Top 5 cryptocurrencies to trade in South Africa

THERE are many cryptocurrencies available, from Bitcoin and Ethereum to Dogecoin, Tether, and Ethereum. It can be overwhelming for someone just starting out in crypto. However, these are the five Best Crypto South Africa that are worth trading in 2022.

Top 5 cryptocurrencies to trade in South Africa

Bitcoin (BTC)

Bitcoin was created in 2009 by Satoshi Nagamoto. BTC is based on the blockchain. This is a system that logs transactions across thousands of computers. Bitcoin is protected from fraudsters because any additions to distributed ledgers must first be verified by solving cryptographic puzzles. This process is called proof of work.

Bitcoin has become a household name, and its price has risen dramatically. For example, you could purchase one Bitcoin for $500 in May 2016. A single Bitcoin was worth approximately $19,531 in September 2022. This is a rise of more than 3,800%.

Ethereum (ETH)

Ethereum can be used as both a cryptocurrency platform and a blockchain platform. Programmers love Ethereum for its potential applications. These include smart contracts that execute automatically when certain conditions are met and non-fungible tokens (NFs).

Ethereum’s growth has been phenomenal. Its price increased by 12,518% between April 2016 and September 2022.

Tether USDT

Tether is a stablecoin. It’s backed with fiat currencies such as U.S. Dollars and Euros and, hypothetically, sustains a value equal to or greater than one of these currencies. This means that Tether’s value should be more stable than other cryptocurrencies, which is why it’s favored by investors concerned about other coins’ extreme volatility.

Dash (DSHUSD)

Dash, a less-expensive crypto, was created in 2014 and offers faster transactions and lower fees.

This is possible by using a different protocol: Proof of Stake (PoS) instead of Proof of Work.

Dash was originally created as a cryptocurrency. However, Dash now has larger ambitions and plans to be a payment option for everyday transactions.

Dash, like all cryptos, is high-risk. There is a limit to the supply of Dash at 18.9 million coins.

This advice is the same: If you are aware of the risks involved with investing in cryptocurrencies, you may consider trading crypto CFDs.

You can also download the MetaTrader5 platform. This allows you to trade via brokers such as Admiral Markets, and you can also make use of the many features to help you implement your trading strategy.

Monero (XRMUSD)

Monero was established in 2014. Privacy is its primary draw.

Monero is not like other cryptocurrencies that have transparent blockchains. This allows observers to see details about transactions.

These details are hidden using a variety of techniques to ensure anonymity. There are both positives and negatives to this program.

Monero is popular among those who want privacy. However, it also attracts crooks. All of this has an immediate influence on supply and demand, which will determine the crypto’s value. This will also have direct implications for trading and XRMUSD CFDs.

Can You Trade Crypto in South Africa?

You can trade cryptocurrency in South Africa. Although it’s not a payment method, it’s legal to trade or own crypto in the country. It can be used in private transactions.

If you’re looking to trade crypto in South Africa, it might be worth checking out Contracts for Difference.

CFD trading doesn’t require you to own the asset – in this instance, cryptocurrencies. You can instead trade on the difference in the closing and opening prices.

The best way to trade the markets is with a licensed CFD broker. Many reliable brokers allow you to trade crypto CFDs through a trusted and secure platform.

We recommend that you start your trading journey with a demo account first. This allows you to trade with a virtual capital (and not risk your real capital).

What are the top payment methods in South Africa?

CFD brokers allow you to open an account and trade crypto CFDs in South Africa. These are the most trusted payment options they accept for account deposits:

Electronic funds transfer (EFT), Transferring money between bank accounts. Although there is no minimum or maximum amount for this payment method, transactions can take up to 3 business days to complete.
Credit Cards: Credit card payments are available immediately as Admiral Markets processes transactions in milliseconds. Credit card transactions usually have a maximum and a minimum amount limit.
Debit cards: Transactions using debit cards can be made instantly, just like credit cards. They are subject to maximum and minimum amounts as well.