Bitcoin Namibia

How does it work?

Create an account or login by clicking on ‘Login/Register’ in the top site menu and filling out the registration form making sure you fill out the correct information. When you have registered and confirmed your email, click on ‘Buy’ in the top menu and choose the amount of bitcoin you would like to purchase with a click on the  ‘Add to Cart’ button. Once you are satisfied with how much bitcoin you would like to purchase, you can navigate to the checkout page by clicking on the cart icon in the top right of the page.

Confirm the number of items in your cart and proceed to the checkout page, confirm your contact & sale details and choose the appropriate payment method (EFT, e-Wallet). When you place the order, you will receive an invoice in your email which you will have to pay via your chosen payment method.

Once the invoice is paid, a representative will contact you via phone, SMS or email within 2 hours to securely retrieve your bitcoin wallet details or to help you set up a wallet for the transfer of your bitcoin. All purchases are charged 2% commission on the bitcoin bought. Rate prices shown are exclusive of commission.

What is Bitcoin Trade Namibia's legal position?

Bitcoin Trade Namibia is located in Namibia and is subject to its relevant laws.

The Bank of Namibia released a media circular on the 2nd of May 2018 stating specifically that:

  • (In regards to) Online trading of Cryptocurrencies (Section 2.5)
    2.5.1. Any member of the public or entity in Namibia that engages in mining, online trading (buying and selling) and exchanging of cryptocurrencies are subject to the applicable provisions of the Financial Intelligence Act, 2012 (Act No. 13 of 2012), as amended (FIA). This is to ensure that any risks related to money laundering, financing of terrorism and proliferation are controlled.

This means that our clients are welcome to trade with ‘Bitcoin Trade Namibia’ provided they are aware of the associated risks. The Bank of Namibia has also released a paper stating it’s position on ‘Distributed Ledger Technology’ which can be found here.

We therefor urge all customers to read through the relevant material and heed all risk warnings therein and any other Bank of Namibia regulation pertaining to ‘Virtual Currency’ as defined by them. ‘Bitcoin Trade Namibia’ is committed to regulatory compliance, please refer to our ‘Compliance’ page.

Can customers outside of Namibia use this service?

We can only fulfil ‘Buy’ and ‘Sell’ orders to Namibian (any local bank) customers and SADC customers using Standard Bank, FNB or Nedbank.

Can I sell my bitcoin on this site?

We can fulfil ‘Buy’ and ‘Sell’ orders of ‘Bitcoin.

Can I buy altcoins on this site?

We not offer any altcoin (shitcoin) sales. There are several freely available services online such as ShapeShift and Changelly that allow you to turn your Bitcoin into the desired altcoin (shitcoin).

What is the turn around time to receive my Bitcoin?

All purchases have a maximum turnaround time of 72 hours provided there is not any undue network congestion, with the average being about 2-3 hours for delivery of your bitcoin into your provided wallet.

Please note the above applies to when monies for your order arrives or is cleared into our business banking account.

Our bank account is with FNB Namibia so if paying EFT from another institution, please be aware of the clearing times of your payment (usually 12am midnight next day if transaction is done before 12pm mid day, 48 hours if payment made after mid day) . Orders that are paid from another bank and that clear after more than 24 hours are recalculated at current Bitcoin: NAD rate when the monies clear into our account.

All eWallet payments are deposited at 8am and 7pm every weekday. If using FNB use the Pay2Cell function

( cellphone banking: Banking> Payments > Pay2Cell | app:  Payments > Once off> Specify Recipient Details> Enter Cell number)

Use the cellphone number on the invoice sent to your email to send an eWallet transaction directly to our account.

How is the Bitcoin to NAD/ZAR value calculated?

Our rates are updated upon every page refresh and are independently set by us to accommodate market fluctuations and our operational overhead. We attempt to follow SADC price average from LocalBitcoin.com and stay within 7-15% markup of the global value as displayed on Coinmarketcap.

In times of extreme volatility, we may update our rates at more accommodating, as defined above, intervals.

How can I create a Bitcoin wallet?

Bitcoin is an open source software project and there are several wallet implementations available.

Please refer to this Bitcoin.org guide to choose a wallet.

Can I return or reverse a paid order?

Once the correct Bitcoin amount has been transferred into the client’s wallet, all purchases are final. No refund requests will be accepted.

Where do I input my wallet details?

Once a sale order is paid, we will contact you to securely receive your wallet details from you.

Can I buy more than the advertised amount?

We offer private sales of orders of a larger magnitude, please leave us a message in the contact page.

Private orders of a larger magnitude may have to be verified by relevant authorities before approval.

Can I buy less than the advertised amount?

Minimum orders start at 300NAD and must be placed through the digital shop.