Invest Now




US dollar to rand zar
Dollar vs Rand
United States is South Africa’s third-largest trading partner and their bilateral trade relations are guided by the Trade and Investment Framework Agreement (TIFA), signed in 1999 and amended in 2012.
Since South Africa’s transition to democracy in 1994, the United States and South Africa have enjoyed a solid bilateral relationship. South Africa is a strategic partner of the United States, with strong collaboration relating to health, education, environment, and the digital economy.
South Africa is the largest U.S. trade partner in Africa, with a total two-way trade valued at $14 billion in 2018. Both governments engage in frequent discussions to increase opportunities for bilateral trade and investment and optimise the business climate.
South Africa and the United States belong to a few the same international organisations including the United Nations, International Monetary Fund, World Bank, G-20, and World Trade Organization.
History of relations
The two countries established formal relations in 1789 when the US opened a Consulate in Cape Town. Currently, both countries are committed to the promotion of international trade, amongst others. Since 1994, several state visits strengthened bilateral relations between the two countries and explored further co-operation.
The Bilateral Cooperation Forum (BCF) seeks for expansion of trade and investment, and the deepening of substantive relations in several other spheres. The New Partnership for Africa’s Development (NEPAD) programmes and initiatives are supported by the US.
Bilateral trade
The US is one of South Africa’s key trading partners with the bilateral trade relationship maintaining consistent expansion since 1994. The US recently already represented an export destination for between 12-15% of all South Africa’s exports and has been the largest foreign direct investor in South Africa, representing some 40% of total FDI since 1994.
The US Dollar is the official currency of the United States and its territories. It is the most commonly converted currency in the world and is regularly used as a benchmark in the Forex market. As the dominant global reserve currency, it is held by nearly every central bank in the world. The dollar is used as the standard currency in the commodity market and has a direct impact on commodity prices. Convert 1 dollar to 1 South African rand now.
Due to its international acceptance, some countries like Panama and Ecuador use it as an official legal tender, a practice known as dollarization. For other countries the dollar is an accepted alternative form of payment, though not an official currency for the country. Multiple currencies are pegged to the US Dollar.
Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean: the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while still minting their own coins, or also accept U.S. dollar coins.
You Might Like: What is the forex market and how can one trade on it?
The US central bank is called the Federal Reserve Bank (commonly referred to as “The Fed”). Common names for the currency include the greenback, buck, green, dough, smacker, bones, dead presidents, scrillas, and paper.
View the live USD to ZAR rate today
The dollar was officially adopted as the money unit of the United States in 1785 when the Continental Congress resolved that the official money unit would contain 375.64 grains of fine silver. The next year that definition further determined that the money of account, corresponding with the division of coins, would proceed in a decimal ratio, with the sub-units being mills at 0.001 of a dollar, cents at 0.010 of a dollar, and dimes at 0.100 of a dollar.
The Coinage Act of 1792 created the first U.S. Mint and established the federal monetary system, as well as set denominations for coins specified by their value in gold, silver, and copper. The original American dollar coin was based on the value and look of the Spanish dollar or piece of eight, used widely in Spanish America from the 16th to the 19th centuries.
In 1861 the U.S. Treasury issued non-interest-bearing Demand Bills and $10 Demand Bills, featuring Abraham Lincoln. They quickly earned the nickname ‘Greenbacks‘ from their colour. A national banking system was established in 1863 and were authorised to issue national currency secured by the purchase of US bonds.
Silver coins were suspended by 1806 since most countries had begun to standardise transactions by a gold standard. Since the United States held most of the world’s gold, many countries pegged the value of their currency to the dollar, turning the US dollar into the de facto currency of the world. In 1973 the value of the dollar was finally completely decoupled from gold.
You might also like: Euro to rand exchange rate
The United States dollar sign is $ and the code USD, also abbreviated US$ and referred to as the dollar, U.S. dollar, or American dollar. One dollar is divided into 100 cents (Symbol: ¢) or 1000 mills (for accounting purposes and for taxing. Symbol: ₥).
The Coinage Act of 1792 created a decimal currency with tenth dollar, one-twentieth dollar and one-hundredth dollar coins, as well as the dollar, half dollar and quarter dollar coins. All these coins are still minted in 2020.
The symbol $ results from the late 18th-century evolution of the abbreviation “ps” for the peso, as was the Spanish dollars in circulation was called. The p and the s eventually were written over each other giving rise to the symbol $. Some also say that it was derived from the Pillars of Hercules on the Spanish Coat of arms of the Spanish dollar which take the form of two vertical bars (||) and a swinging cloth band in the shape of an “S”.
Several forms of paper money were introduced over the years. Currently circulating paper money consists primarily of Federal Reserve Notes that are denominated in United States dollars. As of January 31, 2019, there are approximately $1.7 trillion in circulation, of which $1.65 trillion is in Federal Reserve Notes. Today, USD notes are made from cotton fibre paper and not from most common paper, which is made of wood fibre.
The rand is legal tender in the common monetary area between South Africa, Eswatini, Lesotho and Namibia, although the last three countries have their own currencies attached to the rand’s value. Before 1976 the rand was legal tender in Botswana too.
The rand got its name from the Witwatersrand (English “white waters’ ridge”), the ridge upon which Johannesburg is built and where most of South Africa’s gold deposits are mined.
When referring to the currency, the abbreviation is usually upper case “R”, but the name is written “rand” in lower case in both English and Afrikaans. The rand is subdivided into 100 cents (sign: “c”) and its ISO 4217 code is ZAR, from Zuid-Afrikaanse rand (South African rand); the ZA being a historical relic from Dutch and not used in any current context except the country abbreviation.
As a trading centre, multiple currencies circulated throughout South Africa, with the first official currency used the Guilder. During the late 17th century, the Rixdollar was used, the first South African currency to include paper notes.
Since 1826, from British occupation, the country used sterling, while other currencies like Spanish dollars, US dollars, French francs, and Indian rupees continued to circulate.
The Reserve Bank of South Africa was established as the central bank in 1921 and on 14 February 1961, three months before the Union of South Africa became a republic, the rand was introduced as its official currency. It replaced the South African pound as legal tender, at the rate of two rand to one pound, or 10 shillings to the rand.
Coins were introduced in 1961 in denominations of ​1⁄2, 1, ​21⁄2, 5, 10, 20, and 50 cents, the smaller ones later discontinued. The 2-rand coin was introduced in 1989, followed by 5-rand coins in 1994. To curb counterfeiting, a new 5-rand coin with more security features was released in 2004. The first series of rand banknotes introduced in 1961 was in denominations of 1-, 2-, 10-, and 20-rand.
In 1966, a second series was released. All notes bore the image of Jan van Riebeeck. A 1978 series began with denominations of 2-, 5-, 10- and 20-rand, with a 50-rand introduced in 1984. The 1-rand note was replaced by a coin.
You might like: How to trade the forex market.
In the 1990s, the notes were redesigned with images of the Big Five wildlife species and coins were introduced for the 2- and 5-rand. In 1994, 100- and 200-rand notes were introduced. In 2012 a new set of banknotes bearing Nelson Mandela’s image was issued.
Most currency rankings show that the most popular South Africa Rand exchange rate is the USD to ZAR rate.
The rand has developed into a liquid emerging market currency, most commonly traded against the US dollar. Despite originally enjoying strong value in the ever-changing international economy, the system of Apartheid in South Africa ultimately caused the rand to lose footing on the global market.
From the time of its inception in 1961 until late in 1971 one rand traded to US$1.40. thereafter its value fluctuated as various exchange rate dispensations were implemented by the South African authorities.
In 1974 the South African authorities delinked the rand from the dollar and introduced a policy of independent managed floating. At the time it was trading at 87 cents to the dollar.
Several factors however affected the exchange rate. By the early 1980s, high inflation and mounting political pressure and sanctions due to international opposition to the apartheid system had started to erode its value. By 1985 it had weakened to R 2.40 per dollar, recovered somewhat between 1986–88, but by the end of 1989, was trading at more than R 2.50 per dollar.
By the 1994 general election it had weakened to over R 3.60 to the dollar and by 1999 to over R 6 to the dollar. The rand to dollar exchange in the post-apartheid South Africa had been largely impacted by national and international social, political and economic events.
The controversial land reform programme followed in neighbouring country Zimbabwe, as well as the 11 September 2001 attacks, sent the rate to R 13.84 to the dollar in December 2001. This sudden depreciation led to a formal investigation, in turn leading to a dramatic recovery but in 2006 resumed its downward slide.
In January 2014, the rand slid to R11.25 to the dollar and over a four-day period in December 2015, it dropped over 10% due to a surprise replacement of then Finance Minister Nhlanhla Nene with the little-known David van Rooyen. This further damaged international confidence in the rand, causing an all-time low of R 17.9169 to the US dollar on 9 January 2016.
In 1983, the apartheid government abolished the financial rand exchange rate system and key international banks refused to renew credit lines for South Africa, which forced the temporary closure of the foreign-exchange market in the country.
You might also like: Pound to Rand
On 28 January 2020 one US dollar traded to 14,59 South African rand and one South African rand to 0,068 US dollar.
Historical exchange rates between the ?South African rand (ZAR) and the ?US dollar (USD) between 31 July 2019 and 27 January 2020 saw a minimum of one USD to 13.9900 ZAR on 31 December 2020, a maximum of one USD to 15.4665 ZAR on 19 August 2019 and an average of one USD to 14.7555 ZAR.
FAQ’s around Dollar to Rand
What is the current exchange rate of the US Dollar vs South African Rand?
Click on the link to see the live price. View the live conversion rate of USD to ZAR
Will the US Dollar Strengthen against the South African Rand?
The rand is currently as its weakest rate against the USD since the currency’s inception. The prediction of the dollar to rand is that the dollar will continue to strengthen against the rand in the future. One can just look at the graph for the last 25 years. The graph shows no slow down of the rand weakening against the greenback.
Can I trade the USD to ZAR on MONEYSAVERSA?
yes, you can Let them trade for you
Should I invest in US Dollars?
Most South Africans invest a portion of their investment portfolio in US Dollar cash.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.

What is an ETF?

Read about Us
Read about Us


  ETF stands for "exchange traded fund" which tells us a bit of what it is - so yes it is a fund and yes it is traded on an exchange exactly like a share is. The difference between an ETF and a normal share though is that a share typically just gives you exposure to one company - ie. if you buy shares in MTN you are exposed only to MTN. However, ETFs are made up of a basket of assets (most often shares) - so when you buy an ETF, it is almost the same as you buying all of the shares that are in the basket. 
ETFs are generally constructed so that they replicate the performance of a specific index. For example the Satrix 40 ETF replicates the performance of the JSE Top 40 Index - the aggregate performance of the 40 largest companies listed on the JSE. Larger companies carry more weight than smaller companies in the index, so when they move up or down, they generally have a bigger impact on the fund price. 
What is an index? 
So lets say we have 3 companies - XL Ltd, ABC Ltd and DEF Ltd and we want to
construct an index that replicates the share price movements of these 3 companies. To make it easy, lets say that XL is worth R50m and the other 2 are worth R25m each. In total they are worth R100m. On this day we can say the index which tracks their movement has a value of 100. 
The next day, the values of these companies change as their share prices change. Let's say that after the market closes, XL is now worth R45m, ABC is worth R27m and DEF is worth R30m. In total they are now worth R102m. This means the index now has a value of 102. XL was initially 50% of the index (R50m/R100m) but as it lost value, it became only 44% (R45m/R102m). Companies weightings in the index will fluctuate over time as they become bigger or smaller relative to the others in the index. 
What do I own when investing in an ETF? 
You will own shares or units in the fund itself. The fund then owns shares in the underlying companies which are part of the index. So if you are invested in the Satrix 40 ETF through Franc, you own units in the fund. The Satrix 40 ETF will own shares in Naspers, Standard Bank, MTN etc and its share price will move up or down as the share prices of the shares it owns move up or down. Indices are rebalanced quarterly which is when the weightings are updated. This also means that sometimes companies fall off the index and are replaced by companies that have become larger than them over the quarter. As the companies pay dividends, the fund collects these and pays out to unit holders over the course of the year. Franc reinvests these dividends for its investors. 
Why are ETFs good? 
Diversification - investing through an ETF can give you
access to a diversified portfolio of assets even though you are buying just
once. Have a look at this article to learn about the benefits of having
diversified investments. You also don't need to try pick what individual shares
to buy - this can be time consuming and risky if you don't know what you are
doing! Low cost - ETFs are generally low cost because they are
passively managed. This means that the shares held by the fund just have to
follow the composition of the index and there aren't people who are employed to actually pick what shares the fund should hold (this is called active
management and these products are generally more expensive as these fund
managers are not cheap to employ!). Transparency - given you will know what index the fund is
tracking, you will always know what shares the fund is holding.   Any cons? 
Trading costs and spread - depending on who you buy your ETFs through, there can be trading costs incurred on your trade. If you are buying and holding for the long term these are less important as you only incur when you are buying or selling (they are once off costs). You should also be aware that when you are buying or selling, the price you will trade at will have to match with someone on the opposite end - ie. if you are buying, someone must be selling. Smaller ETFs can have large gaps between what a buyer wants to buy at and what the seller wants to sell at (bid/offer spread). This can sometimes be a hidden "cost" as you could end up paying a higher price or selling at a lower price but can be avoided if you stick to the larger more liquid ETFs like the Satrix 40. 
What is it tracking? - not all ETFs are good, a major part of the appeal is what index the fund is tracking and how well it actually tracks the index. ETFs can also be high risk, for example if you invest in a gold ETF, it will go up or down with the gold price which can be very volatile!  Sebastian PatelSebastian is an investment actuary with more then 15 years of financial services experience. Outside of Franc he likes sports, traveling and trying out new wines (as long as they're Shiraz!)Missed the last blog? Catch up nowHow to Save for Your Next Trip to Bali (or Anywhere Really)Travelling has always been in Thobi Rose's blood. However, becoming an adult she realised that when traveling you need to plan for the financial impact.7 Debt Traps and How to Avoid ThemLike all traps, debt traps are tricky to get out of so it is best to avoid them altogether. That's why this article is about common debt traps and how to avoid them.
So, Those Markets Hey...Q1 '21Last quarter the markets continued their historic rise. This article is a simple breakdown of the Top 40 JSE listed companies Q1 for 2021.Click here to start investing

Our Blog

30 Apr 2021
investing and why it matters
investing and why it matters

Investing and why it Matters

Investing is for rich people ,that is what I thought when I was at school. Although, if I’m honest with myself I was actually facing two barriers but only acknowledged one to myself - that I couldn’t afford to invest because I didn’t have any money. The second barrier, that I wasn’t willing to admit, is that I didn’t know how to invest.

I finally got round to understanding how to invest in my mid-30s (better late than never) and built and launched MoneysaverSA to help other people overcome the same challenge that I faced by making investing easy. No minimums. No complicated choices. And everything managed through an easy-to-use moneysaverSA WEB.

That said, the first challenge remains perhaps the most important barrier, because if you think you don’t have any money to invest, you won’t even begin to ask yourself the second question of how to invest.

That’s why in this post I want to discuss the importance of investing and why it’s so important to start when you’re young. I want to encourage you to start investing, even if it’s only a small amount of money.

Investing small amounts of money regularly is often called “micro-investing” but I don’t like that term, because money is money and using your hard earned money to invest is distinctly different from spending that money, it doesn’t matter if it’s R10, R100 or R10,000.

So why is investing so important, even if you’re only investing R50 per month?Well, it’s important for three simple reasons:

1. Unlock compound growth

The first reason is also the most obvious one - by investing you start putting your money to work, by enabling real growth of your money. People often confuse saving and investing. In my mind they are very different. Saving means you’re not spending but sadly most people save in a bank account that typically offers 0-1% interest. This means that most people are in fact losing the value of their money when they save because of South Africa’s 3% inflation. Investing means your money has real growth opportunity and therefore unlocking the potential of compound growth. However, in order to maximise your growth potential it’s important to start investing as early as possible (to understand why it’s so important to start as soon as possible .

2. Make a habit of investing

The second reason is more subtle and has to do with setting up the habit of investing. More importantly, making a habit of paying yourself first. The best way to do this is to set up a regular stop order such that when you first get paid your salary, one of the first things you do is contribute to your investment account. Once you have established a habit, you’ll be surprised how easy it is to manage your ongoing monthly expenses. And the best part, you don’t need to wait until the end of the month to see if you have money left over to invest, instead any extra cash you have at the end of the month you can use to top-up your investment.

3. It’ll change the way you think about money

The last reason is arguably the most important because once you see the power of investing and experience first-hand how your money can work for you, instead of you working for money, it will change the way you think about and manage your money. I had this change of mindset when I started investing and it radically changed my life - I started investing more which allowed me to expand my future plans and dreams. It’s a positive feedback loop that will change your life.

So to conclude, no matter where you are in your life, you can and should start investing today (or invest more, if you’re investing already). And hopefully you’ll agree with me that it doesn’t matter how much you invest, the important thing is TO invest.

Charlton Cloete
Please Send me application forms and contact numbers of advisors. Thanks
My cell 0811227317

what is RIPPLE?

Ripple is a cryptocurrency that acts primarily as a digital payment network for financial transactions. It came to market in 2012 and by end of 2019, Ripple was the third-largest cryptocurrency by market cap after Bitcoin and Ethereum. It was released by co-founders Chris Larsen and Jed McCaleb of the US-based Ripple Labs Inc.

This relatively new-to-market cryptocurrency company operates in more than 40 countries and provides a digital asset that is primarily used for global payments. In short, Ripple (XRP) offers financial institution partners the fastest means at the lowest cost to make cross-border payments.
The token coin for Ripple is XRP. The company does not ‘own’ XRP and is merely a majority shareholder in the entity. XRP token holders are not dependent on Ripple because XRP is an independent open-source technology.
 Ripple to rand
Third-largest cryptocurrency in the world
Towards the end of 2019, Ripple (XRP) was ranked the third-largest cryptocurrency by market cap of USD13.37 billion. The first and second-largest are Bitcoin (BTC) at USD20 billion and Ethereum (ETH) at USD 24.18 billion.
How does Ripple work?
Ripple uses a common shared ledger which is a distributed database that stores information about all Ripple accounts. RippleNet (the Ripple network) is managed by a network of independent servers that validate transactions on a consensus basis. Payments are irreversible and there are no chargebacks.
A significant benefit of how Ripple works is the network validates accounts and balances instantaneously through the consensus network which requires far less effort and energy (actual utility power). You could say Ripple is the environmentally-friendly alternative to Bitcoin.
Ripple is an open-source and peer-to-peer decentralised platform that facilitates immediate and seamless transactions of both fiat (US$, Euro and Yen etc.) and digital funds (Bitcoin, Ethereum, Litecoin etc.). Open source software (OSS) is an example of open collaboration that allows users of an application such as Ripple access to the digital platform and permission to improve the design and original code.
More than just a cryptocurrency, Ripple has proven itself as a trusted digital payment protocol. Typically known as E-Cash, a digital payment system is designed to transact over open networks such as the Internet.
To confirm transactions, Ripple uses a consensus mechanism through a group of services rather than blockchain mining. The benefits of the consensus mechanism is it uses less energy than Bitcoin and transactions are confirmed instantaneously.
Ripple uses a protocol known as Gateway that acts as the link in the chain between two transacting parties. Gateway acts as a financial intermediary which is really a middleman between two parties. In traditional banking, this would be a retail, commercial and investment bank or asset management, mutual and pension funds.
A financial or credit intermediary such as Gateway ensures parties can trust the digital payment protocol because it offers security, liquidity and economies of scale on the same basis as traditional banking protocols. Trust is an essential component of any digital payment protocol.
Gateway acts as a go-between two parties so digital currency can be sent and received securely and instantaneously to a public address across the Ripple network. It’s similar to the SWIFT system used by banks and financial institutions for international and security transactions but transactions happen in seconds rather than days.
open a ripple xrp account
What is XRP?
XRP is the digital currency of Ripple. The market use the terms XRP and Ripple interchangeably but for clarity purposes, Ripple is the name of the company and network behind the cryptocurrency and XRP is the cryptocurrency itself.
RippleNet was conceived and developed by its founders and thereafter, adopted XRP as its digital currency. Ripple does not ‘own’ XRP; instead it is invested in it. It’s important to note that Ripple has a massive stake in XRP which was gifted to the company by the open-source developers who created it. RippleNet and XRP are independent of each other.
In short, Ripple uses XRP to facilitate cross-border transactions for its network of financial institutions. It’s the digital alternative to SWIFT that banks can use to send money around the world.
What makes Ripple different to Bitcoin?
The main difference between Ripple and Bitcoin is it’s digital payment protocol. The Ripple network is not reliant on the proof-of-work system like Bitcoin or the proof-of-stake system like Nxt. Instead, Ripple uses a consensus protocol to validate account balances and transactions on the system.
Proof-of-work (POW) is a key component of blockchain technology and core to Bitcoin. It describes a working protocol that involves an excessive amount of effort, utility power and cost to prevent and eliminate criminal elements from attacking or tampering with the system. Proof-of-stake (POS) was created as an alternative to POW and structures compensation in a way that makes the system less risky to attack.
The consensus protocol used by Ripple helps to improve the integrity of the system by preventing double-spending. Individual distributed nodes decide by consensus which transaction was made first. It does this by taking a poll to determine the majority vote.
Confirmations made through the consensus approach are instant (about 5 seconds). The protocol is decentralised, meaning there is not central authority that decides who can set up a node and confirm transactions.
Another key difference between Ripple and Bitcoin is IOU credits and transactions that occur between Ripple wallets are publicly accessible on the Ripple consensus ledger. With Bitcoin, financial transaction history is publicly recorded and made available on the blockchain but the data is not linked to a specific ID or account for an individual or business.
Banks and financial institutions are increasingly partnering with Ripple for global digital transactions. The consensus protocol improves speediness where transactions are settled within seconds on the Ripple network despite the fact that the digital payment platform handles millions of transactions at the same time.
The offshoot of this is the cost Ripple transactions are significantly lower than those of cryptocurrencies like Bitcoin who use blockchain technology and the more burdensome POW or POS protocol. It’s also cheaper and quicker than using the SWIFT (wire transfer) protocol employed by banks and financial institutions that take days and even weeks to complete, and incur higher fees.
Is Ripple safe to use?
Cryptocurrencies are in their infancy and traditional banks and central banks continue to warn the world in general against the inherent risks associated with transacting in digital currencies. However, cryptocurrencies appear to be here to stay and Ripple with its XRP technology is gaining traction as a trusted digital payment network.
Bitcoin is leading the virtual currency world as the favoured digital currency for individuals and organisation whereas Ripple is more popular with banks who seemingly value it as the most trusted and cost-effective digital payment system. The company is taking the lead ahead of its competitors within the financial services industry.
Ripple rose to fame in late 2017 when the value of XRP skyrocketed at much the same time as other virtual coins such as Bitcoin. XRP has since pulled back to more realistic levels but has managed to sustain its momentum where other cryptocurrencies have experienced a slow-down their growth.
Ripple sources a significant portion of its income from selling its investment holdings in XRP. A secondary source of income comes from partnership deals with banks and financial institutions that use XRP for money transfers.
At the end of 2019, Ripple operated in over 40 countries and had over 300 financial service customers globally. The company has also signed partnership deals with industry giants such as American Express, MoneyGram and Santander. The Santander Group is a group of retail and commercial banks with over 102 million customers and over 14 000 branches. It’s one of the top five financial brands in the world.
open a ripple xrp account
How to trade Ripple?
There are two main ways to trade Ripple:
buy Ripple on an exchange; hold onto it and sell it for a profit when the time is right
use leverage trading to speculate on Ripple price movements
The benefit of a leverage trade is you don’t have to put down the full value of your position upfront. This means you can get greater exposure without committing extra capital. The profit and loss made on a Ripple leverage trade is based on the full size of your position.
A contract of difference (CFD) allows you to open leveraged trading positions on any of the major cryptocurrencies, including Ripple, Bitcoin, Ether and Litecoin. With a Ripple CFD, you agree to exchange the difference in price of XRP from the time you open your position to when you close it. You can buy a Ripple CFD to go long or you can sell them to go short.
How to buy Ripple to Rand (XRP) in South Africa?
You need a Ripple wallet to buy and sell Ripple (XRP) in South Africa. A digital wallet also allows you to store XRP and convert fiat money for XRP. You can also buy and sell XRP for Rands at any bank in South Africa that partners with Ripple.
To get a free Ripple wallet:
Select a reputable exchange, open an account and request a free Ripple wallet. Ripple is required to verify your account before you can begin to transact. For an account to be verified, you need to submit your ID.
Users that have not submitted their ID for verification purposes, may only buy XRP up to the value of R3 000. Users who have submitted their ID may immediately buy XRP up to the value of R15 000.
Deposit Rands (or any other fiat currency) into your Ripple wallet via an electronic transfer.
Once your account has been verified, you have a Ripple wallet and have transferred funds to it; you can immediately start trading in XRP.
As an alternative, you can buy Ripple using a bank credit card. This allows you to buy Ripple without the waiting period for your funds to be transferred and reflected in your account.
How to send XRP to a Ripple wallet?
You send Ripple (XRP) to another wallet using the Send feature. All you need to do is insert the XRP address and destination tag.
Likewise, you can send yourself XRP from another wallet using the Receive feature in your Ripple wallet. Insert your wallet address and destination tag.
To sell XRP, use the Sell feature in your Ripple wallet. Either type in the amount of XRP in Rands that you want to sell or type the amount of XRP you want to sell and get a quote of how much Rands is required for that amount.
To transfer XRP from your Ripple account to your bank account, add the relevant account number. You do this by selecting the Profile feature.
How to earn free XRP in South Africa?
You can earn free XRP through the Ripple Earn Programme which is set up to offer rewards to people who refer potential users. When a person you have referred Ripple to goes ahead and obtains a wallet and makes his or her first transaction; you automatically receive free XRP. Each promotion is different but you can earn up to 5 XRP for each successful referral.
open a ripple xrp account
Is Ripple (XRP) legal in South Africa?
It is legal to trade Ripple and other cryptocurrencies such as Bitcoin and Ethereum in South Africa. The government has been a bit slow in addressing the legalities of the virtual currency market and for the time being transacting in cryptocurrencies in South Africa is unregulated.
Business Report published an article in November 2018 which highlighted the fact that cryptocurrency trading in South Africa is unregulated and noted the National Treasury had published the draft Taxation Laws Amendment Bill for public comment in July 2018.
South Africa is still waiting for the proposed regulations to be put in place but in short, it’s anticipated the likely amendments to the Bill of Treasury may significantly deter the use of cryptocurrency in South Africa as both trading and investment vehicles.
The South African Reserve Bank (SARB) has issued a statement noting that cryptocurrency is not regarded as legal tender (real currency) in South Africa and stipulated South African taxpayers are merely required to declare any gains and losses made through cryptocurrencIES
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX or any of our other products work and whether you can afford to take the high risk of losing your money.