Crypto Exchange Comparison in New Zealand 2021
With Bitcoin dominating the news and social media feeds recently, it’s no surprise that public interest in cryptocurrencies has steadily risen since the beginning of.
With Bitcoin dominating the news and social media feeds recently, it’s no surprise that public interest in cryptocurrencies has steadily risen since the beginning of 2021. This attracted a lot of people’s attention and with that, we’ve written this crypto exchange comparison to help you cherry-pick which exchange will net you the most value for your NZD in New Zealand.
Since Q1 2021, Bitcoin-related search queries and keywords have peaked 3 times on Google. This is further propagated by high-profile entities such as Tesla, VISA, and Mastercard announcing their involvement in the crypto space.
Bitcoin’s market cap is currently hovering around USD $1.025 trillion as of March 2021 – an increase of 70% from the beginning of the year. This number is expected to continually increase as more institutions adopt cryptocurrency on their platforms.
There’s no denying that cryptocurrency has piqued the interest of many investors and newcomers alike to try their hand at investing in digital currencies.
That said, one of the easiest and safest ways to get started with crypto in New Zealand is through a cryptocurrency exchange.
We’ll be discussing the purchasing experience of popular crypto exchanges in New Zealand, as well as comparing their end-to-end fees from making a purchase order to having them delivered to your choice of crypto wallets.
Check the latest BTC rates: Click here to view the latest Bitcoin prices in New Zealand.
Comparing New Zealand crypto exchanges
As with any investment endeavors, we want to get the most value out of our NZD and crypto pairings. However, there are a few variables such as costs and fees that can contribute to the end-to-end pricing for your crypto transactions.
It’s important to keep in mind that not all crypto exchanges operate the same way. Some are more direct and transparent with their premiums on their platform – while others not so much. Therefore, choosing the right crypto exchange can definitely impact your experience.
To help sort out your options, we’ll be comparing the buying process of Bitcoin (BTC) from popular crypto exchanges in New Zealand. By doing so, you’ll be able to get a sense of how each of the different exchanges operates and what kind of fees are involved.
For this comparison, we’ll be taking an approach as a customer wanting to buy BTC and have it stored safely in an external crypto wallet.
Purchases are made on the exchanges with a deposit of NZD $100, and the funds will be withdrawn to our wallet to simulate the end-to-end buying experience.
This wouldn’t be a proper New Zealand crypto exchange comparison if we didn’t include ourselves.
So, first up, we’ll be processing a purchase order through our very own platform at Easy Crypto to simulate the experience that our customers go through.
We had one of our staff conduct a purchase of NZD $100 worth in Bitcoin at a purchase price of $83,675 BTC/NZD.
This order yielded 0.00119509 BTC or 119509 sats, which was then sent to an external wallet within minutes.
There was no need to withdraw the BTC off-platform as we make sure to deliver the funds directly to the receiving address that our users input during the purchase order.
Since Easy Crypto includes all fees in the initial quote, this was the final amount received in our wallet.
As mentioned above, there was no need for an additional withdrawal process with Easy Crypto. We also include all the fees, including sending your funds in the initial rate. This results in a transparent transaction process that will undoubtedly deliver the exact amount that our customers expect.
Shown above is the actual rate with no withdrawal fees attached to the transaction process. Everything is included in the actual rate that was originally displayed to our customers.
Keep this number in mind as we proceed with the rest of the crypto exchange comparison in New Zealand!
Binance is a well-known popular platform with a global presence to buy, sell, and exchange cryptocurrencies. We’ve decided to include them to compare how NZD/BTC pairing would fare on their platform.
We proceeded to make a purchase order of NZD $100 worth of Bitcoin that was purchased through Binance’s platform.
The purchase was at a rate of $78,740 BTC/NZD, which yielded 0.00127 BTC or 127000 sats in our Binance account.
The overall purchasing process with Binance was fairly straightforward and we were charged exactly the NZD $100 which we intended to spend.
For the withdrawal process, we were charged a fee of 0.0005 BTC or 50000 sats to have our BTCs sent to our external crypto wallet.
We proceeded to withdraw the entire amount and ended up receiving 0.00077 BTC or 77000 sats in our wallet.
This 0.0005 BTC fee worked out to be around NZD $29.56 at the time of the transaction. A fee that may be steep to some, and a cost that needs to be taken into consideration on top of the actual BTC price itself when planning your crypto investments plans.
It’s worth noting that transferring to an external crypto wallet required no additional verification other than an email address. The verification however leans strongly into pushing users towards using the Binance chain.
We suspect that this is done to encourage users to stay in the Binance ecosystem – evidenced by the image above (the BTC address option was the most expensive by far).
Next up in this comparison is Crypto.com which is another popular crypto exchange option amongst New Zealanders.
In keeping all the variables the same we purchased NZD $100 worth of Bitcoin at a purchase rate of $77,220 BTC/NZD.
In return, we received 0.001295 BTC or 129500 sats in our Crypto.com account.
The overall purchasing process through Crypto.com was objectively confusing at first, as it only displayed the option to use EUR currency. However, after a bit of searching we found that we could put an order in for a specific amount of BTC and not actually specify in NZD the amount we wanted.
Once we found an amount that equaled NZD $100 at the time, we went ahead and proceeded with the purchasing process. This is where we encountered an additional charge of NZD $3.99 purchasing fee on top of the NZD $100 Bitcoin purchase.
We then proceeded to make a withdrawal order to have the bitcoins delivered to our external crypto wallet.
However, Crypto.com has set a minimum withdrawal amount of 0.003 BTC. This limitation prevented us from getting our BTC off their platform as our NZD $100 purchases only netted us 0.001295 BTC.
The amount that we would have received if we were able to withdraw our BTC – based off of their withdrawal fee would be 0.000895 BTC or 89500 sats.
We would have been charged a withdrawal fee of 0.0004 BTC or 40000 sats to receive the funds to our crypto wallet.
What are some good options for crypto wallets? Click here for our complete guide on crypto wallets!
As another reputable exchange in New Zealand, we’ve also included Dasset for a well-rounded comparison.
However, at the time of this writing, we were unable to proceed with our purchase order due to pending verification documents (submitted on March 22nd, 2021).
To be fair, their live support was quick to respond to our inquiry. And subsequent follow-ups have been made to submit additional documents upon their request (submitted on March 30th,2021).
We will update our findings on Dasset once we have made a successful purchase order on their platform.
New Zealand crypto exchange comparison results
As you can tell, each cryptocurrency exchange will vary slightly in terms of how they incur fees and limitations on their platform.
To summarize our findings, we’ve compiled the comparison data below.
From the data above, we can conclude that with Easy Crypto you will receive the highest amount of BTC delivered to your wallet and the most end-to-end value on your Bitcoin purchase.
Listed below are more breakdowns of the comparison data we gathered.
Crypto exchanges in New Zealand ranked by their advertised rate v. actual BTC received to our external crypto wallet:
- Easy Crypto: NZD $83,675 rate. We received 0.00119509 BTC in our wallet.
- Binance: NZD $78,740 rate. We received 0.00077 BTC in our wallet.
- Crypto.com: NZD $77,220 rate. We received 0.000895 BTC in our wallet.
- Dasset: Will update once we have made a purchase order.
Below are the crypto exchanges ranked based on the advertised rate for BTC/NZD from lowest to highest:
- Easy Crypto
- Dasset (pending data)
Below are the results for the amount of BTC received to our external crypto wallet from each exchange, ranked from most received to least received amount:
- Easy Crypto
- Dasset (pending data)
Keep in mind that lower rates do not guarantee more BTC on your purchase. Other fees and limitations can deduct the total amount of bitcoins you receive to your wallet. Make sure to remember this on your next purchase!
Speaking of wallets – have you got a crypto wallet yet?
Shop crypto wallets: Click here to browse and purchase a crypto wallet from our online store!
Buying BTC in New Zealand with Easy Crypto
Whether you’re a seasoned trader or a newcomer to the crypto space it’s important to be mindful and aware of the different variables that go into your crypto transactions.
We hope this crypto exchange comparison in New Zealand has been insightful and provides you with a better understanding of the end-to-end fees involved when making crypto transactions.
With that said, here at Easy Crypto, we aim to simplify and make the cryptocurrency experience as seamless as possible for our users.
Whether you’ve got your eyes set on Bitcoin, Ethereum, or any other crypto – we make it quick and easy for Kiwis to buy cryptocurrency in New Zealand.
We offer competitive rates, the flexibility to swap directly between your crypto assets, portfolio tracking to manage your digital assets, and the ability to automate your purchases to simplify your investment goals.
Get started: Click here to Buy Bitcoin in New Zealand.
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