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How to Buy Crypto with Nedbank in South Africa

Last updated on November 12, 2023

Quick Summary: While Nedbank 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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Nedbank Homepage

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

Thankfully there are many crypto exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using eToro as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Nedbank

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

1. Pick a crypto exchange

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 Nedbank.

Buy Crypto With eToro

About Nedbank

Nedbank Group is a financial services company located in South Africa offering wholesale and retail banking services, as well as the provision of insurance and asset management as well as wealth administration. Nedbank Limited is a wholly owned subsidiary of Nedbank Group.

Nedbank’s main customer base is South Africa. Nedbank is also present in six additional countries within the Southern African Development Community (SADC) through banks and subsidiaries located in Eswatini, Lesotho, Malawi, Mozambique, Namibia and Zimbabwe and also locations located in Angola as well as Kenya. Outside of Africa, Nedbank have offices to offer international financial services for African-based customers located in Guernsey, Isle of Man, Jersey, the United Kingdom and the United Arab Emirates.

The brand new Nedcor Group was established at the beginning of January 2003, merging Nedcor, BoE, Nedcor Investment Bank as well as Cape of Good Hope Bank into one legal entity. It was adopted as a legal entity on January 1, 2003. Nedcor Group was renamed the Nedbank Group on 6 May 2005. On August 9, 2009 Nedbank purchased 49.9 percent of Imperial Bank South Africa that it didn’t have, which means that Imperial Bank South Africa is entirely held by Nedbank. On October 14, 2014 Nedbank purchased a 20 percent stake in Ecobank and converted its $285 million stake in Ecobank to equity.

Nedbank has its headquarters in Johannesburg.