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How to Buy Crypto with Standard Bank in South Africa

Last updated on November 29, 2023

Quick Summary: While Standard 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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Standard Bank Homepage

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

Thankfully there are many cryptocurrency 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 Standard Bank

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 Standard Bank.

Buy Crypto With eToro

About Standard Bank

Standard Bank Group Limited is one of the largest South African bank and financial services company. It is Africa’s largest lender in terms of assets. The headquarters of the company, Standard Bank Centre, is located on Simmonds Street, Johannesburg.

The current bank, now called Standard Bank was formed in 1862 as an South African subsidiary of the British overseas bank Standard Bank, under the name The Standard Bank of South Africa.

The bank’s beginnings can be traced back to 1862 in which the businessmen under the leadership by the famous South African politician John Paterson established the bank in London at first under the name of Standard Bank of British South Africa. The bank began operations from 1863 at Port Elizabeth, South Africa shortly after its opening, and it joined with banks like that of the Commercial Bank of Port Elizabeth as well as the Colesberg Bank, the British Kaffrarian Bank and the Fauresmith Bank.

The South African Customer Satisfaction Index (SAcsi) in 2015 and 2016 The SAcsi of 2015 and 2016 rated Standard Bank as being lowest in the list of South African banks in terms of customer service. The overall trend of the index has shown some slight declines from prior ratings.

Customer satisfaction with Standard Bank rose by 2.4 percent, going from 75.3 in the year 2019 to 77.7 in 2020.

This is the lowest of the biggest South African banks.