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How to Buy Crypto with TymeBank in South Africa

Last updated on November 12, 2023

Quick Summary: While TymeBank 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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TymeBank Homepage

As mentioned in my quick summary, like most South Africa banks, TymeBank 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 exchanges 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 TymeBank

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 TymeBank.

Buy Crypto With eToro

About TymeBank

TymeBank is a solely digital retail bank with its headquarters within South Africa.

Based at Rosebank, Johannesburg, TymeBank has no branches physically and is reliant upon an Android banking application as well as the Internet Banking site and a partnership with two retailers, Pick n Pay and Boxer to provide an extensive self-service kiosk network that assist in opening accounts.

The Prudential Authority of the South African Reserve Bank (SARB) granted permission to TymeBank to be solely online on September 28, 2017.

TymeBank was the very first institution located in South Africa to put its central banking platform on the cloud. 85percent of TymeBank’s platforms are AWS cloud applications that give an scalable system, uniform security, and cost efficiency. TymeBank’s use technology and its strategic alliance that it has with Pick n Pay and Boxer stores removes the necessity to have physical branch locations. The lower operating expenses and the nationwide presence of retail stores eliminates the barriers that historically kept around 11 million of the people who are not banked South Africans from accessing banking services.