How to Buy Bitcoin, Ethereum & Cryptocurrency in 2019 from South Africa
How to Buy Bitcoin, Ethereum | Cryptocurrencies in 2019 from South Africa
16/01/2019 by Morne Olivier
Like I have mentioned before in my article My Cryptocurrency, this space can be risky. This article will take you through the cautious and secure way of buying your own Crypto from anywhere in the world and South Africa. I include a small list of what to have close by and a breakdown of the procedure at the bottom.
Where do we start? Time & place:
If this is going to be your first or 2nd or even 3d time, try to have at least an hour or two to yourself. This will give you the opportunity to take everything in properly.
- Have paper and pen handy.
- Excel sheet open which you can save to USB when done. You will need to record your passwords and passphrases or seeds and this is best done on both paper and USB in case your Tech crashes.
- You should also print out your information and file it.
Matters to consider when you are more advanced and your Crypto becomes valuable:
- No one wants to think about the day we pass away but it is still a reality. Explain to a next of kin what all your paperwork means so it can be accessed by them.
- From a safety perspective on larger portfolios, saving your Crypto to a Ledger NANO wallet, which is like a digital USB wallet is a must.
Yes, this is serious, it’s your money! This might all sound over the top but is completely necessary because if you lose your #Crypto Address and or Passphrase you won’t be able to access your funds again; EVER!. Take Responsibility for your money you are going to invest into and get rid of the idea that this is a get rich quick gamble!
This article contains Referral Links to the Trusted Sites and is not financial advice. Full Disclaimer here.
I start by going to Coinmarketcap our trusted resource and overview on what our Cryptocurrencies are doing. From here I join the company’s websites and social media platforms until I have them Bookmarked for secured future use. Remember to check the URL https:/, the locked sign, and spelling.
From South Africa, Luno has always worked best for me. It’s like a Crypto / Fiat Bank Account.
Follow the Link above to Register your Account. Remember to keep all your passwords different and try to take words out of a book and spell it backward adding numbers and symbols.
On Luno you will be doing a:
- SET UP 2WAY VERIFICATION TO YOUR ACCOUNT,
- BACK UP YOUR WALLET & GET A SEED PRASE OR KEY
This might take up to two days depending on KYC.
You need two things to get into your crypto wallet or account if you lose or get a new phone or computer: Account address, and passphrase or seed (12–24) words.
From a South African perspective, you first set up and Account on the Luno platform which entails your banking details. You then send your Rands to Luno. Link your bank account to Luno. It becomes an internal account within the platform. You then transfer funds which are immediate these days to Bitcoin or Ethereum. Each country is different and you will have to source your go-between or try direct as there are exchanges that allow for Credit Card transactions, but I’ve never liked that option.
Once you are in, You are in and Crypto is your oyster. Follow these simple steps and don’t rush. Luno is not an Exchange where you can trade, it’s a safe gateway for South Africans amongst others.
Let’s go find an exchange! Close Luno down, for now, Log Out.
Binance Exchange is the biggest in volume trade and everyone goes to it 1st. For this example, however, I am going to go to a smaller exchange called Kucoin.
- I want to buy some Crypto that is not listed on Binance,
- I have seen Kucoin announce some special offers &
- Kucoin also pays out a dividend when holding its native token KCS, #PassiveCryptoIncome #PCI
(KCS holders with at least 6 KCSs will obtain this trading fee bonus. We will use 50% of all trading fees earned by KuCoin to buy KCS from the market and then redistribute the KCS back to users as the new KuCoin Bonus Program, replacing the old one), so it will always be beneficial to have some Crypto on there.
Sometimes the risks are less on smaller markets because they are not as volatile as the bigger volume markets, Yes you can make more on those but be well prepared for what you are doing as you can lose it all too. At this stage the market is looking like it wants to come out of a year-long Bear Market, I am still very cautious and am happy to enter an easy market without any Twitter sideline commentary and FOMO stress.
Search for Kucoin on Coinmarketcap or follow the link and go register on the exchange. Follow the Procedure below.
Once you have your account up and running you would be able to get your Ethereum or Bitcoin address. You will need this to transfer your funds too when signing back into Luno. I will be transferring ETH to Kucoin, so I open up my Ethereum Address on Kucoin and press on “Deposit” to get my ETH address, Copy & Paste it into my Sending Ethereum address space on Luno and confirm. (Remember it must always be the same token to the same token, ETH to ETH or BTC to BTC). At the time of this Transaction on 15/01/2019 ETH cost $118. The transfer took 2 minutes. Emails from both verified that the transaction was taking place.
My thoughts on the screenshot below:
I think ETH is making a Higher Low in relation to December same date, which means in the bigger picture, it’s going up. It is still risky because of those two big falling red wicks you see at the end and some bad news of a Hard Fork being postponed because of a security risk on the Ether Network.
Exit Plan: Buy into my Alt Coins at a good price and Lease, Stake or Hodle. Either way, the market is offering amazing bargains at LOW, LOW Prices, I am using the Opportunity and even if it falls more, I still feel overall I have gotten a bargain.
List of what to have close by
Time, Cell, Book, Pen, USB, (Ledger NANO)
List of procedure to follow:
2 Way Verification App, Exchange, Register (Email, Password, KYC), Backup Wallet (Seed), Receiving Address & Print everything.
KYC will take up to 2 Days, just so you are not disappointed when you want to get onto the exchange for that chance in a lifetime trade.
#Tip: There will be many opportunities to enter the market or a trade, the market by law has to retrace and settle before adhering to price and demand. So wait for good entries rather than FOMO the Bottoms or Tops!
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