Introduction
Cryptocurrencies are becoming increasingly popular in New Zealand and many buyers are looking to the cryptocurrency market to buy bitcoin for the first time in New Zealand. That’s why we’ve put it all together in a comprehensive guide to help you buy and sell bitcoins safely.
It is not a complicated process if you want to buy and sell bitcoins in New Zealand. The steps can be as simple as creating an account on a user-friendly crypto currency exchange and then selecting the buy Bitcoins option.
The general steps to buy bitcoins are.
Choose a bitcoin exchange – The easiest way to buy bitcoin in New Zealand is through a broker or crypto-currency exchange. Factors to consider when choosing a cryptocurrency exchange are low cost, bitcoin price, user-friendly interfaces and customer support.
Create an account – Once you’ve chosen your cryptocurrency exchange, you’ll need to start creating an account, providing some details before you can buy and sell bitcoins on the platform in New Zealand.
Make a deposit – Once you are verified, you need to make a deposit on the exchange site to exchange your fiat currency into bitcoins and then into goods and services if you want. How you buy bitcoins and make a deposit on the exchange depends on the cryptocurrency exchange itself. Methods of buying bitcoins in New Zealand include a bank transfer from your bank account or using a credit or debit card.
Record bitcoins in your bitcoin wallet – Once you have made a deposit via wire transfer, credit or debit card, you should look to withdraw the bitcoins you have obtained and transfer them to a storage device called a bitcoin wallet. It’s easy to do, and you have the option to choose whether you want to transfer your digital currency to hardware or software wallets.
A step-by-step guide to buying bitcoins
You can buy bitcoins in New Zealand in three major steps: Choose a wallet to store bitcoins, choose a crypto currency exchange, then buy bitcoins.
Step 1 Choose a wallet to store bitcoins in
First, you need to set up a hardware or software wallet to store your cryptocurrencies in New Zealand. These vaults do not contain bitcoins, but they do contain your private key, which is needed to access your public bitcoin address and sign transactions.
There are several types of options, including hardware wallets like Trezor and Ledger Nano S. A hardware wallet is more secure than a software wallet because it is not connected to the internet and allows you to store your private key offline.
Desktop wallets are downloaded to your computer and the private key is stored on your hard drive. Examples are Exodus and Electrum. Some of these software wallets also make it very easy to exchange your bitcoins for other types of crypto-currencies supported in New Zealand.
Step 2 Choose Cryptoexchange
Once you have set up and chosen your wallet, the next thing you need to do is choose the trading platform you want to use to buy your bitcoins in New Zealand. In general, there are three types of exchange
Bitcoin broker
This is generally the fastest type of platform for crypto currency, where buyers and sellers can make transactions in fiat currency or via wire transfer through their bank account or credit/debit card. These brokers offer user-friendly platforms, but the downside is that their transaction fees are quite high compared to other options.
Trading platforms for crypto-currencies
There are many crypto currency trading platforms where you can buy bitcoins. Examples include e-Toro and Cex.IO, which are highly secure and reliable platforms for cryptocurrencies.
These platforms allow you to buy bitcoins with other crypto currencies and provide a super easy way to get your crypto. They also offer very competitive rates compared to brokers and give you access to new and larger amounts of cryptocurrencies. However, one of the disadvantages is that this way you get cryptocurrencies by exchanging them with another type of cryptocurrency, which is not suitable for beginners.
P2P cryptocurrency exchanges eliminate the middleman when buying cryptocurrencies and allow users to trade directly with each other. Sellers can specify the price they will receive when they sell their cryptocurrency and also ask for identity verification if necessary.
One of the main advantages of P2P exchanges is the variety of payment methods you can choose from, including the ability to receive your bitcoins through your bank account. All you need to do is choose a merchant that accepts to sell bitcoins through this particular payment method. Examples of P2P cryptocurrency exchanges include LocalBitcoins.com and Paxful.
Step 3 – Pay for bitcoin
Once you have your hardware wallet set up and are ready to buy your bitcoins, you need to decide how you want to pay for your bitcoins. There are several ways to get large amounts of bitcoins.
Buying crypto for money
You can buy bitcoins with cash or find a peer-to-peer exchange that accepts bitcoins with cash. You can also find a bitcoin ATM where you can deposit money like a regular ATM, which can then be converted into BTC for your private key. For example, some exchanges also allow you to deposit cash into your account. B. at Western Union. However, you should keep in mind that this option may involve high transaction costs.
Buying cryptocurrencies with a credit or debit card
Most brokers and cryptocurrency exchanges allow you to buy bitcoins with your cards, such as eToro, and this is one of the most convenient ways to get bitcoins.
However, there are also high fees associated with these transactions, not to mention the additional fees your bank may charge you.
Buy Crypto with Paypal
If you have a paypal account that you want to use to receive crypto-currencies, good for you because you can absolutely do that. However, few bitcoin platforms accept Paypal as a method to buy cryptocurrencies.
Buying crypto currency with Paypal is certainly quick and easy with little security risk, but aside from the fact that it is unusual for some to accept crypto currency purchases via Paypal, it would be best to look for a seller on a PR exchange that accepts Paypal as a payment method.
How to choose a crypto-currency platform
With so many types of bitcoin exchanges, you should make your choice based on the following factors.
Security – This is an important factor when choosing your cryptocurrency platform to receive your coins. You should check the forum reviews and a quick Google search will tell you if the platform is really safe. You should also check if the platform provides and maintains security protocols such as two-factor authentication, PGP encrypted email and SSL website encryption to protect your users’ data.
Fees – You should visit the cryptocurrency exchange’s website and determine if the fees are competitive for you. Depending on the amount you want to trade, different crypto-currency platforms will suit you. Some coin platforms even have a fee structure that benefits investors who trade a lot, and other platforms are actually cheaper for those who have a path to lower trading volume.
Supported currencies – It is important to know if the crypto currency you are looking for is actually available on the platform. This is because some exchanges focus on a handful of currencies, while others tend to offer a variety of options to their investors.
Transaction limits – Does the crypto-currency platform have a maximum or minimum number of coins you can buy? Are there any restrictions on your account or portfolio when you want to withdraw your assets from the platform? Are there any fees associated with the above transactions?
Bonus tip– Buy your coins on the New Zealandexchange.
Although there are many international coin platforms that are secure and strictly regulated, it is best to focus on one that is based in New Zealand, as this offers several advantages
for
New Zealand stock exchanges are effectively regulated by the New Zealand Financial Markets Authority and must comply with the fair trading requirements of the Financial Markets Conduct Act 2013.
You don’t have to worry about the currency you receive your coins in, as NZD is accepted.
The local platform will support local payment methods, such as POLi payments.
Other
Since the local currency platform is highly regulated, you may be asked to provide personal information for verification purposes, and you will lose your anonymity when you trade on the exchange.
Due to the amount of verification required, the process can take some time compared to platforms that do not use much information for verification.
International platforms can make it easier to buy your coins, as they can offer better liquidity compared to a platform in New Zealand.
Things to know before buying coins like BTC.
Investing in BTC is similar to investing in stocks, you have to do research on the single crypto you are investing in.
Investing in bitcoin is volatile – A quick search of the historical value of bitcoin will show you that the price is volatile, unstable and completely dependent on community sentiment about the value of bitcoin. So not only is it an easy crypto to make money with in a short period of time, but you also run the risk of losing a large portion of your investment if things don’t go quite to plan. This is because the value of coins like bitcoin is very unpredictable, which means there is a lot of risk involved in investing in bitcoin.
Security is important – The best feature of any platform you want to get your bitcoin on is its security protocols, as many exchanges have been hacked in the past and their assets stolen.
A common statement in the Bitcoin community is: If your private key is not your own, you don’t really own your coins. So you need to understand the difference between whether your private key is actually in your possession or in the possession of the platform you use to receive your coins.
BTC transactions cannot be reversed – You can never reverse a BTC transaction once it has been sent to the blockchain. Always check your transactions before sending a bitcoin payment.
Bitcoin exchange is not anonymous – While there is a degree of privacy when exchanging cryptocurrencies like bitcoin, it is not completely anonymous because your public address and your transaction details are visible to everyone.
Tax implications when trading Bitcoins – There are tax liabilities to consider when using bitcoins as an investment, as you may be taxed on the capital gains you receive when you sell them for cash.
Popular Bitcoin and Crypto Exchanges in New Zealand
Swyftx
for
- Excellent customer support with easily accessible help via chat and phone.
- Offers more than 230 different types of trading pairs
- Offers multiple payment options
- Fast verification process
- Supports the functions of the automatic supply regulation
Other
- Identity verification is required for NZD deposits
Swyftx is a great swap shop that caters to NZ users and wants to make buying parts a simple process. Swyftx is an excellent choice because the interface is intuitive and contains excellent guides and applications for each device.
E-Toro
for
- Provides a unique commercial copy function
- A highly respected and trusted exchange among the cryptographic community.
- Clean and easy to use interface
Other
- Does not allow deposit of cryptocurrencies, only fiat currency.
E-Toro is another great platform to use if you trade cryptocurrencies, and they support all major coins including Bitcoin, Ethereum, Litecoin and many other types of cryptocurrencies.
What sets E-Toro apart is the copy of the traders. The principle is as follows: a user can select a user on his platform that he wants to copy, and every time this user makes a transaction, you immediately make the same transaction, thus copying his model. Users can copy and trade from other highly successful users on the platform.
The accepted payment methods are bank transfer, SEPA< NETELLER and Paypal.
Independent reserve
for
- Support for the NZD
- Wide range of payment options
- Low commissions, starting at 0.5%, but can drop to 0.05% if the volume of transactions is higher.
- Support for automated provisioning based on a specified time interval
- A premium account option that insures cryptographic assets.
Other
Confusing user interface for beginnersIndependent Reserve is another platform that serves the people of New Zealand and opens its services to traders, financial institutions and individuals. The payment methods supported by Independent Reserved are EFT, Osko/PayID, POLi and SWIFT.
The Independent Reserve is also highly secure because it uses encrypted data centers in multiple locations, and it also uses secure underground storage to protect your data and the cryptographic assets stored with it.
Octopus
for
- The reduced fee starts at 0.25% for brokerage fees and can be reduced to 0.1% if there is sufficient trading volume.
- Low commissions for producers and the ability to go to 0% if a sufficient volume of resellers is achieved.
- Very rich
Other
- Exchange anonymity for a high degree of security, not like a private system.
Kraken is another major exchange that prides itself on never having been hacked. It was founded in mid-2011 and is one of the largest cryptocurrency exchanges in the world in terms of average daily trading volume, along with Coinmama and Coinbase.
The advantage of Kraken is that it is available in almost every country, including New Zealand. The accepted payment methods are SEPA, bank transfer and SWIFT.
frequently asked questions
Can I buy less than 1 BTC?
Yes, you can buy a small portion of a coin, as each coin is divided by 0.00000001 BTC.
Can I store my bitcoins in an exchange?
While it is possible to store your BTC on the platform using the internal wallet, it is highly impractical to do so as you could potentially lose control of your wallet’s private keys if the exchange is hacked.
What determines the price of BTC?
The main factor that determines the price of BTC is supply and demand, as only a limited number of BTC circulate in the market and new coins are generated at a predictable rate.
With over 10 years of experience as a financial analyst, Eric is well aware of the potential of cryptocurrencies, particularly bitcoin, and its impact on the global economy. He is determined to share everything he knows about cryptocurrencies here.
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