For New Zealanders venturing into the world of cryptocurrencies, buying Ethereum (ETH) can be an exciting task. Platforms such as Binance NZ and Easy Crypto NZ make it easy.
To get started, it’s important to understand the basics of Ethereum’s vision and technology. Once familiarized with ETH, selecting a secure crypto wallet is a curial step.
What is Ethereum in New Zealand?
Ethereum is a decentralized blockchain platform that allows developers to create and run decentralized applications (dApps) using smart contracts. It is not specific to any particular country, including New Zealand. Ethereum allows for the creation and deployment of custom tokens, which can be used for various purposes.
Ethereum’s native cryptocurrency is called Ether (ETH), which is used to pay for transaction fees and as a form of value transfer within the Ethereum ecosystem.
Can I Buy Ethereum in New Zealand?
Yes, you can buy Ethereum in New Zealand through various local crypto platforms. Some of the popular crypto platforms in NZ include Easy Crypto NZ, Swyftx and Dasset.
These exchanges allow you to buy Ethereum using New Zealand dollars (NZD) by depositing funds through bank transfers, credit/debit cards, or other payment methods.
How to Buy Ethereum in New Zealand
To buy Ethereum in New Zealand, you’ll need to use one of the following listed below. These services provide a platform where buyers and sellers can trade NZD for tokens.
Cryptocurrency exchanges: Online platforms that allow you to buy and sell Ethereum using New Zealand dollars or other cryptocurrencies.
Peer-to-peer Crypto marketplaces: Platforms that connect buyers and sellers directly, allowing for more flexibility in payment methods. (Such as NZ’s own P2P marketplace)
Crypto ATMs: Machines that allow you to purchase Crypto using cash or credit/debit cards.
Brokers or Retailers: Retailer refers to a business or individual who accepts Ethereum as a form of payment for goods and services.
Ethereum debit cards: Crypto cards that allow you to spend your Eth at merchants that accept debit card payments without converting to New Zealand dollars first.
Where can you Buy Ethereum in New Zealand?
Cryptocurrency NZ Recommendation 🏆
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 97+ cryptocurrencies in minutes – including Bitcoin, Ethereum, Dogecoin and XRP.
|✔️ Accepts NZD: Easy Crypto NZ is a New Zealand-based retailer, which means that users can buy and sell Ethereum using New Zealand Dollars (NZD).||❌ Limited Features: Easy Crypto may not offer as many advanced trading features as some other exchanges, which may be a drawback for experienced traders.|
|✔️ User-friendly: Easy Crypto NZ has a simple and user-friendly interface that makes it easy for individuals to buy and sell Ethereum.||❌ Trading Fees: The trading fees for less popular cryptocurrencies on Easy Crypto can be higher than on other exchanges.|
|✔️ Strong customer Support: Easy Crypto NZ offers competitive fees and is known for its strong customer support. The team is available to assist users with any questions or concerns.||❌ Limited options: Easy Crypto NZ does not currently offer margin trading or futures trading, which may limit trading options for some users.|
|✔️ Secure platform: The platform is secure and uses industry-standard security measures to protect user data and funds.|
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%.
Founded in 2017, Dasset is an Auckland based Bitcoin exchange that aims to make Bitcoin accessible to everyone. Designed to cater to both retailer customers and professional traders, Dasset is a strong option for kiwis looking to buy and sell BTC in NZ.
|✔️ New Zealand-based: As a New Zealand-based exchange, Dasset offers local support and compliance with NZ regulations.||❌ Limited coin selection: Dasset currently only supports a handful of cryptocurrencies, which may not be sufficient for those looking to trade more exotic altcoins or tokens.|
|✔️ Easy to use: Dasset offers a user-friendly interface, making it simple for beginners.||❌ Limited trading volume: Dasset has lower trading volume compared to larger exchanges overseas.|
|✔️ Low fees: Dasset has some of the lowest trading fees among NZ-based exchanges, which can make it an attractive option.||❌ Limited payment options: Dasset currently only supports bank transfers, which may not be as convenient as other payment methods like credit cards or online payment systems.|
|Taker fee||Maker fee|
|Limit Orders - National currency markets||0.35%||0.33%|
|Limit Orders - Digital asset markets||0.10%||0.08%|
|Market Orders & Retail||1.00%||1.00%|
Detailed version of Dassets fees can be found here.
What can you do with your Ethereum in NZ?
Decentralized finance (DeFi) is one of the most prominent uses of Ethereum technology, and it’s gaining popularity in New Zealand. With DeFi, anyone with an internet connection can access banking services previously only available to a select few.
In New Zealand, you can use your ether as collateral to secure loans or earn interest on your funds by providing liquidity. DeFi is revolutionizing the traditional banking system, and many Kiwis are exploring this exciting new financial frontier.
To learn more about DeFi click here.
FAQs about Ethereum in NZ
How to keep your Ethereum safe in NZ?
To keep your Ethereum safe in New Zealand, you should follow these best practices:
- Use a secure wallet: Choose a reputable and secure wallet to store your Ethereum. Hardware wallets like Ledger Nano S or Trezor are considered the most secure, as they keep your private keys offline and away from the internet.
- Enable two-factor authentication: Enable two-factor authentication (2FA) on your wallet and exchange accounts. 2FA adds an extra layer of security to your accounts by requiring a second form of verification, such as a code sent to your phone or email.
- Backup your private key: Keep a backup of your private key or recovery phrase in a safe and secure location. Losing your private key means losing access to your Ethereum, so it’s crucial to keep it safe and secure.
- Beware of phishing scams: Be wary of phishing scams that try to steal your private key or login credentials. Only access your wallet or exchange accounts from trusted and verified sources, and never share your private key or recovery phrase with anyone.
- Keep your software updated: Keep your wallet software and antivirus programs updated to prevent any potential vulnerabilities and security breaches.
What is unique about Ethereum compared to Bitcoin?
Since its launch in 2015, Ethereum has been making waves in NZ’s crypto scene. Although it shares some similarities with BTC, there are some significant differences.
Like Bitcoin, Ethereum enables you to use digital money without the involvement of banks or payment providers. However, Ethereum is also programmable, which means that you can build and deploy decentralized applications on its network.
This programmability makes Eth a general-purpose blockchain that can be programmed to do just about anything. The possibilities for innovation on the network are endless!
Bitcoin is primarily a payment network, while Ethereum is more like a marketplace of financial services, games, social networks, and other apps that respect your privacy and cannot censor you. The flexibility and programmability of Ethereum make it an exciting platform for Kiwis looking to explore the world of cryptocurrencies and dApps.
Ether vs Ethereum - What is the difference?
In the world of cryptocurrency, Ether (ETH) and Ethereum are two related but distinct terms that are becoming increasingly popular in New Zealand.
Ether is the native cryptocurrency of the Ethereum blockchain, and it’s used to pay for transaction fees and incentivize network participants to maintain the Ethereum network. Many Kiwis use Ether as a store of value, a means of exchange, or as an investment tool.
Ethereum, on the other hand, is a blockchain platform that enables the development and deployment of decentralized applications (dApps) and smart contracts. It offers developers in New Zealand a programming language called Solidity, which they can use to create custom dApps and smart contracts. The Ethereum blockchain is also used to process transactions and store data in a decentralized and secure manner.
What is ETH 2.0?
ETH 2.0 is an upgrade to the Ethereum blockchain that will make it faster, more secure, and more environmentally friendly. It's like a major renovation of a house to make it better.
The upgrade will be released in different phases, with the first phase already launched in 2020. As more phases are released, ETH 2.0 will become better and more reliable for users.