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How to Buy Crypto with Grindrod Bank in South Africa

Last updated on November 12, 2023

Quick Summary: While Grindrod 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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Grindrod Bank Homepage

As mentioned in my quick summary, like most South Africa banks, Grindrod 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.

Thankfully there are many crypto trading platforms to pick from that allow you 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 Grindrod 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.

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 Grindrod Bank.

Buy Crypto With eToro

About Grindrod Bank

Grindrod Bank (GRDB) is an institution that is a commercial bank in South Africa. It is certified as an “locally-controlled financial institution” by the South African Reserve Bank, the regulator of national banks.

GRDB is a major financial services company located in South Africa, based on assets. The company currently employed ninety-six (96) employees in 2011. The total assets of the bank exceeded $550 millions (ZAR:3.7 billion) and shareholders’ equity of in excess of 37 million dollars (ZAR:250 millions).

The bank was founded in 1994 as an affiliate that was part of Grindrod Limited. It has its headquarters in Durban with branches situated in Johannesburg, Pretoria and Cape Town. The bank was established in 2006. bought all its assets from Marriott Merchant Bank. Grindrod Bank focuses on meeting the requirements of wealthy individuals and large institutions and corporations.

In January 2020, Grindrod Bank is 100% owned by Grindrod Financial Holdings. Grindrod Financial Holdings is 96.83 percent owned by Grindrod Limited.

Grindrod Limited is the holding company for a vibrant organization which is listed at the Johannesburg Stock Exchange, under the symbol GND. The two divisions of business include Freight Services as well as Financial Services. With over 100 years of working experience within South Africa’s transportation, logistics and freight movement industries.

Since January, Grindrod Bank maintains a branch network that includes four cities: Johannesburg, Durban, Pretoria and Cape Town.

The news came out in May of 2022. South African media reported that African Bank had offered ZAR:1.5 billion (approx. USD:97million) to purchase Grindrod Bank and its holding company Grindrod Financial Holdings. The transaction requires shareholders’ and regulators’ approvals.