How To Buy Crypto 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.

The cryptocurrency market reached heights that saw the prices increase tenfold, while several exciting projects have found mainstream adoption. The snowballing interest in the blockchain sector has led many New Zealand residents to consider the different ways they can invest in crypto.

Here's a quick guide on how you can buy crypto in New Zealand:

1. Compare compatible crypto exchanges. There are many reputable, efficient, and secure centralized exchanges available to NZ residents. This includes international options like Binance and Coinbase, or Oceanic-centric platforms such as Swyftx and Easy Crypto.
2. Create an account and pass KYC. Once a suitable platform has been selected, it’s time to make an account. This will require an email address and password. Additionally, NZ residents planning to use fiat currency (such as NZD or USD) will need to pass a mandatory Know Your Customer (KYC) process.
3. Deposit funds to the exchange. The new account must be funded. This can be accomplished by depositing a local currency like NZD. The most-used transfer methods include bank transfer and debit card.
4. Buy crypto. Navigate to the exchange’s Buy/Sell page, choose the desired currency, and finalize the process. After deciding how much crypto to buy and confirming the transaction, the new coins will be added to the user’s exchange wallet.

Where To Buy Crypto In New Zealand

New Zealand is a relatively small nation (in terms of population) and doesn’t have a huge market for local crypto exchanges. There are very few businesses offering the sale of crypto that is solely based in the nation. However, several regulated and well-trusted exchanges serve NZ residents that comprise both local and international platforms.

Ready to invest? Find out which are the best crypto exchanges in NZ.

EXCHANGE	CRYPTO ASSETS	TRADING FEES	RATING	PROMOTION	WEBSITE	REVIEW
Swyftx	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
Binance	385	0.1% (spot) and 0.02% / 0.04% (Futures)	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. 4.8 / 5	Up to $100 welcome bonus	Visit Binance	Binance Review
Easy 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…

There are several other options NZ residents can consider for buying Bitcoin and other cryptocurrencies:

• Independent Reserve
• ByBit
• Coinbase
• Kraken
• Crypto.com

Many of these platforms are international and may not accept direct NZD bank deposits. Instead, interested customers can consider swapping their New Zealand Dollars for a digital currency stablecoin like USDT to make using international crypto exchanges simpler.

1. Swyftx

Swyftx is an Australian-based crypto and Bitcoin exchange regulated by the NZ Companies Office and complies with all relevant local laws. The platform has been running since 2018, and in that time has accrued 600,000+ customers. Swyftx is renowned for its excellent customer support and security (it has never been compromised).

The exchange supports buying and selling more than 310 cryptocurrencies. For example, Kiwis can buy Ethereum, Dogecoin and Cardano. Users can also place recurring buy orders, or buy crypto “bundles” to instantly diversify their portfolios. Customers cannot currently “stake” or “lend” their assets to passively generate income, although this feature may return to Swyftx.

Swyftx supports deposits of $10,000+ New Zealand Dollars via bank transfer, although they have had issues in the past with their NZ-based banking partners refusing to offer crypto-related services. Debit cards can also be used to deposit NZD, however, these funds are converted to USD which can be an inefficient and costly method of investing in digital currencies.

Read our full review on Swyftx.

2. Binance

Binance is a lot newer than other renowned exchanges like Coinbase, but in spite of its infancy, it has quickly rocketed to become the world’s most popular exchange by most metrics (like trading volume and registered users). The platform is flush with a full suite of features, including 600+ altcoins, staking/lending services, and low trading fees. Binance is registered with the New Zealand Register of Financial Service Providers and complies with all government laws.

Binance doesn’t offer the best native support for Kiwis, as their venture into the country only began in mid-2022. Customers can deposit NZD via P2P express with no fee, or by using a debit card (which is quite expensive). Although neither of these deposit methods is ideal, Binance is the most-used exchange for a reason. The scope of the services it provides, paired with excellent transaction fees, means most investors will end up making a Binance account at some point in their investment journey.

Read our full review of Binance and claim $100 with a referral code.

3. Easy Crypto

Easy Crypto is a regulated cryptocurrency exchange that is owned and operated out of NZ. The team also operates in Australia, South Africa and Brazil. The platform has a very simple and clear philosophy – make it easy for Kiwis to buy Bitcoin and other cryptocurrencies. The exchange has an incredibly simple-to-navigate user interface and offers a solid range of features including dollar-cost averaging and crypto-to-crypto swaps.

As one of the few crypto exchanges based in NZ, Easy Crypto provides excellent support for its Kiwi customers. This includes various NZD deposit methods, in particular bank transfer via institutions like ANZ, ASB, BNZ and Westpac.

Perhaps Easy Crypto’s biggest pro is that it is not a custodial exchange. This makes it one of the safest options for investors, as it means the business does not store customer assets – users need to store their crypto in a third-party Bitcoin wallet. Although slightly inconvenient, this ensures customers will avoid losing funds in the event of bankruptcy (like the FTX collapse).

Read our full review of Easy Crypto.

Guide To Buying Crypto In New Zealand

The section below provides a tutorial on how to invest in crypto within New Zealand. If you're a citizen but no longer reside in NZ, we also have an international guide that explains how to buy cryptocurrency in other countries.

1. Compare and select a crypto exchange

First off, potential investors must decide on a platform that suits their cryptocurrency needs. Several international and local platforms provide buying/selling/trading services to NZ residents. Additionally, more experienced traders may want to consider decentralized or P2P exchanges. Beginners should likely stick to centralized exchanges as they are the easiest to navigate. Other factors worth considering include:

• Supported countries, fiat, and digital currencies
• Deposit methods and trading limits
• Fees
• User interface
• Security history (have there been any hacks?)
• Customer support features
• Included features (staking, dollar-cost averaging, advanced trades, etc.)

For this guide, we show how to buy Bitcoin using the cryptocurrency exchange Swyftx. Although Swyftx is a good option, there are plenty of viable alternatives if investors prefer a different platform.

2. Register an account on the exchange

The next step is to create a new account on the selected exchange. For the most part, this process is simple. Many registration processes can be accessed on a website’s home page by clicking “Get Started” or “Register”. Investors can use our signup link for Swyftx to receive $20 BTC with a referral code to get their portfolio up and running. Next up, enter a valid email address and password, as well as a full name and mobile number. Agree to the terms and conditions to finalize the process and create the account.

Once the account has been created and email/phone verified, the next step is to pass Know Your Customer (KYC) verification. This is a requirement for customers to deposit and withdraw fiat currency to and from their Swyftx portfolios. The KYC process isn’t too lengthy and should only take about two minutes to complete.

New customers will need to provide images of a government-issued identification document such as a driver’s license or passport. Ensure that any photos uploaded aren’t blurry – in fact, it can be quicker to complete verification on a mobile phone. Once this process is complete, investors will be able to deposit/withdraw NZD and other fiat currencies.

Before continuing, it is highly recommended that users enable 2FA on their exchange accounts – no matter which platform is being used. On Swyftx, this option can be found under “Settings>Security”.

3. Deposit funds to a wallet

The next step is to fund the newly-created exchange account. Most beginners will likely want to use their local currency (NZD), although investors that have already embarked on their journey may instead deposit cryptocurrency. Swyftx is one of only a handful of exchanges that support direct NZD deposits to a wallet.

As of writing this article, Kiwi residents can only fund their accounts with NZD via debit card. This is a fast transaction method, however, can be a little expensive compared to a bank transfer. Swyftx is looking at solutions to once again support free bank deposits for NZD.

To deposit funds, there are two options. Either head over to the left sidebar pane and click the “Deposit” tab, or, select the blue Deposit button in the top right corner of the webpage. Then, select the asset type to receive in the dropdown menu and choose the best-suited deposit method. If depositing NZD, this will be a debit card. Finally, input all the relevant details including the card number and the number of funds to be sent. Confirm the transaction and before long the Swyftx account should be funded.

4. Buy crypto

Now the exchange account wallet is topped up with money, it’s time to buy crypto. On most platforms, this process will be relatively simple. Select a button/webpage such as “Asset list”, “Cryptocurrencies” or “Buy/Sell” to bring up a list of digital currencies for sale. Choose the desired coin to open its buying page. For example, on Swyftx the option to Buy/Sell Bitcoin and other individual currencies can be found to the right of its basic information.

Finally, confirm how much of the crypto is to be purchased, then review and confirm the transaction. That’s it! Before long, the digital currency being bought should land in the exchange wallet.

What Is Cryptocurrency?

Cryptocurrency is a form of digital currency that executes and secures transactions via cryptographic proof. These assets use blockchain technology, which is a bit like a database spread among hundreds of computers. A key original intention of cryptocurrencies like Bitcoin was to provide a financial option that didn’t involve a third party such as banks or governments. However, the technology’s capabilities have evolved to support all sorts of uses, such as gaming, supply chain management, and more.

What's the Legal Status of Buying Crypto In New Zealand?

Cryptocurrency is legal to own, trade, and sell in New Zealand. This includes associated digital assets such as NFTs. In general, there is a lot of grey area around how the NZ government and lawmakers treat crypto in the nation.

The crypto asset class is treated as “property”, rather than as a foreign currency. Financial institutions providing crypto-related services are allowed to operate within the nation, under the same guidelines as any other financial institution. In general, crypto isn’t particularly well-regulated in the nation, and there are still a lot of loose ends.

What Do You Need To Buy Crypto In New Zealand?

There aren’t too many requirements for NZ residents to open up their crypto portfolio by purchasing Bitcoin or another digital currency. Investors will need:

• Funds. Most first-time investors will be using NZD to fund their ventures. However, more experienced traders may already own digital currency which they can use to fund their exchange accounts.
• Basic info. The majority of crypto exchanges will require new customers to submit an email address and password to register an account. Other platforms may require a mobile number. We recommend manually adding a phone number even if it isn’t mandatory, as enabling 2FA adds an extra layer of security.
• Government documents. Kiwis who wish to invest in crypto using NZD will need to pass KYC protocols on most available exchanges. This process requires a government-issued ID document, like a passport. Some KYC processes also require a selfie taken with mobile and basic residential information.
• Crypto wallet. Crypto and Bitcoin wallets are wallets used to store digital tokens and coins. Most exchanges will come with built-in wallets that will automatically store any newly purchased cryptocurrencies. However, investors should consider using a reputable cryptocurrency wallet to ensure the safety of their assets.

What Are The Risks of Buying Cryptocurrency In New Zealand?

Cryptocurrency is an inherently risky investment. There are many risk factors worth considering before deciding to put hard-earned money toward the asset class:

• Market volatility. The cryptocurrency market is notoriously volatile. Even “safer” assets like Bitcoin and Ethereum have been known to experience price swings of 20+% overnight. The volatility is even more pronounced in altcoins, with some coins’ values dropping/gaining thousands of percent in only a few hours. This can be problematic for investors needing short-term liquidity.
• Counter-party risk. Most newer investors will use custodial, centralized exchanges like Swyftx or Binance to hold their assets. However, this comes with risks, as the community saw after the monumental collapse of the billion-dollar exchange FTX in 2022. Keeping coins and tokens in a reliable cryptocurrency wallet, such as ZenGo or Trust Wallet, can significantly mitigate this risk.
• Novelty. Cryptocurrency is a relatively new form of currency, having only been around since 2009. Due to this, there are still some kinks in the technology being ironed out. For example, bugs in the code of certain blockchains can be exploited, leading to loss of funds. Such errors don’t usually result in investors’ funds being stolen, but rather, the coin they’ve accumulated being debased.
• Lack of regulatory oversight. Governments are still figuring out the best way to oversee the use of cryptocurrency, a financial system designed to avoid regulation. At this point, it seems clear that a middle ground between government regulation and decentralization will need to be reached for crypto to reach the mainstream. How governments ultimately decide to legislate the crypto sector could significantly alter the value of certain investments.

Tax Obligations of Buying Cryptocurrency In New Zealand

New Zealand is unique in how it treats crypto tax obligations. As the nation doesn’t have a Capital Gains Tax (CGT) system, digital currencies are taxed as income. Tax must be reported anytime a “disposal event” occurs. Customers that just buy crypto and leave it sitting in an exchange wallet will not have any tax requirements until they sell, convert or gift it. Read our full tax guide for NZ residents.

Keep in mind that crypto is a new financial product and the guidelines and legislation are constantly evolving. For the most up-to-date information, check the NZ Inland Revenue website.

Guide To Buying Crypto In New Zealand

The section below provides a tutorial on how to invest in crypto within New Zealand. If you're a citizen but no longer reside in NZ, we also have an international guide that explains how to buy cryptocurrency in other countries.

1. Compare and select a crypto exchange

First off, potential investors must decide on a platform that suits their cryptocurrency needs. There are several international and local platforms that provide buying/selling/trading services to NZ residents. Additionally, more experienced traders may want to consider decentralized or P2P exchanges. Beginners should likely stick to centralized exchanges as they are the easiest to navigate. Other factors worth considering include:

• Supported countries, fiat, and digital currencies
• Deposit methods and trading limits
• Fees
• User interface
• Security history (have there been any hacks?)
• Customer support features
• Included features (staking, dollar-cost averaging, advanced trades, etc.)

For the purpose of this guide, we show how to buy Bitcoin using the cryptocurrency exchange Swyftx. Although Swyftx is a good option, there are plenty of viable alternatives if investors prefer a different platform.

2. Register an account on the exchange

The next step is to create a new account on the selected exchange. For the most part, this process is simple. Many registration processes can be accessed on a website’s home page by clicking “Get Started” or “Register”. Investors can use our signup link for Swyftx to receive $20 BTC with a referral code to get their portfolio up and running. Next up, enter a valid email address and password, as well as a full name and mobile number. Agree to the terms and conditions to finalize the process and create the account.

Once the account has been created and email/phone verified, the next step is to pass Know Your Customer (KYC) verification. This is a requirement for customers to deposit and withdraw fiat currency to and from their Swyftx portfolios. The KYC process isn’t too lengthy and should only take about two minutes to complete.

New customers will need to provide images of a government-issued identification document such as a driver’s license or passport. Ensure that any photos uploaded aren’t blurry – in fact, it can be quicker to complete verification on a mobile phone. Once this process is complete, investors will be able to deposit/withdraw NZD and other fiat currencies.

Before continuing, it is highly recommended that users enable 2FA on their exchange accounts – no matter which platform is being used. On Swyftx, this option can be found under “Settings>Security”.

3. Deposit funds to a wallet

The next step is to fund the newly created exchange account. Most beginners will likely want to use their local currency (NZD), although investors that have already embarked on their journey may instead deposit cryptocurrency. Swyftx is one of only a handful of exchanges that support direct NZD deposits to a wallet.

As of writing this article, Kiwi residents can only fund their accounts with NZD via debit card. This is a fast transaction method, however, can be a little expensive compared to a bank transfer. Swyftx is looking at solutions to once again support free bank deposits for NZD.

To deposit funds, there are two options. Either head over to the left sidebar pane and click the “Deposit” tab, or, select the blue Deposit button in the top right corner of the webpage. Then, select the asset type to receive in the dropdown menu and choose the best-suited deposit method. If depositing NZD, this will be a debit card. Finally, input all the relevant details including the card number and the number of funds to be sent. Confirm the transaction and before long the Swyftx account should be funded.

4. Buy crypto

Now the exchange account wallet is topped up with money, it’s time to buy crypto. On most platforms, this process will be relatively simple. Select a button/webpage such as “Asset list”, “Cryptocurrencies” or “Buy/Sell” to bring up a list of digital currencies for sale. Choose the desired coin to open its individual buying page. For example, on Swyftx the option to Buy/Sell Bitcoin and other individual currencies can be found to the right of its basic information.

Finally, confirm how much of the crypto is to be purchased, then review and confirm the transaction. That’s it! Before long, the digital currency being bought should land in the exchange wallet.

Frequently Asked Questions