Hi guys, I live in South Africa and have come to realise that the cost of buying bitcoin is prohibitive in this country. The exchanges in the country charge over $200 more than the current market price of BTC while other exchanges like CEX.io are also charging high fees. Am I the only person that feels this way? Should people profit so much from currency to the exclussion of others?
Don't like, btc exchange is not prohibited in south africa and the fees people charge is up to them on how much they want to charge, I also know very well you can buy btc at affordable prices, far less than the $200 you claim they charge. I buy and sell btc daily and I get btc at a very affordable price.
He meant the prices are prohibitively high. Prohibitive in the sense that it can be seen as extortionate or excessive. Bitcoin is not prohibited (which has a different meaning to that of prohibitive).
And yes, OP, bitcoin is traded at scandalous margins in SA. I suggest buying from one of the more reputable and established exchanges. The problem with SA is that exchange control has only partially eased and never yet been abolished. I did my commercial pilot license at 43 Air School in Port Alfred about 8 years ago and back then it wasn't easy to move money to and from SA from overseas. I had to justify everything with invoices and receipts. Every time I sent money from Singapore to South Africa Nedbank would call me and ask me tons of questions about it. It was even harder to send money outside SA. They wanted proof those very same funds originated from overseas.
I'm not sure if exchange control is still a challenge for South Africans. There is an annual allowed amount (a quota) for certain things like education, travel, investing overseas etc but there is paperwork involved for that. How this affects buying bitcoins.. not sure. With bitcoin exchanges in SA you need to register and provide your green ID book details so they can track who and what money is being invested.
