To get started, it’s important to understand the basics of Binance’s vision and technology. Once familiarized with BNB, selecting a secure cryptocurrency wallet is a curial step.
Can I Buy Binance Coin in NZ?
These platforms offer user-friendly interfaces, making it easy for you to purchase Binance Coin (BNB) using New Zealand dollars or other cryptocurrencies.
Best places to Buy Binance Coin (BNB) in NZ
Quickest way to Buy Binance Coin
Here at Cryptocurrency NZ, we have used Binance for over 4 years without any issues.
Binance is the world’s largest crypto exchange, accounting for over 40% of the total crypto market’s trade volume. They have world class platform, access to liquidity, a plethora of coins to trade and are known to be reliable and secure.
They are however still a centralized exchange and the age old ‘not your keys, not your crypto’ still applies. We don’t recommend storing large amounts of coin long term on exchanges and instead recommend using a hardware wallet.
If you’re a day trader, looking to swing trade or practice technical analysis and chart drawing, Binance is very solid.
Pros of Binance NZ
✔️Plethora of coins: Humongous selection of cryptocurrencies available for trading.
✔️ Competitive Rates: Famously low trading fees, especially for high-volume traders and those who hold BNB.
✔️ SAFU Fund: Binance has a “SAFU’ fund to protect users in the event of a security breach or hack. Learn more.
✔️ Registered in NZ: Binance is a registered Financial Service Provider in NZ.
✔️ Advanced Features: Offers world class trading tools and charts.
✔️ IOS & Android: Mobile apps available for trading on-the-go.
Cons of Binance NZ
❌ Regulatory exposure: Ongoing regulatory scrutiny and potential for government restrictions.
❌Mixed Reviews: Some negative user reviews and complaints about poor customer service.
❌ High withdrawal fees: Withdrawing some coins can be higher than fifty dollars, depending on market prices.
❌ Customer Support: Limited customer support during high-traffic periods
❌ Centralized Exchange: Potential for hacking or security breaches.
❌ KYC: You have to verify your identity in order to buy or sell. This data is then passed on to the government.
Binance has has over 6,000 staff globally, and since registering in Zealand in September 2022 as a Financial Services Provider, they have invested heavily into marketing, complying with NZ regulations and developing an NZ based team.
Ben Rose, Binance’s CEO is a member on the Blockchain NZ council, and many of the Binance NZ team are public.
Binance is an international exchange, headed and founded by Changpeng Zhao (CZ), one of the most well known and trusted crypto developers and entrepreneurs in the world. Binance NZ is in it’s early days, but is gearing for the long haul.
Easy Crypto NZ
Easiest way to Buy Binance Coin
They’ve helped mainline hundreds of thousands of New Zealanders into the cryptocurrency markets.
Easy Crypto is a reputable, reliable and Kiwi focused crypto retailer who without a doubt achieves their mission of making it safe, fast and easy for Kiwis to buy and sell Bitcoin and 160+ other coins in NZ.
EC typically provide rapid order speeds through their simple interface and are well suited to first time crypto investors.
Our biggest critique would be EC’s excessive compliance program, requiring users to jump through increasingly heavier identity and source of funds verification steps for users seeking to acquire privacy coins such as Monero (XMR).
For privacy focused users, non-KYC’ed options such as the NZ P2P Crypto Marketplace may be better suited.
Pros of Easy Crypto NZ
✔️ Beginner friendly: Easy Crypto’s interface is well suited to first time or casual investors.
✔️ Near instant KYC: you can typically create an account, verify your ID and trade within minutes.
✔️ Non-custodial: crypto is sent directly to your own private wallet, Easy Crypto doesn’t store it for you.
✔️ Transparent fee structure: When you place an order, you can see the exact numbers of how much you’ll receive.
✔️ Local customer support: when you need help, EC provides high quality one-on-one assistance.
Cons of Easy Crypto NZ
❌ Excessive compliance: You can’t buy privacy coins like Monero without proving the source of your funds.
❌ No on-site wallet: users must have a secure wallet already set up to buy and sell through Easy Crypto.
❌ Slippage: There’s sometimes a difference in prices between when you locked in your fees vs current prices.
❌ KYC: You have to verify your identity in order to actually buy or sell. This data is then passed on to the government.
Easy Crypto NZ is a homegrown, non-custodial crypto retailer with a strong reputation in the NZ crypto community.
They have a strong presence in the domestic crypto industry , sponsoring Cryptocurrency NZ’s meetups and are known to actively engage in New Zealand’s various community forums, groups and events.
Since launching in 2018, ECNZ has generated over 200,000+ users in New Zealand alone and has processed over 2 Billion NZD in order volume – securing their title as New Zealand’s crypto heavy weight.
Pay It Now (PIN)
Securest way to Buy Binance Coin
With its New Zealand origins, PIN perfectly aligns with the local values that Cryptocurrency NZ holds dear. Unlike simple on/off ramps, PIN offers a holistic ecosystem that extends well beyond basic transaction facilitation. By bridging merchants with its extensive user base, PIN empowers businesses throughout New Zealand to effortlessly access the realm of crypto.
Pros Of Pay it Now (PIN)
✔️ PIN Scan Block Explorer: The dedicated block explorer, PIN Scan, enhances transparency by allowing users to easily track and monitor transactions on the PIN Network, fostering trust.
✔️ Wallet-Less Crypto Transactions with PIN Swap: The wallet-less connection process through PIN Swap offers a user-friendly and secure method for transferring crypto assets directly into users’ wallets, simplifying the interaction with smart contracts.
✔️ Point of Sale (PoS) Integration: The integration of PIN Payments with prominent Point of Sale providers like Sipo PoS, Todays Software, Lightspeed X, and Salespoint streamlines crypto payments for merchants, potentially increasing the adoption of cryptocurrencies.
✔️ In-App Functionality for Users: The PIN Network App’s user-centric features, such as in-app buying, bridging tokens, gas-less swaps, and instant peer-to-peer transactions, create a convenient and seamless experience for users engaging with digital assets.
✔️ Cross-Border Payments: The ability to send and receive digital currency instantly among PIN Network App users facilitates cross-border transactions, potentially reducing traditional financial barriers.
✔️ Staking and Rewards: The in-app staking functionality offers users the opportunity to earn staking rewards and bonuses, providing an additional incentive within the PIN ecosystem.
Cons of Pay it Now (PIN)
❌ Integration Challenges: While the PoS integration is designed to be user-friendly, potential integration challenges with different PoS providers might arise.
❌ Limited Cryptocurrency Compatibility: The availability of supported tokens for bridging and swapping might be limited, potentially limiting user choices.
❌ Security Considerations: Introducing wallet-less transactions and sensitive data handling within the app necessitates robust security measures to protect user assets and information.
❌ Regulatory Challenges: The integration of cryptocurrencies and payment solutions could subject the project to regulatory scrutiny and compliance requirements in different jurisdictions.
PIN implements a fee structure that comprises two distinct types of fees. The first involves un-bridging transactions, in which a fee of 4% is applicable. However, it’s noteworthy that PIN doesn’t impose gas fees on its users. Instead, for bridge transactions, there’s a fixed fee of $0.40 USD, offering users a straightforward and predictable cost for their transactions.
What is Binance Coin in NZ?
Binance Coin (BNB) is a versatile cryptocurrency used for trading and paying fees on the Binance exchange. As the largest exchange globally, with fast transaction speeds of over 1.4 million per second, Binance is popular among New Zealand traders.
BNB offers discounted fees, making it an attractive option. Additionally, Binance Coin is accepted by merchants worldwide as a payment option, providing a fast and secure alternative to traditional payment methods for New Zealand consumers.
What is the History of Binance Coin in NZ?
Binance was founded in 2017 and conducted an ICO that allocated BNB tokens. Initially, Binance Coin (BNB) was an ERC-20 token on the Ethereum blockchain, but in 2019, Binance launched its own blockchain, Binance Chain (BC), with BNB as its coin.
Binance conducted a token swap to change ERC-20 BNB tokens to Binance Chain-based BNB coins. In 2020, Binance launched Binance Smart Chain (BSC) as a compatible blockchain alongside Binance Chain.
In 2022, Binance merged Binance Chain and Binance Smart Chain under one name, BNB Chain. The move aimed to streamline the ecosystem, while both chains continued to run parallel and serve unique purposes.
How does Binance Coin work in NZ?
BNB operates on Binance Chain, a blockchain created by Binance in 2019. Binance Chain offers fast transaction speeds and minimal fees, making it an efficient option for kiwis.
Moreover, Binance Smart Chain (BSC), a compatible blockchain launched in 2020, enables New Zelanders to build decentralized applications (dApps) and smart contracts.
FAQs about Binance Coin in New Zealand
What is unique about Binance Coin compared to Bitcoin?
There are several unique features that set Binance Coin (BNB) apart from Bitcoin.
Unlike Bitcoin, which operates on a decentralized network, BNB runs on Binance Chain and Binance Smart Chain, both centralized blockchains created and managed by Binance.
Additionally, Binance has a quarterly token burn mechanism in place, where they buy back and destroy a portion of the circulating BNB supply, which helps to reduce the total supply of BNB.
What is Binance Coin Burning?
BNB has a unique feature where every quarter, Binance uses 20% of its profits to buy back and permanently destroy Binance coins held in its treasury, reducing the total supply of BNB.
This process is known as “burning” and is designed to increase the value of remaining BNB tokens over time. As a result, the total supply of BNB is lower than the initial 100 million tokens that were offered during the ICO.
Is Binance Banned in New Zealand?
Binance is not banned in NZ. Binance does operate in New Zealand, offering a variety of financial services including as spot trading, NFTs, staking, and more.
How does Binance Coin have value?
The value of BNB in New Zealand is determined by its demand in the market. As with any cryptocurrency, if there is a high demand for BNB and limited supply, its price will increase. Conversely, if the supply exceeds demand, its price will decrease.
Can Binance be hacked?
Like any other centralized exchange or platform, there is always a risk of a hack or security breach at Binance. In fact, Binance has experienced a few high-profile hacks in the past, such as the one in May 2019 where hackers stole over 7,000 Bitcoin from the exchange’s hot wallet.
It’s important to note that Binance has implemented robust security measures and protocols to prevent such incidents from happening again.