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