In most countries around the world purchasing Bitcoin and other cryptocurrencies is relatively easy and fast. Purchasing cryptocurrencies in South Africa, however, can be difficult and expensive. Recently, cryptocurrency investors in South Africa have begun to question why the price of cryptos such as Bitcoin can be up to 35% more expensive for them.
According to financial analysts and industry observers, the high price of Bitcoin and other cryptocurrencies in South Africa is reflective of the imbalanced supply and demand environment that currently exists in the region. The ZAR price of Bitcoin, for example, is dictated by the presence of sellers and buyers on local exchange platforms such as Luno.
High arbitrage is common in the varied cryptocurrency market, where individuals in specific geographic regions experience far higher prices due to investor euphoria. There are currently two fully licensed Bitcoin exchanges in South Africa, ICE³X and Luno. Both of these platforms are completely licensed, but are limited to Bitcoin or Ethereum, providing very little support for altcoins.
A new trading platform that has recently launched in South Africa is currently offering traders the option to invest in a wide range of other altcoins. CryptoChange is a relatively new player in the South African exchange ecosystem, but appears to offer a promising range of different digital currency trading options. While it’s not clear whether the CryptoChange platform is licensed, it does promise direct bank transfer to South African bank accounts.
In this article, we’ll take a look at the CryptoChange platform and find out what it offers to help you determine whether it’s worth taking a closer look at or even trading on.
What Is CrytpoChange?
CryptoChange is an online cryptocurrency exchange that has been in operation since 2016 and boasts a relatively small pool of roughly 2,500 clients. CryptoChange appears to offer an extremely diverse range of cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Emercoin, Litcoin, Dash, SACoin, Yash, and more.
Interestingly, CryptoChange appears to conform to both Know Your Customer and Anti Money Laundering legislation in Southern African nations, requiring a range of different identity documents from users that include name, address, phone number, and other personal information such as passport, national ID, utility bills, or photo ID.
CryptoChange makes it possible to purchase Bitcoin directly with South African Rands via direct bank transfer, a feature that is unavailable with most South African exchanges. CryptoChange also provide Bitcoin to fiat currency in the form of South African Rand via the same method.
How CryptoChange Works
Getting started with CryptoChange is relatively simple and easy. Users select the trading pair that they would like to begin with, such as Bitcoin to ZAR, and then click the “Go” button to get started. While purchasing or selling cryptocurrency for ZAR requires some registration and identification, exchanging altcoins is simple, easy, and fast.
The CryptoChange platform is a breath of fresh air in the somewhat stale South African exchange ecosystem. If you’re looking for a multicurrency exchange based in South Africa, CryptoChange is definitely worth a try.