Summary: Banks generally don’t offer crypto trading as part of their platform due to the regulations and complexities that come with setting up a cryptocurrency exchange. However, that doesn’t mean you can’t use your Capitec Bank account to buy crypto.
All you need is a reliable and trusted crypto trading platform. We recommend using eToro as it’s a very well-known exchange (rated 4.2/5 with over 15000 reviews) with a good amount of cryptocurrencies to choose from and great support.
How to buy crypto or bitcoin with Capitec Bank
As stated above, just like with the vast majority of banks, you can’t buy crypto with Capitec Bank on their platform. At the time of writing, banks aren’t implementing crypto trading platforms yet, seemingly because of the extra regulations they need to adhere to, in addition to other complexities when it comes to setting up a crypto exchange.
However, luckily for us, there are plenty of cryptocurrency exchanges to choose from that you can use to buy bitcoin or any other cryptocurrency you might want.
1. Choose a cryptocurrency trading platform
While there are a lot of cryptocurrency exchanges, it can get a bit tricky comparing them all as they all offer very similar features. The differentiating factors are mainly fees, the amount of digital assets to choose from, and any special features that the other exchanges don’t have.
The reason we recommend going with eToro is that they have a great combo of global reach (a lot of exchanges only work within specific GEOs), competitive fees, and a few very neat features (like “Copy Trading”, which allows you to copy the trades of other investors on the platform).
Let’s get into it!
2. Create an account on the exchange
The first thing to do is to create an account on the exchange and go through the required verification processes, which should go very smoothly as they’ve got it all streamlined.
3. Transfer funds into the account
Transferring funds from your Capitec Bank account is also pretty easy as eToro supports bank transfer, PayPal, credit/debit card, and a few more deposit methods.
4. Buy cryptocurrency
Once the funds are in the account, you can navigate to their markets section, choose your cryptocurrency and hit the buy/trade button.
And that’s it, you now have some crypto, congratulations!
About Capitec Bank
Capitec Bank in South Africa is a retail bank. Based on the number and size of its customers, the bank was the second-largest retail bank in South Africa as August 2017, with 120,000 accounts opening per month.
According to the 2015 Chief financial officer's report, the bank has more than 6.2 millions customers. It maintains 500 retail branches in the United States, 3418 own or partner ATMs, as well as 500 retail branches. 30% of these customers are online banking clients, while 39% 000 are mobile banking customers.
Capitec Bank's 2015 annual results showed that the bank's assets exceeded R53.9billion. There was R11.6billion in equity and retail savings deposits increased 32 percent to R19.3billion. Retail fixed savings increased 19 percent to R10.7billion for the year. For the 2015 financial years, earnings and headline earnings amounted R2.547billion compared with R2.017billion in 2014. Net transaction fee income was R2.6billion.