The biggest global cryptocurrency exchange, Binance, has been expanding on the African continent and is currently available in Nigeria, Kenya, and South Africa.
In this article, you will learn about how to use Binance in South Africa, the features and fee structure of the platform.
How To Use Binance In South Africa
Binance, the biggest cryptocurrency exchange in the world is now available for users in South Africa who want to trade cryptocurrencies directly with the South African Rand.
This means that traders have direct access to the platform with the largest global trading volume and can trade bitcoin (BTC), ethereum (ETH), binance coin (BNB), and binance (USD) against the Rand.
Here is a breakdown of how to use the platform in South Africa:
- Sign up to Binance.
- Verify your identity.
- Deposit ZAR.
- Begin to trade (buy/sell bitcoin).
- Add extra security to safeguard your account.
Create a Binance Account
To use Binance in South Africa, you will have to register or create an account. On the other hand, readers who have already gone through this process should scroll to the next steps.
Firstly, visit binance.com and click the “Register” button to register an account. During this process, you will have to enter your email, password, and referral ID (use “O4EY05O6 “to get 10% off all your transaction fees).
Also, you are required to agree to the terms and conditions of the platform. Remember that to use Binance; you must be 18 years or above.
After this, you will receive an email to confirm your registration.
Verify Your Identity on Binance In South Africa
Secondly, you will need to verify your identity to access all the features on Binance in South Africa. To access the verification page, click on the ‘User Center’ and select ‘Identification’ on the drop-down menu. You need to provide an identification card during this process. For example, a South African National ID or Passport will pass.
This process may take a few minutes or an hour in rear instances. Subsequently, you will be verified and ready to move to the next step.
There are different tiers of verification for users of Binance in South Africa.
- Tier 1 – Deposit or withdraw up to 150,000 ZAR: You will need to provide your email, full name, date of birth, ID number/ passport, selfie, and nationality.
- Tier 2 – Unlimited deposits or withdrawals: You will need to provide your email, full name, date of birth, ID number/ passport, selfie and nationality, residential address, and enhanced due dilgence.
Deposit and Trade on Binance
After successful verification, you are ready to trade. That means you can buy or sell cryptocurrencies like bitcoin. To make this possible, you will first have to add funds to your wallet.
To buy bitcoin (or any other cryptocurrency) in South Africa on the Binance platform, you will have to deposit Rand (ZAR). You can make this deposit through bank transfer (EFT). Binance requires that you make deposits from a bank account in your name.
To make a deposit, visit your account and select “wallet.” Enter ZAR, the Rand currency code in the search bar, to get the results below.
Click on deposit to add funds to your wallet. Visit the trading tab and find the ZAR/BTC or any other ZAR trading pair to trade.
You can also visit the Buy Crypto tab on Binance to buy directly without using the exchange interface.
Cryptocurrencies with South Africa trading pairs on Binance:
- Bitcoin (BTC)
- Binance Coin (BNB)
- Binance USD (BUSD)
- Ethereum (ETH)
- Tether (USDT)
Binance South Africa Fees and Limits
Most bitcoin exchanges charge fees for using the platform. Unlike some exchanges that have an expensive fee structure, Binance charges minimal fees.
Here is a breakdown of Binance fees for users in South Africa.
- ZAR Deposit fee: Zero
- ZAR withdrawal fee: R7.50
- Trading fees: 0.1% on trades made on the exchange.
Frequently Asked Questions About Binance Inn South Africa?
How can I deposit on Binance in South Africa?
Binance users in South Africa can deposit Rands (ZAR) into their Binance wallet via EFT only.
What are the Binance Fees in South Africa?
Binance charges 0 deposit fees in South Africa, R7.50 ZAR deposit fee, and 0.1 percent in trading fees.
If you have any questions concerning Binance in South Africa, let us know in the comments section below.