In this guide, we go through the steps required to Buy Bitcoin, Litecoin, Ripple and Ethereum in South Africa easily using Ice3x exchange.
What Is ICE3X?
ICE3X is a bitcoin exchange primarily based in South Africa. The exchange offers significantly strong liquidity within the BTC/ZAR pair, however also BTC/GBP and BTC/NGN trading, each of that have good volume. The exchange is active in South Africa, Nigeria, and also the UK. Additionally to bitcoin trading, ICE3X permits users to trade Ripple, Ethereum and Litecoin.
One of the distinctive things regarding ICE3X is that they run a 100% cold storage policy. Which means all coins are stored offline, in special vaults, far from security threats. Like most major exchanges, ICE3X also subjects customers to verification requirements, together with know your customer, thus proof of ID/residence is needed.
Unlike in most different parts of the globe, investment in cryptocurrencies is often risky business in South Africa. With new cryptocurrency-related scams being rolled out on a weekly basis, criminals are desirous to get their share of crypto at your disposal. With that being aforementioned, it’s still very possible to buy and sell cryptocurrencies in South Africa using Ice3x.
Here’s how to do it:
It’s vital to note that there are only a few registered cryptocurrency exchanges in South Africa, however, there are several local cryptocurrency-related scams and investment schemes, please make sure that the company you are purchasing from is reputable, Ice3x is one of those.
- Starting off is as simple as creating an account which may be done by following this link: https://ice3x.com
2. Once that’s done, get your account verified by submitting a scanned copy of your national ID, proof of residence and proof of bank account ownership and wait for your account to be approved!
3. Once your account is verified you can create an order on the market to buy or sell any of these currencies: Bitcoin, Litecoin, Ethereum, Ripple, NGN, ZAR, GBP
You can decide on how much you’d wish to invest (which ought to never be more than you’ll afford to lose simply just in case things turn sour) and depositing funds into your account is simply a fast eft away. From there, you’ll get your preferred choice of Bitcoin, Litecoin and/or Ethereum, and sell it again whenever you wish to. You’ll also prefer to withdraw or transfer your ZAR funds at any time to get your money back whenever you wish.
Although your ICE3X account does come with your own secure cryptocurrency wallet, storing large amounts of money on any exchange for long periods of time isn’t recommended on any and ICE3X is not any different in that sense. If you intend to buy cryptocurrencies to store for the long-term, best be safe and purchase yourself an offline cryptocurrency hardware wallet for secured long-term protection of your investment(s) against hackers. Transferring your crypto from ICE3X to your offline hardware wallet is easy and once you’re able to sell, you’ll always transfer it into your ICE3X account and sell it in no time at all.
Conclusion on ICE3X
ICE3X is a South African Bitcoin exchange with a unique fee structure: it doesn’t charge high fees on deposits or withdrawals (deposits are free), however, it charges comparatively high fees on trades. However, ICE3X is one of the few exchanges where you’ll access good liquidity in the ZAR and NGN over bitcoin pairs – therefore the fees are still less than you’d pay to transfer your African fiats into digital currencies.
Visit ICE3X.com today to find one of Africa’s preferred cryptocurrency exchanges and enjoy security through the use of 100% cold storage. Click the link for a full list of exchanges to Buy Bitcoin in South Africa.