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How to Buy Crypto with FirstRand Bank in South Africa

Last updated on December 16, 2023

Quick Summary: While FirstRand 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.

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FirstRand Bank Homepage

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

There are a large number of crypto exchanges 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 FirstRand

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.

Sign Up With eToro

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 FirstRand Bank.

Buy Crypto With eToro

About FirstRand Bank

FirstRand Limited, also referred to as FirstRand Group is the holding company of FirstRand Bank, and is a financial service provider within South Africa. It is among the financial services companies authorized to operate by Reserve Bank of South Africa the regulator of South Africa’s national banks.

It is listed in the JSE and the Namibian Stock Exchange, FirstRand Limited is among the biggest banking institutions within South Africa, and provides the following investment, banking, and insurance solutions and products to commercial, retail and corporate customers. Apart from South Africa, the group operates in eight important African countries, including Botswana, Namibia, Swaziland, Lesotho, Zambia, Mozambique, Tanzania, Ghana and Nigeria. FirstRand Bank has branches in London, Guernsey and India.

FirstRand implements its plan by establishing a portfolio of top financial services franchises. Rand Merchant Bank (RMB) is the investment and corporate banks; First National Bank (FNB) which is commercial and retail banking institution; WesBank, an instalment financing provider as well as Ashburton Investments, the group’s asset management division.

The headquarters of the group is located in Johannesburg, South Africa. FirstRand is among the five biggest banks across South Africa and sub-Saharan Africa.