Copyright 2021 @ Cryptocurrency NZ
How to Buy Cryptocurrency in New Zealand
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.
Frequently Asked Questions
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.
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.
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.
Depending on your service of choice, it’s possible to sign up with an NZ crypto trading service, 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.
Where to Buy 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
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.
BitPrime is a Christchurch based cryptocurrency retailer who provides a trusted and reliable gateway between the NZD and 92+ cryptocurrencies including Bitcoin.
Founded in early 2017, BitPrime is a solid platform for Kiwis looking to buy and sell crypto.
Different Ways to Get Cryptocurrency in NZ
NZ Crypto Retailers
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 essentially brokerage services that source cryptocurrencies from external crypto exchanges and sell them directly to the customer at a small fee. (Standard retailer fee is between 0.5% – 2.5%)
- Retailers like Easy Crypto NZ essentially act as a middleman, sourcing many different coins from many different exchanges at the lowest cost possible to stay competitive.
- There are many benefits to purchasing through a domestic retailer, including access to local customer support to help with any challenges you may meet when buying crypto in NZ.
Cryptocurrency NZ recommendations: Easy Crypto NZ, SwyftX, and BitPrime.
NZ Crypto Exchanges
- You can also exchange cryptocurrencies like Bitcoin and Ethereum with fiat currencies like NZD or the USD.
- 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 who are almost always non-custodial. (They never hold your coins / sent directly to your wallet)
- Crypto exchanges come with both benefits and drawbacks, as there is a 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 funds, so if you don’t have access to the private keys you are entrusting a third party to hold your coins. This poses risk as exchanges can be hacked.
At the end of the day it is up to you as an individual to decide how to manage your crypto, and we recommend storing your crypto in a secure wallet.
NZ Cryptocurrency Mining
Cryptocurrency mining is when you run special software on your PC/s that provide computing power to the crypto networks in reward for newly minted coins.
- 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.
- Crypto mining rigs essentially act as civilian money printing machines, with the primary costs being the overhead hardware expenses for your rig and ongoing electricity prices.
If you’re interested in mining in NZ, we recommend checking out our NZ Crypto Mining guide.
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.
- Cryptocurrency NZ (that’s us!) are the creators and admins of the NZ P2P Crypto Marketplace. Find a portal to it here.
- 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 trade.
- 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.
- P2P is the rawest form of cryptocurrency trading available, with its own pros and cons; revolving around the safety of the trading process and the benefits of acquiring crypto where you’re not required to compromise your financial privacy.
- Since 2016, New Zealand AML law has required NZ crypto services to collect and provide information on their users to the IRD, including details such as names, wallet addresses, order history, device information, IP addresses and more.
For more information on P2P trading within NZ see our P2P Guide and Portal to the New Zealand P2P Crypto Marketplace: https://cryptocurrency.org.nz/marketplace/
Working for Crypto
Jobs that pay in cryptocurrency have been trending upwards in popularity over the past few years. This can be attributed to both the rise in crypto adoption and the sudden rise in working remotely, across all industries 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, there is no longer a need to set up bank accounts in different countries and send that money back to NZ (a slow and potentially costly process).
If you’re interested in working for crypto you will need to do some hunting around, however a good place to start could be seek: https://www.seek.co.nz/cryptocurrency-jobs
How To Safely Buy Cryptocurrency in NZ (Tips and Best Practices)
- 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.
- 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!
- If it’s too good to be true, it probably is! Anything that promises guaranteed returns is almost certainly a scam.
- Have a plan – Whether it be if you’re investing long or short term, having a certain gain or loss you must achieve before you exit, or a list of items you plan to spend your millions on. With no plan of attack, it can be easy to get caught up in watching your investments fluctuate. If your emotions override your decision making, you are likely to lose money.
- Consider only investing in projects you actually believe have real value. This will introduce you to the spectrum of technical vs fundamental analysis. Gold standards for fundamental analysis include Bitcoin, Ethereum, and Monero.
- 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.
- Buy Low Sell High – not the other way around. Probably the most commonly occurring mistake in all time crypto history. Don’t be that guy.
- You cannot “buy the dips” if you have all your money-to-invest already invested.
- 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.
- Remember to zoom out before making big moves – i.e converting all your BTC to Doge for the shits. Will you be happy with this decision when BTC is priced at 1M per coin?
- Aspire to have Diamond Hands – This refers to someone with high risk tolerance to stomach through the high volatility of their assets. Don’t fold under pressure, buckle up.
- Store your crypto in your own wallet! – See our NZ Cryptocurrency Wallets Guide here: https://cryptocurrency.org.nz/wallets/
- Take it easy on Shitcoins, when in doubt follow our NZ Shitcoin Investing Guide here: https://cryptocurrency.org.nz/shitcoin-investing-nz-guide/
How to Buy Cryptocurrency in NZ - Step by Step
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’
For more information on wallets, how to set them up and how Bitcoin addresses work, visit our cryptocurrency wallet guide.
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!
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!