Home
/
Banks
/
How to Buy Crypto with African Bank in South Africa

How to Buy Crypto with African Bank in South Africa

By Hong Xie

Last updated on November 12, 2023

Quick Summary: While African Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of South Africa cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

 5/5

11,029 5-star reviews on Trustpilot

As mentioned in my quick summary, like most South Africa banks, African Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency trading platform and comes with regulations and extra work for the banks.

There are a large number of crypto trading platforms that you can use to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with African Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with African Bank.

Buy Crypto With eToro

About African Bank

African Bank Limited, is an institution that retails in South Africa, that offers services and financial products. The Bank is regulated as an “locally controlled bank” by the South African Reserve Bank (SARB). The headquarters are located at Midrand, South Africa, the bank is a national branch distribution network , in addition to a complete digital channel, in addition to collections, sales and contact centers for customer service.

The initial African Bank Limited, was established on the 31st of July, 1975. It was an affiliate of African Bank Investments Limited, which was a company that controlled banks and which was listed at the Johannesburg Stock Exchange. On the 10th of August, 2014, the first African Bank Limited was placed under the supervision of the South African Reserve Bank, in accordance with the South African Banks Act, Act 94 of 1990.

At the end of September, 2019 African Bank Limited had total assets of ZAR:28.881 billion, and shareholders capital of ZAR:10.659 billion. The African Bank Limited, as well its subsidiary companies, and affiliates employed 3,886 employees.

On May 20, 2022 African Bank announced a agreement to purchase Grindrod Bank, in addition to the holding firm Grindrod Financial Holdings. African Bank stated that the acquisition , which is worth R1.5 billion will help the integration of business banking in their services as Grindrod Bank is a 26-year veteran expertise in the investment and corporate banking industry.

Other Popular South Africa banks

Hong Xie

Hong Xie is a seasoned banking professional whose expertise spans over two decades. Known for his strategic approach to financial planning and wealth management, Hong has helped countless individuals and businesses achieve their financial goals. His analytical skills and thorough understanding of financial regulations ensure that his advice is both practical and compliant.