How to Buy Crypto with Standard Bank (2023)

Summary: Standard Bank currently does not extend any services or products that facilitate its customers in buying cryptocurrencies directly via their online banking app. As a result, those interested in investing must seek a reliable crypto exchange that allows deposits in South African Rand (ZAR) via Standard Bank for the purchase and sale of digital currencies.

After examining over 20 platforms, Binance ranks as the top option for buying crypto via Standard Bank. Binance enables instant and free ZAR deposits from Standard Bank using methods like bank transfers and credit cards. Upon registration, users can trade and stake over 350 crypto assets, offering top-notch fees and spreads.

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Website

Top Platform for Standard Bank

5.0 out of 5.0 by Datawallet

Binance stands as the optimal platform for Standard Bank customers due to its fast and free ZAR deposits, competitive trading fees, and extensive selection of over 350 tradeable cryptocurrencies.

Deposit Methods (ZAR)

Bank Transfer, E-Wallet Transfer, Debit Card, Credit Card & More

Available Assets

350+ Cryptocurrencies

Fees

$0 ZAR Deposit Fees & 0.1% Swap Fee

Can you Buy Crypto with Standard Bank?

Yes, you can invest in Bitcoin and various other cryptocurrencies through Standard Bank by transferring money from your account to a certified digital currency exchange in South Africa. This method allows for prompt deposits of South African Rand (ZAR) to purchase, sell, and trade a wide array of cryptocurrencies, including Bitcoin, Ethereum, and Solana, among others, under a regulated structure.

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How to Buy Bitcoin and Crypto with Standard Bank

As previously stated, the most efficient way to purchase crypto using a Standard Bank account is through a platform that accepts ZAR deposits via Standard Bank transfers. Upon reviewing the leading exchanges in South Africa, we identified Binance as the optimal choice for Standard Bank depositors due to their rapid ZAR transfers and competitive transaction fees.

Below is a straightforward 4-step guide to get you started with buying crypto using your account:

Register on the Binance platform and authenticate your account.
Choose 'Trade' and then the 'P2P' option in the navigation menu, followed by 'Express'.
Select ZAR as the deposit currency and specify the token you wish to purchase.
Enter the ZAR amount you want to exchange and confirm your trade.

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What are the Fees?

The costs related to investing in digital currencies via your Standard Bank account can vary based on the exchange you choose. Notably, Binance allows for free ZAR deposits via Standard Bank and levies a competitive 0.1% trading fee on transactions. This favorable fee model makes Binance a preferred choice for crypto enthusiasts in South Africa keen on buying and trading a diverse range of cryptocurrencies, compared to other options like Luno and VALR, which typically charge higher fees and spreads.

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Is Standard Bank Crypto-Friendly?

While Standard Bank doesn't directly facilitate crypto purchases, it is somewhat crypto-friendly. Customers can use their accounts to send funds to Financial Sector Conduct Authority (FSCA) approved South African exchanges accepting ZAR deposits. This process allows trading of various cryptocurrencies like Bitcoin and Ethereum in a regulated environment, indirectly supporting their participation in the crypto market.

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Bottom Line

In conclusion, while Standard Bank currently doesn't offer direct cryptocurrency services, it provides a gateway for South African crypto enthusiasts to participate in the digital asset market. By using their Standard Bank accounts, customers can transfer South African Rand (ZAR) to certified exchanges such as Binance, which we have identified as the most efficient platform due to its instant, free ZAR deposits and competitive trading fees.

Author

Emily Shin

Web 3 Writer and Researcher

Web 3 writer with a passion for exploring the rapidly evolving world of decentralized finance (DeFi), non-fungible tokens (NFTs), GameFi, and the broader crypto culture.