How to Buy Bitcoin in New Zealand

Chances are if you’re here, you’re looking into buying Bitcoin in New Zealand. Cryptocurrencies are increasingly becoming a popular asset class among New Zealanders who are looking to diversify their investment portfolios.

Data from a 2022 survey by the Financial Markets Authority (FMA) indicates that 10% of Kiwis have cryptocurrency investments.

While there are many cryptocurrencies out there, Bitcoin (BTC) stands tall above the rest – and for a good reason. Bitcoin’s price history reflects its resilience, with its value rebounding after each dip regardless of how bad the market sentiment seems to be.

It’s no wonder Bitcoin has often been dubbed as digital gold, due to its appreciating value, akin to the actual precious metal.

New to Bitcoin? Learn the basics.

Where to buy Bitcoin in New Zealand

Buying Bitcoin (BTC) in New Zealand is easier than you think. Cryptocurrencies can be purchased in mainly one of two ways:

1. Custodial exchanges: these are centralised crypto exchanges where they hold your crypto assets in their wallets – similar like how a banks stores your NZD.
2. Non-custodial exchanges: a non-custodial service does not store your crypto assets, but acts like a retail where they offer buying and selling of crypto assets, and have them sent directly to the customers’ wallets.

Easy Crypto NZ offers non-custodial services for Kiwis wanting to buy Bitcoin (BTC) in New Zealand.

We have over 160+ crypto assets that range from Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and many other cryptocurrencies.

We send your buy & sell orders directly to your crypto wallets, where you hold the true ownership of your crypto.

How to buy Bitcoin in New Zealand

Before buying Bitcoin, or any cryptocurrency on Easy Crypto, there are 2 things that you’ll need:

1. Have a verified account at Easy Crypto NZ.
2. A cryptocurrency wallet to store your crypto assets.

Don’t have a crypto wallet?

Download our very own, Kiwi-designed self-custody Easy Crypto Wallet that is built to simplify the crypto experience for all users. Available on iOS and Android.

Download now: Get Started with the Easy Crypto Wallet!

Once you’ve got your wallet set up and ready, follow our quick and easy guide below on how to buy crypto in New Zealand!

And that’s it – you’re done!

Be sure to keep an eye on your order confirmation as we process your crypto order. Feel free to get in touch with our helpdesk if you have any questions or need further assistance.

Additionally, for those who want a more detailed walkthrough check out our YouTube video guide below:

Things to consider before buying Bitcoin in NZ

With all that said, below are some considerations to think about before buying Bitcoin in New Zealand. Be sure to consider these factors when buying or investing into Bitcoin, or any cryptocurrency for that matter.

Choosing the right platform

When you choose a Bank to store your money, you probably go through extensive research and comparisons to find the right one. The same can be said when buying cryptocurrencies.

Finding the right platform involves doing your own research to consider the different exchanges out there. As briefly prefaced, there are different places to buy crypto assets.

Be sure to look into whether or not the exchange is legally compliant, check for any hidden fees, and most importantly a customer support team that will assist you with any inquiries.

Related: Learn how to do your own crypto research.

Storing your Bitcoin

As mentioned above, Bitcoin and cryptocurrencies are stored in crypto wallets.

Crypto wallets are primarily categorised into two different types based on their storage method:

• Hot wallets: the most common and popular wallet; stores your crypto assets in a secure online digital wallet. This type of wallet prioritises accessibility and cross-platform support.
• Cold wallets: store your wallets in an offline environment, hence the name. This type of wallet is designed for long-term storage with maximum protection.

Learn more: A Guide to Crypto Hot Wallet vs. Cold Wallets.

Crypto tax and regulation in NZ

It goes without saying, that one of the things to keep in mind with any type of investment – including Bitcoin is the regulation and taxes that are involved.

In New Zealand, there are two types of tax that can apply to crypto assets: income tax, and goods and services tax (GST):

• Income Tax: Currently, all New Zealanders must pay income tax on their cryptocurrency proceeds from taxable events (explained below). 
• Goods and Services Tax (GST): In New Zealand, any goods and services traded, local or imported, incur 15% GST. IRD has signalled that this will be removed in early 2021.

Be sure to read our guide on crypto tax in NZ for further details:

• Cryptocurrency and Tax Guide in New Zealand.
• Tax on Cryptocurrency Assets in New Zealand.

What can you do with Bitcoin in NZ

Similar to government-issued fiat currency, Bitcoin and cryptocurrencies can be easily used to conduct transactions are supported locations.

In fact, some businesses in New Zealand have even offered cryptocurrencies as a payment gateway.

Learn more: Visit our growing list of businesses that accept crypto in New Zealand.

Other things you can do with Bitcoin:

• Browse NFT marketplaces and shop for the latest collectible NFTs!
• Track and manage the growth of your crypto assets with our portfolio tracker.
• Safely backup your Bitcoin wallet so you can never lose access to your digital assets.
• Bitcoin transactions are cost-effective, as they only pass between users and do not require the involvement of banks or other 3rd party intermediaries. 
• Since there is no organisation in the middle of the Bitcoin network authenticating transactions as a bank would, there is no way that the system can be shut down, nor can anyone meddle or restrict your ability to make payments.
• Bitcoin transactions can be anonymous, as its user’s bitcoin wallets by default are not tethered to their real-world identities.

Disclaimer: The discussions in this article are not meant to be taken as financial advice. Cryptocurrencies are highly volatile assets with market movements influenced by many factors. As with any investment endeavor it’s recommended to do your due diligence and conduct your own empirical research.