How to Buy Crypto with Capitec Bank

Can I Buy Bitcoin with Capitec Bank?

Yes, Capitec Bank customers can buy Bitcoin through approved digital asset exchanges in South Africa. The bank only approves transactions to platforms that adhere to the South African Reserve Bank (SARB) regulations. Investors can fund their purchases in ZAR using various methods, including bank transfers, debit cards, and other supported payment options.

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How to Buy Crypto with Capitec Bank

‍Capitec Bank customers can easily purchase cryptocurrencies through regulated platforms that accept South African Rand (ZAR) deposits. We recommend Capitec as it supports ZAR deposits through bank transfers, debit cards, Google Pay, and Apple Pay. It supports over 1,300 digital assets to trade both spot and derivatives markets with leverage up to 100x.

Here’s how to start your crypto journey with Capitec Bank:

1. Register: Visit the Bybit website and create a new account. Complete your registration by providing your details and verifying your identity.
2. Select Payment Method: Once your account is verified, go to the 'Buy Crypto' section. Choose ZAR as your deposit currency and select your preferred payment method.
3. Choose Your Crypto: Explore the platform to find the cryptocurrency you wish to purchase.‍
4. Execute Trade: Enter the amount you want to invest, review your order, and complete your trade.

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What are the Fees?

The cost of converting South African Rand (ZAR) into cryptocurrencies on an exchange will vary depending on fees for deposits, withdrawals, and trading. Generally, trading fees on most platforms range from 1% to 2%.

For Capitec Bank users, Bybit provides an affordable fee structure. Spot trading charges 0.1%, while futures trading fees are even more favorable, at 0.02% for makers and 0.06% for takers. Bybit also offers zero fees on ZAR deposits made through bank transfers or debit cards.

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Is Capitec Bank Crypto-Friendly?

Yes, Capitec Bank is supportive of cryptocurrency investments through platforms that are regulated by the South African Reserve Bank (SARB) and comply with AML and KYC regulations. Although it doesn't allow transfers to exchanges that do not comply with the regulations outlined in Section B.4 (A) of the SARB Currency and Exchange manual. 

By adhering to SARB’s guidelines and stringent AML/KYC requirements, Capitec ensures that customers can explore cryptocurrency investments in a compliant manner. The bank is also actively monitoring developments in blockchain technology to enhance its future services.

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About Capitec Bank

Capitec Bank, one of South Africa's leading retail banks, offers a range of products tailored for simplicity and transparency. Their flagship offering, the Global One account, integrates transactions, savings, and credit facilities into a single solution. For those seeking investment opportunities, Capitec provides Fixed-Term Savings Plans with competitive interest rates. Additionally, their Credit Facility product offers flexible credit options to qualified clients.

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Bottom Line

In conclusion, Capitec Bank customers can invest in digital currencies by supporting transfers to regulated exchanges that accept South African Rand (ZAR) deposits. Bybit offers competitive fees and a wide selection of 1,300 digital assets, giving Capitec users access to the crypto market. It complies with SARB regulations, and the interface is available in English and Afrikaans.