As the South African population is getting more aware and excited about cryptocurrency trading, the investors need a legitimate platform that could help them secure their investments from fraud and scams. Since the crypto exchange business has emerged along with the popularity of bitcoin and other cryptocurrencies.
After the emergence of bitcoin as a money-making opportunity, many investors started to invest in building platforms for inventors and traders. For those people who are new to crypto trading, it is beneficial to understand that not all crypto exchange platforms are reliable and trustworthy. Among the most trusted platforms involve bitcoinformula.net and few others.
Crypto exchanges are businesses with the purpose of providing platforms to those who are willing to trade cryptocurrencies for fiat and other digital assets.
An overview of a few crypto exchanges in South Africa.
eToro is one of the oldest platforms, providing services since 2006 way before bitcoin’s existence. The best thing about eToro is that it offers almost all the virtual exchange opportunities like stocks, forex, commodities, and cryptocurrencies. The platform is just not limited to trading but also acts as a social network where traders have given their reviews and one can follow them on Facebook to keep on getting insight into the market.
Furthermore, the platform is also ahead of other platforms in providing quick transactions, with an online chat facility regarding online markets, and most importantly it is CySEC regulated platform. The platform charge high withdrawal fees, and the deposit is only in USD.
Coinmama is best for all types of traders, as it allows mid to high volume investments. The platforms offer its services in more than 180 countries, which makes Coinmama a global platform. The exchange provides ease to its customers by accepting cash payments, and the facility of sending money via western union is also available.
The platform is also quick in transactions but charges high fees and users can buy but can’t sell.
LocalBitcoin.com is an interesting platform that connects nearby users for business purposes. The user can get registered as a buyer and/or seller, and if one has trust issues, the deal could be done by directly meeting the real person. Both, face to face cash payments and bank transfer methods of payment are available.
There is something that a user might not like, for example, the user might have to face some people who offer low rates, and the platform only deals in the only bitcoin.
24 Option is also one of the oldest platforms, dealing in cryptocurrency exchange. The platform is known for its credibility and legality. The platform provides such an environment where users can learn about the world of digital tradable assets and investment processes.
The platform helps users to understand the trading environment by providing daily reports, the latest financial trends, and guides for beginners.
Being an old and well-reputed platform, it is also considered as one of the trustworthy platforms in the business. The biggest with this platform that it does not entertain deposits less than $250 and high fees are charged on trades and payments.
All these platforms have their own benefits and drawbacks as exchanges discussed above charge high transaction fees whereas others have a minimum deposit limit. So, different users have different requirements, it depends on what is a trader actually looking for.