Binance Exchange is one of the most popular and largest crypto exchanges in New Zealand and around the globe. Often referred to as ‘the leading trading platform for crypto’. Binance offers New Zealanders a wide range of trading options and tools.
Binance NZ
Best Exchange for Advanced Traders
Binance, the world’s largest crypto exchange, is a highly popular platform for Kiwis interested in crypto trading in NZ.
Binance offers over 1400 trading pairs, such as NZD to BTC, with some of the lowest fees in the industry.
Website: www.binance.com/nz
Why We Recommend Binance NZ
Here at Cryptocurrency NZ, we have used Binance for over 4 years without 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 & Cons
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.
Reputation
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.
What is Binance Exchange NZ?
Established in 2017 by software developer Changpeng Zhao, Binance initially operated in China and was a decentralized cryptocurrency exchange (Now a Centralized Exchange). As of 2022, Binance holds the distinction of being the largest exchange globally.
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 NZ’s General Manager is a key player in the Binance NZ ecosystem and also is a member on the Blockchain NZ council.
As mention above Binance is an international exchange, headed and founded by Changpeng Zhao (CZ), one of the most well known crypto entrepreneurs in the world.
Binance NZ is in it’s early days, but is gearing for the long haul.
How to Buy Bitcoin on Binance NZ
The primary method for acquiring cryptocurrency on Binance with New Zealand Dollars (NZD) involves utilizing a credit/debit card to deposit funds into your Spot wallet. This approach is particularly user-friendly, especially for those new to the platform.
Sign in to your Binance account and select [Buy Now] from the homepage.
Choose from a variety of fiat currencies to buy crypto. Enter your desired fiat amount, and the system will instantly reveal the corresponding cryptocurrency quantity. In this illustration, we’ll use 100 EUR to acquire BTC. Click [Buy] to proceed.
Choose your preferred payment method. Opt for [Card] and click [Confirm] to complete the purchase using a credit/debit card.
To add a new card, click [Add New Card] and input your card information. Complete the process by clicking [Confirm].
Once your card has been added, proceed by clicking [Confirm].
Review the payment details and confirm your order within the specified time. Following this, the system will recalculate the price and the amount of cryptocurrency available, automatically refreshing the quote. To finalize your order, click 
.
Binance NZ Exchange Fees
Binance offers some of the lowest fees in the cryptocurrency industry, making it an attractive option for New Zealanders looking to trade digital assets such as Bitcoin.
Binance operates on a maker/taker fee structure, and fees are dependent on both trading volume and the user’s Binance Coin (BNB) balance. Generally, larger trades attract lower fees. This fee structure makes Binance Exchange a popular choice for traders.
| Taker | Maker |
| Spot: 0.1000% | Spot: 0.1000% |
| Futures USD: 0.0400% | Futures USD: 0.0200% |
More information on Binance exchange fees can be found here.
Security on Binance Exchange
Binance takes security very seriously, implementing a range of measures to protect users accounts and assets. Here are some of the security features on Binance New Zealand:
Two-factor authentication (2FA): Binance Exchange supports 2FA using Google Authenticator, SMS, or email, which adds an extra layer of protection to user accounts.
KYC and identity verification: Binance requires users to complete a KYC verification process to prevent fraud and comply with anti-money laundering laws.
Secure server architecture: Binance Exchange uses a secure server architecture to prevent hacking and unauthorized access.
Anti-phishing measures: Binance warns New Zealanders of potential phishing attacks and educates them on how to identify and avoid them.
SAFU fund: Binance Exchange maintains a Secure Asset Fund for Users (SAFU) to protect users’ assets in the event of a security breach.
Multi-tier and multi-cluster system architecture: Binance uses a multi-tier and multi-cluster system architecture to ensure high availability and fast processing of trades.
Opening a Binance Account in NZ
To open a Binance account in New Zealand, follow these steps:
Go to the Binance website and click on the “Register” button.
Enter your email address and create a strong password.
Agree to the terms of use and click on “Create Account.”
You will then receive a verification email from Binance. Click on the verification link in the email to activate your account.
Once your account is activated, you can log in to Binance and set up two-factor authentication (2FA) for added security.
To start trading on Binance, you will need to deposit funds into your account. Click on “Deposit” and select the cryptocurrency you wish to deposit. Binance supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
Once you have deposited funds into your Binance account, you can start trading by selecting the trading pair you wish to trade and placing an order.
Customer Service
Binance offers a range of customer support options to assist New Zealanders with their inquiries and issues. Here are some of the customer support features available:
Help Center: Binance Exchange has a comprehensive Help Center that provides answers to frequently asked questions (FAQs) about trading, deposits and withdrawals, account security, and more. Located here.
Live chat: Kiwis can access Binance’s live chat support for immediate assistance.
Email support: Users can also contact Binance NZ’s customer support team via email
Social media: Binance maintains active social media accounts such as Twitter, where users can direct their inquiries and receive updates on the exchange’s services.
Community forums: Binance has a dedicated community forum where users can interact with each other, ask questions, and receive assistance from other users.
Customer Satisfaction
Binance NZ has received mixed reviews on Trustpilot, with an average rating of 2 out of 5 stars across more than 2,000 reviews. While some users have praised the platform for its features and services, others have experienced issues with poor customer service.
Account Management
Binance offers several options for accessing its platform, including through a desktop browser, a downloadable desktop application, and mobile apps for iOS and Android devices that can be downloaded from the Apple and Google Play stores.
Once logged in, Binance’s dashboard provides New Zealanders with various tools to view charts, market trends, their portfolio, and their current and past trades.
Making deposits and withdrawals on Binance is straightforward and can be done by navigating to the “Spot Wallet”, selecting the asset you wish to purchase or withdraw, and following the on-screen instructions. Binance supports several cryptocurrencies, including Bitcoin, Ethereum, and Litecoin, as well as fiat currencies such as USD and NZD.
Cryptocurrency NZ Final Verdict
Binance NZ’s recent decision to discontinue certain cryptocurrency products reflects its adherence to evolving regulatory standards. While being a KYC-compliant and centralized exchange may differ from some decentralized principles, Binance New Zealand remains a top choice due to its commitment to security and a range of services.
We recommend Binance NZ for its secure spot trading capabilities and seamless buy-and-sell options. One feature we appreciate is Binance P2P, a convenient avenue for selling cryptocurrencies for NZD, offering a user-friendly experience to meet your trading needs.
While the Binance platform may seem complex for novice cryptocurrency investors, it offers a wealth of possibilities for experienced Kiwi traders interested in exploring diverse tokens and trading options. Binance New Zealand is designed to cater to the evolving needs of the cryptocurrency community while maintaining a focus on security.
