How to Buy Bitcoin in New Zealand – Beginner's Guide
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Loading... - Grant Berger
- 31 May 2022
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Bitcoin remains the largest cryptocurrency globally and forms a crucial part of many investors’ portfolios. Due to this popularity, BTC can be purchased from the vast majority of leading trading platforms – yet it’s vital to partner with one that is both safe and cost-effective.
With that in mind, this guide will discuss how to buy Bitcoin in NZ by reviewing a selection of top exchanges and walking you through how to invest in Bitcoin with low trading fees.
Where to Buy Bitcoin in NZ – Best Platforms
Cryptocurrency trading has undoubtedly become more prevalent over the past few years – so much so that most of the best crypto exchanges in New Zealand will allow users to buy BTC outright or invest in Bitcoin in a passive manner.
With that in mind, discussed below are a selection of leading platforms that will allow you to buy Bitcoin in NZ safely and cost-effectively:
1. Crypto.com – Buy and Margin Trade Bitcoin in NZ
Another platform to consider if you’re looking to buy Bitcoin in New Zealand is Crypto.com. Crypto.com was one of the fastest-growing cryptocurrency trading platforms last year and has continued that trend into this year. Users can trade over 250 coins on the Crypto.com platform, with full support for NZD deposits.
As well as spot trading you can also margin trade with leverage on the perpetual futures pairs – if you’re an experienced with scalp trading and day trading.
When trading with Crypto.com, you can opt to make your purchase via the exchange or the mobile app. If you choose the former, you’ll pay a fee of 0.4% each time you buy or sell a cryptocurrency. Notably, you can reduce this fee by 10% if you pay in CRO – Crypto.com’s native token.
On the other hand, if you invest through Crypto.com’s app, you’ll be able to invest in Bitcoin instantly using a credit or debit card. The decision to buy Bitcoin with debit card will be more costly than the exchange since a 2.99% fee will be charged. However, new Crypto.com users will have this fee waived for the first 30 days of trading.
You can also deposit FIAT currency (such as NZD) into your Crypto.com account for free and exchange it into BTC. Aside from investing, Crypto.com also offers a wide array of supplementary services, such as staking and an NFT marketplace. The platform even provides a crypto credit card that you can use, with scope to earn regular cashback rewards.
2. Capital.com – Beginner-Friendly Platform with Huge Educational Library
If you’re looking for the cheapest way to buy Bitcoin in NZ, Capital.com is worth considering. Capital.com is a well-known broker that has operations worldwide, allowing people to invest in cryptos through a handy browser-based portal or dedicated web app.
Notably, Capital.com works through CFD trading, which New Zealand’s authorities do not currently permit. However, if this changes, you’ll be able to invest in BTC with no commissions – only having to pay a small spread. Furthermore, CFD trading also opens up scope for leverage, and Capital.com offers up to 1:2 on crypto-assets.
Capital.com also offers crypto-to-crypto trading pairs, ideal for investors looking to speculate on BTC’s price movements against another asset. The platform requires a minimum deposit of only $20 (30.75 NZD), which can be made via credit/debit card, wire transfer, or various e-wallets.
The trading process with Capital.com is beginner-friendly, with real-time price charts and various technical indicators for analysis. The platform even has a dedicated educational library, complete with webinars, tutorials, and guides, which can make the learning process much smoother for new traders.
3. Coinbase – Best Site to Buy Bitcoin in NZ for Beginners
Coinbase is one of the largest crypto exchanges in the world, offering over 100 cryptocurrencies for users to trade. The platform has over 98 million clients worldwide and provides a beginner-friendly way for investors to buy Bitcoin. You can make BTC purchases through the Coinbase app or by using ‘Coinbase Pro’ – the platform’s native exchange.
If opting for the exchange, you’ll pay a taker fee of 0.60% or a maker fee of 0.40% when you open or close a position. On the other hand, if you purchase through the app, you’ll have the option to buy Bitcoin with debit card instantly. However, as with most platforms, this can be costly as Coinbase charges a 3.99% transaction fee.
Coinbase will also charge a volume-based fee, which can rise to $2.99 (4.60 NZD) for trades worth more than $50. However, aside from fees, Coinbase makes the trading process easy since the platform’s mobile app is well-designed and has a sleek interface with no advanced jargon.
Although Coinbase isn’t regulated within New Zealand, this platform does store 98% of customers’ holdings in cold storage, making it extremely difficult for cyber attackers to access them. Finally, Coinbase even offers a free self-custody crypto wallet app to store your BTC – which also allows you to browse the decentralized web and store NFTs.
4. Binance – Huge BTC Trading Platform with Vast Asset Selection
Many investors believe Binance is the best site to buy Bitcoin in NZ due to the exchange’s huge asset selection and low trading fees. According to CoinMarketCap, Binance is still the world’s largest crypto exchange and regularly processes more than $20 billion in daily trading volume.
Binance offers over 500 crypto-assets to trade, including altcoins, DeFi tokens, and crypto-to-crypto trading pairs. It’s easy to buy Bitcoin in NZ with Binance, as the exchange charges a flat 0.1% fee when opening or closing a position. However, if you pay your fees in BNB (Binance Coin), you will receive a 25% discount.
In terms of deposits, Binance doesn’t support NZD – so you’ll have to fund your account with crypto or deposit another currency. Alternatively, you can buy Bitcoin with credit card instantly, which removes the need to make a deposit. However, this will cost 3% per transaction.
Binance’s trading platform is fantastic, with an advanced option for experienced traders. This option provides information that many other platforms don’t have, such as order book data and market depth. Finally, Binance also offers various additional trading services, such as staking, crypto savings accounts, and a dedicated NFT marketplace.
5. Swyftx – Buy Bitcoin in NZ with No Minimum Deposit
Another option for the best place to buy Bitcoin in NZ is Swyftx. Swyftx is an online trading platform that accepts both Australian and New Zealand-based clients, offering over 320 crypto-assets to trade. Fees on Swyftx are relatively low, as deposits and withdrawals are entirely free to make. In terms of trading, Swyftx charges 0.6% per trade, plus a variable spread.
Spread can be as low as 0.41% for BTC trading, making Swyftx competitive with many top brokers. Although you can’t buy Bitcoin with PayPal, Swyftx supports bank transfers, credit/debit cards, PayID, and POLi. There is no minimum deposit threshold, and Swyftx is registered with AUSTRAC to boost regulation and credibility. Read More...
