So, you want to know how to buy Bitcoin in New Zealand? Want to jump straight to the answer and learn how to buy and use Bitcoin as New Zealanders (Kiwis) residents?
You can Buy Bitcoin in New Zealand in 5 easy steps:
In the following sections, we will explain the process to buy Bitcoin in New Zealand in greater detail.
Please note that Cryptocurrency investments are high-risk investments. Any investment decision is under the responsibility of the individual. We are not financial experts, and the resource links below are provided for information purposes only. They are based on our own research and experience with Bitcoin (BTC) in New Zealand. They are not intended to be legal and/or financial advice.
|Price Today||56,008.66 New Zealand dollars|
|24 hour % change||4.00|
|7 days % change||-0.83|
|30 days % change||14.75|
|60 days % change||9.54|
|90 days % change||-28.74|
Bitcoin was the first-ever cryptocurrency to be launched globally since it was first introduced back in 2008. What is intriguing is that so many years after its creation, nobody is still certain about who actually was Bitcoin’s original creator, since that person is still only known under the pseudonym Satoshi Nakamoto.
The next step is to decide how and where you will buy Bitcoin. For most first-timers, the easiest and most convenient option to buy Bitcoin in New Zealand is to use a Bitcoin broker.
There are several brokers offering Bitcoin in New Zealand, and you can easily select one based on your requirements and preferences using our guide. Different exchanges have different transaction fees, withdrawal limits, payment modes, and verification processes that need to be kept in mind before users select one.
The final step is to submit an order through your chosen platform. No matter which platform you choose, you’ll usually need to sign up for an account first. Depending on the platform you use and the regulatory requirements it is subject to, you may be able to sign up simply by providing your email address or you may need to provide your full name, contact information and proof of ID before being allowed to trade.
Once your account has been verified, you’ll need to enter the amount of BTC you want to buy, choose your payment method, review the fees and the total cost of the transaction and then finalise your purchase.
The exact steps you’ll need to follow vary depending on the payment method and type of platform you choose, so keep reading for more details on the different ways you can buy Bitcoin (BTC) in New Zealand.
With hundreds of platforms to choose from, finding the best Bitcoin exchange for your needs is a challenging task. Consider these key factors when comparing exchanges:
While the regulatory environment surrounding New Zealand digital currency exchanges is becoming clearer all the time, the same can’t be said for some overseas-based exchanges. Do some research to find out where an exchange is based, the regulatory requirements that apply in that country, and whether the exchange complies with those requirements.
There are many different ways you can purchase Bitcoin, each of which has its own pros and cons.
The biggest advantage of buying Bitcoin with PayPal is that it’s quick and easy to do as you’ll no doubt be aware if you’ve ever used PayPal to purchase anything else online.
You may need to hunt around for the right platform, and if the platform you choose doesn’t accept NZD, then you’ll need to be fully aware of the fees that apply.
Another way to buy Bitcoin with New Zealand dollars is to choose a platform that accepts bank transfer deposits. Choose a platform that accepts POLi Payments. Transfers using this system are typically processed more or less instantly, but they may attract higher fees
Many Bitcoin brokers and exchanges allow you to buy Bitcoin using your credit card in New Zealand. These include platforms like eToro and Coinmama, and using your credit card allows you to make quick and convenient purchases.
Whichever payment method you select, make sure you consider the following:
Regardless of whether you choose a New Zealand or overseas-based crypto exchange, make sure you compare a range of options before deciding which platform to use.
Our research highlighted several NZD platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the following locally-owned (and trusted) platforms.
There is a plethora of online platforms that facilitate the purchase of or trading in Bitcoin, but the truth is that few of them are actually based in New Zealand. However, given the risky nature of crypto trading we are aware that New Zealand residents may feel more comfortable to begin their Bitcoin investment endeavor through a local platform that they feel is more transparent, reliable and trustworthy.
In terms of locally owned platforms then, we would make two suggestions to New Zealand residents wishing to start buying and investing in Bitcoin. Both these platforms are well known and very popular in New Zealand and enjoy a good reputation with local users. They are often preferred because you can join them for free, you can fund your trading account from any New Zealand bank account or card issued by a New Zealand bank and when can also seek help, support and guidance from a local customer service team.
The Easy Crypto platform is a popular choice among cryptocurrency enthusiasts in New Zealand and a good choice for those locals wishing to start their Bitcoin buying and selling endeavor. One of its strongpoints is that it adopts the non-custodial model and thus its users need to already have access to an independent private wallet for their purchases to be complete. This makes transactions more secure and allows users to be in total control of their Bitcoin funds, thus increasing their confidence and trust.
Another locally based platform that is particularly popular with New Zealanders is BitPrime, which is registered with the pertinent local watchdogs for the buying and selling of a multitude of cryptocurrencies, including of course Bitcoin. What makes this provider standout is that it defines itself specifically as a retailer of cryptocurrencies and not an exchange or broker. Consistent with this approach is that it does not act as a wallet and requires its users to nominate an independent, privately owned wallet for their crypto funds to be delivered and stored.
These platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of people living in New Zealand. Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
Remember to also enable 2-factor authentication on your account for extra security.
From your Easy Crypto account dashboard, select the currency you want to buy – in this case, Bitcoin (BTC).
Specify how much money in New Zealand dollars you want to spend, up to an order limit of NZ$10,000.
Click “Buy Now”. Pay through the Easy Crypto website via POLi Payments or deposit the required funds via bank transfer. Once Easy Crypto has received your payment, your order will be automatically processed and will typically arrive in your inbox within a few minutes.
Remember to take a moment to review the full details of the transaction before you finalise your transaction.
The Bitcoin to New Zealand Dollar pair is a popular cryptocurrency-to-fiat pair reflecting the exchange relationship between the world’s most popular cryptocurrency and New Zealand’s official, national, fiat currency.
What makes this pair particularly popular is the high liquidity it enjoys, since both currencies are important, BTC because it enjoys the highest market capitalization among all cryptos, and the NZD because it is in the top 10 most traded fiat currencies in the world and its performance is closely watched by both retail and institutional investors. New Zealand based Bitcoin enthusiasts may well choose to trade on this popular pair and can expect to make profits if they successfully manage to analyze the fundamentals driving the prices of the two currencies is the pair.
For BTC such drivers include its rate and degree of acceptance as a widespread, mainstream payment method and its consolidation as a viable alternative to fiat currencies and a suitable and viable financial asset. For the NZD its price and value is obviously affected by the monetary policy adopted by the Reserve Bank of New Zealand, as well as the economic growth in New Zealand itself and the economies of its key neighbors and economic partners, such as Australia, China and other countries in Asia.
The Bitcoin to New Zealand dollars pair features BTC as the base along with NZD, the official currency of New Zealand, as the counter currency. The value of the pair can be interpreted as how many New Zealand dollars can be purchased with one BTC or how many New Zealand dollars it takes to purchase one BTC.
BTC to NZD is a very popular crypto-to-fiat pair. The pair’s counter currency – New Zealand dollars – is the official national currency of New Zealand. The crypto market, including Bitcoin, is extremely volatile, which provides huge potential for speculation. Observing the popularity of BTC to NZD exchange transactions, there are immense opportunities for traders to profit from the pair’s trade.
The historical performance of BTC reflects its success since, while in 2010, you could get 1 Bitcoin (BTC) for less than a dollar in December 2017, the price of one BTC reached a record high of $17,900. In fact, BTC grew by almost 2000% in 2017 alone. Though like other cryptos BTC did see a huge dip in early 2018 and though fluctuations are commonplace, spurred by the pandemic it has recently hit new highs.
As many other counties in the world so far, the authorities in New Zealand have yet to enact specific legislation in relation to cryptocurrencies and specifically to Bitcoin. However, according to the New Zealand Financial Markets Authority, there are several cryptocurrency and specifically Bitcoin related activities that fall under the broader definition of financial services and as such they must abide by the requirements set out in New Zealand’s 2013 Financial Markets Conduct Act, such as following fair dealing practices.
Moreover, if the entity involved in Bitcoin and generally cryptocurrency activities is New Zealand based and offers its services to locally based retail customers, then other financial laws may also be applicable on its operations.
What this means in practice is that what legally applies for each cryptocurrency token in New Zealand, depends on the token’s specific characteristics and whether these class it as a financial product or not. If a crypto token is classed as a financial product and it is offered to retail clients, including if it is the form of a security, derivative or interest in a managed investment scheme, then there are several disclosure, governance and licensing requirements that must be met.
Cryptoassets had been the subject of several rulings by New Zealand tax authorities, given the boom in their usage in recent years. Currently, the New Zealand Inland Revenue is not treating cryptocurrencies as fiat currency for tax purposes, but Bitcoin and other digital assets are treated as a form of property. This being said, since a broad capital gains regime is not employed in New Zealand, Bitcoins and cryptoassets in general, are only taxable when an individual acquires Bitcoin solely for the purpose of reselling, when the Bitcoin trades or deals performed require sufficient investment in effort and time, and when the use of Bitcoin is part of an overall, coherent plan aiming to achieve profit.
A similar situation is also true with regards to mining a cryptocurrency, such as Bitcoin, since typically the income incurred for the actual mining service as well as that earned from the subsequent selling of mined crypto tokens, are both taxable. However, if one can prove that their crypto mining activity is undertaken as a hobby, then this is exempted from taxation.
Theoretically this may sound plausible, however proving and testing the exact intention of each taxpayer engaged in mining of cryptos would be very difficult to apply in practice.
Although New Zealand currently does not have specific legislation related to cryptocurrencies, any form of regulation is enforced by the Financial Markets Authority New Zealand | FMA. Cryptocurrency is treated as property for purposes of income tax legislation.
You can check this New Zealand cryptocurrency guide for more information.