For New Zealanders seeking to buy Monero, the intricate and contentious landscape of cryptocurrencies can be daunting. Nevertheless, this guide will furnish you with the essential information to acquire Monero securely, conveniently, and affordably in NZ.
Best way to buy Monero (XMR) locally in NZ
Type of Exchange: P2P Exchange (No KYC)
Tokens Available : 200+
NZ P2P Crypto Marketplace
The NZ P2P Crypto Marketplace was established in 2021 by CNZ’s Harry Satoshi to make it easier for Kiwis to discover and communicate with peer-to-peer crypto traders in NZ.
It’s New Zealand’s best way to locate cryptocurrency traders who won’t require you to hand over your personal information or perform KYC.
Pros Of P2P
✔️ Privacy: P2P trading can offer greater privacy compared to centralized exchanges since users are not required to provide extensive KYC information.
✔️ Decentralized: P2P trading is decentralized, meaning that transactions occur directly between buyers and sellers without the need for intermediaries like banks.
✔️Accessibility: P2P trading can be more accessible to users in regions where centralized exchanges may not be available due to regulatory or infrastructure issues.
✔️ Lower fees: P2P can have lower fees compared to centralized exchanges, as there are no middlemen to charge fees for transactions. However you will often encounter traders selling at a markup.
✔️ More options: P2P trading can offer more payment options, including cash or bank transfers, or swapping other assets, reducing limits for what constitutes crypto trading.
Cons of P2P
❌ Risk of scams: P2P trading poses serious risk of scams, as users may be vulnerable to fraudsters who misrepresent themselves or their offers.
❌ Limited liquidity: P2P trading may have limited liquidity compared to a cex, meaning that it can be more difficult to find buyers or sellers for certain crypto or at certain prices.
❌ No order book: P2P trading does not have an order book, which can make it more difficult for users to determine market prices.
❌ Limited dispute resolution: P2P trading has near zero dispute resolution options compared to centralized exchanges, which have more resources and procedures for handling disputes.
❌ Security risks: P2P trading can pose security risks to users if they do not take proper precautions to protect their private keys and personal information.
❌ 5 dollar wrench attacks: if you meet up to execute P2P trades in the flesh, this can pose serious danger. Learn more.
The Marketplace does not charge any fees for buying and selling crypto but some buyers or sellers may charge upto 5% premium.
Easiest way to buy Monero (XMR) in NZ
Type of Exchange: P2P Exchange (No KYC)
Tokens Available : Only Monero (XMR)
Cryptocurrency NZ has selected Local Monero as its preferred solution for purchasing Monero due to its unparalleled commitment to anonymity and the purest embodiment of peer-to-peer cryptocurrency trading. With an unwavering focus on privacy, Local Monero provides users in New Zealand a seamless platform to engage in direct, decentralized transactions, ensuring that personal information remains confidential throughout the buying process.
Pros Of Local Monero
✔️ Anonymous P2P: Facilitates private peer-to-peer trading.
✔️ Variety of methods: LocalMoerno Accepts multiple payment methods.
✔️ International platform: Operates as an international platform.
✔️ Community Trust: Has established a strong level of trust within the community.
Cons Of Local Monero
❌ XMR only: Only Monero is available for sale on the platform.
❌ Anonymous Team: The project team’s identity remains unknown.
❌ Government Regulation: Potential for future regulatory oversight by government authorities.
❌ Lower Volume: LocalMonero may not have as much liquidity or volume compared to larger centralized exchanges.
Registration, purchasing, and selling of Monero on the platform are entirely free. Users who create ads on LocalMonero are only charged a 1% fee for each successful transaction.
Cheapest way to buy Monero (XMR) in NZ
Type of Exchange: P2P Exchange
Tokens Available : 10-15 Tokens
Cryptocurrency NZ opts for the Bisq Exchange due to its embodiment of decentralization and peer-to-peer trading principles. Bisq’s innovative open-source approach aligns with Cryptocurrency NZ’s vision of fostering an autonomous financial ecosystem.
Pros Of Bisq
✔️ DEX: No KYC required to begin trading, therefore provides instant approval for withdrawals
✔️ World wide: No geographical restrictions, including New Zealand.
✔️ Easy to buy: Allows kiwis to buy almost all leading cryptocurrencies, including Monero.
✔️ Wide Payment option: Various payment options are available.
Cons Of Bisq
❌ Lower Liquidity: Compared to centralised exchanges it may lack lower liquidity.
❌ Bisq fees: Trading fees are a bit on the higher side.
❌ Customer Support: Bisq has limited Customer support.
Bisq encourages traders to use BSQ by offering a discount of approximately 50%. More info can be found here.
What is Monero in New Zealand?
Monero is a privacy coin that offers users in New Zealand and around the world with enhanced privacy and anonymity when making transactions. Launched in 2014, Monero uses advanced cryptography techniques such as ring signatures and stealth addresses to hide transaction information and prevent tracking of its users, wallet and transactions.
For users in New Zealand who are concerned about privacy and want to keep their financial transactions confidential, Monero might be an appealing option.
Can I buy Monero in New Zealand?
Yes, it is possible to buy Monero in New Zealand. There are several cryptocurrency exchanges, brokerages and P2P Marketplaces that allow users in New Zealand to purchase Monero using New Zealand dollars or other cryptocurrencies.
Best Practices for Buying Monero in NZ
Research and Select a P2P Platform: Look for decentralized P2P platforms that facilitate Monero trading directly between users. Platforms like Bisq, LocalMonero, or decentralized exchanges with Monero pairs maintain the essence of cryptocurrency principles by allowing you to trade directly with peers.
Secure Wallet: Ensure you have a secure Monero wallet. A software wallet like the official Monero GUI or a hardware wallet like Ledger can give you control over your private keys, enhancing security and aligning with the decentralized ethos.
Verification Protocols: Choose platforms that prioritize privacy and security, employing robust verification processes that don’t compromise your personal data. Decentralized exchanges typically require minimal personal information, preserving your anonymity.
Know Your Counterparty: Engage in thorough communication with your trading partner before the transaction. Understand their trading history and read user reviews on P2P platforms to gauge their reputation.
Use Escrow Services: Platforms that utilize escrow services provide an added layer of security. Funds are held in escrow until both parties fulfill their obligations, reducing the risk of fraud.
Local and Familiar: Whenever possible, trade within your local community or country. This not only supports the local cryptocurrency ecosystem but can also make communication and coordination smoother.
Best Monero Wallets NZ
Best Monero Wallet for Nz Users
Purchase Cost: Free
Cloud Storage: Yes
Cold Storage: Yes
Cryptocurrency NZ has selected the Monero GUI Wallet as our preferred cryptocurrency management solution due to its alignment with our commitment to privacy, security, and user-friendly accessibility. This wallet empowers our community by providing a robust interface that simplifies the management of Monero (XMR) while preserving the essential principles of decentralized finance.
Pros of Monero GUI Wallet
✔️ User-Friendly Interface: The graphical interface makes it easy for users, even those unfamiliar with command-line interfaces, to manage their Monero coins.
✔️ Privacy Emphasis: Monero is renowned for its strong privacy features. The GUI Wallet upholds this by incorporating stealth addresses and ring signatures, enhancing the confidentiality of transactions.
✔️ Control over Private Keys: Users retain full control over their private keys, aligning with the core principles of self-custody and decentralization.
✔️ Transaction History: The wallet provides a detailed transaction history, allowing users to track their incoming and outgoing transactions.
✔️ Address Management: Users can easily generate new Monero addresses for enhanced privacy and organization.
Cons Of Monero GUI Wallet
❌ Synchronization Time: The wallet requires synchronization with the Monero blockchain, which might take time, especially for new users or those with slow internet connections.
❌ Resource Intensive: Synchronization and certain operations may consume significant computer resources, potentially impacting system performance.
❌ Limited to Monero: The Monero GUI Wallet is specific to managing Monero (XMR) coins and doesn’t support other cryptocurrencies.
❌ Initial Setup Complexity: While the interface is user-friendly, new users might find the initial setup process slightly complex due to factors like synchronization and backup procedures.
❌ Network Dependency: The wallet relies on connecting to the Monero network through the Monero daemon, which could result in issues if the network is unstable or inaccessible.
The Monero GUI Wallet stands as a pivotal solution in the realm of cryptocurrency management, embodying both practical functionality and steadfast dedication to privacy. Designed to provide users with an accessible and intuitive platform, the wallet boasts a graphical interface that simplifies interactions with the blockchain.
By choosing this wallet, users gain direct control over their private keys and funds, aligning with the ethos of self-custody and financial autonomy.
Best Monero 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.“
What can you do with Monero in New Zealand?
As financial privacy becomes increasingly important, individuals and merchants of all types have begun to recognize the benefits of accepting Monero as a form of payment.
As a result, the number of merchants accepting Monero is growing steadily. If you’re looking for places to spend your Monero, the directories below have some options.
FAQs about Monero in New Zealand
What is unique about Monero compared to Bitcoin?
Monero is distinct from Bitcoin, as it utilizes the CryptoNote protocol. Unlike Bitcoin, which is a fully transparent system revealing the exact amount of money transferred between users, Monero protects user privacy by concealing this information in all transactions.
Additionally, Monero incorporates a number of other unique features, such as dynamic block size and dynamic fees, an ASIC-resistant proof of work, and a tail emission, among others.
How is Monero's Privacy different from other coins?
Monero leverages three distinct privacy technologies – ring signatures, RingCT, and stealth addresses – to respectively obscure the sender, amount, and receiver.
Unlike other coins, all transactions on the XMR network are inherently private and it is impossible to mistakenly send a transparent transaction. This unparalleled feature provides users with complete control over their privacy and eliminates the need to rely on external entities.
Is Monero 100% Anonymous?
While Monero offers strong privacy protections, it’s important to recognize that achieving 100% anonymity is not feasible. Even with Monero’s privacy features, your anonymity set is limited to those using the cryptocurrency. Additionally, there’s always the possibility of software bugs, and attackers may develop new methods of inferring information from Monero’s privacy layers.
It’s crucial to use multiple layers of defense when implementing security measures.
How does Monero have value?
The value of Monero in New Zealand is determined by its demand in the market. As with any cryptocurrency, if there is a high demand for Monero and limited supply, its price will increase. Conversely, if the supply exceeds demand, its price will decrease.