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How to Buy Cryptocurrency in NZ - 2023 Guide
The safest, fastest, and easiest way to buy Bitcoin, Ethereum and other cryptocurrency in New Zealand is through a Kiwi crypto retailer like Easy Crypto NZ or Binance.
Commonly asked questions
Yes – you can buy cryptocurrency in NZ in minutes through one of New Zealand’s various crypto retailers or exchanges, such as Easy Crypto NZ. 👍
Crypto wallets are digital vaults where you store your Bitcoin, Ethereum and other digital assets – acting as your NZ crypto bank account.
There are 5 main types of cryptocurrency wallet, such as Hardware wallets like the Trezor and Ledger or software wallets like Exodus.
Which you can learn about in our Best Bitcoin & Crypto Wallet in New Zealand Guide. 👉
New Zealand anti-money laundering laws (AML) require all Kiwis to verify their identities before they can buy and sell cryptocurrency through regulated NZ crypto trading platforms, such as Easy Crypto, BitPrime and beyond.
Alternatives to using regulated services to acquire crypto include crypto mining, buying P2P, airdrops, Bitcoin ATMs, and decentralized exchanges. You can also receive crypto by accepting it as payment for the goods and services you sell, or doing work in exchange for crypto.
To verify an account with an NZ exchange, you need to:
– Be 18 years or above.
– Have a valid NZ passport or drivers license.
– Have an NZ bank account under your own name.
– Have $40 to meet minimum order requirements.
It takes about 30 minutes to buy Bitcoin, Ethereum and other crypto in NZ – depending on your service of choice. It’s possible to sign up with an NZ crypto crypto exchange or retailer like Easy Crypto NZ, verify your account, buy crypto and have it delivered to your personal crypto wallet in 30 minutes or less.
Crypto buying speeds vary in three key ways:
– Account creation and verification speeds; the time it takes from signing up with your chosen service to them confirming your identity. (To allow you to buy/sell/exchange)
– Order creation and delivery speeds; how long it takes to create, pay for and complete your order – and how long it takes for your chosen service to dispatch your crypto to your personal wallet.
– Network processing speeds; how fast crypto transactions are processed by the crypto networks. (This is not in the control of your chosen service)
If you’re unsure on what coins to buy, we’d recommend examining CoinMarketCap to learn about the crypto markets’ most popular coins and projects.
From there you’ll find the latest price trends and coin rankings, and be able to gauge a snapshot overview of each top crypto and discover learning resources to help you dive deeper into your research.
We personally believe Bitcoin and Ethereum are the best coins to start with, thanks to their proven track record, real world utility and highly active communities.
Disclaimer – this is not financial advice in any way, shape or form. Always do your own research and seek a diverse range of perspectives when learning about a new project.
Absolutely – selling crypto is just as easy as buying it. All NZ services showcased below allow users to sell back crypto 24/7, 365 days a year.
Disclaimer: All information, guides and recommendations below are based on our own research, preferences and experiences. You should always do preemptive research on anything you buy and on any financial service you use. Cryptocurrencies are known to be extremely volatile and fluctuate in price.
Where to Buy Bitcoin & Cryptocurrency in NZ
Easy Crypto NZ
Easy Crypto NZ is New Zealand’s most popular cryptocurrency retailer, making it safe, fast, and easy for Kiwis to buy and sell over 110+ cryptocurrencies in minutes – including Bitcoin, Ethereum, and XRP.
⭐Cryptocurrency NZ Recommendation
Binance is the world’s largest cryptocurrency exchange, the most popular choice Kiwis have for dedicated crypto trading. Binance offers over 1400 trading pairs, allowing Kiwis to access and trade many different coins.
⭐Cryptocurrency NZ Recommendation
Dasset is an NZ based cryptocurrency exchange who makes trading digital assets like Bitcoin and Ethereum access to everyone.
Designed for both retail and professional traders, Dasset is a solid option for kiwis looking to buy and sell cryptocurrency in New Zealand.
SwyftX is a Australian / New Zealand based crypto retailer providing secure and reliable NZD trading between 260 cryptocurrencies including Bitcoin.
Founded in 2018 and expanding to NZ in 2021, SwyftX dominates the Australia crypto markets due to it’s ease of use, friendly staff and low fees.
NZ P2P Crypto Marketplace
The NZ P2P Crypto Marketplace was established in 2021 to make it easier for Kiwis to discover and communicate with peer-to-peer crypto traders in NZ.
KiwiCoin is one of New Zealand’s legacy cryptocurrency exchanges, providing direct and secure trading between Bitcoin (BTC) and the New Zealand Dollar.
What Cryptocurrencies Should I Buy?
>As there are over 20,000 cryptos in the market, it can be difficult to choose what ones you may want to buy or invest in. At Cryptocurrency NZ, we believe the best place to start researching is Bitcoin, Ethereum and Monero. Our guides below should provide a starting point.
Different Ways to Buy Cryptocurrency in NZ
Cryptocurrency Retailer NZ
NZ based crypto retailers like Easy Crypto NZ are the most popular way for kiwis to get their hands on Bitcoin, Ethereum, and 110+ other coins in NZ.
Cryptocurrency retailers are non-custodial brokerage services that source cryptocurrencies from various exchanges and sell them directly to the customer at a small fee. (Standard retailer fee is between 0.5% – 2.5%). They essentially act as middlemen, sourcing coins from many different exchanges at the lowest rates possible to stay competitive. There are multiple key benefits to purchasing through a local crypto retailer such as access to NZ based customer support.
Cryptocurrency NZ recommendations: Easy Crypto NZ and SwyftX
NZ Crypto Exchanges
NZ Crypto exchanges like Binance, Dasset and Kiwi Coin are marketplaces where you can buy, sell, and exchange crypto with other traders in real time.
Exchanges are typically custodial, meaning in order to use the exchange you must deposit your crypto / NZD / USD into an account within your exchange. This differs from crypto retailers like Easy Crypto NZ who are almost always non-custodial. (They never hold your coins / orders sent directly to your personal wallet.) Crypto exchanges come with both benefits and drawbacks, as there’s potential to save considerable value that would otherwise be spent on gas fees.
However, exchanges also pose considerable risks. There’s a saying that goes “not your keys, not your coins’, referring to the importance of being in control of the private keys associated with your funds. Ultimately, the person with the private keys controls what happens with the crypto, so if you are not the person holding them, you are entrusting a third party to hold your coins. This poses risk as exchanges can be hacked – such as FTX, Cryptopia, and Mt Gox.
At the end of the day, it is up to you as an individual to decide how to manage your crypto. We recommend storing your crypto in a secure self-managed wallet.
Cryptocurrency NZ recommendations: Binance, Dasset & Kiwi Coin.
Buying and Selling P2P
Buying and selling crypto person to person (P2P) is the act of buying, selling, or exchanging cryptocurrency directly between 2 users, without the use of an exchange, retailer, or third party to facilitate the transaction process. It’s the way of buying crypto in NZ without having to provide your KYC/personal data.
New Zealand is home to the NZ P2P Crypto Marketplace; a group of over 2,000 Kiwis interested in meeting P2P crypto buyers and sellers across NZ. Before you make your first trade, it is critical you learn the basics of P2P , the risks involved and the standard protocols Kiwis use to trades. Scammers are rampant in the NZ P2P crypto trading scene, and it’s virtually guaranteed you will encounter them. Scam is real, keep your eyes peeled. You have been warned!
Different Ways to Get Cryptocurrency in NZ
NZ Cryptocurrency Mining
Crypto mining is the process of providing computational support to the crypto networks in reward for newly minted coins. You run specialized mining software on your hardware, processing transactions and adding them to blockchain. By running a crypto mining rig, you can earn cryptocurrencies like Bitcoin, Ethereum and Cardano passively; sent safely, directly and privately to your crypto wallet of choice. Mining rigs (more or less) act as civilian money printing machines, with the primary costs being the overhead hardware expenses for your rig and ongoing electricity prices See our dedicated mining guide for more info.
A cryptocurrency airdrop happens when a blockchain project deploys free crypto tokens to their community, usually after meeting specified criteria, for the purpose of marketing and stimulating the circulation of a project’s native coin within it’s userbase and beyond. Crypto airdrop farming is the deliberate pursuit of exploring and engaging with platforms and project eco-systems who are expected, presumed or likely to deploy an airdrop in the coming future. An airdrop farmer is interested in mass farming crypto airdrops for profit. By far one of the greatest ways to accumulate crypto while exploring the DeFi ecosystem.
Working for Crypto
Jobs that pay in cryptocurrency have been increasing in popularity and availability over the past 5 years. This is attributed to both the rise in crypto adoption and the sudden rise in working remotely due to the covid-19 pandemic. Stable-coins and crypto in general have broken down many of the barriers that typically held people back from working from a distance for a company abroad. You no longer need to set up bank accounts in different countries – you can now work either here in NZ or internationally and get receive salary or remuneration in digital currency. Seek, LinkedIn, the CNZ Facebook and Discord are a good start.
Step by Step - How to Buy Cryptocurrency in NZ
Easy Crypto NZ
1. Create an account with Easy Crypto NZ
A) Head to the Easy Crypto NZ website: https://easycrypto.ai/nz/
B) Click ‘Sign up‘
C) Click ‘Create an Account‘
Step 2. Verify your Account
D) You have two options for verification; SumSub or manual verification
SumSub: Automatic account verification, use your ID to verify your account in under 2 minutes (recommended)
Manual verification: Have someone at Easy Crypto manually verify your account, in 24 hrs or less
Step 3. Select the Crypto you want to Buy
E) Head back to the Easy Crypto homepage (https://easycrypto.ai/nz)
F) Select the cryptocurrency you want to buy. i.e. Bitcoin, Ethereum, XRP
G) Select how much NZD worth of Bitcoin you want to buy, then click ‘Buy‘
Step 4. Provide Easy Crypto with your Bitcoin Wallet Address
H) Head to your Bitcoin wallet and copy your Bitcoin wallet address
I) Paste your Bitcoin address into the field, confirm it’s correct then click ‘Next step’
Step 5. Select your Payment Method
J) Select your payment method – Account2Account, POLI Pay or manual bank transfer
Step 6. Pay to Complete your Order
K) Follow through with one of Easy Crypto’s payment methods and complete your order.
Easy Crypto’s systems will automatically kick into gear and send your Bitcoin to you in 20 minutes or less. Check back with your wallet shortly, and welcome to the club!
Step 1 - Create an account with Binance NZ
A) Go to www.binance.com/nz
B) Click on "Sign Up With Email or Phone"
Step 2. Verify your Account
C) Email Verification, go to emails and copy and paste code in the box below
F) Go back to home page and click "Buy now" Button.
G) Select what you want to buy and amount.
I) Enter card details and follow instructions
J) Confirm order and wait, order should be filled within 1 minute.
Cryptocurrency Wallets NZ
What is a Crypto Wallet?
A Cryptocurrency wallet is a digital account where you store Bitcoin and other cryptocurrencies. The Wallet is a place where you receive payments in and send transactions out, acting as your heart of operations for interacting with the cryptocurrency world. Cryptos like Bitcoin and Ethereum aren’t stored in banks, but rather in the user’s controlled crypto wallet. This puts you in full control of your digital assets, also making you fully responsible for your wallet safe keeping.
This provides crypto users with an unparalleled level of asset security and ownership, all while changing the way millions of people store and transfer value across the globe. Crypto wallets are free to use, safe to operate, and you can have as many wallet accounts as you’d like. Best of all – you don’t have to ask anyone for permission to set one up, or use it to send and receive payments. Set up a crypto wallet in NZ and become your own bank in 10 minutes or less.
The 7 Main Types of Crypto Wallet:
Mobile wallets are wallets that you operate on your phone or tablet, mainly used for making fast and easy payments on the go.
Recommended wallet – https://www.exodus.io/
Visit our Exodus wallet NZ Guide here.
Like your physical wallet, mobile wallets are only as safe as you allow them to be.
If you leave your physical wallet full of cash unaccompanied, it’s likely it will get stolen; similarly with your crypto wallet, if you disclose your private keys online or record them on a device that can easily be hacked, it is possible your crypto will be stolen.
Desktop wallets like Exodus are wallets that you operate on your laptop or PC.
Desktop wallets make ideal first wallets for Kiwi crypto newcomers, offering a safe and easy sandbox for diving deeper into other more secure wallet types.
Recommended Wallet – https://www.exodus.io/
Visit our Exodus wallet NZ Guide here.
Hardware wallets like the Ledger and Trezor are physical hardware wallet devices that store your cryptocurrency keys remotely.
Hardware wallets are the most secure wallet type available, and we’d recommend buying one if you’re serious on holding large amounts of coins long term.
Visit our Hardware Wallets NZ Guide here.
Web wallets are website-based online wallets which are accessed through a browser interface without having to download or install any programs.
You should be cautious and always ensure your internet connection is secure when accessing a web wallet, as being only accessible online they are somewhat more susceptible to attacks; a prime example of this is the Celsius Phishing Attack.
Recommended wallet – https://coin.space/wallet/
Browser extension wallets are similar to web wallets, except rather than going to a website to view and control your assets, they are accessible through an extension in your web browser (such as Brave, Firefox, Safari or Chrome)
Useful for interacting with decentralized exchanges, browser extension wallets like MetaMask are an integral part of any crypto investors toolkit.
Recommended wallet – https://metamask.io/
A paper wallet is the rawest form of cryptocurrency wallet, comprised of the two core components that make up every cryptocurrency wallet;
A public and private key pair.
Your public key is like your crypto bank account number – an address others can use to send crypto to your wallet. You can safely send your public key to anyone, knowing they can’t change or open your wallet, but rather use it to send you payments.
Your private key is like the password to your crypto bank account, and it’s required to sign off outbound transactions from your wallet. You should never share your private key with anyone, and the security of your wallet rides on how safely you store your private key.
Best Crypto Wallets NZ
Trezor hardware wallets are a type of physical crypto wallet that stores your keys offline, requiring you to physically sign off all outbound transactions before they leave your wallet. They are the apex of crypto wallet security, because they are virtually immune to remote / online hacking attempts.
- Trezor Model Ts are the cryptocurrency wallet of choice for Cryptocurrency NZ.
- There are two types of Trezor; the Trezor model T and the Trezor model One. Both can be purchased in New Zealand. (See below) (Prices range from $250 - $350 NZD)
- In order to send a transaction from your wallet, you must click "confirm transaction" on your Trezor wallet device, acting as physical 2-factor authentication for absolute security.
- Trezor is designed by Satoshi Labs, first launched in August 2014 as a Bitcoin hardware wallet. Since then Trezor has continued to innovate, now offering two of the most popular multi-currency crypto hardware wallets in the world.
View our dedicated Trezor Hardware Wallets Guide to learn everything you need to know about hardware wallets in NZ 👍
Exodus wallet is one of the most popular multi-asset cryptocurrency wallets in NZ, offering both mobile and desktop applications with a highly intuitive user interface.
Exodus is well suited to Kiwis getting started with cryptocurrency in NZ – acting as a safe and easy place to store cryptocurrencies like Bitcoin, Ethereum, Monero, Ripple, Dash, Tether, DAI, and 120+ other coins.
Follow our Exodus guide to learn how to become your own bank in 5 minutes or less. ⚡
MetaMask is a powerful, user-friendly, free browser extension crypto wallet that is changing the way New Zealanders interact with the Ethereum and other blockchains.
Metamask’s wallet and mobile app lets users to securely store, manage, and send Ethereum and other tokens through the comfort of your Brave, Google or other browser.
Setting up a Crypto Wallet in NZ
Used by tens of thousands of Kiwis across NZ, Exodus is a highly popular crypto wallet choice for first time Bitcoin and cryptocurrency users.
First, you need a secure device, computer or phone to create a cryptocurrency wallet on. Be aware that existing malware on compromised devices can scrape crypto private keys from your device. You may want to consider buying a fresh device or a crypto hardware wallet.
We recommend running a virus scanner such as MalwareBytes on your computer to help ensure your device is secure before creating a new crypto wallet.
For the desktop application: head to the official Exodus website on your secure laptop or desktop PC and click on ‘download for desktop’ – https://www.exodus.com/download/
For the mobile application: Head to the official Exodus website and click on the App Store or Google Play links, alternatively you can search for Exodus wallet in your phone/tablet app store. Bewarned, Desktop wallets are generally safer.
Once you have downloaded either the desktop or mobile app, open exodus and follow the beginners tutorial that will be prompted on screen.
The safest way to backup your recovery phrase is by writing the 12 words down on a piece of paper (ensuring the order and spelling are correct), it is a good practice to have multiple copies of this phrase and keep them in separate secure locations.
4. Configure Your Settings
Configure the wallet display settings to your personal preferences, e.g. valued in USD or NZD. Do you prefer the light or dark mode interface? Would you like to enable face-ID authentication (mobile only)? And finally, which assets would you want to see on the portfolio page (over 100 to choose from).
See the official Exodus customization guide here.
Once you have backed up your wallet and configured your settings, the final step is to deposit crypto into your new wallet. Simply click on the asset you would like to deposit, from here you can click on the receive button to view your public key for that asset (receiving address).
Buying Crypto Safely - Tips and Best Practices)
Store your crypto in your own wallet! – See our NZ Cryptocurrency Wallets Guide here.
Always triple check that the Bitcoin address you’ve provided is correct – cryptocurrency transactions are irreversible.
Keep your crypto private. You wouldn’t tell the world you have gold bars buried in your backyard, so don’t tell the world how much BTC you are stacking.
Never invest more than you can afford to lose, crypto markets are known to be notoriously volatile. You cannot “buy the dips” if you have all your money-to-invest already invested.
Everyone has an opinion on Bitcoin – take it with a grain of salt and do your own research.
Not your keys, not your coins – make sure you store your crypto in your own wallet, not someone else’s!
Don’t sweat the small stuff – It’s virtually guaranteed you’ll make mistakes, so make sure you learn from them and use them to your future advantage. Everyone starts off as an absolute crypto rookie, it’s a right of passage.
Bitcoin is the mother ship but consider diversifying into alts. “You diversify to mitigate risk, and go all in to maximize gain”. Walk this fine line based on your unique preferences, circumstances and risk tolerance.
Aspire to have Diamond Hands – This refers to someone with high risk tolerance to stomach through the high volatility of their crypto assets. Don’t fold under pressure, buckle up.
Take it easy on Shitcoins, when in doubt follow our NZ Shitcoin Investing Guide here.
How to Avoid Crypto Scams in NZ
Due to the increased awareness and adoption of cryptocurrencies in New Zealand, the NZ crypto scene is increasingly becoming the target of international crypto scammers, such as those lurking in the NZ P2P Marketplace and NZ’s other various crypto groups.
- Scam is real – international scammers have successfully stolen over 250k NZD from unsuspecting, over trusting Kiwis as of recent months. (Q2, 2021)
- Scammers often pose as reputable members of the community, tricking naive Kiwi crypto rookies into sending them their crypto, usually via P2P scams.
- Scams are everywhere in the cryptocurrency world and although this can be deeply discouraging, there are certain things you can do and precautions you can take to protect yourself against people with ill-intentions.
The age old saying “If it sounds too good to be true – it probably is” has never been more relevant. Because in the crypto world it is possible for investors to see 50% gains in a single day, it can be hard to distinguish between what is legitimate and what is a scam.
The best thing to do is to educate yourself, and this starts with incorporating some basic rules into your crypto perspective, establishing safe expectations:
- Always assume anyone messaging you about buying / selling crypto is a scammer, with intent to extract value from you in one way or another.
- If you receive a message from someone you already know in crypto, assume their account has been hijacked, or someone is impersonating them.
- Your cryptocurrency wallet is your personal crypto vault, and the keys to your wallet are your passwords, private keys and back-up passphrases. Never EVER provide these details to anyone, granting them control of your assets.
- Always be wary of clicking random links that you do not recognise or trust, as these can be used by scammers and hackers to extract information about you, your device, your passwords or worse.
- If you receive an email from a service you use, like Easy Crypto NZ – always assume the email is a fake, with intent to make you click a nefarious link.
- Always use 2-factor authentication, unique passwords (yes, not the same one you use for every other account you have), and never passwords in your phone notes or social media accounts.
- Always take your time to verify whether you are being scammed – scammers often attempt to scare and convince you that the ‘issue’ is of a time sensitive nature and that if you don’t do what they ask “now” your funds could be irreversibly lost. Always take a step back and not let your judgment be clouded by scare tactics.
- If in doubt, the NZ Crypto Community Facebook Group is a great place to post a query or screenshot and ask your peers for their opinions – NZ is lucky to have so many experts in this field who are willing to help out.
Congrats, you are officially set for the future of money!
Now come join the rest of us!
New Zealand is home to an active, friendly and rapidly evolving crypto scene. Come join us in the local community groups and meetups and help make NZ a driving force in the crypto age!