Are you a beginner that wants to buy Bitcoin (BTC) in New Zealand for the first time but don't know where to start? If so, this guide will show you an easy way to obtain Bitcoin using the best crypto exchanges in NZ.
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How To Buy Bitcoin In New Zealand (NZ)
If you're looking at buying Bitcoin in NZ, follow these steps:
- Create an account with an exchange in NZ such as eToro
- Complete the signup registration process and verify your identity (KYC)
- Deposit NZD funds into the account
- Select Bitcoin (BTC) from crypto asset list
- Enter the amount of Bitcoin to buy with NZD
- Review and complete the trade
How To Get Bitcoin In New Zealand
In New Zealand, there are several ways for residents to buy Bitcoin. Each method will comprise of different risks and fees that must be considered before making any transaction to invest in Bitcoin with NZD.
Use a Bitcoin Exchange
Bitcoin and crypto exchanges such as Independent Reserve are online website or trading apps that are accessible to individuals using an internet connection. These platforms are highly regulated and allow users to deposit funds in NZD that can be converted into Bitcoin, Ethereum or other coins.
Using an exchange to buy Bitcoin will require ID verification to comply with New Zealand laws and regulations. However, users can view the current price of Bitcoin using a chart to find the optimal price to buy.
Our top rated platforms in New Zealand to buy and sell Bitcoin are listed below. To view the full list, go to our article on the best cryptocurrency exchanges in New Zealand or clicks on the links below to read our detailed exchange reviews.
4.7 / 5
4.6 / 5
Your capital is at risk
0.05% - 0.5%
4.5 / 5
4.2 / 5
Disclaimer: Your capital is at risk
4.2 / 5
3.9 / 5
Buy Using Cash In Hand
Swap cash for Bitcoins with a trusted friend or family member who is willing to buy and sell Bitcoin. The benefit of getting Bitcoin in person is that the buyer does not need to create an account with an exchange. However, it can be a tricky process to complete and recommend a mobile phone wallet or laptop to verify the Bitcoin price and confirm the transaction.
Use a Peer To Peer Exchange
Peer to Peer (P2P) exchanges were commonly used several years ago to buy and sell digital assets before the emergence of centralised exchanges. Platforms such as Paxful connect willing buyers and sellers from all over the world. Paxful uses an escrow service to ensure the transaction is fulfilled by both parties. The Bitcoin is held by the website and released to the buyer once the payment method for the Bitcoin is verified.
Trade-In A Gift Card
Several exchanges accept a wide variety of payment options such as pre-paid cards, gift cards from iTunes, Amazon and many others. These cards can be traded in the exchange for digital currencies such as Bitcoin. There are several websites that will accept an Amazon giftcard in exchange for Bitcoin.
Best Way to Buy Bitcoin
The preferred method for residents in NZ to obtain Bitcoin is to use a regulated and trusted exchange that offers BTC and accepts New Zealand Dollars as payment. Here are a few pros and cons of using an exchange.
What To Look For In A Bitcoin Exchange
With so many options available to choose an exchange in New Zealand, it can be a difficult task for beginners to know which cryptocurrency exchanges are suitable. Before you start to purchase Bitcoin, here are a few important considerations to take on board to assist with comparing exchanges.
- Trusted and regulated: Using a local exchange is a safe option knowing the platform will need to comply with local laws and regulations and have built up a solid reputation. There is also the option to contact the customer support team should any issues arise.
- Beginner-friendly & easy to use: Look for an exchange that allows quick and easy NZD deposits using an online version of trading app. Some exchanges are designed as a cryptocurrency trading platform and should be avoided for users that want to buy Bitcoin using a simple interface and to hold for the long term.
- Deposit methods: Find an exchange that offers a preferred deposit options such as bank transfers to a local bank account, credit card or debit card. Not all exchanges offer the same payment methods to deposit NZD funds and have restrictions on the minimum and maximum amount that can be deposited per 24 hours.
- Supported cryptocurrencies: Bitcoin is widely available on the vast majority of digital currency platforms. However, users that are searching for altoins or Defi tokens will need to ensure there is a pairing against NZD or Bitcoin.
- Wallet security: The risk of online scams, fraud and theft is a major concern in the blockchain community so it is important to ensure the exchange includes security features and 'bank-like' to protect funds that are stored on the exchange. Common security measures include offline hardware wallets for storage, multi-signature withdrawal process and two factor authentication.
- Fees: There are several different fees to be aware of when using a crypto exchange such as to deposit AUD, withdraw cash or crypto and trade between assets. Also, exchanges can charge a spread fee which is often a 'hidden cost' and not fully disclosed. Essentially it is the difference between the bid and ask price on the market.
- Customer support: Explore the website to find out what communication methods are available to support users that need troubleshooting advice or assistance on the exchange. Also, some exchanges will provide comprehensive FAQ's and How-To-Guides which is useful for beginners.
- Reviews: It is always good practise to conduct a thorough review of the exchange before using. Read online exchange reviews, forum comments and posts on social media to find out what others thought about the platform. It can save time and money by choosing the right exchange.
Detailed Guide To Getting In Bitcoin
Here’s a step-by-step guide explaining how to buy Bitcoin using New Zealand's owned and operated Easy Crypto as an example.
Step 1. Register An Account With Easy Crypto
To create an account with Easy Crypto, click the 'Create Account' button on the website. This will take you directly to the registration page where you will be asked to choose one of the options below to get started:
- Sign in with Google
- Sign in with Facebook
- Sign in with Email
Step 2. Verify Account and Activate 2FA
Next, you will need to complete the Easy Crypto verification process. It takes a couple of minutes to complete.
To start the verification process, navigate to the top bar and click on 'My Account' which will take you to your profile. Here, you can select 'Verify Account'. This will take you to an online form where you will only be required to provide some personal information.
Once you have entered in your personnel details, the next step is to upload your identification document that shows your current address. This can be a passport or a driver licence.
Step 4. Add Bitcoin Wallet Address
If you own a Bitcoin hardware wallet, you can add the address into Easy Crypto. This means, when you complete your transaction, the Bitcoin is sent directly to your wallet. It is the safest way to purchase Bitcoin using an exchange as there is no risk of your funds being stolen in an exchange hack.
To add your wallet address in Easy Crypto:
- Navigate to the top menu and click on 'My Account'
- Select 'Addresses' and go to 'Address Book'
- Click on 'Add New Address'
- Select the crypto asset and enter in your wallet address
- To Save click on 'Save Address'
Step 4. Make A Bitcoin Order
Now you're ready to make your first Bitcoin purchase. You can either use the widget on the homepage or click on 'Buy/Sell' at the top which will take you to an order window as shown below.
Make sure at the top slider the 'Buy' button is selected. Then choose 'Bitcoin' from the crypto asset list and select the amount of Bitcoin you wish to purchase. Easy Crypto has denomination buttons to make it easy or you can manually enter in an amount. Once you're happy with the order details click on 'Buy Now'. The next step is to confirm payment via your bank account using POLi or EFT and that's it!
Where To Store Bitcoin In New Zealand
Users that buy and store Bitcoin on cryptocurrency exchanges are putting the ownership of the asset at risk to theft and fraudulent activity. The safest and most secure place to store purchased Bitcoins is to withdraw to a hardware wallet such as a Ledger Nano X or CoolWallet Pro and keep it in your possession.
Hardware wallets are small compact devices that store the encrypted private keys that give access to Bitcoin or other assets. Access to the Bitcoins can be recovered if the wallet is lost or stolen using a recovery phrase. We have assessed the best Bitcoin hardware wallets and recommend the Nano Ledger and Trezor wallets.
72mm x 18.6mm x 11.7mm
56.9mm x 17.4mm x 9.1mm
64.0mm x 39.0mm x 10.0 mm
38 mm x
Frequently Asked Questions
Can I Buy Bitcoin In New Zealand?
Residents in New Zealand (NZ) can purchase Bitcoin using a variety of methods with NZD. The easiest way is to use a safe, regulated and licenced cryptocurrency exchanges to buy Bitcoin New Zealand. Users can also use global fiat to crypto exchanges such as Coinbase, Binance and eToro which allow deposits in New Zealand Dollars to convert into cryptocurrency.
How To Sell Bitcoin In New Zealand?
Selling Bitcoin follows the same process as buying. Individuals can create an account with a cryptocurrency platform to deposit BTC funds. Once the Bitcoin has been transferred, the Bitcoins can be sold to New Zealand Dollars at the market rate or a price in the future using a limit order.
Can I Use Coinbase In New Zealand?
Coinbase is supported in over 100 countries worldwide including residents in New Zealand to buy Bitcoin and other cryptocurrency coins. Users will need to complete ID verification before funding a Coinbase account with New Zealand Dollars (NZD) using a debit card, credit card or bank transfer.
Are There Bitcoin ATM's In New Zealand?
According to Coinatmradar, there are currently no Bitcoin ATM's located in New Zealand for residents to buy Bitcoin and other digital currencies. Users will need to create an account with a local cryptocurrency exchange to buy and sell crypto coins.
To conclude our article on buying Bitcoin in NZ, it is important with any financial investment to make sure to do your own research and due diligence before depositing any funds to start buying BTC. Cryptocurrencies such as Bitcoin can be highly volatile assets, so it's crucial to validate the exchange before using any financial service.
Also, if you don't have a hardware wallet, we suggest that you read our review on the best crypto hardware wallets so you can keep your crypto investment safe.
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