Best Crypto Exchange in New Zealand
When it comes to cryptocurrency exchanges, no exchange is one-size-fits-all. Each trader must decide on the correct platform for themself by considering each platform’s restrictions and available features. That means the first step every potential user needs to go through consists of doing extensive research on each platform to find the best crypto exchange in New Zealand and pinning them against one another.
For your benefit, we’ve decided to take some of the load off by comparing the top New Zealand exchanges below to help you to get to trading faster. Factors that affected our choices include the amount of cryptocurrency available on each site, the number of trading pairs, acceptable fiat currencies, fees, and support.
Our list comprises the following New Zealand crypto exchanges in order of our most to least favourite picks, each one still bringing something unique to the table:
- Independent Reserve
Starting our list with the voted number one best crypto exchange in New Zealand, Independent Reserve has a five-star rating as an Australian and New Zealand platform. While Independent Reserve, based in Australia, provides Australians with fewer crypto assets than most other exchanges on our list, it’s one of the few platforms that accept New Zealand dollars as a form of fiat currency. It also accepts American and Australian currencies, unlike most other exchanges in New Zealand that only accept one.
To start trading crypto on Independent Reserve, link your bank account with an acceptable fiat currency to any digital payment methods supported by this platform, like SWIFT, POLi, PayID, or Okso. With this exchange’s instant deposits, you can begin to trade almost right away.
Independent Reserve also provides a platform wallet, allowing users to store their funds in their account, in contrast to some other platforms that require users to have an external wallet before they can begin buying and selling crypto. While we promote the idea of a hardware wallet – since it’s not connected to the internet and, therefore, is not susceptible to hackers and malware – Independent Reserve has a quality security system with a good track record of keeping personal data safe.
They go to the extent of creating a private key to an offline, cold storage wallet, similar to a hardware crypto wallet. There, the platform hides each user’s funds behind multi-layer encryption and a biometric coprocessor requiring a fingerprint, retina, face, or hand scan before granting access to the wallet.
What makes this platform especially unique, however, is its affordability. Since 2013, more than 200,000 users have taken advantage of Independent Reserve’s low trading fees ranging between 0.05% and 0.5%, the former popular with high-volume trades. Users also gain access to 13 of the most popular crypto assets on the crypto market, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC), EOS, Stellar (XLM), BAT, Golem, OMG, REP, PlayDapp, and 0x.
AUD & NZD
Many residents also swear by Swyftx as the best crypto exchange in New Zealand since it’s currently one of the most rapidly evolving and easy crypto-to-use platforms. When founded in 2018, this Australian-based platform only accepted AUD as a fiat currency, but after expanding to New Zealand in recent years, Swyftx added NZD currency for convenient trading.
Now, New Zealand traders or Kiwis can transfer NZD to their Swyftx account via a digital payment option like PayID or POLi, or by linking their bank account for a direct bank transfer. By partnering with numerous banking providers, Swyftx promises users a low spread, which results in low volatility and high liquidity.
If you choose Swyftx as your digital trading platform, you’ll also have an easier time creating and using your account due to the user-friendly and aesthetically pleasing site. Once you head to the homepage or download their app, click on “Create an Account.” From there, fill in your name, number, email, and create a password before verifying your account without the use of photos, selfies, and other documentation.
Most users appreciate this effortless account setup process that helps them buy Bitcoin, trade, and sell crypto faster, while others praise Swyftx’s unobtrusive platform, which creates a breathable and understandable layout. To add to ease of use, Swyftx provides a demo mode for beginners, your very own account manager upon signing up, and customer service accessible by phone, text, email, and telegram.
Users also take advantage of Swyftx’s low 0.6% fees when trading among the over 230 crypto coins and the abundance of tools available. Some tools include TradingView charting, where investors track different coins on the market, alongside a tax calculator and tools for dollar-cost averaging. What’s more, users receive a secure in-app wallet and $20 worth of Bitcoin when signing up to get them started on their cryptocurrency trading endeavours.
USD, EUR, GBP, AUD
Binance, although not ideal for beginners, is a platform many argue is the best crypto exchange in New Zealand. Since 2017, this China-based platform has provided over 600 crypto coins, including more popular currencies like Bitcoin and Ethereum, and less liquid ones, like Binance Coin (BNB) and Stellar Lumen, as well as stablecoins such as USDT.
These lesser-known crypto coins may not have many trading pairs on this or many other platforms, making them difficult to purchase, exchange, or sell, but their prices are up for speculation. That means users are trading with a derivative rather than a digital coin, making a significant profit if the coins gain popularity. Similarly, margin trading, another feature available in Binance, allows users to profit from higher returns after borrowing from a broker to purchase crypto.
However, because it’s one of the largest and most widely accepted cryptocurrency platforms in the world, it targets long-time traders with an abundance of coins to choose from, which may prove overwhelming for first-time traders. It also consists of digital lingo that beginners may not understand. Still, with average trading fees of 0.1% and Binance token owners receiving 50% off transactions, many new traders tend to give it a shot. Also, the exchange features a very intuitive order book perfect for all levels of crypto traders.
Unlike DeFi exchanges, Binance also accepts a wide variety of fiat currencies, including USD and NZD, and an abundance of payment options, including Simplex and Banxa, as well as MasterCard and Visa debit and credit cards. Users may even link their Binance accounts to banking accounts, trading fiat currency deposits for cryptocurrency.
Traders of all levels also appreciate the large security measures taken by Binance to keep their information, funds, and in-app wallets safe. The platform prompts users to take part in two-factor authentication, the first factor consisting of a user-made password or biometric fingerprint, retina, or face scan. The second factor can be either a Google or SMS code or Binance’s newly welcomed Universal 2nd Factor, which acts as a hardware wallet, but instead protects your entire exchange account on a USB-like device like YubiKey.
Also, you can trade while on the go as Binance comes with a mobile app available for both iOS and Android. Binance is also a great platform to earn passive income via staking. If you’re a crypto trader / developer, Binance APIs will also benefit you.
Over 42 currencies
Coinbase, another global exchange, started in 2011 as one of the first digital exchanges and specialized in Bitcoin. Now, users can trade the four most high-profile cryptocurrencies on this US-based platform, Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, as well as over 40 other popular crypto coins.
Although the list of crypto coins available is shorter than those on most other exchanges, Coinbase offers an easy interface, a three-minute verification process, and a straightforward tracking app ideal for beginners. A 24/7 customer support team is also there to assist beginners via a live chat or phone call.
Unfortunately, Coinbase only accepts USD as a fiat currency, meaning New Zealand residents have to convert their NZD into USD before buying or trading. Traders should also be wary of Coinbase’s higher transaction fees, which start at 1.49% and range up to 3.99%-4% when using a debit or credit card.
Still, Coinbase is one of the few platforms that act as a one-stop for all your digital transaction needs. From changing your fiat currency without the assistance of a third-party platform to providing a highly secured platform cryptocurrency wallet for completed exchanges, Coinbase proves to be one of the best cryptocurrency exchanges in New Zealand. It’s also a place where users learn more about blockchain projects by visiting its learning section, taking quizzes, and earning crypto once their session is complete.
To date, Coinbase has proven to be one of the only exchanges with a 0% criminal rate due to its top-notch security system. By protecting all funds since its founding over a decade ago, Coinbase has led many to consider using this platform, even if solely for its high safety measures.
CAD, USD, GBP, EUR
Since Bittrex’s origin in 2014, it has quickly climbed the ladder, becoming one of the biggest platforms for crypto trade. With over 190 coins available, including many popular ones like Bitcoin and Ethereum, most users find all their desired coins within the Bittrex app.
However, when the platform first launched, it instantly became the best Bitcoin exchange in New Zealand and other parts of the world for seasoned traders looking to take advantage of beginners. Experienced traders were able to do so by tricking newer users into investing in and trading unstable altcoins available on Bittrex. After raising the prices of these lesser-known coins to sell them to beginners, the experienced traders would largely profit at the beginners’ expense.
After multiple complaints on this US-based platform, the company wasted no time heeding customer needs and clearing its exchange of risky coins, leaving only reputable ones in play. What’s more, Bittrex has gone the extra mile to keep its platform safe from other schemes and malicious activity by regularly incorporating Chainalysis Know Your Transaction to scan for anything remotely suspicious.
Bittrex has also learned from this scheme how to put its traders first. With its recovery service helping users with over $5,000 worth of crypto in their account to get their money back in case of incorrect wallet addresses or glitches between transactions, beginners feel less vulnerable.
The downside to using Bittrex is that while the platform is at the disposal of New Zealanders, it only accepts USD as a fiat currency, meaning NZ residents would have to convert NZD before buying and trading. However, the good news is Bittrex allows users around the world to convert their fiat currencies right on the app once they link their bank accounts or debit cards or by using SEPA or another eligible payment option. They also have one of the lowest trading fees of 0.2% when making transactions.
0.35% standard fee
CoinMama, originating in Slovakia, is an Israeli-based exchange that has found its way into the United States, Canada, New Zealand, and more than 188 other countries. Since its launch in 2013, it has offered a small yet popular list of cryptocurrencies, including Bitcoin, BitcoinCash, Ethereum, Ethereum Classic, Litecoin, QTUM, and Cardano.
However, what made CoinMama stand out from the best crypto exchanges in New Zealand was that it was the only platform at the time allowing credit and debit card payments. Giving all traders this extra option for both USD and EUR currencies proved less limiting than most other platforms in the early 2010s that only accepted bank transfers or third-party payment options.
In the present day, though, CoinMama has met its match, with most exchanges now accepting debit and credit card payments for a slightly higher fee. What’s more, CoinMama has one of the highest fees across all platforms, ranging up to 6% per transaction.
While this may seem quite a bit for traders to pay when there are other platforms out there charging close to nothing, keep in mind CoinMama doesn’t have hidden fees. Unlike other platforms on our list like Coinbase, which has up to an additional 5% service fee pop up right before finishing a transaction, CoinMama shows you prices up front. This company’s honesty is what keeps it at the forefront of exchanges.
Unfortunately, something worth mentioning that doesn’t come with an upside is its lack of security measures. In recent years, users’ emails and passwords have made it onto the dark web, jeopardizing many accounts. Although hackers were not successful in retrieving funds, CoinMama urged users to change their passwords to protect their accounts from further attacks, and the platform is now working to create a more secure trading platform.
USD & EUR
Kraken is the best crypto exchange in New Zealand for new and experienced users alike. Upon signing up for an account, the platform prompts each trader to select their trading level, whether “Advanced” or “Basic,” and helps each user navigate the platform accordingly.
To complete the registration process, Kraken helps all users create a secure account by requiring two-factor authentication where they create a password and use biometric scanning or unique codes for optimal safety.
This 2011 US-based platform prides itself on its safety features and top-of-the-line security system that also includes the use of the Global Settings Lock (GSL), which hides personal and sensitive data while keeping your account safe, even if your 2FA is disabled or hacked. It also uses Master Key, which encrypts all personal keys in the system. What’s more, if you’re a trader who doesn’t want to be bothered with all these extra steps, you can turn these settings off, although this option may put your assets at greater risk.
Kraken has more than 50 tokens to choose from, including the ever-popular Bitcoin, BitcoinCash, Litecoin, and Ethereum. On top of having more tokens than some other platforms on this list and around the world, it also allows users of all skill levels to trade with fees as little as 0.16% to 0.26%. The higher your trading volume, the smaller the fees.
Although Kraken accepts multiple fiat currencies, including USD, EUR, and GBP, it doesn’t support NZD yet, meaning NZ residents must convert their native currency to buy and trade on Kraken. Like with most other exchanges, conversions entail a small fee, but with low fees, savings start piling up in no time.
CAD, USD, GBP & EUR
0.9% to 1.5% fee
Kucoin is a 2011 digital currency platform originating in Hong Kong. While it may not be as popular as other platforms you may have heard of already, like Coinbase and Binance, its crypto coins make this platform worth mentioning.
Kucoin has over 150 digital assets available for trading that users can purchase using USD fiat currency or other digital coins. These coins range from universally accepted coins like Bitcoin and Ethereum and span lesser-known currencies that, although they may not be stable, are great for anyone looking to invest in a potentially on-the-rise currency.
When depositing an acceptable fiat currency into their account, users also have numerous payment options to choose from, including wire or Interac e-transfers, PayPal payments, and debit and credit card payments via Simplex. However, since Kucoin only accepts USD as a fiat currency, NZ residents must convert their money in their account to begin trading.
However, Kucoin stands out from most other platforms in its determination to give back to its loyal users. On top of maintaining unbeatably low transaction fees of 0.1%, Kucoin takes half of these fees and redistributes it to users that invest in Kucoin’s native coin and about 40% to those who refer the site to a friend. That means the company pockets a mere 10% of all 0.1% transaction fees.
If that’s not enough to get you to consider Kucoin for your trading needs, consider the company’s high-security system and strict policies and regulations that protect each user. The licensed exchange uses Anti Money Laundering (AML) to prevent users who illegally obtain crypto from cashing them into fiat currencies. They also use the Counter the Financing of Terrorism policy, the Politically Exposed Persons list, and the International Sanctions policy to surveillance all accounts and transactions.
USD, AUD, GBP, and EUR
0.1% for both maker and taker
Bitifinex is another global exchange that draws traders in with extremely low trading fees of 0.2% whether you’re buying or selling any of their over 20 altcoins available. The platform is also user-friendly and straightforward despite each user’s trading level. However, it accommodates seasoned traders best with an abundance of advanced tools and trading options, including margin trading.
Margin trading entails borrowing money from a broker that a trader then uses to purchase crypto. Buying on a margin like this may increase profits but may also lead to significant losses and should only be practiced by expert traders well-versed in cryptocurrency. A few other borrowing and lending services similar to this are also accessible on Bitfinex.
The Bitfinex exchange, a Taiwan platform, currently uses USD as a form of fiat currency and has, therefore, become a hit with American and East Asian residents. While it may not outshine the rest as the best crypto exchange in New Zealand, it’s an exchange rapidly on the rise. Therefore, even if Bitfinex isn’t a popular choice among New Zealanders, especially since it doesn’t accept NZD currency, it has a quality support team and security measures, each of which is continuously evolving.
Although Bitfinex has had its share of problems since its founding in December 2012, including losing more than 120,000 worth of Bitcoin from security breaches, it has only strengthened the company by forcing them to work harder at creating a safer environment.
Now, Bitfinex offers a cold wallet offline, a hot wallet to hold 0.5% of funds solely for withdrawals, DDoS protection, and two-factor authentication for absolute safety.
AUD, EUR and GBP
Why We at Smart Billions Review Exchanges for You
Ever since the appearance of the first cryptocurrency, Bitcoin, in 2009, to be exact, numerous exchanges have started popping up all around the world, trying to get in on the trading action. However, the integrity of each platform should always be in question.
For new traders who don’t understand the lingo, as well as long-time traders who don’t want to be bothered doing the research, finding the right platform becomes a hassle. That’s why we go to the trouble of outlining the pros and cons of each platform, so you don’t have to.
Although we suggest you continue to do intricate research to find the best crypto exchange in New Zealand that’s right for you, we hope that our knowledgeable team has set you on the right track to understanding cryptocurrency and their exchanges better.