In the wake of Bitcoin’s latest all time high of $95,000 NZD, (a 240% increase from the pervious ATH) New Zealanders are increasingly becoming interested in learning how to safely and easily buy Bitcoin (BTC) and other cryptocurrencies here in New Zealand
TLDR: Best way to buy Bitcoin in NZ is through a Kiwi Crypto broker like Easy Crypto NZ.
Best Place to Buy Bitcoin NZ
Best place to buy Bitcoin for Beginners
Type of Exchange: Broker / Retailer
Tokens Available : 50+
Easy Crypto NZ
Cryptocurrency NZ opts for Easy Crypto NZ due to its impeccable safety record, unwavering reliability, and swift transactions. With a proven history of aiding New Zealanders, it's the preferred choice for seamless crypto dealings.
Pros Of Easy Crypto NZ
✔️ Accepts NZD: Easy Crypto is a New Zealand-based retailer, which means that users can buy and sell cryptocurrencies using New Zealand Dollars (NZD).
✔️ User-friendly: Easy Crypto has a simple and user-friendly interface that makes it easy for individuals to buy and sell cryptocurrencies, even if they are new to the world of digital assets.
✔️ Strong customer Support: Easy Crypto offers competitive fees and is known for its strong customer support. The team is available to assist users with any questions or concerns they may have.
✔️ Secure platform: The platform is secure and uses industry-standard security measures to protect user data and funds.
Cons Of Easy Crypto NZ
❌ Limited Features: Easy Crypto may not offer as many advanced trading features as some other exchanges, which may be a drawback for experienced traders.
❌ Trading Fees: The trading fees for less popular cryptocurrencies on Easy Crypto can be higher than on other exchanges.
Easy Crypto NZ has a transparent fee structure, which is included in the price of the cryptocurrency being bought or sold. The fee structure is based on a percentage of the transaction value, and the percentage varies depending on the cryptocurrency being traded.
Easy Crypto NZ fee range is from 0.70% to 0.90%.
Best place to buy Bitcoin For Trading
Type of Exchange: Centralized Exchange
Tokens Available : 500+
Cryptocurrency NZ uses Binance NZ due to its extensive cryptocurrency options, strong security measures, and diverse services like staking, lending, and mining optimization. A comprehensive platform for Kiwi cryptocurrency enthusiasts.
Pros Of Binance New Zealand
✔️Wide range of tokes: Binance supports a huge range of tokens, which gives New Zealanders access to a diverse range.
✔️ Low trading fees: Binance has some of the lowest trading fees in the industry, which can be a significant advantage for frequent traders.
✔️ High liquidity: Binance has a high trading volume, which means there is high liquidity on the platform. This makes it easier to buy and sell cryptocurrencies quickly.
✔️ User-friendly interface: Binance has a user-friendly interface, which makes it easy for beginners to navigate and trade cryptocurrencies.
Cons Of Binance New Zealand
❌ Regulatory uncertainty: Cryptocurrency regulation in NZ is still uncertain, which can create a level of risk for users of the platform.
❌ Limited payment options: Binance has limited payment options for New Zealanders, with bank transfers being the primary payment method.
❌ Security risks: As with any cryptocurrency exchange, there is a risk of hacking and theft. Binance has implemented security measures to mitigate these risks, but there is still a risk involved.
❌ Customer support: Some users have reported issues with Binance's customer support, which can be frustrating if you encounter any issues with the platform.
|Spot: 0.1000%||Spot: 0.1000%|
|Futures USD: 0.0400%||Futures USD: 0.0200%|
More information on Binance exchange fees can be found here.
Best Place to Buy Bitcoin for New Zealand users
Type of Exchange: Broker / Payment Solution
Tokens Available : 15+
Pay it Now (PIN)
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.
Best place to buy Bitcoin for bitcoin only
Type of Exchange: P2P, Centralized Exchange
Tokens Available : Only Bitcoin
Kiwi Coin NZ
Kiwi-coin stands out as the oldest and most established exchange in New Zealand, specializing exclusively in BTC trading. This legacy platform offers a secure option for Kiwis interested in Bitcoin transactions.
Pros Of Kiwi Coin
✔️ Local currency: Kiwi-Coin allows users to buy, sell, and trade Bitcoin using New Zealand Dollars (NZD), which makes it easy for individuals to manage their BTC portfolio in their local currency.
✔️ Simple verification process: Kiwi-Coin has a simple and quick verification process that makes it easy for NZ residents to start trading Bitcoin.
✔️ Simple to use: You don't have to make individual transactions every time you wish to buy or sell because Kiwi-Coin provides an account that contains both e-money (NZD) and virtual assets (BTC).
✔️ Trusted exchange: Kiwi-Coin is a trusted and reputable Bitcoin exchange that has been operating in New Zealand since 2013.
Cons Of Kiwi Coin
❌ Lack of advanced features: Kiwi-Coin does not offer some of the advanced trading features that are available on other exchanges, which may be a disadvantage for experienced traders looking for more sophisticated tools.
❌Limited customer support: Kiwi-Coin's customer support can sometimes be slow to respond to user inquiries, which can be frustrating for those who require immediate assistance.
❌ Limited markets: The exchange solely allows for the conversion of Bitcoins into New Zealand dollars and vice versa. No further cryptocurrencies are accepted.
❌ Low Volume: The exchange is not particularly busy; daily trading volume hardly exceeds 1 BTC, and most days only a few dozen trades occur.
Kiwi-Coin's trading fees vary depending on the trading volume and the type of order (maker or taker). The exchange uses a tiered fee structure, which means that as a user's trading volume increases, the fees decrease.
Taker orders, which are executed immediately at the current market price, the fees range from 0.40%.
Maker orders, which add liquidity to the order book by placing an order that is not immediately executed, the fees range from 0.25% to 0%, depending on the trading volume.
|Bank transfer: Free||Bank transfer: NZD $15 per withdrawal|
|POLi: 1% of the deposit amount (with a minimum fee of NZD 2)||Bitcoin Fees: Variable fees depending on the Bitcoin network and the congestion in the BTC Blockchain.|
Detailed version of Kiwi-Coin fees can be found here.
What is Bitcoin in NZ?
Bitcoin is a digital currency that operates in a decentralized manner, without the need for banks or governments to oversee transactions. It was the first-ever cryptocurrency, launched in 2009 by an anonymous person or group known as Satoshi Nakamoto.
According to Nakamoto, Bitcoin was created to allow for direct online payments between parties, without the need for intermediaries such as financial institutions. Today, the entire crypto market is worth around $1 trillion, with Bitcoin accounting for 45% of the market.
Many investors view Bitcoin as a store of value and refer to it as “digital gold.”
Bitcoin’s value can fluctuate, presenting both opportunities and challenges for Kiwi investors. With its potential to reshape the financial world, Bitcoin continues to intrigue and attract individuals seeking alternative investment avenues in New Zealand.
Want to learn more about Bitcoin in NZ? Read our guide about “What is Bitcoin NZ.”
How does Bitcoin Work in NZ?
Bitcoin works the same way in New Zealand as it does in any other country around the world. It is a decentralized digital currency that operates on a peer-to-peer network and transactions are recorded on a public ledger called the blockchain.
When someone in NZ wants to buy or sell Bitcoin, they can use a crypto exchange, peer-to-peer marketplace, Bitcoin ATM, or work with a broker or dealer. Once they have Bitcoin, they can store it in a digital wallet and use it to make purchases or send it to others.
What is Bitcoin Investing?
Bitcoin investing in New Zealand is when Kiwis allocate capital to buy and hold Bitcoin (BTC) over a specified period. The aim of the game is to buy Bitcoin while it is cheap, and sell it at a later date for a profit – thus generating returns on your initial investment.
Consider the following advice to navigate the volatile nature of the cryptocurrency market:
1. Diversify Your Portfolio: While Bitcoin can be a valuable addition to your portfolio, avoid putting all your investment funds into a single asset. Diversification helps mitigate risks associated with the inherent volatility of crypto which is still an emerging market.
2. Allocate Responsibly: Determine a reasonable percentage of your overall portfolio to allocate to Bitcoin (BTC). Striking a balance between risk and potential reward is crucial for a well-rounded investment strategy.
3. Track Your Portfolio: Regularly monitor the performance of your Bitcoin holdings and the overall cryptocurrency market. This practice enables informed decision-making and ensures your portfolio aligns with your financial goals.
4. Order Tracking for Tax Purposes: Keep meticulous records of your Bitcoin transactions. Accurate tracking of purchases, sales, and trades is essential for tax reporting purposes. Many jurisdictions require individuals to report cryptocurrency gains and losses, and detailed records simplify the process. We recommend checking out our NZ tax guide.
5. Avoid Greed-Driven Decisions: Cryptocurrency markets can experience rapid price fluctuations. While the potential for substantial gains exists, it’s crucial to resist the temptation of making impulsive, greed-driven decisions. Establish clear investment goals and adhere to a disciplined approach.
6. Long-Term Perspective: Bitcoin’s value can be subject to short-term volatility. Consider adopting a long-term perspective, focusing on the technology’s fundamentals and its potential role in the future financial landscape. Short-term market fluctuations are part of the cryptocurrency journey.
Investing is the most common reason Kiwis acquire Bitcoin, however Bitcoin’s potential use cases extend as a store of value, a hedge against inflation, as a decentralized alternative to traditional currencies, and as a means to send money internationally.
For more information on Bitcoin investing in New Zealand, visit our dedicated guide.
Alternatives to Buy Bitcoin in NZ
To buy Bitcoin or any other cryptocurrency in New Zealand, you can use one of the NZ Bitcoin platforms listed below. You can buy BTC in minutes depending on the platform.
- Bitcoin ATMS: An alternative is buying bitcoins via Bitcoin ATMs, albeit with higher commissions compared to other methods. These ATMs facilitate both buying and, in some cases, selling bitcoins using cash or debit cards. A Bitcoin wallet might be necessary for the transaction, with fees varying, ranging from approximately 7% to 10%.
- Cryptocurrency Exchanges: For those aiming to purchase Bitcoin, cryptocurrency exchanges stand as a well-liked choice. These platforms bring several benefits to traders. To explore further, consider visiting Cryptocurrency NZ’s list of the finest cryptocurrency exchanges in NZ. These exchanges excel in offering competitive all-in trading costs, making them an optimal choice for cost-conscious traders.
Peer-to-peer Bitcoin marketplaces: Platforms that connect buyers and sellers directly, allowing for more flexibility in payment methods. (Such as NZ’s own P2P marketplace)
Bitcoin debit cards: Crypto cards that allow you to spend your Bitcoin at merchants that accept debit card payments without converting to New Zealand dollars first.
- Brokers and retailers: They present another avenue for acquiring Bitcoin. These platforms offer distinct advantages for potential buyers. These platforms are particularly beneficial for individuals focused on cost-efficiency, as they often provide competitive rates for cryptocurrency transactions. Additionally, many of these entities eliminate hidden charges like spread mark-ups, enhancing the transparency.
Buying Bitcoin in NZ: Here's what to watch for
When contemplating how to buy Bitcoin, it’s essential to assess the ensuing factors as they can shape your decision on where to make the purchase or whether to avoid it.
Ownership: Determine your preference between direct Bitcoin ownership and derivatives like futures contracts. Cryptocurrency NZ prefer direct ownership.
Upside/Downside: Your potential profits are intrinsically tied to your chosen ownership method. Direct Bitcoin ownership means your profit increases one-to-one with the currency’s rise, whereas futures contracts offer swifter gains with less investment.
Cost: The cost aspect varies extensively based on your purchasing approach. Futures contracts provide relatively economical access, whereas certain brokers might levy significant fees for direct purchases. Even a small percentage can erode profits.
Security: Security is a paramount concern in any investment. Some emerging cryptocurrency entities have grappled with security breaches. A notable instance is the $570 million theft of Binance’s BNB coin in 2022. Established brokers, owing to their extended experience, tend to offer superior security measures such as Easy Crypto NZ.
Best Bitcoin Wallets NZ
To delve deeper into the world of Bitcoin wallets, Cryptocurrency NZ invite you to explore our comprehensive guide, “Best Bitcoin Wallets NZ.” This guide offers an extensive exploration of various Bitcoin wallet options, their features, benefits, and considerations.
Best Bitcoin Wallet for security
Trezor Model T
Purchase Cost: $219
Cloud Storage: No
Cold Storage: Yes
At Cryptocurrency NZ, we endorse the Model T as our preferred hardware wallet for several reasons, with security being at the forefront. The Model T offers robust security features, including offline storage of private keys and the availability of a physical security key, which provides an extra layer of protection against threats.
Pros of Trezor Model T:
✔️ Versatile Crypto Support: Trezor stands out for its compatibility with a array of currencies, enabling users to store multiple assets in one wallet.
✔️ Available Touch Screen: The presence of a touch screen on certain models of Trezor enhances user interaction and navigation. This feature contributes to a more intuitive and user-friendly experience.
✔️ Highly Secure: Trezor is renowned for its robust security measures. By storing private keys offline in the hardware wallet, it provides optimal protection against online threats such as phishing attacks and malware.
Cons of Trezor Model T:
❌ Security key exclusive to Model T: While the Trezor Model T offers the added security of a physical security key, other Trezor models lack this feature.
❌ Relatively High Cost: Compared to some software wallets, Trezor hardware wallets are relatively more expensive. The investment in hardware security might deter budget-conscious users or those with smaller crypto holdings.
❌ Not Beginner-Friendly: Trezor’s advanced security features and configuration options may overwhelm beginners new to crypto. The setup process to operate the hardware wallet effectively may require some technical knowledge.
The Trezor Model T Wallet is a cutting-edge hardware wallet designed to provide top-notch security for managing cryptocurrency assets. With its sleek design and user-friendly touch screen, the Model T stands out as a versatile solution.
One of its distinguishing features is the availability of a security key, which further enhances the protection of your private keys and sensitive information. This hardware-based security approach significantly reduces the risk of unauthorized access. For New Zealanders seeking a secure and efficient way to safeguard their digital assets, such as their Bitcoin the Trezor Model T Wallet is an excellent choice.
To learn more about the features and benefits of Trezor Wallet, we recommend checking out our comprehensive guide, “What is Trezor Hardware Wallet NZ.“
Best Bitcoin wallet for beginners
Purchase Cost: Free
Cloud Storage: Yes
Cold Storage: Yes
Cryptocurrency NZ Chooses Exodus as the best Bitcoin wallet for beginners due to its exceptional features. Being a free wallet, it offers an accessible entry point for newcomers. Additionally, Exodus provides great customer support.
Pros Of Exodus Wallet:
✔️ Built-in Exchange: Exodus offers the convenience of a built-in exchange, allowing users to easily trade between supported cryptocurrencies without leaving the wallet interface.
✔️ Good Customer Support: With responsive and helpful customer support, Exodus ensures that users receive assistance promptly, enhancing their overall wallet experience.
✔️ Easy Setup Process: Exodus boasts a user-friendly and straightforward setup process, making it an ideal choice for beginners entering the world of cryptocurrency.
Cons Of Exodus Wallet :
- ❌ Closed Source Software: The closed-source nature of Exodus’s software may raise concerns for security-conscious users, as they have limited visibility into the codebase and potential vulnerabilities.
- ❌ Lacks 2FA Security Protection: Unfortunately, Exodus currently lacks Two-Factor Authentication (2FA), which is an additional layer of security desired by some users to protect their accounts from unauthorized access.
Exodus is a user-friendly desktop and mobile wallet known for its straightforward interface and built-in exchange. With the ability to swap between over 250 cryptocurrencies, it offers great versatility for users. Beginners appreciate its simplicity and excellent customer support, making it an ideal entry point into the world of crypto.
However, more advanced users might find it lacking due to its closed-source nature, raising potential security concerns. Despite this, Exodus allows custom fee settings and ensures prompt transaction completion, adding to its appeal for users seeking cost-effective and efficient transactions.
The Best Way to Buy Bitcoin in NZ
After trialing all services mentioned above, we’ve found that Easy Crypto NZ is the clear winner for the best place to buy Bitcoin in NZ. ⭐⭐⭐⭐⭐
This is thanks to EC’s streamlined signup and verification system, decent prices, range of payment options, delivery speeds, and large coin selection.
Easy Crypto NZ makes it possible for Kiwis to create an account, have it automatically verified, and complete an order to buy Bitcoin in NZ within 20 minutes or less after signup.
It’s the no-brainer option for anyone who appreciates speed, security, and ease when buying Bitcoin. Follow our guide below to learn how to effortlessly buy Bitcoin.
How to Buy Bitcoin with Easy Crypto in NZ
Before getting started with Easy Crypto, you first need to set up a cryptocurrency wallet so you have a safe place to store your Bitcoin in.
Once you’ve got that, follow the steps below:
Create your account
A) Head to the Easy Crypto NZ website – https://easycrypto.ai/nz
C) Select your sign up method
D) Provide Easy Crypto NZ with your email address and create a password
E) Click ‘Verify account’
Congrats, you’ve just completed the first step 👏
Verify your account
In New Zealand, all regulated Bitcoin exchanges are required to collect and document their user’s data and information, to comply with NZ anti-money laundering laws.
This means whenever you use a regulated NZ Bitcoin exchange to buy and sell Bitcoin, your account and identity need to be verified in order for you to trade on your chosen exchange.
Easy Crypto makes this easy, making it possible to have your account automatically verified in 5 minutes or less.
A) Provide Easy Crypto with your basic details
B) Provide Easy Crypto with your home address
C) Inform Easy Crypto about your source of funds
D) Click ‘Automated Verification’
You are now at the cross roads between verifying manually or with ECNZ’s automatic verification system.
We’d highly recommend going with automatic verification, as this is the system that will allow you to verify your account in less than three minutes.
ECNZ’s automatic verification is famously easy, and it includes a walk-through guide on the inside, which we’ll let you discover yourself. 🙂
Once you’ve completed it, continue below to learn how to buy Bitcoin in NZ with your verified Easy Crypto account.
Create your Bitcoin order
It’s now time to create your order for your first Bitcoin purchase ever. Nice one!
For many people, making an order to buy Bitcoin can feel very unfamiliar and a little scary at first. From my personal experience, this is universal, and it’s expected you’ll feel some sort of fear or stress buying Bitcoin for the first time.
But don’t worry, I’m right here to walk you through.
Through ECNZ, you can purchase as little as $50 NZD worth of Bitcoin, so we’d recommend starting with a small amount to help make you more comfortable for your future orders.
A) Head back to the Easy Crypto NZ homepage and navigate to the exchange widget
B) Insert the NZD dollar amount of how much Bitcoin you wish to buy, and click ‘Buy Now’
C) Provide Easy Crypto with your Bitcoin wallet address, and click ‘Next Step’
Note – It is extremely important you provide EC with your correct wallet address.
If you’re reading this and you haven’t a clue what a Bitcoin wallet address is, read up on our Bitcoin wallet guide to learn the basics. 👍
D) Select your payment method, and follow through with it!
You have three options for payment methods:
A payment tool that allows you to sign in with your bank account and pay instantly from any account of your choosing. Learn more about Account2Account.
Another payment tool that allows you to pay instantly, directly from your bank account. Learn more about POLI Pay.
Manual Bank Deposit
The old classic manual bank transfer. Easy Crypto provides you with an account, an amount and a reference number, and you deposit NZD into it.
Recommendation – Account2Account; it’s easy, trusted, and allows you to pay for your order instantly. This means your order completes instantly, so you receive your crypto near-instantly too. Manual bank transfer on the other hand can take up to 2 hours, a whole night, or even the weekend.
Wait for your Bitcoin to arrive
Now that you’ve paid and your order is complete, the final step is to hold tight while Easy Crypto NZ delivers your Bitcoin to your wallet. This usually takes between 5-30 minutes, so check back with your Bitcoin wallet shortly, it is on its way!
If you don’t receive your Bitcoin within an hour, you can reach out to the Easy Crypto helpdesk to discover the status of your order, which you can also find on your ‘My Orders’ page under ‘My Account’.