Due to the isolated nature of New Zealand, the price of Bitcoin will be higher than prices stated elsewhere. This is because New Zealand is a low volume market and sending money overseas to buy Bitcoin is costly. When registering for exchanges, you will need identification such as a passport. Exchanges are required to collect this information under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009, the same reason banks collect this information when opening a bank account.
HOW TO BUY IN NEW ZEALAND
Exchanges
CryptoKiwi Recommendation
đ Easy Crypto
Easy Crypto is a full-service cryptocurrency retailer which means that you buy and sell cryptocurrencies directly from and to Easy Crypto. Because of this, their fees, which range from 0.5% – 1.8%, are included in the advertised price. Easy Crypto is also New Zealand’s first crypto broker to have a 100% funds safety guarantee. This ensures the safety of your funds as long as they are with Easy Crypto.
Open since: 2017
There are currently 47 cryptocurrencies available
All fees included in the quoted rates
BitPrime
BitPrime is a full-service cryptocurrency retailer which means that you buy and sell cryptocurrencies directly from and to BitPrime. Because of this, they do not have specific fees, but instead, fees are included in the advertised price.
Open since: 2017
There are currently 70 cryptocurrencies available
All fees included in the quoted rates
Kiwi-Coin
Kiwi-Coin is a Bitcoin trading platform similar to both NZBCX and Independent Reserve. One stand-out feature is that Kiwi-Coin supports verification with RealMe which makes it an instant process. Kiwi-Coin also features a public chat, even for non-registered users.
Open since: 2014
Trading Fee
0.4% – 0.8%
Bitcoin Withdrawal Fee
~ 0.0008 BTC
Independent Reserve
Independent Reserve is a well-established cryptocurrency exchange in Australia that can be used from New Zealand. Being an overseas exchange, the process is slightly more complicated than with local exchanges; however, the trading volume is much higher.
Open since: 2013
Trading Fee
0.5%
Bitcoin Withdrawal Fee
0.0002 BTC
Bitcoin Cash Withdrawal Fee
0.0001 BCH
Ethereum Withdrawal Fee
0.001 ETH
Litecoin Withdrawal Fee
0.001 LTC
Ripple Withdrawal Fee
0.15 XRP
OmiseGo Withdrawal Fee
0.2 OMG
0x Withdrawal Fee
1 ZRX
Other Fees
International money transfer fee (varies by bank, usually $15)
Vimba
Vimba (previously MyCryptoSaver) is a platform that allows users to buy and save Bitcoin on a weekly, fortnightly or monthly basis. Users deposit money on a Monday, MyCryptoSaver then buys Bitcoin in bulk, and each user receives their Bitcoins on Friday.
Open since: 2015
Fees
~ 4.5% (included in Bitcoin rate)
Cryptopia
Cryptopia has the largest user base of all the Kiwi exchanges and is used internationally by over 1.4 million people. This website has some features that other exchanges do not such as arbitrage functionality that allows you to compare prices of different exchanges and a marketplace to purchase goods using cryptocurrencies. The largest complaint about Cryptopia is that its layout can be very confusing for first-time users.
Trading Fee
0.2%
Crypto Withdrawal Fee
Varies by coin
Dasset
Dasset is a well laid out, traditional exchange, similar to Kiwi-Coin and NZBCX.
Open since: 2017
Trading Fee
0.1% – 0.65%
Withdrawal Fee
This will show up once you withdraw and varies from currency to currency.
LocalBitcoins
LocalBitcoins is similar to TradeMe, in that it just connects buyers and sellers and trades are made directly between the buyer and seller. To secure these private trades, LocalBitcoins will freeze the sellerâs Bitcoins to ensure that the buyer receives them after payment.
Open since: 2012
Trading Fee
No trading fee
Bitcoin Withdrawal Fee
Not fixed, dependent on current network status
Token Room
Like BitPrime, Token Room is a broker that allows buying cryptocurrencies with New Zealand Dollars and all fees are included in the advertised prices. Token Room currently only allows users to purchase but not sell cryptocurrencies. The operating hours are Monday to Friday, 10am to 9pm and they are closed on public holidays.
All fees included in the quoted rates
NZBCX
NZBCX is the oldest Bitcoin exchange in New Zealand. It is currently not recommended due to low volume.
Open since: 2014
Trading Fee
1%
Bitcoin Withdrawal Fee
~ 0.0008 BTC
Process of Buying
The flowcharts below will take you through the basic steps of buying cryptocurrencies for the exchanges listed above. As NZBCX, Independent Reserve and Kiwi-Coin are all classic exchanges these are grouped into one flowchart due to their similar nature.
Most exchanges only allow Bitcoin or a few altcoins (alternative cryptocurrencies) to be purchased with New Zealand Dollars. For this reason, it is necessary to use an exchange that supports trading from Bitcoin to other coins if you would like to buy different cryptocurrencies. After purchasing Bitcoin from one of the above exchanges, you will have to send your Bitcoin to another exchange to purchase altcoins. Many people seem to have bad experiences with these large, overseas exchanges. Therefore, it is a good idea to research and decide which exchange to use.
Listed below are a few of the most popular altcoin exchanges:
