in South Africa
Unfortunately, cryptocurrency exchanges tend to make buying cryptocurrency slightly complicated for people who are new to crypto or new to investing. These exchange’s websites are usually designed in such a way as to scare off new investors, filling the screen with tons of buy/sell figures and dozens of abbreviations for various cryptocurrencies that just confuse people.
OVEX, South Africa’s largest over-the-counter cryptocurrency exchange, figured out a simple way to let anybody in South Africa buy cryptocurrency. Unlike other exchanges, OVEX offers something called a “request for quote” tool, or RFQ.
Using this RFQ, it is possible for people to simply type in the amount of South African rands (ZAR) they are willing to pay, and then get an immediate quote for how much bitcoin (BTC) or another cryptocurrency they will receive for that ZAR.
Whether investing R100 or R1-million, someone can use OVEX’s RFQ tool and instantly purchase bitcoin with zero fees and without any hassles or confusion whatsoever.
The tool also provides pairings for all other cryptocurrencies that OVEX deals with, allowing someone to quickly get a quote and buy or sell with just the click of a button.
Other cryptocurrency services from OVEX
OVEX has blasted the doors wide open for cryptocurrency trading in South Africa. The company offers everything from high-interest-earning cryptocurrency savings accounts to personalised, white-glove trades through its over-the-counter (OTC) desk, designed for high-net-worth individuals and institutional investors.
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