Key Takeaway: Capitec Bank customers in South Africa can securely buy Bitcoin and other cryptocurrencies through licensed exchanges like Bybit, which offers instant ZAR deposits and low fees.
While Capitec has tightened security by limiting EFTs to crypto wallets, users can still transact using Capitec Pay, ensuring safety and compliance with FSCA guidelines.
- Instant South African Rand (ZAR) deposits from any bank, debit card, credit card.
- Buy 1,500+ cryptocurrencies with low fees (0.1%) through spot and futures trading.
- Regulated and trusted exchange in Africa with over 50 million users.
Can I Buy Crypto with Capitec Bank?
Yes, Capitec Bank customers can buy Bitcoin and other cryptocurrencies using South African crypto exchanges. Licensed platforms in South Africa follow the guidelines from the Financial Sector Conduct Authority (FSCA), ensuring that transactions are secure and legally compliant.
Capitec recommends sticking to regulated exchanges that follow local laws for safer transfers from your bank account.
How to Buy Bitcoin and Crypto with Capitec
Capitec Bank users can buy Bitcoin, Ethereum, and over 1,500 other cryptocurrencies on Bybit, a trusted exchange with 50 million users across South Africa and 160+ countries. Bybit supports instant ZAR deposits, making it a quick and secure choice for Capitec clients.
Here’s how to get started:
- Sign Up on Bybit: Create an account on Bybit by following the registration steps.
- Deposit ZAR: In the Bybit dashboard, go to 'Buy Crypto' and choose 'Fiat Deposit.' Select ZAR as your currency.
- Select Payment Method: For direct deposits, choose a Capitec bank transfer or use a Capitec debit card for faster processing.
- Purchase Crypto: Once the funds are available in your Bybit account, select Bitcoin, Ethereum, or any other cryptocurrency, then complete the purchase.
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Capitec Bank Crypto Policy
Capitec Bank recently updated its policy on cryptocurrency transactions, suspending EFTs and instant payments to crypto wallets to reduce risks of fraud and scams.
Instead, Capitec now promotes using Capitec Pay, which verifies clients' identities within the Capitec App, offering an added security layer for transactions.
This shift aims to protect clients from fraud but has stirred debate over convenience and transaction fees. Capitec is exploring additional secure payment options to support clients in cryptocurrency trading while prioritizing safety and compliance.
Digital Asset Investing Fees
Capitec customers exploring cryptocurrency investments should be aware of standard fees on digital asset platforms. Here’s a breakdown of typical costs:
- Trading Fees: Most platforms, including Bybit, charge transaction fees. Bybit’s trading fees start at 0.1%, appealing to budget-conscious investors looking for cost-effective options.
- Deposit Fees: Deposit fees vary by funding method. Bybit allows free deposits in South African Rand (ZAR), making it accessible for Capitec clients.
- Withdrawal Fees: Fees for moving cryptocurrencies off-platform depend on the specific asset. Bybit maintains competitive rates for major coins, aligning with the preferences of regular users.
Capitec clients seeking crypto investment options find Bybit’s low trading fees, zero-cost ZAR deposits, and compliance with local regulations ideal for seamless and secure transactions.
Final Thoughts
Capitec Bank customers can safely buy Bitcoin and other cryptocurrencies on regulated exchanges like Bybit, which supports instant ZAR deposits and offers low fees.
With Capitec’s new security measures, including Capitec Pay, users have added protection for crypto transactions.
By choosing compliant platforms and being aware of fees, Capitec users can confidently engage in crypto investments within South Africa’s regulatory framework.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Crypto Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
