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When trying to buy crypto, we, as South Africans, are spoilt for choice with all the different crypto investment platforms that are available to us. And although it is a good thing to have different options, it can sometimes become a bit difficult to decide which platform is the best for you.
Logically, we all would want to use the platform that offers us the best rate, and therefore who has the lowest fees, right?
But trying to compare all the different fees involved with buying, transferring and storing crypto across different platforms is definitely not a straightforward task. Not only do different platforms use different business models, but their fee structures are also quite different and often complicated to understand. And although most platforms will display their fee structure on their websites, not all of them are completely transparent.
So the only real way to test which platform is the cheapest is to literally deposit the same amount of rands into each, purchase a crypto coin and then withdraw it to a crypto wallet. By doing it this way, it ensures that we capture all the possible fees along the way, including the hidden ones, and therefore it will give us the most accurate answer as to which platform will be the cheapest in the end.
So I decided to take on the challenge by comparing the 5 most popular crypto investment platforms in South Africa with each other, which include EasyCrypto.com, VALR, Luno, AltCoinTrader and Revix, by purchasing R 1 000's worth of Bitcoin from each platform to see which one offers the best rates.
Along the way, I will also compare other variables, such as different ways to deposit your South African rands, how the platform rate for purchasing Bitcoin compared to the Google Spot Rate, and how long it took for the Bitcoin to eventually be transferred to my Bitcoin wallet. We will also look at the different ways of purchasing Bitcoin on each platform, as well as which other crypto coins each platform provides.
KZfaq Chapters:
00:00 Introduction
02:02 How This Comparison Will Work
03:47 Depositing Fiat Money
06:10 Purchasing Bitcoin On Each Platform
09:58 Withdrawing Bitcoin From Each Platform
11:31 Total Costs of Purchasing Bitcoin From Each Platform
12:44 Interpretation of the Results
13:27 Important Considerations
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My name is Dr. Pieter Marx de Villiers, and I'm a Veterinarian turned Financial Advisor from South Africa who aims to retire by the age of 35. Follow me in my journey towards Financial Freedom in (hopefully) just 10 years! :)
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DISCLAIMER
Whilst I am a Registered Financial Advisor under the FSCA as of June 2023, the content on this KZfaq Channel and all of my other Social Media Platforms are for Educational Purposes only and should not be taken for Financial Advice. You and only you are responsible for your financial decisions and must therefore conduct your own research and seek the advice of a licensed Financial Advisor where necessary.
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