If you're based in South Africa and looking for a straightforward way to buy and sell cryptocurrency using South African Rand (ZAR), Altcointrader may have caught your attention. As a local exchange, it enables users to trade digital assets directly in ZAR—eliminating the need to convert currency through USD, which is typically required on global platforms.
This in-depth review explores Altcointrader’s fees, supported cryptocurrencies, security practices, user experience, and overall reliability—helping you determine whether it's a suitable platform for your crypto investment journey.
What Is Altcointrader?
Altcointrader is a South Africa-based cryptocurrency exchange designed specifically for domestic investors. It allows users to deposit, trade, and withdraw funds in ZAR, making it one of the few platforms tailored to local financial infrastructure. The exchange supports major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA), along with lesser-known tokens such as Namecoin (NMC) and DAI.
While the platform offers basic trading functionality, its website interface appears outdated and can be challenging to navigate for beginners. Despite this, Altcointrader provides multiple deposit methods including EFT, OZOW, and card payments via Zapper, enhancing accessibility for local users. Customer support is available via phone and email during business hours, though there's no live chat option.
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Key Features at a Glance
- ZAR-denominated markets: All trades are priced in South African Rand.
- Multiple deposit options: EFT, OZOW, and card payments supported.
- No minimum deposit: Start investing with any amount.
- Interest-bearing accounts: Earn yield on select coins via Easy Save.
- Mobile app available: iOS and Android versions offered.
Supported Cryptocurrencies
Altcointrader supports a diverse range of digital assets, catering to both mainstream and niche investors. Below is a comprehensive list of supported coins:
- BTC – Bitcoin
- ETH – Ethereum
- BCH – Bitcoin Cash
- LTC – Litecoin
- XRP – Ripple
- ADA – Cardano
- DOT – Polkadot
- DOGE – Dogecoin
- SHIB – Shiba Inu
- TRX – TRON
- USDT – Tether
- DAI – DAI
- LINK – Chainlink
- BSV – Bitcoin SV
- XMR – Monero
- ZEC – Zcash
- BAT – Basic Attention Token
- NEO – Neo
- GAS – Gas
- COMP – Compound
- NMC – Namecoin
- XLM – Stellar Lumen
- BTT – BitTorrent
- XAG – Silver (tokenized)
- XAU – Krugerrand (gold-backed token)
All trading pairs are priced in ZAR, simplifying the investment process for South African users who want to avoid foreign exchange complications.
Understanding Altcointrader Fees
Fees vary depending on the service used and payment method selected.
Easy Buy Fee: 0.75% per transaction
The Easy Buy feature allows users to purchase crypto by entering a ZAR amount. A flat fee of 0.75% applies to both buys and sells. For example:
- Buying R6,000 worth of Bitcoin incurs a R45 fee.
- Selling R9,000 worth of Ethereum results in a R67.50 charge.
This fee structure is higher than many international exchanges.
Standard Trading Commission: 0.1%
For active traders using the order book, a 0.1% trading fee applies—competitive by industry standards. However, unlike platforms like Binance, Altcointrader does not offer tiered discounts based on trading volume.
Deposit & Withdrawal Fees
| Method | Deposit Fee | Withdrawal Supported? |
|---|---|---|
| Bank Transfer (EFT) | 0.5% (max R95) | Yes |
| OZOW | 1.4% | No |
| Debit/Credit Card | 2% + VAT | No |
| Cryptocurrency | Free | Yes |
Withdrawals in ZAR are only possible via EFT, processed three times daily on weekdays.
Wallet & Security: What You Need to Know
Altcointrader does not offer downloadable wallets. Instead, all assets are stored in web-based custodial wallets managed by the platform.
The exchange claims that "all crypto is kept in cold storage"—but this claim lacks transparency. Given that withdrawals must be processed instantly, it's unlikely all funds are offline. Additionally, critical security features such as two-factor authentication (2FA) and IP whitelisting are either missing or poorly documented.
There is also no public proof of regular audits or insurance coverage for user funds—raising concerns about asset protection in case of a breach.
Mobile Experience: App Availability & Performance
A mobile app is available for both iOS and Android, allowing on-the-go trading. However, user reviews are underwhelming:
- 3.0/5 on the App Store
- 3.4/5 on Google Play
Users report bugs, slow loading times, and limited functionality compared to the desktop version. The app isn't prominently featured on the website, suggesting limited emphasis on mobile optimization.
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User Experience & Interface
The website offers two modes: Basic and Advanced.
- Basic Mode: Displays a simple price chart and order book—ideal for beginners using the Easy Buy tool.
- Advanced Mode: Includes technical indicators, drawing tools, customizable timeframes, and color schemes—suited for experienced traders.
Despite these tools, the overall design feels dated and unintuitive. Navigation can be clunky, and new users may find the layout overwhelming without proper guidance.
Regulatory Status & Safety Concerns
One of the most significant drawbacks of Altcointrader is its lack of formal regulation.
While registered with South Africa’s Financial Intelligence Centre (FIC), it is not licensed or supervised by the Financial Sector Conduct Authority (FSCA) or any other major regulatory body. This means:
- No legal safeguards if funds are lost
- No compensation schemes in place
- Limited accountability in case of fraud or mismanagement
Compared to regulated brokers like Capital.com (licensed by FCA, CySEC), Altcointrader presents a higher risk profile.
How to Use Altcointrader: Step-by-Step Guide
Step 1: Register an Account
Visit the site and click “Register.” Provide your email, create a username and password.
Step 2: Verify Your Identity
Upload:
- Government-issued ID
- Proof of residence
- A photo of yourself holding your ID
- Cell phone number verification
Approval times vary due to manual review processes.
Step 3: Deposit Funds
Choose from EFT, OZOW, or card payment. Wait for confirmation before trading.
Step 4: Buy Cryptocurrency
Use the “Easy Buy” function:
- Select your desired coin
- Enter ZAR amount
- Confirm purchase
Coins are credited to your web wallet immediately.
Frequently Asked Questions (FAQs)
Is Altcointrader safe to use?
Altcointrader is not regulated by a recognized financial authority, which increases risk. While it uses cold storage claims, lack of transparency around security measures means users should proceed with caution.
Does Altcointrader support Dogecoin?
Yes, Dogecoin (DOGE) is fully supported for buying, selling, and trading on Altcointrader.
How long do withdrawals take?
ZAR withdrawals are processed at 9 AM, 1 PM, and 4 PM, Monday to Friday. Processing is typically fast once initiated, but delays can occur during peak times.
Can I withdraw crypto to my personal wallet?
Yes. You can withdraw supported cryptocurrencies to any external wallet address you control.
What are the main fees on Altcointrader?
Key fees include:
- 0.75% for Easy Buy purchases/sales
- 0.1% standard trading fee
- 0.5% EFT deposit fee (max R95)
- 2% + VAT for card deposits
Does Altcointrader offer interest on crypto holdings?
Yes. Through the Easy Save feature, you can earn interest on select coins:
- Bitcoin: 4%
- Tether (USDT): 7.32%
- TRON (TRX): 10.44%
- Ethereum: 4.40%
- Cardano: 5.08%
- South African Tether: 5.23%
Rates are subject to change and paid in-kind.
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Final Verdict: Should You Use Altcointrader?
Altcointrader fills a niche by offering ZAR-based crypto trading, which is valuable for South African investors. It supports a wide range of coins and provides basic tools for entry-level users.
However, several red flags remain:
- Outdated interface
- High payment fees
- Lack of regulation
- Weak security disclosures
- Poor mobile app ratings
For users seeking greater safety, lower fees, and broader market access, regulated alternatives like OKX offer superior value—with stronger compliance, advanced trading tools, and global liquidity.
While Altcointrader serves a purpose in the local market, investors should carefully weigh convenience against risk before depositing funds.