General Questions

1. Register with BitDirect
2. Deposit ZAR into the bank account allocated to you.
3. Purchase bitcoin
4. Withdraw bitcoin

Bitdirect is a Bitcoin Brokerage that links directly to multiple bitcoin exchanges around the world. We use each customer’s annual foreign exchange allowance which allows us to secure the best pricing in a safe and secure manner.

The only fees that are charged is 0.0005 BTC for withdrawing bitcoin, everything else is free. The price that you see is that the price you get.

You only need a wallet if you wish to withdraw your bitcoin from BitDirect. If you do not withdraw your bitcoin after your purchase they are stored offline in a bank vault until you request them.

We recommend that people invest in a Bitcoin Trezor hardware wallet to store their bitcoins. People need to understand the magnitude of this facility as it allows each person to be their own bank. If you lose the Trezor and the backup codes (“seed”) it means that you have lost your bitcoins for good.

At this stage we only offer the facility to buy bitcoin, we suggest you use the likes of Luno or Localbitcoins if you wish to sell them. We will be introducing the ability to sell your bitcoin in the near future.

Deposit

The minimum amount per deposit is R50k with a maximum of R1m per calendar year

You can either make another deposit to reach the R50k limit, or have your funds returned to at a cost of 5% and that can take 10 business days

You will be allocated with your own unique Mercantile bank account number once you are verified. EFT is the only method we accept for funding your account.

Please use your surname as the deposit reference

All deposits are free

Up to 4 working days during the week. Weekend deposits will commence on Monday morning

Legal

Our legal representatives have been in direct contact with the South African Reserve Bank. All aspects of BitDirect’s operations and our partners comply with South African Law to the extent necessary and applicable.

There currently is no regulation for bitcoin brokers and exchanges in South Africa, however we have opted to operate like a regulated financial services company. We will follow any of the requirements set out by the South African Reserve Bank or any regulatory body as they are introduced.

We operate on full reserve execution only basis. We will be introducing an independent audit which can verify that customers bitcoin balances match the number of bitcoin in the bank vault.

Account Opening

Within 12 Hours during the week, weekend accounts will begin processing on Monday

Tax Regulations require us to collect information about each investor’s tax residency. In certain circumstances (including if we do not receive a valid self-certification from you) we may be obliged to share information on your account with SARS. If you have any questions about your tax residency, please contact your tax advisor.

The South African reserve Bank allows each South African to send up to R1m offshore each calendar year without a tax clearance certificate.

Special dispensation is needed from the South African Reserve Bank to send more than R1m offshore in a calendar year. Please send an email to sales@bitdirect.co.za with the following information:

1. 3 years personal income statement
2. Proof of the funds in the bank account.
3. Tax clearance certificate (if you have one)

You need proof of address (not more than 3 months old) and a copy of your South African ID book / ID card (not passport) or International Passport for non-South African citizens.

Types of Proof of address are:

  • Bank statement
  • Mortgage statement
  • Municipal rates & taxes
  • Telephone or mobile phone account
  • Body Corporate statement
  • Insurance statement
  • Statement of account issued by retail store
  • Lease or rental agreement
  • Investment account
  • The document must not be older than 3 months

Purchase

The minimum purchase is R100.

BitDirect links directly to live exchanges where the price is constantly moving, so you might receive a slightly different price. This tends to be a small amount.

Withdrawal

No you don’t, only if you wish to sell them or store them elsewhere.

Yes, unless the account balance is less than R100. There is also a 5% charge for withdrawing unused ZAR. Our suggestion would be to purchase bitcoin with your remaining balance and to sell it on Luno or LocalBitcoins.

The available balance in your account must exceed R100, and the cost is 5%.

It costs 0.0005 BTC per withdrawal.