South Africans are now able to buy cryptocurrency using a credit card
London headquartered cryptocurrency exchange Coindirect has announced that customers can now buy Bitcoin and other cryptocurrencies on its platform using credit cards.
This is a pioneering development in the South African cryptocurrency market, which has not yet experienced credit card to crypto payments.
Using a credit card for cryptocurrency payments helps ensure the process is as quick as possible from sign up to ‘buy Bitcoin’, unlike purchases through bank transfers which are subject to traditional banking delays.
Coindirect now has one of the largest offerings of cryptocurrencies in South Africa and stands as the only exchange in the country to offer credit card payments. Along with the lowest fee structure, Coindirect also currently boasts Bitcoin at the lowest price in South Africa due to its direct EUR/BTC exchange which enjoys a lower rate than a ZAR/BTC exchange.
Customers wanting to dip their toes into the world of cryptocurrencies can register and spend R3000 or less with no ‘know your customer’ (KYC) processes. Simply register, fill in your basic profile information, and start buying cryptocurrency.
Currently, the limits for credit card purchases in South Africa are:
Unverified users – R3 000 per day
Verified users – R50,000 per day (R15,000 per individual transaction)
These limits will be increased over the coming months.
Earlier this year, the exchange announced the launch of the Coindirect Euro Wallet, which opened up services to customers from the United Kingdom and Europe.