How to Buy Bitcoin in New Zealand
Buying Bitcoin or crypto is easier than you think! Learn how Kiwis can buy their first 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:
- Custodial exchanges: these are centralised crypto exchanges where they hold your crypto assets in their wallets – similar like how a banks stores your NZD.
- 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:
- Have a verified account at Easy Crypto NZ.
- A cryptocurrency wallet to store your crypto assets.
Don’t have a crypto wallet yet?
No worries, follow our simple guides to set up a crypto wallet Trust Wallet, Exodus Crypto Wallet, and Edge Crypto Wallet.
With that said, follow our quick and easy guide below on how to buy crypto in New Zealand.
Step-by-step guide on how to buy crypto in New Zealand:
- Sign in to your Easy Crypto Account
Visit the Easy Crypto New Zealand, then proceed to log in to your Easy Crypto New Zealand account using your credentials.
If this is your first time – welcome! Click on the Sign Up button on the top right to create an account and proceed with the account verification process to get started.
- Create a purchase order for Bitcoin (BTC)
On the homepage, select Bitcoin (BTC) and enter the desired amount of NZD you want to spend.
Afterwards, proceed to click the Buy Now button.
- Enter your wallet’s receiving address
Next, enter your wallet’s receiving address for the corresponding cryptocurrency you wish to purchase. If you don’t have a wallet yet, read our quick guide on setting up a crypto wallet.
Alternatively, you can also click on I don’t have an address! button and we can offer your other options.
- Select your preferred payment method
If you choose to pay with Account2Account or POLi pay, your order should be fulfilled shortly after payment confirmation – depending on the coin type and network congestion.
If choose Bank deposit, your order will be processed and delivered once we receive your payment in our account with the correct reference – this can take a few hours or even days if the payment was sent over the weekend, as banks only process transactions during business hours.
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:
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.
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Disclaimer: Information is current as at the date of publication. This is general information only and is not intended to be advice. Crypto is volatile, carries risk and the value can go up and down. Past performance is not an indicator of future returns. Please do your own research.
Last updated February 23, 2023