Buying Bitcoin for any trader can be a daunting task, as investing in this asset can be complex given to the research, due diligence, and market volatility.
Equally any savings in the cost price of Bitcoin should play positively into the hand of the trader. In this article, we will cover the process of how to purchase cryptocurrencies at international rates.
Why is Bitcoin so expensive to buy for South African’s?
In a recent survey done by OVEX exchange the prices of Bitcoin in South Africa on the three leading exchanges were:
If you had to Google the current price of one Bitcoin, the result would be R115 543.86. However, if you had to check the price on any local exchange, this price would differ.
For example, Luno charges R128 322 per BTC at the time of writing. On Altcointrader the price was R124 650 and when purchasing via the Ovex faucet the price was R116 322. There is a catch though, through the OVEX faucet users are only able to buy up to R1m per year, however, the arbitrage opportunity does exist to buy on OVEX and instantly sell for a profit.
This is because many exchanges argue that there is no standard or global bitcoin price. Local prices are determined by supply and demand.
Purchasing and investing in bitcoin and other cryptocurrencies should be a breeze for crypto enthusiasts and for those who are new to the crypto space, the process should be pretty easy too. However, buying cryptocurrencies in South Africa shouldn’t be higher than the rates from purchasing them elsewhere in the world.
Why Would You Purchase At International Rates?
This is probably the first question that pops to your mind? Why would you purchase cryptocurrencies at international rates? The answer is simple. It’s cheaper.
For example, Bitcoin (BTC) is more expensive to purchase from South African exchanges as opposed to international exchanges Pricing can vary significantly from the average exchange rate on global platforms. The price an investor pays for…