Ethereum or Ether (ETH) is the most successful cryptocurrency after Bitcoin. Since Bitcoin’s huge appreciation in value in 2017, South African investors have been looking for alternatives to spread their investments. We will show you in 5 steps how to buy Ethereum in South Africa.
Best Ethereum exchange South Africa
What is Ethereum?
Ethereum and Ether are more than a cryptocurrency.
Ethereum wants to be a lot more than just a cryptocurrency or digital currency. As with Bitcoin , the technical basis is a blockchain, a public record of all transactions. But unlike Bitcoin, the Ethereum blockchain can do even more: it enables the participating computers to work together on so-called smart contracts to carry out various tasks, such as crowdfunding. These tasks are paid for using the cryptocurrency Ether. Strictly speaking, Ethereum is a system of connected computers and Ether is the associated cryptocurrency – but Ethereum has also become popular as the name for the currency.
Where to buy ethereum in South Africa
The best way to get money into your Ethereum wallet is to buy it on one of the best crypto exchanges in South Africa. If you want to keep your Ethereum in an online wallet, many of these digital marketplaces also let you do that right from your account. An exchange makes it easy to store Ethereum, but it also makes it hard for you to move your money around. There are a lot of good places to buy Ethereum in South Africa.
Binance is the crypto exchange with the highest daily trading volume. The company was founded by a developer named Changpeng Zhao in 2017. Since you already need cryptocurrencies to trade on Binance, this exchange is not for beginners.
CoinBase is a San Francisco- based Coinbase operates a cryptocurrency trading platform that trades Bitcoin, Ether, XRP and many other crypto coins. This exchange is trusted by many South Africans and over 30 million customers worldwide.
Best Ethereum wallets in South Africa
Just like any cryptocurrency, Ethereum can also be stored in a crypto wallet. That is a digital purse for sending, receiving and storing crypto coins.
The wallet stores the digital keys that prove your ownership of Ethereum Coins. This is why choosing the right wallet is so important. There is
- Desktop or software wallets that run as a program on your computer
- Online wallets where you store your keys with the provider
- Hardware wallets, where the keys are stored on a separate data carrier
We present a few of the best and most popular wallets in South Africa:
Exodus (Desktop Wallet)
Exodus is a versatile desktop wallet that puts you in control of your keys. The perfect ETH wallet for at home – unfortunately there is no mobile version of Exodus yet.
Ledger Nano S (hardware wallet)
Ledger Nano S is a reliable and inexpensive hardware wallet that you can simply get from Takealot.com. This small USB device keeps your Ethereum safe as well as other cryptocurrencies and you don’t have to worry about hackers.
Jaxx (mobile wallet)
The Jaxx is a mobile wallet that conveniently manage your Ethereum across all operating systems. The intuitive operation makes Jaxx particularly interesting for beginners.
MyEtherWallet (Web Wallet)
MyEtherWallet uses a website for all transactions, but the keys are stored on your machine. The wallet is convenient to use, but being tied to the website makes this wallet particularly vulnerable to phishing attacks.
Payment methods to buy Ethereum
Which payment method you choose to buy Ethereum is mainly a matter of preference. However, not all payment methods are available on all exchanges. Fortunately, most exchanges offer several payment methods. The most common are:
- Buy Ethereum with a credit or debit card
- Purchase Ethereum with PayPal
- Buy Ethereum with Bitcoin or other cryptocurrencies
If you choose to pay for your Ethereum with other cryptocurrencies, you can take advantage of exchange rates.
Here’s how to use your Ethereum in South Africa
Even though Ethereum is the second most important cryptocurrency in the world, it is not nearly as established as Bitcoin. Nevertheless, there are three instead of two options for using Ethereum:
- Shopping with Ethereum : Since 2019 many big retailers South Africa have been accepting Bitcoin and Ethereum in South. Ethereum is still rare for purchases in the real world, but the potential is great. There are rumors that the online giant Amazon is planning to introduce Ethereum.
- Ethereum trading : On exchanges like Coinbase or Changelly you can trade Ethereum and buy other currencies like US Dollars or cryptocurrencies like BTC, DASH, Ripple, or LTC.
Is Ethereum legal in South Africa?
Yes, Ethereum is totally legal in SA. Ethereum offers many South African investors a way to diversify their portfolio. In the slipstream of Bitcoin, the price of Ethereum rose from around R940 in April 2017 to around R45 130 in April 2022, a growth of more than 40,000 ZAR.