If you’re looking to trade or invest in the second-largest cryptocurrency, Ethereum, you’ll first need to find the right exchange or broker. Although there are plenty of platforms to choose from, it’s important that you choose the platform that best complements how you’ll trade and invest in Ethereum.

This guide will explain how to buy Ethereum South Africa, where to buy Ethereum in South Africa, and what exactly Ethereum is.

Where to Buy Ethereum in South Africa – Step by Step Guide 2023

We’ve reviewed what we see as the best places to buy Ethereum South Africa given their fees, features, and overall experience. These five platforms should be an answer to most looking where to buy Ethereum.

1. OKX- The Best Platform Using Blockchain To Buy Ethereum

The OKX platform uses blockchain technology to remove all barriers and make cryptocurrency trading available to everyone. It has more than 20 million users and is in 180 countries.

All types of traders will find it attractive because of its innovative platform. Trading on OKX is quite easy and convenient. Users can trade Ethereum, sell it and exchange it on the website and the mobile app. In addition to receiving notifications of live cryptocurrency prices.

To trade Ethereum, you must make a minimum deposit depending on your account verification type. An initial deposit of $50 is ideal for getting started, but depending on the type of account verification you choose, you may have the option to make a larger deposit.

In the OKX Academy section, you can find educational materials to learn about cryptocurrencies in the market, even if you are a beginner.

OKX fees:

Your money is at risk.

2. Capital.com - Best Place to Buy Ethereum South Africa

Perhaps the best place to trade Ethereum in South Africa is on the Capital.com platform. For most use cases, Capital.com will be of extreme value with its contract for difference (CFD) trading features, low spreads, and zero commissions. It’s quick and easy to create an account, so the barriers to entry are low.

Aside from being an easy-to-use platform to buy and sell Ethereum and other cryptos, Capital.com is also one of the best forex trading platforms as well. Other instruments offered are stocks, commodities, and indices.

If you’re new to the crypto sphere and still learning how to buy Ethereum South Africa, then Capital.com also offers a demo account to help beginners out. The demo account allows you to start trading and familiarising yourself with the platform without having to spend any actual money. When you’ve gained enough confidence to buy Ethereum with actual funds, then that’s when you switch to the live account.

Fund your Capital.com account and buy Ethereum with a credit card, debit card wire transfer, and more. The minimum deposit on the platform is $20.

Capital.com fees

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

3. Binance - Best Crypto Exchange for New Coins

Another great platform that actually has its own coin based on the Ethereum network is Binance, the best crypto exchange for new coins and for investing in Ethereum. With access to over 500 cryptocurrencies and virtual tokens, the Binance platform is a great place not only for learning how to buy Ethereum South Africa but other coins as well.

As one of the largest centralized crypto exchanges, Binance also offers a great crypto wallet perfect for those looking to invest in Ethereum. However, the platform also has a very technical interface perfect for day trading Ethereum with high levels of leverage.

If you’re looking to buy Ethereum with Bitcoin, you can do so as well on Binace through the peer-to-peer crypto exchange or the ETH/BTC crypto pair on the site. The minimum limit for buying Ethereum on Binance (through Simplex) is 500 ZAR for Visa or Mastercard. 

Binance fees

Cryptoassets are speculative and carry high volatility levels. Always consider the risks involved. 

4. Coinbase - Great Beginner Platform for Crypto South Africa

Designed with beginners in mind, Coinbase is an online crypto exchange with an easy-to-use platform and 50 different cryptocurrencies to trade. Available in over a hundred countries, Coinbase offers a secure platform where you can buy Ethereum and store it safely.

Coinbase is one of the most established exchanges out there, having launched all the way back in 2012. It’s also a great place to learn how to buy Ethereum South Africa due to the many educational resources readily available. Furthermore, the Coinbase crypto wallet offers support for over 4,000 crypto assets and decentralized applications.

If you’ve ever thought to yourself where can I buy Ethereum as a beginner, it’s worth considering Coinbase. However, note that the commissions would start at 0.5% for lower volumes.

Coinbase fees

 

Your money is at risk.

5. Luno - Fast Growing Crypto Exchange Platform South Africa

Founded in 2013, Luno is a London-based crypto exchange that has operations in Cape Town, South Africa. You might be thinking ‘can I buy Ethereum on Luno?’ The answer is yes, you can buy Ethereum on Luno as well as Bitcoin, Ripple, Litecoin, Bitcoin Cash, and USD Coin.

If you’re wondering how to buy Ethereum South Africa with this platform, here’s how to buy Ethereum with Luno. First, you’ll need to open an account which should take just minutes. After verifying and funding your account, you can easily buy Ethereum Luno with a tap of a button, and then finally track your position afterward.

With an office in South Africa, the Luno crypto exchange has gone far in being a regulated financial services company in the country. Your funds are safe as the platform is registered with the South African Financial Intelligence Centre (FIC). 

Luno also lets you exchange your rands for Ethereum - so no more exchange rates to USD or other currencies. This is how to buy Ethereum with rands on Luno. The minimum amount to buy Ethereum on Luna is 100 ZAR.

Luno fees

 

Your money is at risk.

6. Crypto.com - Fast and Secure Cryptocurrency Exchange in South Africa

Last but not the least, Crypto.com is one of the fastest and most heavily marketed crypto exchanges out there, and for good reason. With great integrations with decentralized finance (DeFi), a growing trend in the crypto sphere, Crypto.com has set itself up well for the future.

In terms of how to buy Ethereum South Africa on the platform, Crypto.com has the right markets and offers great prices for the coin. It’s also important to note that the company is one of the most secure crypto exchanges - perfect for those who want to buy Ethereum in South Africa. They also offer derivatives trading - allowing for the option of leveraging crypto positions. 

The minimum investment per transaction at Crypto.com is 1 USD. But aside from buying ETH through fiat currencies, Crypto.com lets you exchange another crypto for Ethereum too.

Crypto.com fees

Your capital is at risk.

Where to Buy Ethereum - Fee Comparison

What is Ethereum?

An important part of learning how to buy Ethereum South Africa is truly understanding the Ethereum network as well as its current and future technological possibilities.

Although several competitors to Bitcoin have emerged since its launch in 2009, only one other cryptocurrency has truly come close to rivaling the so-called crypto gold. Going beyond just a store of value, Ethereum uses the decentralized system that Bitcoin pioneered and uses it to run programs on the Ethereum blockchain network.

With the ability to run computing languages on a decentralized network, Ethereum became the ecosystem for smart contracts and decentralized applications (dApps). Ethereum uses the Solidity programming language for anyone to code smart contracts. As an open-source platform, anyone can read the code that others have written on Ethereum. 

But if Ethereum is used for all these applications and programs, you might think next “Can you buy Ethereum?” Of course, the answer is yes. In order to run these decentralized programs, miners have to be paid some Ether (ETH) for the computing power they offer. Although Ether is the cryptocurrency of the Ethereum network, it is also the fuel or gas that is used to run these smart contracts and dApps.

Lastly, the popular digital assets known as non-fungible tokens (NFTs) started in the Ethereum network. NFTS are assets powered by smart contracts and are a way to represent anything completely unique. If you haven’t heard already, NFTs are its own marketplace as many are already worth millions as people buy and sell different NFTs among trends. 

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Why Buy Ethereum?

It’s one thing to know the technology and concepts behind Ethereum and another to know why investors buy Ethereum. Aside from the value of Ethereum as an ecosystem of decentralized applications, the platform is also used for yield farming. 

Some cryptocurrencies can be lent in Ethereum networks and as a reward for lending your coins, you receive certain tokens. Most yield farming takes place in the Ethereum platform.

The widespread use of Ethereum as a whole has also contributed to the rise of investments into the coin. It’s worth noting that support and improvements on the entire network are still ongoing today. The latest news for the Ethereum network is its release of Ethereum 2.0, a version of Ethereum that is more energy-efficient using the proof-of-stake consensus model.

How Much Does It Cost to Buy Ethereum?

Before we show you how to buy Ethereum South Africa, you should understand first that Ether can be split into smaller denominations known as a weis and gweis. One Ether is equivalent to one quintillion weis which is also equivalent to one billion gwei. So even though purchasing one whole Ether would cost around 35,000 ZAR these days, you can still purchase parts of Ether for their respective fractional price.

As this is the case, the minimum cost for buying Ethereum will all depend on the trading platform or crypto exchange that you’re using. For example, on Capital.com, you can trade Ethereum with just a little over 1 USD. The position is even leveraged 20:1, meaning the Ethereum position is worth over 20 USD.

How to Buy Ethereum with PayPal

PayPal customers based in the US can actually buy, sell, hold, and pay 4 cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. If you’re wondering how to buy Ethereum South Africa with PayPal, it’s worth noting that the company does plan on issuing this feature to other countries soon.

If you’re based in South Africa with a PayPal account and wish to still buy Ethereum via PayPal, you can find a crypto exchange or trading platform that accepts PayPal as a deposit option. 

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Buying Ethereum Safely

In this section of the Ethereum how to buy guide, we show you how to buy Ethereum South Africa safely. Decentralized currencies like Ethereum and other cryptos are designed so that it’s virtually impossible for data to be manipulated on the networks. This means that most platforms innately have a high level of security.

However, the security of a blockchain hasn’t stopped scammers and hackers from getting crypto from others. A lot of sites offer to increase your cryptocurrency or try scamming you by promising free cryptocurrency. Be careful and follow the rule of thumb - if it’s too good to be true, then avoid it. It’s better to stick to regulated and known platforms.

That being said, it’s worth highlighting that where to buy Ethereum will also affect your trading safety. Look for secure, licensed, and tried-and-tested crypto exchanges or trading platforms. Signs of good brokers or platforms are ones that have multiple security measures like two-factor authentication and cold storage that greatly restrict potentially malicious actions.

Risks of Buying Ethereum

As mentioned in the last segment, there are several ways that you can lose the Ethereum that you buy and it’s important to practice diligence in buying the cryptocurrency.

There are also other risks in buying Ethereum, mainly due to its volatile nature. Ethereum, much like any other cryptocurrency, is considered highly volatile - prone to sudden price fluctuations. Crypto derivatives trading involves significantly high risks especially using leverage in Ethereum positions.

High volatility and leveraged trading often don’t mix well and can lead to accounts being margin called in events of price spikes. Make sure to practice responsible trading and proper risk management when buying Ethereum. These concepts are important when learning how to buy Ethereum South Africa.

Selling Ethereum

We may have talked and shown you a lot about how to buy Ethereum South Africa, but now we’ll discuss selling Ethereum. Generally, you’d want to sell your Ethereum after buying it previously in a crypto exchange or trading platform. To do this, you simply have to close your positions on the coin.

Alternatively, many platforms also offer shorting positions on Ethereum. Shorting Ethereum basically means that you’re betting on the price of the cryptocurrency to go down. If you open a short position and Ethereum’s price does drop, you’ll earn from it. A lot of research and due diligence is recommended before shorting an instrument as this involves virtually infinite risk.

Ethereum Price Prediction

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

In 2021, Ethereum's price peaked at around 73,000 ZAR in November and hit a low of 15,000 ZAR. At the time of writing, Ethereum’s price hovers around the 38,000-3,300 ZAR range.

If Ethereum breaks below the 32,000 ZAR support,, we might see it trading between the 25,000 and 30,000 ZAR range. Overall, the bear market that has been the crypto market trend this past month has brought a lot of downward pressure to the ETH price.

Where to Buy Ethereum

If you’re still wondering where to buy Ethereum South Africa, here’s a list of the cryptocurrency exchanges and trading platforms we mentioned earlier:

1. OKX- The Best Platform Using Blockchain To Buy Ethereum
2. Capital.com - Best Place to Buy Bitcoin in South Africa
3. Binance - Best Crypto Exchange for New Coins
4. Coinbase – Great Beginner Platform for Crypto South Africa
5. Luno – Fast Growing Crypto Exchange Platform South Africa
6. Crypto.com – Fast and Secure Cryptocurrency Exchange in South Africa

Best Way to Buy Ethereum - OKX Tutorial

In this section, we now provide a step-by-step tutorial on how to buy Ethereum South Africa using the OKX platform.

Step 1: Open an Account

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Here is how to buy Ethereum in South Africa. First, head to the OKX site and press the Trade Now button located at the top right of the page. A pop-up will then appear and all you need to do is simply fill in your email and password or use an existing Facebook, Google, or Apple account to connect.

Step 2: Upload ID

For this second step, you’ll need to verify your account so that you can later fund it. You’ll need to upload a valid ID such as a passport or driver’s license. Once completed, you’ll need to wait for your account to be verified.

Step 3: Deposit Funds

After your account has been verified, you can now deposit funds into your account. Below are all the deposit methods for your OKX South Africa account.

• Wire Transfer
• Visa
• MasterCard
• Skrill
• Neteller
• Worldpay
• WebMoney
• AstroPay
• iDeal
• Przelewy24
• QIWI
• Giropay
• Trustly

Step 4: Buy Ethereum 

With your account fully funded, you can now buy Ethereum in South Africa! Simply search for the ticker ‘ETH’ from the OKX dashboard. The platform offers a crypto leveraged CFD position of 20:1, so make sure to take that into account when trading. 

Capital.com – Best Crypto Platform to Buy Ethereum in South Africa with Tight Spreads

75.26% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

FAQs

What is Ethereum?

Ethereum is a blockchain built upon the Proof of Work (PoW) consensus model that offers a store of value and an ecosystem for smart contracts and dApps.

Who created Ethereum?

Ethereum was founded by Russian-Canadian computer scientist Vitalik Buterin. The blockchain went live in July of 2015.

What is the market cap of ETH?

At the time of writing, Ethereum’s market cap is at $270 billion.

Do I need a crypto wallet to buy Ethereum?

Yes, you’ll need a crypto wallet to purchase Ethereum and other cryptocurrencies. Luckily, some platforms feature built in crypto wallets.

Can I buy Ethereum in the South Africa?

Yes, you can. For example, you can purchase Ethereum on the Capital.com platform after creating and verifying your account.

Is Ethereum regulated in South Africa?

At the time of writing, South Africa does not have any regulations regarding Ethereum and other cryptocurrencies. However, the FSCA does plan to unveil a regulatory framework covering crypto early this year.

How much money do I need to buy Ethereum?

Although one Ethereum is priced in the thousands of dollars, you can still invest in Ethereum by purchasing parts of the coin. The minimum you need to buy Ethereum depends on your crypto exchange - for example, Capital.com lets you open a position worth a little over 1 USD.