Crypto exchange South Africa

Buy bitcoin, ethereum and litecoin in South Africa on Ice Cubed exchange, one of the oldest cryptocurrency exchanges in South Africa.

This is a guide to show you how to register and then purchase bitcoin, ethereum or litecoin on the exchange. The process with each cryptocurrency is the same.

Steps we go through are (click a step to jump ahead):

To use the Ice Cubed exchange, the first step is to register on the exchange by signing up for a new account. Follow this link (https://ice3x.com) to register, or click the banner below.

 

Sign up for an account on Ice Cubed exchange

Once you visit the Ice Cubed website, click on the “Register” button at the top right of the website to sign up for an account.

Ice Cubed exchange register

On the next screen you will need to put in your email address, and choose a password of at least six characters to begin. Complete this step, then immediately check your email for the confirmation email that they send you.

register page

In your email that you receive from Ice Cubed exchange, click the “Activate” link, or simply copy the URL they give you and paste it into your browser address bar.

Email confirmation

When you click the activate button, or go to the URL, you will get to the home screen, and you will now be able to login on the exchange. Click the login button on the home page.

login button

On the login screen, use the email address and password you just used to register with, and click the ‘login’ button to continue.

 

Verify your account

Once you have logged into the website, you need to go to the Account page, so that you can complete your profile, and also so that you can deposit some money to fund your account, and buy cryptocurrency.

Open account page

When the Account screen opens, click the red “Verification” button to complete your profile. If your profile is not completed you will still be able to deposit and trade, but you will not be able to withdraw funds until verified, so best to get that done as soon as possible.

verifiy account

On the Verification screen, you can complete your personal profile, and also add your bank account details.

Verify account

Once you have added your details, you will get an email that you can reply to, that you can attach your proof of address and a photo / scan of your ID book. If you would like to start trading you can do so now already, you just need to deposit funds.

 

Deposit money into Ice Cubed

You need to deposit funds into your account on the Ice Cubed exchange in order to buy cryptocurrency. To make a deposit you will do an EFT from your bank account to the account of Ice Cubed. To deposit Rand, you need to go to the Account page on the exchange and click the “Deposit | Receive ZAR” link.

Deposit Rand

On the next screen you will need to choose which of Ice Cubed’s bank accounts you wish to deposit into. You can use the Standard Bank account details, or their First National Bank account details. Click the bank you will use to proceed. (Note that with Standard Bank, the minimum deposit is R250 and with First National Bank, the minimum deposit is R1500.)

choose a bank

The next screen will display a form for you to type in the amount of money you will deposit. Type the amount you will be transferring to the Ice Cubed bank account, and then click the ‘Confirm’ button.

Deposit amount

The next screen will show you the banking details to use, including the Unique Reference number. Make sure you use that reference number when you deposit to the exchange.

banking details

After you have made your deposit to the Ice Cubed bank account, you will need to wait for your funds to clear in the account. Depending on the bank you are sending from, this can take 2 business days. In the meantime, if you visit your Account page, your deposit will be marked as ‘Pending‘ until the funds clear.

pending deposit

 

Place a ‘buy order’ to buy bitcoin, ethereum or litecoin

Once your funds have been deposited and cleared in the Ice Cubed bank account, your balance will reflect your available amount of money you can spend, and you can now place a buy order for bitcoin, ethereum or litecoin!

To start trading, you need to be on the home page while you are logged in to see the bitcoin, ethereum and litecoin markets that you can trade. Click each market to switch between them, the bitcoin market is on by default.

Under the chart you will find the Buy BTC and Sell BTC order boxes. If you want to buy bitcoin, you will use the buy order box to buy bitcoin using your available Rand balance. If you want to sell bitcoin, you will use the sell order box using your available bitcoin balance.

Bur order

If you would like to buy a specific amount of Rands worth of bitcoin, use the ‘Total‘ field to enter the amount of Rand you want to spend, and the form will calculate the rest based on the price per bitcoin.

If you want to sell a specific amount of bitcoin, use the ‘Amount‘ field to enter the amount you want to sell, and the form will calculate the rest.

You can edit the Amount, Price, and Total, and the form will calculate the rest as you are making changes. (This is exactly the same on ethereum and litecoin markets)

If you want to spend your entire balance, click the ‘Spend all‘ link, and if you want to sell all your bitcoin, click the ‘Sell all‘ link. When you are ready to proceed, click the ‘Buy BTC‘ or the ‘Sell BTC‘ button to create the order.

Buy bitcoin ice cubed

If your “buy order” can be matched to an existing “sell order” it will execute instantly. So if you are trying to buy R1000 worth of bitcoin at a price of R52400 per bitcoin, and there is an existing “sell order” for R1000 (or more), you will instantly get your bitcoin, and the person with the sell order will get your Rand.

The same happens when you are selling bitcoin….if your “sell order” can be matched with an existing buy order, it will be filled immediately.

order book

If you place a buy order for bitcoin that is only partly matched, the outstanding amount of your order will be put into the order book with the other existing buy orders.

The same happens if you create a buy or sell order that cannot be instantly matched at all….in that case your order will wait with the existing orders until someone fills it, or until you cancel it.

If you have any specific questions on buying bitcoin, please comment below and we can answer and also add to this blog post.

43 Responses to How to buy bitcoin, ethereum and litecoin in South Africa on Ice Cubed exchange
  1. Thanks for wonderful article on buying Bitcoins in South Africa. I have bit coins earned from: Earn free bitcoin but my problem is how to cash it here. Is it possible to still use this exchanger for cashing in Rands.

    Appreciate your response in advance.

    • Yes, you can transfer your bitcoin to Ice Cubed, and exchange it for Rand. Once that is done, you go to “Account” and click the “Withdraw” link next to the Rand balance to withdraw to your bank account you added during verification.

  2. Yes, you withdraw it to the green address wallet. Most ICOs are scams, so I would personally avoid them for now.

  3. Mogammad Yaaseen Gallant October 23, 2017 at 5:09 pm Reply

    What are the costs associated with the account?

  4. Probably for proof of address, and also to withdraw your Rand to when you sell your bitcoin

  5. How do I establish a secure bitcoin wallet? I am a novice and need clear instructions to do so.

    Thanks

    • Use a bitcoin wallet that you control the private keys for. You can use a hardware wallet such as a Trezor or Ledger Nano S wallet, or you can download a wallet to your computer such as Exodus.io wallet. On your phone you can use an app like Airbitz, Samurai wallet, or GreenAddress. If you want a web based wallet, you can use bitgo.com. All these wallets give you your private keys, so if anything happens to the wallet, or website, you can use those keys to recreate the wallet and get your bitcoin back. Any wallet that does not give you the private keys, like on a bitcoin exchange, means that they control your bitcoin, like a bank controls your money. If you dont have the keys, its not your bitcoin….

  6. If you deposit to their Standard bank account, the minimum is R250, if you deposit to their FNB account, the minimum is R1500….you must choose which one you want to deposit to.

  7. Thanks for a great article. If I place a buy order at a specific rate, will that rate be honored when the order is finally matched, if not done immediately.

  8. The minimum amount you can deposit is R250, once that is deposited, you can trade from R1 even of that balance.

  9. BTC, ETH and LTC are the current pairs on the exchange, more might come in the future. You will be able to use the exchange if you have an SA bank account to do Rand withdrawals, and also if you dont have an SA bank account, but then you can only do cryptocurrency withdrawals as far as I know.

  10. Great article. I just have a few questions.
    For a beginner like me, which is a more user friendly option between Luno and Ice Cube? I have a tendency of making costly mistakes. Also I read on your Luno article that you had to verify you identity by sending ID documents etc. Is this a requirement here as well? And finally, the thing about moving your coins out of an exchange to a secure app wallet, how easy it to move it back into the exchange when you want to sell your bitcoin?

    • Both Luno and Ice cubed are easy to use, but Luno has an ‘instant buy/sell’ option which is easier than creating a buy or sell order. This feature makes it easy, but its at a price because you pay a few % more to use that option.
      You need to verify you ID on any legitimate exchange, that includes Ice Cubed. Once you move your bitcoin off an exchange, and onto a secure bitcoin wallet, you can easily send it from the wallet back to the exchange, or an exchange in another country. Sending bitcoin from one address to another, or one exchange to another is as complicated as sending an email. You just need the address you are sending to, and the amount you would like to send.

      • Thank you. I know this a Bitcoin site but say some time in the future I decide to dabble in other crypto other than bitcoin, litecoin and ethereum. Am I getting this procedure right? I send rands to a local exchange. Buy bitcoins which I then send to a different exchange that trades the currency I want and then buy from there. Move the crypto to a secure wallet. When I want to withdraw, I send it back to the exchange, buy bitcoin, transfer to a local exchange and then withdraw that as rands. Is it really worth the hassle or did I just include unnecessary steps?

        • It depends on the exchange you are using. If you for example want to buy ETH, you can do that with Rand at Ice Cubed exchange or Luno, you dont need to buy bitcoin first. If the exchange you are using has the right combination of allowing your Rand deposit, and the crypto you want, its a one step process.

  11. You can buy bitcoin using your SA bank account by doing an EFT from your bank to the exchange, and then use that balance to buy bitcoin. You then have a bitcoin balance on the exchange, which you can withdraw to your own secure bitcoin wallet. If you move to another country and open an account with an exchange there, you can deposit your bitcoin there, sell them, and withdraw to your bank account in that country. You are not in contravention of exchange controls to make bitcoin transactions.

  12. It will most likely be a cheque account rather than savings

    • Ok so i have deposited money and I’ve bought bitcoin for my amount, what to do next? I need a wallet but can’t buy trezor or ledger …… how can I go about with another wallet so I can see my bitcoin?? Blonde haha

  13. You should get an address and a QR code to scan when you choose to deposit, if not, maybe contact them direct and let them know

  14. Which wallets would you recommend and why….thanks.

  15. Hi, if I were to buy lite/ether or bitcoin and use it as an untouched investment . . . Could I just leave the coins on ice3x or is it recommended to store it in a wallet?

  16. I dont think so….they take Rand deposits by EFT, not Dollars. If you can transfer Rand from your account to theirs, it should be OK.

  17. You can withdraw crypto, you dont have to withdraw Rand

  18. If you would like a physical solution, you can get a hardware wallet that you need to have in your hand to be able to use, so much more secure than an online version. See the Ledger Nano S here: https://www.bitcoinzar.co.za/buy-ledger-nano-s-hardware-wallet-south-africa/

  19. Thanks for the excellent article and all round user friendly instructions. my 1 question is … I am mining bitcoin and etheruem and i have a bitgo wallet, okay when i decide to send my earned bitcoins to ice cubed to change for rands eventualy -will i get the lastest rate of which these sell at.

    • You will get the going rate on the exchange at the time you want to sell, if you take the current top buy order.
      Of course you could set your own price higher than the going rate if you want, and your sell order will wait in the sell order book until another buyer matches with your order.

  20. buy LTC or ETH on ice3x, then withdraw it to bittrex or binance exchange, and buy ripple there, where most other people are buying

  21. If you buy bitcoin it is pretty safe on Ice3x as they have a cold storage system to secure your bitcoins, BUT, if its a significant amount of money, it is better to get a hardware wallet and secure your bitcoin yourself. The costs involved in getting a hardware wallet and also transferring your bitcoin to the wallet need to justify the amount though. A bitcoin wallet is where you can store your bitcoin off of a bitcoin exchange, and then you are in 100% control.

  22. Great article. Can I transfer bitcoin from another wallet , like Luno?

  23. Hi there! I just want to know, for example after I EFT money to your FNB account and I buy Bitcoins. Where are those Bitcoins held before I transfer my Bitcoin balance to a private wallet? Are they held in ICE Cubed’s private wallet or where exactly? Surely not in my bank account or your FNB account? If I don’t have a wallet yet, where are my Bitcoins held?

    Then am I understanding correctly that if I want to use Bitcoin to buy something, must I transfer my Bitcoin balance that I got from ICE Cube to my private wallet and then I can start sending Bitcoin to other users and buy goods? How exactly do I transfer Bitcoins from ICE Cube to a private wallet?

    • The bitcoin is held in the wallet provided for you on the ice cubed exchange, not in any bank account. You should send your bitcoin from your wallet on the exchange to your own private wallet. You could technically send directly from the exchange to other users to buy goods etc, but their main service is an exchange, not a wallet service. It is also better to not store your bitcoin on an exchange, but rather to secure it yourself on your own wallet.
      You can transfer from your wallet on ice3x to your own private wallet if you go to the Accounts area, and click the withdraw link for your Bitcoin wallet. Paste the address of the wallet you want to send bitcoin to, and put the amount of bitcoin you would like to send.

      • Thanks so much for the speedy reply!
        Just to confirm, after I’ve bought Bitcoin, it is stored in a wallet on the exchange. Is this wallet with the exchange the hot or cold storage account? and then the way I now understand it, the account I have with ICE Cubed is basically a wallet, from which I should transfer my bitcoin balance to a more secure wallet?

        • There are really 2 wallets on the exchange, their hot wallet and their cold wallet. Users just have a balance assigned to their account in the database.
          When you deposit, you send bitcoin to the exchanges cold wallet. When you withdraw you get bitcoin from their hot wallet.
          After you have bought bitcoin on any exchange, the account just has a bitcoin balance in the database. Only when you put in a request to withdraw, does the exchange send bitcoin from their hot wallet, to the address you specified.

          • Thanks a lot! It all makes perfect sense now! Please be patient in answering my last question: is ICE Cubed registered as a private company or a financial trading institution? I just want to know who regulates the exchange? I understand that when someone else uses my account, you can’t be held liable. But if ICE Cubed gets hacked and I loose my bitcoin balances, there is no third party such as an insurance company to refund me?

            • The exchanges in SA are PTY ltd so have to be audited. If something happens with regard to your cryptocurrency in SA, it is at your own risk, there is no governing body yet that can help refund you. SARB says it is at your own risk as cryptocurrency is not regulated.
              Using exchanges is at your own risk, hence the reason you should use them as an exchange, then withdraw your cryptocurrency to your own private wallet. I believe this is true for ANY exchange, no matter how big or where they are in the world. In bitcoinland, you are responsible for your funds, so I trust no one, but within reason…
              Exchanges like ice store bitcoin in cold storage accounts, and that is where you deposit to. Only the hot wallet has some crypto in it for withdrawals.
              The database that controls how much balance a user has is extremely secure, and cryptographically hashed, so to ensure that it is always correct. EG, if someone makes a single change, even a single digit number change, the Hash of that database will be different, and therefore it will be thrown out as incorrect. This is why even an admin cannot go into the database and edit a customers balance, the inputs and outputs will not equal, and the Checksum will pickup that something is wrong and throw it out. This is a highly secure way of picking up changes in the database.
              A Cryptographic hash function is used to detect data corruption errors and verify overall data integrity. If the computed checksum for the current data input matches the stored value of a previously computed checksum, there is a very high probability the data has not been altered or corrupted.
              So your crypto currency is stored in cold storage wallets offline, and your balance is stored in a secured database, so it is very secure, and very unlikely that you will lose your cryptocurrency using the exchange.
              I still believe though, that for long term storage, its better to secure your cryptocurrency yourself, and just use an exchange as an exchange. If the amounts you have on the exchange are not worth the time, effort and transaction fees to transfer, then I will leave it on the exchange until such time as it justifies moving to my private secure wallet.


[top]

Leave a Reply

Your email address will not be published. Required fields are marked *