How To Buy Bitcoin New Zealand – Buy Bitcoin In Under 5 Minutes
If you’re wondering how to buy Bitcoin (BTC) in New Zealand – the process could not be easier. In fact, it takes just minutes to open a cryptocurrency brokerage account, deposit funds, and then complete your Bitcoin purchase.
In this guide, not only do we show you how to buy Bitcoin in New Zealand in under five minutes – but we also review the best crypto brokers for the job.
#1 Broker to Buy Bitcoin NZ – Bitcoin Era
How To Buy Bitcoin New Zealand – Choose a Broker
Below you will find an overview of the best brokers that allow you to buy Bitcoin in New Zealand safely, quickly, and in a cost-effective manner..
- Bitcoin Era – Overall Best Broker to Buy Bitcoin New Zealand
- Coinbase – Best Broker to Buy Bitcoin for Beginners
- OKEx – Great Low-Fee Broker to Buy Bitcoin New Zealand
- Binance – Top Broker to Buy Bitcoin for Asset Diversity
We review each of the above Bitcoin brokers further down in this guide.
How to Buy Bitcoin in New Zealand – A Quick Guide For 2021
If you don’t have time to read this guide in full and simply want to buy Bitcoin in New Zealand right now – follow the steps below. In doing so, you will be buying Bitcoin with Bitcoin Era.
- Step 1: Open an Account with Bitcoin Era – To open an account with Bitcoin Era, click on the button that says “create a free account.” Fill in your personal information, such as your name, email address, and phone number, and then click on “Register now.”
- Step 2: Make a Deposit –The smallest sum that can be accepted is $250. There are a plethora of payment methods that are supported for this purpose, as you will see.
- Step 3: Demo Account – Demo accounts are optional, however, we encourage that you use one as one of your first methods to avoid the possibility of losing money.
- Step 4: Trade for Real with Bitcoin Era Chart – Now, you should decide whether you want to just turn it on and allow it to trade automatically according to its pre-programmed settings, or whether you want to set your own rules in the form of trade parameters.
Where to Buy Bitcoin in New Zealand
Make no mistake about it – you won’t be short of options when it comes to finding an online exchange or broker selling Bitcoin in New Zealand. However, you need to remember that most platforms operating in this space are unregulated.
This was the key issue with NZ-based Cryptopia – which was subsequently hacked in 2019 for over $24 million worth of crypto. This is why you need to choose carefully when selecting a broker to buy Bitcoin in New Zealand.
To push you in the right direction, our in-depth research concluded that the following brokers are worth considering when investing in Bitcoin.
1. Bitcoin Era – Overall Best Broker to Buy Bitcoin New Zealand
Bitcoin era, a trading platform launched in 2019 claims it can generate daily profits for its members by executing automated transactions at the same time in a program that was built by a consortium of Fintech businesses. According to both their customers and their authors, Bitcoin Era is capable of doing trades at a fraction of a second faster than most algorithms, and at a fraction of a second faster than the average trading program.
Cryptocurrency trading platforms such as Bitcoin Era, which allows users to conduct automatic trades in the cryptocurrency exchanges, are becoming increasingly popular. This is accomplished through the use of a cryptocurrency robot, which the company claims has a success rate of more than 99% when trading. The first thing to observe is that this number is not backed up by any data and is extremely difficult to accept as accurate. You can benefit from automatic trading by visiting the Bitcoin Era website, but this degree of precision is impossible to achieve.
In addition to being free to use, the Bitcoin Era software and the brokers who are included in the auto trading platform are those who are both regulated and compliant, and who have contributed to the funding of this trading tool. However, to use the platform with one of the brokers, the user must have an initial capital of $250 to invest, which is the same amount required by the majority of popular robots.
The trading robot on the platform, on the other hand, is not restricted to a single trading strategy. Even though customers can just turn it on and allow it to trade according to the default algorithm, they can also set it manually to follow their redefined settings if they so like. For example, it is possible to instruct the robot to buy Bitcoin when the price falls to a specific level or to track the price of Ethereum and sell when the price reaches a specific level.
2. Coinbase – Best Broker to Buy Bitcoin New Zealand for Beginners
Coinbase is an online broker and exchange that focuses exclusively on digital assets. The platform comes with both its pros and cons – which need to be considered before you open an account. In terms of the positives, Coinbase is a very user-friendly platform – so even if you are buying Bitcoin in New Zealand for the first time – you should have no issues navigating your way around the site.
Coinbase is also notable for its support for fiat currency. In fact, you can use your NZ debit/credit card to buy Bitcoin instantly. For this, you will first need to open an account and upload a copy of your ID. After that, it’s just a case of entering your total investment amount alongside your card details – and Coinbase will instantly execute your order. The funds can then be withdrawn to a private Bitcoin wallet. Or, you can also keep your tokens stored in the main Coinbase web wallet – which comes with various security features.
This includes two-factor authentication – which you will need to bypass every time you wish to log in to your Coinbase account. The broker also claims to keep 98% of client digital assets in cold storage. This simply means that the funds are only connected to live servers when a transfer is required. Now for the overarching drawback of using Coinbase – fees. That is to say, we found that Coinbase is one of the most expensive brokers in the cryptocurrency trading arena.
For instance, the broker charges a huge commission of 3.99% when you elect to buy Bitcoin in New Zealand with a debit or credit card. As such, that’s $39.90 for every $1,000 invested. You can avoid this transaction charge when transferring funds from your NZ bank account. But, you will still need to pay a 1.49% commission when you buy Bitcoin – and again when you cash out. All in all, Coinbase is notable from a security and user-friendly perspective. But, when you factor in its commission structure – Coinbase is somewhat overpriced.
- One of the most popular cryptocurrency exchanges
- More than 56 million users
- Supports instant debit card purchases
- Dozens of digital currencies to choose from
- Institutional-grade security practices
- Debit card deposits are expensive at 3.99%
- You will pay a standard trading commission of 1.49%
3. OKEx – Great Low-Fee Broker to Buy Bitcoin New Zealand
OKEx was launched in 2014 and primarily offers cryptocurrency exchange services. The platform now is now used by over 20 million traders from over 200 countries – so OKEx is well worth considering if you seek high levels of liquidity. OKEx is also renowned for its low-fee structure. For instance, the platform charges an entry-level commission of just 0.10% per slide. In simple terms, this means that you will pay just $1 for every $1,000 traded.
Best of all, OKEx rewards users that trade regularly, meaning the standard commission of 0.10% can be reduced further. With that said, before you can benefit from this low-cost commission, you will first need to fund your account. If you are already in possession of a digital token like Ethereum, USDT, or XRP – you won’t pay any fees to deposit. Funding your account with crypto also means you can avoid the need to provide OKEx with any personal information.
However, if this is your first time learning how to buy Bitcoin in New Zealand – it’s likely that you need to use NZ dollars to fund your account. If this is the case, you will be pleased to know that OKEx accepts bank transfers, as well as Visa and MasterCard. The fees on fiat currency deposits will depend on how much you wish to buy and the specific payment method. Nevertheless, OKEx also offers an instant buy service, you can directly buy Bitcoin with your debit or credit card if you wish.
If you are looking to buy cryptocurrencies in addition to Bitcoin, you will find over 400 pairs at OKEx. This largely focuses on major digital tokens – with pairs typically dominated in Bitcoin, Ethereum, Tether, and OKB. The latter is the digital token native to the OKEx platform. By holding some OKB tokens of your own, not only will you benefit from lower trading commissions, but you’ll have access to voting rights. OKEx also offers savings accounts for those looking to earn interest on their idle crypto tokens.
- Trusted crypto exchange with over 20 million users
- More than 400+ digital currency pairs
- Buy and sell cryptocurrencies with a debit/credit card or bank transfer
- Low commissions that start from 0.1%
- Fully-fledged mobile app on Android and iOS
- Great reputation and highly secure
- Debit/credit card fees could be more competitive
- Derivative products are too complex for beginners
4. Binance – Top Broker to Buy Bitcoin for Asset Diversity
If you are looking to create a well-diversified portfolio that contains heaps of digital currencies – you will need to choose a platform that offers an extensive library of crypto assets. Binance is perhaps the best option in this regard, as the exchange supports hundreds of cryptocurrencies. Not only does this include large projects like Bitcoin, Ethereum, Litecoin, and Dogecoin – but small ERC-20 tokens, DeFi coins, and even NFTs (non-fungible tokens).
The key point is that Binance allows you to buy, sell, and trade such a huge number of digital assets, that it makes the diversification process a seamless one. Plus, trading commissions are super low – so you won’t need to break the bank to buy multiple coins. In fact, much like OKEx, the exchange charges just 0.10% per slide. By holding BNB tokens – which is the digital currency native to the Binance exchange, your commissions will be reduced by 25%.
In terms of how to buy Bitcoin in New Zealand from Binance, the easiest way is to use your debit or credit card. This is because Binance will process your order instantly and thus – the tokens will be added to your wallet in a matter of seconds. The minimum investment amount is just $25 – albeit, be sure to check what debit/credit card fees are applicable as it seems to change regularly at Binance. You can also deposit funds via a local bank transfer. This is the cheaper option, but it can take 1-2 days for the funds to arrive in your Binance account.
Either way, once you have completed your Bitcoin investment at Binance – you have several options when it comes to storage. Many people elect to withdraw the BTC tokens to a private wallet. The other option is to keep the tokens in your main Binance account – which means that the exchange is responsible for safekeeping your private keys. This comes alongside several notable security controls – such as two-factor authentication and IP address whitelisting. You can also store your Bitcoin in the Trust Wallet app – which is backed by Binance.
- Facilitates billions of dollars in daily trading volume
- Supports hundreds of digital asset pairs
- Near-instant deposits via debit/credit cards and local bank transfers
- Trading commission starts at just 0.1% per slide
- Offers crypto savings accounts
- Ideal for both beginners and experienced traders alike
- Not all supported cryptocurrencies can be purchased with a debit/credit card
- No e-wallet deposits or withdrawals
How to Get Started With the Best Bitcoin Exchange New Zealand
Within it – we walk you through the process of opening an account and depositing funds with Bitcoin Era – which we found to be the best Bitcoin exchange in New Zealand. By reading our guide up to this point, you should know now which crypto exchange you wish to use to buy, sell, and trade digital tokens in New Zealand. If this is your first time using an online exchange – then this section is for you.
Step 1: Bitcoin Era Registration
Create a Bitcoin Era account by going to the official website and clicking on the button that says “create a free account.” Fill in your personal information, such as your name, email address, and phone number, and then click on “Register now.” You will be connected to an authorized broker who is licensed to conduct business in your jurisdiction. You will be required to input further information such as your net worth, your address, and your previous trading experience.
Step 2: Deposit
The next stage necessitates the payment of a deposit. The smallest sum that can be accepted is $250. There are a plethora of payment methods that are supported for this purpose, as you will see. As a result, choose the most appropriate method for your situation. Most time, the deposit will appear in your account immediately, but sometimes, it may take some time to appear. It usually depends on your selected payment method.
Step 3: Demo account
Demo accounts are optional, however, we encourage that you use one as one of your first methods to avoid the possibility of losing money. What exactly is it about? It is a demo mode, which allows you to explore the platform and make trades with imaginary money to learn more about Bitcoin Era and the broker. It operates in a manner that is very similar to that of real-time trading operations in a live trading session. This is something we encourage you to attempt so that you can become familiar with the numerous operations that you can perform on the trading platform and then start trading for real money once you have been comfortable with everything.
Step 4: Trade for Real with Bitcoin Era Chart
If you are sure you have familiarized yourself with the platform, you are ready to trade. Now, you should decide whether you want to just turn it on and allow it to trade automatically according to its pre-programmed settings, or whether you want to set your own rules in the form of trade parameters.
Buy Bitcoin – Best Place to Buy Bitcoin in New Zealand
We briefly mentioned earlier that you won’t be short of options in terms of finding a place to buy Bitcoin. However, some options are much better than others – especially when it comes to safety and regulation. As such, below we discuss the best place to buy Bitcoin in New Zealand and what to consider before proceeding.
Some traders in New Zealand will use a cryptocurrency exchange to buy, sell, and trade Bitcoin. There are hundreds of such exchanges available in the public domain – most of which are unregulated.
- A prime example of this was the infamous case of Cryptopia. For those unaware, Cryptopia was a cryptocurrency exchange based in New Zealand that was hacked in 2019.
- This resulted in customers of the exchange losing vast sums of money. Cryptopia isn’t alone in this feat – as dozens of cryptocurrency exchanges have been hacked or turned out to be a scam in recent years.
Sure, these exchanges typically offer hundreds of supported digital tokens and industry-leading commissions – but unless the platform is regulated, you should avoid it at all costs.
Ultimately, you can never be sure whether or not your crypto assets are safe when using an unlicensed exchange to buy Bitcoin in New Zealand.
Ways to Buy Bitcoin New Zealand
Now that you know the best place to buy Bitcoin in New Zealand, you now need to think about the many ways in which you can fund your investment. After all, each payment type will come with its own pros and cons – which includes metrics linked to speed, fees, and whether or not KYC is required.
The best ways to buy Bitcoin in New Zealand are discussed in more detail below.
Buy Bitcoin With Debit Card
We would argue that the best way to buy Bitcoin in New Zealand is with a traditional debit card. Although many brokers allow you to invest in Bitcoin in this manner, the most important thing to look out for is how much you will be charged in fees. This is because the industry average sits between 3-5% of the transaction amount.
Buy Bitcoin With Credit Card
You can also buy Bitcoin in New Zealand with a credit card – if the issuer permits this. You might find that the credit card issuer charges a cash advance fee for buying Bitcoin from a crypto broker – so check this before proceeding.
Buy Bitcoin With Paypal
The best place to buy Bitcoin with Paypal is at Bitcoin Era. The platform allows you to safely use this popular e-wallet at a fee of just 0.5%. Plus, the transaction will be processed instantly – so you can then buy Bitcoin straightaway.
Buy Bitcoin With Crypto
The only way to buy Bitcoin in New Zealand without going through a KYC process is to fund your purchase with crypto. For instance, you might be in possession of Ethereum tokens and wish to swap them for Bitcoin. If this is the case, you can use an exchange like Binance or OKEx. You simply have to transfer the tokens over, find the respective market (e.g. ETH/BTC), and complete the trade.
Why Buy Bitcoin New Zealand?
You’re likely here reading his guide because you are excited to enter the innovative world of Bitcoin and blockchain technology. However, just because Bitcoin has produced some phenomenal returns since it was launched in 2009 – this isn’t to say that you will make money. As such, this section of our guide will discuss some of the things to consider before you buy Bitcoin in New Zealand.
The most obvious benefit of buying Bitcoin is that it is by far the best performing asset class of the past decade. This is even more evident when you look at the performance of the NZX50. For those unaware, the NZX50 is the leading stock market index in New Zealand that comprises the 50 largest companies that are domestically listed.
Over the past five years, the NZX50 has increased in value by over 73%. Not bad – but when you look at the financial returns of Bitcoin over the same period – this is minute. For instance, in the five years prior to writing this guide, Bitcoin was trading at just $567 per token. This means that had you invested $2,000 at a price of $567 per token, your Bitcoin portfolio would today be worth over $150,000. In comparison, a $2,000 investment into the NZX50 stock market index would have returned just $3,500!
Furthermore, as of October 19th 2021, the first Bitcoin Futures ETF launches today – setting a new milestone for the cryptocurrency industry. This catalyst towards mainstream acceptance now gathers global attention as Bitcoin Price begins to break towards and above $63,000 once more.
Buy the Dip
Even though Bitcoin price has increased rapidly in recent years, the digital currency is arguably in a short-to-medium term dip. We say this, as in May 2021 – Bitcoin hit an all-time high of over $64,000. As noted above, Bitcoin is hovering around the $45,000 area as of August 2021.
As such, if you were to enter the market at this pricing level – you are looking at a discount of about 30%. In other words, from a value perspective, it’s much better to enter the market when the price of Bitcoin is in a temporary dip – as you are getting more tokens for your money.
Easy to Diversify
Although you might be looking to specifically buy Bitcoin in New Zealand, it is important to remember that cryptocurrency isn’t the only digital token in this industry. On the contrary, Coinmarketcap notes that there are more than 11,000 crypto assets that you can now buy, sell, and trade from the comfort of your home. This means that you can further reduce the risks of investing in Bitcoin by diversifying into other projects.
For example, instead of investing $1,000 into Bitcoin, you could allocate $100 into 10 different tokens. This might, for instance, be inclusive of Ethereum, Ripple, EOS, Cardano, Litecoin, or any other cryptocurrency you might be interested in.
Two Ways to Generate Growth
You might be under the impression that the only way to make money with Bitcoin is when the value of the crypto asset increases in the market. While to a certain extent this was true in recent years, this isn’t the case anymore. This is because it is now possible to earn interest on your Bitcoin investments.
- This is possible through the growth of cryptocurrency savings accounts – such as those offered by Binance and OKEx.
- The concept here is much the same as storing NZ dollars into a bank account.
- That is to say, by putting your Bitcoin into a crypto savings account, the respective provider will use the tokens to fund loans.
- Those borrowing the funds will pay interest, which is then forwarded to you.
Although there are still risks involved, the main safeguard with crypto savings accounts is that the borrower must put up some collateral. This is often 50% of the loan amount but can be higher. As such, you are essentially using your Bitcoin investments to fund secured loans.
The Cost of Buying Bitcoin NZ
Although we briefly discussed Bitcoin-related investment fees earlier, this section of our guide will outline the main charges to look out for when completing your purchase.
If you plan to deposit NZ dollars with a debit or credit card – expect to pay up to 5% of the transaction amount. If you have the capacity to transfer funds from your NZ bank account, some brokers allow you to do this on a fee-free basis. The main drawback here is that you will need to wait several days for the funds to arrive.
Most brokers and exchanges will charge you a variable commission to buy Bitcoin in New Zealand. For example, you will pay a standard commission of 1.49% at Coinbase.
This is charged at both ends of the trade – meaning you pay 1.49% when you buy and then again when you cash out. If using a more conventional cryptocurrency exchange, commissions are often around the 0.1%-0.2% level. However, these exchanges are usually unregulated – so although fees might be competitive, such providers are best avoided.
In summary, this guide has explained just how easy it is to buy Bitcoin in New Zealand. After all, when you’ve got a broker like Bitcoin Era by your side, the process should not take you more than five minutes. This is because it’s just a case of opening an account and making a deposit with your NZ debit/credit card.