How to Buy Crypto with Capitec Bank
Summary: While Capitec Bank doesn’t offer crypto trading on its own platform, you can easily use your account to buy crypto using a third-party crypto trading platform.
There are plenty of crypto exchanges to choose from, we recommend using eToro as the exchange to work with.
They have most of the popular cryptocurrencies available, are easy to work with, and have fantastic support!
Buy Crypto with eToro
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As mentioned above, just like most banks, Capitec Bank doesn’t offer cryptocurrency trading directly, as setting up a crypto exchange is quite complex and comes with regulations and extra requirements for the banks.
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.
Once signed up to an exchange (we’ll be using eToro for our example as it’s a widely trusted and global exchange), you can simply transfer funds from your bank account to the exchange, and trade it for crypto.
Table of Contents
How to buy crypto or bitcoin with Capitec Bank
There are only 4 steps involved, let’s get started!
1. Choose a crypto exchange
As mentioned above, we’ll be using eToro for this guide as they are a widely used exchange and have over 50 cryptocurrencies to choose from. They also have a few really neat features like “Copy Trading”, which enables users to copy the trades of popular investors on the platform.
You can, of course, use any trusted crypto exchange for this, the steps will be very similar for most exchanges.
Let’s get started!
2. Sign up with the trading platform
The first thing to do is to sign up with the platform.
Once you’ve completed the initial sign up process, you’ll have to go through a quick verification process (also known as KYC).
3. Funding your account
Next up is funding your account. When it comes to depositing money to your eToro account, you have the option to use a bank transfer, PayPal, credit/debit card, and more.
4. Buy cryptocurrency
Finally, just go to the eToro Markets section, find the cryptocurrency you would like, and buy it.
And that’s it, it’s all pretty straightforward, now you know how to buy bitcoin or most other cryptocurrencies with Capitec Bank.
About Capitec Bank
Capitec Bank, a South African retail banking institution, is listed here. The bank was second in South Africa's retail banks based on the number of customers it served. It had 120,000 new accounts opened per month as of August 2017.
According to the 2015 Chief Financial Officer’s Report, the bank has 500 branches across the country, 3418 owned or partnership ATMs, and more than 6.2 million customers. 349 000 of these customers are online banking customers while 3.5 million mobile banking customers.
The 2015 annual results show that Capitec Bank's asset base was greater than R53.9 billion. R11.6 billion of equity and retail savings deposits increased by 32 percent to R19.3 trillion. Retail fixed savings rose 19 percent to R10.7 million. The 2015 financial year's earnings and headline earnings were R2.547 billion, compared to R2.017 trillion in 2014. Net transaction fees income was R2.6 billion.
The bank offers the Global One account to its clients. This account combines a transacting/savings account with a credit facility.
Capitec Bank is first in customer satisfaction according to the South African Customer Satisfaction index (SAcsi), 2015 results. In its first Bank Quality Rankings, Lafferty International Banking Advisory Group has ranked Capitec Bank as the best bank worldwide.
"The majority of Capitec clients, which is more than 5.5million, pay less than R50 per monthly in bank costs as of February 2017."
It is a retail bank that services both individuals and businesses. However, it does not offer business banking for closely-related corporations, partnerships, trusts, or companies. According to their literature, the bank claims to be focused on simplifying banking.
Capitec's business model focuses on providing value to customers by providing low costs and allowing them to pay as they wish. They also offer the highest interest rates on deposits.