We may earn a commission from links on our site, but this doesn’t affect our reviews. Learn more.

How To Buy Ethereum (ETH) In New Zealand

Hedge With Crypto aims to publish information that is factual and accurate as of the date of publication. For specific information about a cryptocurrency exchange or trading platform please visit that provider’s website. This information is general in nature and is for education purposes only. Hedge With Crypto does not provide financial advice nor does it take into account your personal financial situation. We encourage you to seek financial advice from an independent financial advisor where appropriate and make your own enquiries.

Are you a beginner wondering how to buy Ethereum in New Zealand but don't know where to start? If so, this guide will show you how to buy ETH using the best crypto exchanges for New Zealand based on our research. Each platform offers varying features, NZD deposit methods and trading fees which are important considerations when choosing a suitable trading platform.

To purchase Ethereum (ETH) in New Zealand using local NZD currency, follow these steps:

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

Where To Obtain Ethereum In New Zealand

The best method to obtain Ethereum is to use a trusted exchange for New Zealand that abides by the rules set by the FMA. Most exchanges in New Zealand offer Ethers 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.

Learn more? What is Ethereum and how does it work?

EXCHANGE CRYPTO ASSETS TRADING FEES RATING PROMOTION WEBSITE REVIEW
SwyftxSwyftx

320+

0.6%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.9 / 5

$20 Bitcoin for creating a verified account

Visit Swyftx Swyftx Review
Digital Surge LogoDigital Surge

300+

0.5%

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.7 / 5

$10 Bitcoin for creating a verified account

Visit Digital Su… Digital Surge Re…
easy cryptoEasy Crypto

160+

0.5 – 1.35% spread

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
3.8 / 5

None available at this time

Visit Easy Crypt… Easy Crypto Revi…
independent reserveIndependent Reserve

BTC, ETH, XRP, USDT, ADA and 25 more

0.5% maximum, 0.02% minimum

Rating
We provide an overall weighted average rating out of 5 stars. Our ratings are based on objective criteria like the ease of use, fees, deposit methods, customer support and availability. Our reviews are not influenced by 3rd parties. Click here for further information about our rating methodology and a full list of categories we review against.
4.2 / 5

None available at this time

Visit Independen… Independent Rese…

Guide To Buying Ethereum In New Zealand

1. Create An Account With An Exchange

The first step to making an Ether purchase is to create an account with a cryptocurrency platform supported in New Zealand. Swyftx is our recommended crypto platform that supports trading with NZD that we will use in this example.

To get started, visit the Swyftx website using our link for $20 BTC and click on the “Sign Up” button. This will redirect to the registration page that will show the promotion code. Enter a valid email address, set a strong password, full name and phone number. Click “Agree” to the terms and conditions and hit “Create My Account”.

swyftx registration page

2. Complete Identity Verification

Once an account has been created, the next step is to commence the ID verification process as per the 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 our 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 and identity document number will need to be provided.

verifying an account on swyftx

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 before depositing fiat currencies.

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 to buy Ethereum 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 crypto purchases using a credit card, however, the fees are too high and are not recommended.

depositing funds on swyftx

5. Buy Ethereum

Now that an account has been verified and funds have been deposited, the next step is to buy Ether. To get started, click “Trade” on the left sidebar. This will bring up the “Assets” list where you can search and select Ethereum. At the top of the window, ensure that NZD is selected as the base currency,

Enter how much NZD to spend and click “Instant Buy”. The amount of Ethereum will be purchased, shown in the trade history and stored in the ETH wallet.

Ways To Convert NZD into ETH

In New Zealand, there are several ways for residents to buy Ethereum. Each method has different risks and fees that must be considered before making any transaction to invest in ETH with NZD.

Use A Cryptocurrency Exchange

Crypto exchanges are online websites 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 and used to invest in cryptocurrencies such as Ethereum or other coins and tokens.

Using an exchange to buy ETH will require ID verification to comply with New Zealand laws and regulations. However, users can view the current price of Ether using a chart to find the optimal price to buy. It is also recommended to use an NZ-based crypto exchange which can have several benefits such as local customer support that is available 24/7 and via phone number.

Pros of using an exchange

  • New Zealand exchanges must comply with AML/CTF reporting obligations which are enforced by FMA
  • Buy/sell Ethereum directly to the exchange using New Zealand Dollars
  • Supports local methods to deposit NZD such as POLi, PayID and BPAY
  • Local customer support service that is easier to get in touch with

Cons of using an exchange

  • Will need to submit identification documents to prove identity before making a purchase
  • New Zealand exchanges can have lower liquidity compared to overseas exchanges meaning spreads can be higher
  • Innovative products and services offered on global exchanges are not available on New Zealand exchanges

Buy Using Cash In Hand

Swap cash for Ether with a trusted friend or family member who is willing to buy and sell the digital currency. The benefit of getting Ethereum 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 Ethereum price and confirm the transaction which only takes a few minutes to complete.

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 centralized 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 Ethereum is held by the website and released to the buyer once the payment method is verified. 

How To Find An Ethereum Exchange In NZ

With so many options available to choose an exchange in New Zealand, it can be a difficult task for beginners to know which Ethereum exchanges are suitable. Before you start to purchase ETH, 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 the trading app. Some exchanges are designed as a cryptocurrency trading platform and should be avoided for users who want to buy Ethereum using a simple interface and to hold for the long term.
  • Deposit methods: Find an exchange that offers a preferred deposit option such as bank transfers using a local bank account, wire transfer for international payments or credit/debit cards. 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 within 24 hours.
  • Supported cryptocurrencies: Ethereum is widely available on digital currency platforms. However, users who are searching for altcoins or Defi tokens will need to ensure there is a pairing against NZD or ETH that can be converted quickly.
  • Staking: With the upgrade of the Ethereum network to a Proof-of-Stake protocol, exchanges that support Ethereum 2.0 staking are beneficial to earn staking rewards. Investors who want to earn passive staking income will need to use a supported exchange.
  • 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 2 factor authentication. Alternatively, the recommended method to store ETH in New Zealand is to withdraw to a top Ethereum wallet which has a good reputation.
  • 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 who need troubleshooting advice or assistance on the exchange. Also, some exchanges will provide comprehensive FAQs and How-To-Guides which is useful for beginners.
  • Reviews: It is always good practice to conduct a thorough review of the exchange before using it to purchase Ethereum. 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.

According to the Financial Markets Authority (FMA) of New Zealand, cryptocurrencies such as Ethereum (ETH) are not regulated however can be legally purchased using an approved exchange. Crypto exchanges that allow individuals to buy and sell Ether must be registered on the Financial Service Providers Register (FSPR).

You might also be interested in

Top