How to buy USDT in South Africa

USDT is a dollar stablecoin issued by Tether. Before you buy it, read what South Africa’s regulator says: the link above this text opens our page “Is crypto legal in South Africa?”, which quotes the Financial Sector Conduct Authority (FSCA) word for word. In a press release of 22 April 2024, the FSCA said that the licensing process for crypto asset service providers (CASPs) started on 1 June 2023, and that its licensing powers cover CASPs only insofar as they render financial services related to crypto assets as defined under the FAIS Act: advice, intermediary and investment management services. It added that this authorisation does not include recognising crypto assets as legal tender, and that the South African Reserve Bank did not, at the time, recognise crypto assets as currency.

The table below lists exchanges whose own pages accept residents of South Africa and offer P2P trading in South African rand (ZAR) or a payment method for South Africa. Being listed is not a recommendation: we have not rated these exchanges yet, and the table shows only what each one publishes about its regulators, P2P, payment methods and USDT withdrawal fees. Before you open an account, find in the terms of use which company would serve you, and look it up in the list of authorised CASPs that the FSCA links from its own website, not on the exchange’s.

On a P2P marketplace you pay another user directly, while the exchange locks the seller’s USDT in escrow during the trade. Stay on the exchange’s own marketplace and keep every message in the order chat. If you buy, pay only to the account shown in the order, from an account in your own name. If you sell, release the USDT only when the full amount shows in your own bank account, checked in your own banking app, never on a screenshot or message: Canada’s Financial Consumer Agency notes that crypto transactions are not reversible once confirmed on the blockchain. Never let anyone else use your bank or exchange account.

USDT exists on several blockchain networks, among them Tron (TRC20) and Ethereum (ERC20). Pick the same network on the withdrawal screen and for the receiving address: a platform or wallet that does not support that network for USDT may never credit the transfer. Exchanges set a separate withdrawal fee for each network, and fees can change; the table shows the cheapest one on the date checked, and our table of USDT withdrawal fees by exchange and network, under “See also”, shows the rest.

Watch for the tricks that police and regulators describe: a counterparty who sends you a link to “arrange payment”, someone posing as exchange support who tells you to move your USDT to another wallet “for security”, and promises of fixed or guaranteed returns. Our guides to P2P safety and to crypto scams explain each one.