How To Buy Bitcoin In New Zealand (NZ)

Updated: Jan 11th, 2022
Kevin Groves
Kevin Groves
How To Buy Bitcoin In New Zealand (NZ)

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)

To purchase Bitcoin with New Zealand Dollars (NZD), follow these steps:

  1. Create an account with Swyftx
  2. Complete identity verification
  3. Activate 2 Factor Authentication
  4. Deposit funds in NZD
  5. Select Bitcoin and click on 'buy'
  6. Enter the amount of BTC to buy
  7. Review and complete the trade

Where To Obtain Bitcoin In New Zealand

The best method to obtain Bitcoin is to use a trusted exchange for New Zealand that abides by the rules set by the Financial Markets Authority. Most exchanges in New Zealand offer Bitcoin which can be purchased with NZD using a bank account. The following exchanges are available to operate in NZ and have commonly accessible payment options.

ExchangeCrypto AssetsTrading FeesRatingPromotionWebsiteReview
Swyftx Logo

Swyftx

280+0.6%
Overall 4.8/5StarStarStarStarEmpty Star
$20 Bitcoin for creating a verified accountVisit SwyftxSwyftx Review
Digital Surge Logo

Digital Surge

2700.5%
Overall 4.7/5StarStarStarStarEmpty Star
$10 Bitcoin for creating a verified accountVisit Digital SurgeDigital Surge Review
easy crypto logoeasy crypto logo

Easy Crypto

44+1%
Overall 4.4/5StarStarStarStarEmpty Star
None available at this timeVisit Easy CryptoEasy Crypto Review
independent reserve logo

Independent Reserve

260.5%
Overall 4.2/5StarStarStarStarEmpty Star
None available at this timeVisit Independen...Independent Reserve Review

Guide To Buying Bitcoin In New Zealand

1. Create An Account With An Exchange

The first step to making a Bitcoin purchase is to create an account with a cryptocurrency platform supported in New Zealand such as Swyftx. To get started, visit the Swyftx website using our link for $20 BTC and click on the "Sign Up" button. This will re-direct to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name name and phone number. Click "Agree" to the terms and conditions and hit "Create My Account".

Swyftx registrationSwyftx registration

2. Complete Identity Verification

Once an account has been created, the next step is to commence the ID verification process in accordance with Know Your Customer (KYC) and Counter Terrorism Financing (CTF) regulations under NZ law. Before a wallet can be funded with NZ to deposit and withdraw funds, the account must be verified.

Using Swyftx as an example, the verification process is fast and hassle-free which can be completed within 2 minutes of creating a new account. To start verification, login to the account and navigate to the 'Verification' tab under the 'Profile Tab'. A valid email address, mobile phone number of identity document number will need to be provided.

swyftx verification processswyftx verification process

3. Secure Account & Activate 2FA

To protect any funds within a crypto exchange account, it is vital to increase the basic account security level and turn on Two Factor Authentication (2FA). This should be the first step after verifying an account and prior to depositing any funds. 2FA is a specific type of multi-factor authentication that requires two methods to verify the user's account and even withdrawal requests. Popular 2FA apps for multi-factor authentication are Authy and Google Authenticator which can be downloaded for both iOS and Android devices.

4. Deposit Funds In NZD

Finding an exchange that accepts local deposit methods using New Zealand Dollars is an important consideration. A suitable method to fund a crypto exchange is to transfer funds using ANZ via a bank transfer, POLi payment or PayID. These deposit options are fast, secure and will be familiar to residents in New Zealand.

POLi connects to bank accounts and is processed instantly. PayID and bank transfers can take between 1 and 3 business days. Swyftx also supports Bitcoin purchases using a credit card.

swyftx deposit aud fundsswyftx deposit aud funds

5. Buy Bitcoin

Now that your account is verified and you've deposited NZD you can buy Bitcoins. To get started, click "Trade" on the left side bar. This will bring up the "Assets" list where you can search and select Bitcoin. Select how much NZD you want to spend and click "Instant Buy". The Bitcoin amount will be purchased, show in your trade history and stored in the Swyftx wallet.

Ways To Get Bitcoin With NZD

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 exchanges 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. It is also recommended to use a NZ based crypto exchange which can have several benefits such as local customer support.

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.

Use A Bitcoin ATM

Bitcoin automatic teller machines (ATMs) provide a means for investors to buy Bitcoin directly from an ATM. The process is similar to using an ATM to withdraw cash and there is a growing number of ATM's that can be found using a service such as Coinatmradar.

What To Look For In A NZ 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.

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.

Frequently Asked Questions

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.

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.

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.

Conclusion

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. Digital currencies such as Bitcoin can be highly volatile assets, so it's crucial to validate the exchange before using any financial service.

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Kevin GrovesKevin GrovesKevin Groves

Kevin is the founder and chief editor at HedgewithCrypto that he started in 2019 which has reached over 1.5 million visitors worldwide. He is passionate about cryptocurrency as an emerging technology and is heavily involved in the fast-growing fintech space. An experienced trader growing his portfolio since 2016, he has a strong understanding of investing in the crypto market using exchanges, brokers and derivatives platforms.

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