Where & How to Buy Bitcoin in New Zealand (2021)
Like other parts of the world, New Zealand has also witnessed the unpredictable growth of Bitcoin and other cryptocurrencies such as Ethereum (ETH), Ripple (XRP), Tether (USDT), and Litecoin (LTC), etc. BTC, in particular, has come a long way too.
From costing a couple of hundred USD a few years back to a whopping price of $40,000+, it has proven the digital-gold theories right.
Lest we forget, global payment platform such as PayPal has also jumped on the crypto bandwagon. So, it will not be surprising if you want to make your next investment in Bitcoin, the world’s most popular crypto coin.
However, you should know about a few factors before you go ahead and invest in crypto.
The legality, availability of trade, and security pointers are important.
This guide has explained almost everything you should know about buying Bitcoin in NZ.
Most importantly, we have talked about where and how you can get your hands on this super-volatile digital currency.
Shall we start?
Is Bitcoin legal in New Zealand?
One unique characteristic of Bitcoin and other cryptocurrencies is that they are decentralized.
It means these coins do not work well with centralized institutions like banks or governments. As a result, most governments have not legalized crypto.
Instead, some countries like Egypt, Morocco, and Algeria make it illegal to trade/hold Bitcoin and use it as a payment tool. However, NZ is on the progressive side of the spectrum.
According to official documents, NZ has no legislation to restrict crypto-assets or blockchain-based tokens.
It means Bitcoin is legal in NZ and that residents of the country can trade/hold and use it for payments.
The Reserve Bank of NZ further clarifies that non-banks do not need any government approval to offer services that involve the storage/transfer of digital coins.
However, these non-banks must not issue circulating physical currency.
Therefore, as long as the crypto exchange or crypto management service does not issue physical currencies in NZ, your transactions are legal.
As an investor or crypto trader, the lack of restrictions is the most significant green light from the administration.
How popular is Bitcoin in New Zealand?
Because Bitcoin is a decentralized currency, we cannot objectively track its popularity in any place, and NZ is not an exception. Therefore, our understanding of its popularity in the country is based on the growth of services that cater to crypto enthusiasts.
e are talking about dedicated exchanges, extended support from wallets, compatibility with local payment supports, etc. We should also look at what industry experts say about its acceptance, among other things.
Based on these factors, it is quite popular in NZ. Following the success it witnessed in January and February, more investors and traders from NZ have shown their interest to buy and hold.
To catch up with increasing demands, crypto exchanges and other financial services have started optimizing their services/products for NZ-based investors and traders’ specific needs.
We believe these activities show that it is popular enough in NZ for you to invest in it.
Step by step guide for buying BTC in New Zealand
Here are the steps you need to follow to buy crypto in NZ.
- You have to download, install, and set up a crypto wallet where you can store.
- Choose one of the best cryptocurrency exchanges in NZ and purchase from there.
- Provide the details of your cryptocurrency wallet and transfer the crypto you purchased to the wallet.
- You can now use the crypto to make payments, trade, or hold using the digital wallet.
As it happens, though, you need to look at a few factors in each of these steps. We will look at all these steps one by one.
Get a Bitcoin wallet
A wallet is a hardware, software, or hybrid utility to store your crypto. Like you would need a wallet to keep physical currency, you need a secure and accessible space to store it.
Fortunately, you can choose between three major categories when you need a wallet.
Software wallets are specially designed applications that can securely store crypto. You can use your smartphone or computer to access these wallets and carry out transactions.
These wallets come with advanced security and backup features. It is also easy to receive security upgrades for the software wallet.
Exodus is one of the most popular software wallets you can use in 2021. The wallet supports 100+ cryptocurrency assets in total. Since the wallet is cross-platform, you can access your wallet data from your desktop and mobile devices.
There are also options to connect your Exodus digital wallet to one hardware wallet for improved security. While the Exodus Wallet is a convenient way to make transactions and exchange crypto-assets, it could enhance security-based features.
The Exodus wallet is perfect for those just starting out in cryptocurrency or for those who are mainstream enthusiasts. This beautiful, easy to use wallet is secure, intuitive, and supports hundreds of digital assets. Manage all your favorite coins and tokens all in the same place with this appealing wallet.
If you’re ready to manage your cryptocurrency from your Desktop, Android, or iOS device, head on over to the Exodus website today!Visit Exodus
Coinomi is another software-based wallet you can use in NZ. This easy-to-use app allows you to store, manage, and exchange crypto assets from your mobile device. In total, it has support for 1770+ blockchain assets. Like Exodus, Coinomi is also a cross-platform wallet.
The apps are available for Android, iOS, Windows, macOS, and Linux. You can also benefit from its top-level security, wallet interoperability, and support for Dapps.
Compared to software wallets, hardware wallets are more secure and resistant to hacking attacks. If you are looking for unparalleled security and support for crypto, you can choose between quite a few wallets in the market.
The best part is that hardware wallets work almost everywhere if you have a compatible PC or smartphone.
Trezor is one of the most popular hardware wallets for digital coins. You can use this hardware wallet to track all your coins and confirm transactions with ease. When you store your crypto with a hardware wallet like Trezor, you ensure best-in-class security.
The complementary wallet app is available for Windows and macOS, and it is easy to use. You can use the Trezor hardware wallet to manage passwords as well.
When it comes to crypto hardware wallets, Trezor is among the best there is. It’s easy to set up, secure, and affordable. Trezor hardware wallets allow you to send and receive all your favorite cryptocurrencies while providing the privacy and security you need to keep your digital coins safe.
Trezor is one of the highest-rated hardware wallets on the market, so be sure to visit their website and order your favorite one.Visit Trezor
Ledger is another hardware wallet you can use in NZ. You can choose between a variety of Ledger wallet models, such as the Ledger Nano X and Ledger Nano S. While both offer top-quality security, the level of convenience is a little different.
If you want to store a wide variety of assets, you have to choose an advanced variant. Rest assured, even if you are entirely new to crypto, you can store and manage crypto via Ledger.
If you don’t want to mess around with software wallets, you should check out the Ledger Nano S. This affordable hardware wallet is a great way to keep your coins safe and secure. With support for nearly every coin on the market, it’s tough to go wrong with the Nano S.
To get your hands on this high-quality, affordable hardware wallet, visit the Ledger websiteVisit Ledger Nano S
Ledger produces some of the best hardware wallets in the business, which is why you should give the Nano X serious consideration. This sleek device, with an intuitive user interface, and multi currency support is an excellent option for managing all your digital assets.
For all the security afforded with a hardware wallet, head on over to the Ledger website and order your Nano X today!Visit Ledger Nano X
A paper wallet is a hybrid way to store your crypto. You can consider paper wallets as an effective way of cold storage. While it is not the most convenient option, you get a printable wallet that contains the public address.
You can use the address to store your cryptocurrencies and access them later. You can use a popular app called WalletGenerator.net to create and manage paper wallets with ease.
As we said, you may need some time to understand and use this system correctly.
Cryptocurrency exchanges in NZ
Given that you have selected a wallet, the next step is buying Bitcoin. To do this, you need to use one of the trusted cryptocurrency exchanges in NZ.
Like a foreign exchange, cryptocurrency exchanges such as Coinbase, Kraken, and Binance, etc., will allow you to purchase cryptocurrencies. You can do this by spending fiat currency.
In this case, we need an exchange that lets you use popular payment methods in NZ to buy crypto with ease. You have multiple options to choose from, by the way.
International vs. domestic
You can use international and domestic exchanges in NZ. As you can guess, both have their advantages and disadvantages.
For instance, international cryptocurrency exchanges give you access to various crypto-assets and trading options. However, you may not find support for NZ-based payment methods.
On the other hand, domestic cryptocurrency exchanges are based in NZ itself. They offer enhanced customer support and compatibility with local payment methods.
Therefore, if you want to buy crypto using your credit card, debit card, or bank account, you should use a domestic exchange.
Easy Crypto is one of the most popular places where New Zealanders can buy and sell crypto. You can use the platform to buy crypto using New Zealand Dollars (NZD), convenient.
You can use POLI instant pay or direct bank transfer to pay for the crypto you purchase via Easy Crypto.
The company does not accept credit cards, which is a slight drawback. Once you have made the purchase, Easy Crypto will transfer that to a secure digital wallet. You can either keep using the wallet or transfer the coins to another hardware/software wallet.
It is also worth noting that Easy Crypto does not have any hidden charges. You have to pay the amount you see on the screen.
New Zealand’s safest and easiest Bitcoin & Cryptocurrency retailer. They are open 24/7, and guarantee every order, with most orders delivered within 2 minutes.Visit Exchange
Kiwi-Coin is another popular cryptocurrency exchange you can use in NZ. Based in Auckland, this exchange started its journey six years back. Currently, Kiwi-Coin allows you to purchase and sell Bitcoins with ultimate ease.
Once again, you can use POLi or direct bank transfer to buy Bitcoins using the exchange. In this case, however, you need to deposit NZD first and wait for it to approve.
In addition to regular exchange services, Kiwi-Coin allows customers to transfer between them while the platform functions as an escrow.
Kiwi-Coin is New Zealand’s Bitcoin Exchange. Kiwi-Coin was founded 7 years ago by a group of local bitcoin enthusiasts with already 3 years of experience in bitcoin.Visit Exchange
How to purchase Bitcoin?
Here are the steps you need to follow to purchase from Easy Crypto. These steps are simple, and you can complete buying it in a few minutes.
You have to create a free account with Easy Crypto. You can use this account to access all your crypto-based transactions with ease.
Easy Crypto allows you to start an account using your email address or a Google/Facebook/Twitter account.
In this step, you have to verify your identity. You can use a scanned copy of an NZ driving license to verify your identity, and this process would take only two minutes. Compared to the ID verification time seen on international exchanges, this solace.
You can now choose the amount you want to buy and process the order. On the next page, you have to enter the wallet address. If you do not have a digital wallet, Easy Crypto will help you set one up in a few minutes.
Easy Crypto recommends Exodus wallet as one of the best options.
As mentioned above, the exchange supports POLi instant pay, A2A pay, and direct bank transfer as the payment method.
If you use the first method, you can finish the purchase in just seconds. However, if you had chosen bank transfer, you may need more time to verify the transaction.
As you can see, you can purchase Bitcoin with Easy Crypto in three steps. On a typical day, if you have saved the wallet information and POLi payment credentials, you can finish these steps in less than a minute.
We believe that is as amazing as things get from a practical perspective.
How to secure your BTC?
The best way to secure your crypto is to transfer it to a more secure wallet. You can choose hardware, software, or hybrid wallet to store crypto, as we mentioned earlier. Regardless of this choice, you can use the following steps to transfer your Bitcoin to another wallet.
- You have to create an account on one of the securer wallets like Exodus and set up the app. Ensure that you have access to the public key.
- Go to the current Bitcoin wallet and choose the option to send crypto. When the app asks, provide the address of your new Bitcoin wallet.
- Now, provide the required verification and wait for the current wallet to process the crypto transaction. This process may take up to a few minutes based on the Bitcoin network traffic.
That is it! You have successfully sent your crypto to a secure digital wallet. Now, your Bitcoin will be safe from a variety of attacks. We recommend using a combination of hardware and software wallets if you want the best security for your crypto investments, though.
We believe our guide helped you buy Bitcoin in NZ without any trouble. We have recommended solutions that we have ultimate confidence in. Therefore, you do not have to worry about credibility or the lack of support from the service provider.