How to Buy Bitcoins in South Africa
In recent years, bitcoin has seen a growth in popularity. The rise in adoption can be accredited to the many real-use cases being discovered by traders all over the world and many businesses starting to accept bitcoin. These real-use cases include making payments, sending remittances, wealth preservation, currency conversion, and many more.
The development of these real-use cases is crucial as it makes bitcoin more than just an investment tool. Underbanked citizens and countries with struggling economies are making use of these real-use cases for survival in their current economic situation. Luckily, buying bitcoin has never been easier on Paxful, so if you’re interested in learning how to buy bitcoin in South Africa, you’ve come to the right place.
Buying Bitcoin on Paxful
One of Paxful’s marquee features is its wide variety of payment methods. There are over 300 options to choose from, allowing users to experience a more natural and more efficient trade process.
To give you a better understanding of how to buy bitcoin in South Africa, let’s use one of the most popular payment methods in South Africa: Amazon Gift Cards. If you’re wondering: “how do I buy bitcoin in South Africa?”, Amazon gift cards (among other payment options such as PayPal and bank transfers) are your best bet. To give you an estimate on how much you’ll spend, you can calculate the price of bitcoin in South African Rand or any currency by using our bitcoin converter.
Once you’ve created your account on Paxful, you’ll immediately have access to your Paxful Bitcoin Wallet, and you’re ready to trade. The first step is to click on the “Buy Bitcoin” button in the top right corner of the home page.
Once clicked, you will be redirected to a page with three main input fields: payment method, currency, and location. With these, you’ll be able to filter the list of shown offers—helping you find offers that cater to your preferences.
If you’re looking to buy bitcoin with a different payment method, clicking on “Show All” will show you the list of every available payment method on Paxful. You can scroll through the list of offers, but if you’re looking for a specific payment option, there is a search bar at the top to help you further.
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After settling all your preferences, click on “Search for Offers,” and a list of available offers should appear. (Sample offers for PayPal)
As you can see, there are several details to unpack here. To help you decide which offer is best for you, here are a few things to consider:
- Details of the offer – When it comes to specific information, each offer differs in many ways. The first thing to take note of is the price at which the vendor is selling bitcoin, as this is how much bitcoin you’ll be getting on the dollar (usually indicated by a percentage). The next to look at would be at the offer tags and offer terms. These are brief descriptions of what the vendor will require from you as payment. If you aren’t too sure about the tags and offer terms, you can click on “Buy” to view a more detailed set of instructions. It’s critical that you read this as you, as a responsible buyer, have to know if you can comply with all the requirements before initiating a trade. Other details include trade limits (how much the vendor is
- Reliability of your potential vendor – The number and thumbs-up sign is Paxful’s reputation system. The higher the number, the more reputable your vendor is. If you aren’t too sure about your vendor (even after looking at his/her reputation score), you can do some additional research by clicking on the username of the vendor. By doing so, you will be redirected to the vendor’s profile page, where you can see relevant details such as trade volume (how much bitcoin has gone through the account), number of trade partners, and trade history of the vendor (as well as feedback). With all those details, you should be able to gauge how safe it is to trade with the vendor.
- Availability of the vendor – When vendors create their offers, there is a feature that allows them to choose the payment window—how long it will take for the trade to expire. If you pick a vendor that’s away from their keyboard, you could end up sending him/her a payment and not getting any bitcoin in return. Make sure to pick a vendor that has been online recently.
When you find an offer that you’re happy with, and you’re ready to trade, click “Buy.” You will then be redirected to a page that requires you to input how much you’re going to buy. The page will also provide a general overview of the offer as well as a more detailed set of instructions.
After you’ve read all the vendor’s instructions and you’re ready to begin the trade, click on “Accept Terms and Buy Bitcoin Now!” You will then be redirected to the individual trade page where you can directly communicate with your vendor via live chat. Here, you’ll be able to clarify concerns or questions with your vendor.
Once the trade begins, the vendor’s instructions will appear once more, so make sure that you follow them to-the-dot. When paying, click on “Upload” to send your documents and then “Paid” when you have submitted everything. Marking the trade as “Paid” will protect you from vendors that aim to run away with your payment. After marking the trade as “Paid,” give the vendor a few moments to verify your payment. Once verified, he/she should release the bitcoins from escrow, and the trade will be complete. All that’s left to do is to leave appropriate feedback for your vendor.
And that’s it! If all goes well, you will have successfully bought bitcoin on Paxful and learned how to earn bitcoin in South Africa! If you haven’t given it a shot yet, now’s your chance!