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How to buy Spell Token (SPELL) in South Africa

Learn how to buy Spell Token (SPELL) on 5+ crypto exchanges in our step-by-step guide.

You can buy Spell (SPELL) on a cryptocurrency exchange like FTX. These specialised marketplaces allow you to buy and sell cryptocurrencies, and work similar to stock trading platforms.
Spell Token is basically an Ethereum token that governs the Abracadabra.money ecosystem, a platform that facilitates the deposition of crypto backed collateral (via a range of assets such as yvYFI, yvUSDT, yvUSDC, etc) so as to mint MIM, a stablecoin with a 1:1 peg with the US dollar.
According to CoinbaseCoinbaseSpell Tokens can be easily staked by their owners to accrue sSPELL, an asset that allows users to not only gain access to the platform’s governance processes but also reap various incentives. . Here's how to buy Spell.

How to buy Spell in 4 easy steps

The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.

  1. Compare crypto exchanges
    The easiest way to buy Spell is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit R using the payment method that best suits you – credit card, wire transfer, silvergate exchange network (sen) and signature signet payments are widely accepted.
  4. Buy Spell
    You can now exchange your funds for Spell. On easier-to-use exchanges, this is as simple as entering the amount you want to purchase and clicking buy. If you like, you can now withdraw your Spell to your personal wallet.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy Spell in South Africa

Find an exchange to buy, sell and trade SPELL by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the provider.

1 - 5 of 6
Name Product Deposit methods Fiat Currencies Cryptocurrencies
FTX Cryptocurrency Exchange
FTX Cryptocurrency Exchange
Credit card, Wire transfer, Silvergate Exchange Network (SEN), Signature SIGNET
USD,EUR,GBP,AUD,HKD,SGD,TRY,ZAR,CAD,CHF,BRL

264
cryptocurrencies

Sign up through Finder for a 5% discount on all trading fees. T&Cs apply.
FTX is an exchange built by traders for traders, with a range of derivatives markets such as options and futures with deep leverage, in addition to standard spot markets.
Binance Cryptocurrency Exchange
Bank transfer (ACH)
USD, AUD, GBP, EUR, RUB, TRY, NGN, UAH, PHP, CZK & 20+ more

373
cryptocurrencies

Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: As of September 2019, US-based users can only trade USD on the American dollar onramp of Binance, Binance.US.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Cryptocurrency, PayPal, Wire transfer, Credit or Debit Card, SEPA
USD, EUR, GBP, RUB, CNY, AUD, KRW, JPY, TRY, VND

640
cryptocurrencies

Finder exclusive: Sign up and use code 1xf56 for one month of VIP 1 benefits. Deposit/transfer more than 0.1 BTC to KuCoin within 7 days of registration for 1 month of VIP 2 benefits. T&Cs apply.
Browse a variety of coin offerings in one of the largest multi-cryptocurrency exchanges and pay in cryptocurrency.
Gate.io Cryptocurrency Exchange
Gate.io Cryptocurrency Exchange
Cryptocurrency
USD, EUR, GBP, HKD, SGD, AUD, CHF, MXN

1455
cryptocurrencies

Finder exclusive: New users get $90 worth of Gate.IO points and an airdrop of $5 in GateTokens if trade volume exceeds $100 in their first week. T&Cs apply.
A feature-rich exchange with over 1,450 tokens including derivatives, yield farming and lending products.
Bybit Cryptocurrency Exchange
Bybit Cryptocurrency Exchange
Cryptocurrency, Simplex, Banxa, XanPool, MoonPay, Mercuryo, E-check, Legend Trading, Capitual
USD, AUD, CAD, EUR, GBP, NZD, HKD, JPY, SGD, PHP

209
cryptocurrencies

Disclaimer: Highly volatile investment product. Your capital is at risk.
Buy, sell, trade and earn hundreds of cryptos on this full-featured global trading platform.
Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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Compare up to 4 providers

How do I find the best places to buy Spell?

Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in South Africa to help you choose the one that's right for you.

Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.

What will I need to buy Spell?

To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.

An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading Spell.

  • This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
  • Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing SPELL with your local currency then you will need to pass KYC.
  • Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.

Where can I buy Spell with a credit or debit card?

Once you've created an account, you will need to deposit funds to buy SPELL with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are popular deposit methods to buy SPELL on the following exchanges:

Platform
Bank deposit
Card deposit
Crypto deposit
Buy SPELL
Go to FTX Cryptocurrency Exchange
Go to Binance Cryptocurrency Exchange
Go to KuCoin Cryptocurrency Exchange
  • Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
  • Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
  • Cryptocurrency: You can usually purchase SPELL by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for SPELL on the spot market to see what cryptocurrencies it can be traded for.

What is the easiest way to buy Spell?

The easiest way to buy SPELL is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.

Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.

Before buying SPELL, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our Analysis tools to get an idea of how the price of Spell has been performing recently.

Best Spell Token wallets to store your SPELL

You can keep your SPELL on the exchange you purchased it on, or move it to a personal wallet:

  • Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
  • Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can learn more about wallets and compare them with our comprehensive guide.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Is Spell a good investment?

SPELL is pegged to a host of stablecoin-styled assets and thus seeks to minimize any value fluctuations that most other cryptos are subject to. Here are a few key pointers regarding the project worth bearing in mind before investing:

  • Future ready design: As per CoinmarketcapCoinmarketcap SPELL’s parent platform Abracadabra uses a technology called ‘Kashi Lending’ that allows users to utilize ‘isolated lending markets’ and thus greatly regulate (and effectively minimize) their risk tolerance ratios (in accordance with the collateral they may be looking to use).
  • Stability centric liquidity setup:In stark contrast to many other platforms, users are afforded the opportunity to provide liquidity in relation to any token such that if the currency pair loses its liquidity only that pair is affected. As a result, they can leverage their interest-bearing token positions quite easily.
  • Useful for many different purposes: According to the official project whitepaper whitepaper Spell Token can be used not only for farming liquidity but also for staking purposes. Additionally, they can also be used to secure the network as well as accruing voting rights.
  • Multichain support enabled:It is important to remember that Spell Token’s parent platform Abracadabra is designed to be compatible with a number of different chains. As a result, SPELL can be used seamlessly across a host of protocols including Ethereum, Avalanche, Fantom and Arbitum.

Additional information about Spell can be found using our SPELL analysis tools.

Today's Spell price versus ATH

Compare today's price of Spell ($0.00150258 USD) against its all-time-high price of $0.03506357 USD on 02 November 2021. The closer the bar is to 100%, the closer SPELL is to reaching its ATH again.

Spell's price: $0.00150258
ATH date: November 02, 2021
4.29%

Spell ATH: $0.03506357


How to trade, convert or sell Spell

You can convert or sell your SPELL with the same exchange you bought it through:
  1. Sign in to the exchange you have SPELL on.
  2. If you store your Spell in a digital wallet, compare crypto exchanges to convert or sell it on.
  3. Choose Sell or Convert and place a sell order.
  4. Choose the amount of SPELL you'd like to convert or sell.
  5. Confirm the sell price and fees and close your sale of Spell.
  6. Complete your transaction and move your SPELL to a wallet for storage.

Disclaimer: Cryptocurrencies, including Spell, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of SPELL is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the Spell or any other cryptocurrency discussed.

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