How to buy cryptocurrency in South Africa

Investing in cryptocurrencies is a strategy most South Africans have explored. Estimates suggest that 15% of South Africans own cryptocurrency. This makes South Africa the country with the second highest cryptocurrency adoption rate in the world.

The crypto space has continued to grow and innovate at an incredible rate. Bitcoin alone only posted annualised losses for a mere two out of 12 years since its inception. The sheer volatility in this explosive space makes for an unmatched return potential. In fact, the JSE Top40 is up 19.2% for the year compared to Bitcoin’s 344%.

Keep in mind that investing in cryptocurrency is still risky – you could lose the entire value of your investments – so make sure you’re in a financially sound position and take the time to assess your risk appetite before putting money towards the asset class. This all starts with choosing a reputable exchange from which to purchase your cryptos.

Traditional finance applications that support crypto trading offer a very limited selection with minimal functionality. Buying cryptocurrencies through reputable crypto-first digital wallets and exchange providers offers users more choice and enhanced functionality.

OVEX is a leading South African cryptocurrency exchange that only ever lists assets that meet the exchange’s stringent eligibility requirements. Due diligence is done on a usability, legal, compliance and technical security basis.

Click here to begin investing in cryptocurrency with OVEX

What is cryptocurrency?

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Unlike the US dollar or the euro, there is no central authority that manages and maintains the value of a cryptocurrency. Instead, the currency’s integrity is protected by hardcoded maths of an impenetrable nature.

This means it is almost impossible for it to be interfered with by governments or manipulated by third parties. It is this decentralised quality that proved foundational to cryptocurrencies’ cult-like following — especially in a time when the vast majority are losing faith in an otherwise broken system.

How to invest

If you want to diversify into cryptocurrency, OVEX is the best option for South Africans – both for institutional investors and those investing in their personal capacity.

OVEX makes investing in cryptocurrency simple thanks to its intuitive and user-friendly platform. It is also preferred by South African investors due to its low fees, tight spreads and fast settlements.

OVEX offers various valuable investment products, too, each of which provides unique value to its clients. These include:

Buy and sell: This tool lets you request a quote for buying or selling cryptocurrency, which you can then accept. This is the easiest way to either trade or hold cryptocurrency and is perfect for both novice and seasoned cryptocurrency investors. OVEX offers 15 different trading pairs. This deep asset support is great for investors looking to build a diverse portfolio.
Over-the-counter desk: This is a high-volume trading desk that offers 24/7 trading for institutions and high-net-worth individuals. It offers ultra-deep liquidity, low fees, full asset support and post-trade settlement.
Interest accounts: These function similarly to traditional savings accounts. You put your money into the account and earn up to 20% interest per annum.
Arbitrage: This service involves buying cryptocurrency on markets where it is cheaper and selling it on markets where it is more expensive. You earn the difference between these two prices.

Begin your cryptocurrency investment journey with OVEX today: Click here to begin investing in cryptocurrency with OVEX.