How to buy crypto (Bitcoin) at FirstRand?
Crypto is unprecedentedly popular in South Africa. Consequently, many people get frustrated when they find out it is not possible to buy Bitcoin at FirstRand. Luckily for you: you can still buy Bitcoin with your bank account at FirstRand by following the steps in this guide.
How to buy crypto with FirstRand?
Step 1: open an account with a crypto exchange
You need an account with a crypto exchange before you can invest in crypto. The overview below shows you directly which providers you can join:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with FirstRand after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Many platform’s allow you to test out its features with a free demo. This can be an excellent way to learn more about crypto investing.
Step 2: deposit money with FirstRand
After you open an account, you can deposit money using your bank account at FirstRand. However, it is important to verify your crypto account first by uploading a copy of your passport and proof of address.
Step 3: buy crypto with FirstRand
For novice investors, the crypto offerings can sometimes be a bit overwhelming. You can invest in thousands of different cryptocurrencies these days, which all have different functionalities. When investing, make sure to pay attention to the following things:
- Investigate whether the team behind the crypto is trustworthy and experienced.
- Determine whether the idea behind the crypto is future-proof.
- Read through the white paper to understand the team’s vision.
When you are sure you want to invest in a specific crypto, you can place an order right away. Within the order screen, enter the amount you want to invest and press buy to send the order to the crypto exchange.
What is FirstRand’s crypto policy?
FirstRand is not a big fan of crypto. In 2019, for instance, they blocked services to crypto exchanges such as Luno, ICEX and VALR. I haven’t found an explicit crypto policy, but it’s clearly important to be wary if you want to invest in crypto with your funds held at FirstRand. It may be smart to opt for an exchange that offers crypto as well as equities, for instance. That way, you avoid FirstRand blocking your transactions or bank account.
FirstRand is a South African bank that dates back to 1838. Though, the bank was not called FirstRand at that time; the bank was then known as Eastern triocrees Province Bank (now known as the First National Bank).
FirstRand manages a total of over USD 90 billion in assets and is a major bank in the region with over 40,000 employees.
The bank also operates in other African countries under different names:
- FirstRand International (Mauritius)
- First National Bank Botswana
- First National Bank of Ghana
- First National Bank Lesotho
- First National Bank Mozambique
- First National Bank Namibia
- OUTsurance Nambia
- First National Bank Swaziland
- First National Bank Tanzania
- First National Bank Zambia
- Rand Merchant Bank Nigeria
You can of course use the steps you find in this article for buying and selling crypto (Bitcoin) at the bank’s other branches as well. You can also trade FirstRand Bank’s shares on the Johannesberg Stock Exchange.
Can you buy bitcoin at FirstRand?
It is currently not possible to buy Bitcoin & other crypto at FirstRand. However, you can connect your bank account at FirstRand to a crypto exchange. That way, you can buy & sell crypto using the funds in your bank account. After you sell your crypto, you can also have the money transferred back to your bank account.
Over Alex Mostert
Already in 2015 I bought my first Bitcoins for roughly $300, only to sell them shortly after for $900. At the time I thought I benefited from the deal of the century, but I, of course, had no idea Bitcoin would become as popular as it is today. On this website, I want to teach everybody how to buy Bitcoin through their bank.