How to buy Altcoins like Ethereum, Litecoin & IOTA in South Africa using Binance
I’ve had a lot of people asking me recently about Buying Altcoins in South Africa. Altcoins are the “alternative crypto currencies” other than the popular Bitcoin. These include coins like Bitcoin Cash, Ethereum, Litecoin, IOTA and thousands of others. According to CoinMarketCap, a website that tracks all Crytpo Currencies, there are over 1355 coins available to purchase and trade.
So, I have used a couple of exchanges over the last year to buy and I have been using the Binance Exchange for quite a while now. Currently they have around 85 different Crypto Currencies available for purchase on the exchange. This doesn’t seem like a lot given there are around 1355, but I can assure you these are the coins that matter.
The fee structure is pretty unique in that you can pay for fees using the Binance coin BNB, and it allows you 50% off your fees. This is really handy if you looking to save a bit of cash especially on the smaller trades.
One side note. To buy these coins on Binance you need Bitcoin or Ethereum. In South Africa, you need to purchase your Ethereum Or Bitcoin on Luno and then transfer it to Binance. The issue comes in when you trying to transfer smaller amounts as the Network Fees on Bitcoin are quite high at the moment. So my suggestion is to buy Ethereum on Luno and then transfer to your Binance wallet and purchase there. The Ethereum Fees are a lot lower and also the transfer is a lot quicker.
Disclaimer: Some of the links in the article are affiliate links to Binance. The reward is pretty minimal, but it just helps pays the bills to keep this site going ;)