How to safely buy Bitcoin in (2021)
Summary: The best exchange in New Zealand to start buying Bitcoin and other cryptocurrencies is Independent Reserve. They enable fast New Zealand Dollar (NZD) deposits, with low fees and are NZ's most trusted exchange.
Is it legal to buy Bitcoin in NZ?
Investing in Bitcoin is legal in New Zealand as the Inland Revenue Department (IRD) treats Bitcoin and cryptocurrencies as property for tax purposes. That means that the NZ Government and IRD treats buying Bitcoin and cryptocurrencies the same as buying a stock like Tesla or Facebook.
How to buy Bitcoin in New Zealand
It can sometimes be confusing to buy Bitcoin because you cannot find BTC or other cryptos on common stock trading apps like Sharesies or ASB Share Trading.
To start investing in BTC, you must first find a cryptocurrency exchange based in New Zealand to sign up with. The 5 step guide below is fast way to get started.
- Sign up to a trusted Bitcoin exchange in NZ like Independent Reserve
- Connect your ASB Bank or other NZ based bank account to the exchange
- Deposit New Zealand dollars
- Go to the 'Buy Bitcoin' page
- Input the NZD amount and hit Buy.
The best Bitcoin exchanges in NZ
The table below provides a quick overview of the 3 best Bitcoin exchanges for residents in New Zealand.
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 |
 |
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|---|---|---|---|
| Total Fees | 0.02 - 0.5% | 0.6% | 0.1 - 1% |
| Cryptos Available | Bitcoin, Ethereum, Polkadot, Chainlink, AAVE, USDC, USDT + 30 more | Bitcoin, Ethereum, Uniswap, Polygon, Sushiswap + 200 more | Bitcoin, Ethereum, Binance Coin, Tron, XRP + 200 more |
| Year Founded | 2013 | 2017 | 2017 |
| Beginner Friendly |  |
|
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| iOS and Android App |  |
|
|
| Fiat Currencies | NZD, AUD, USD and SGD | NZD and AUD | AUD, USD, NZD, SGD, EUR, GBP + 30 more |
| Website | Visit Independent Reserve | Visit SwyftX ($10 Free Promo) | Visit Binance |
Exchange reviews
The cards displayed below are short summaries of the best Bitcoin exchanges for residents of New Zealand. With this, you can quickly compare different features between some of the top exchanges in the country.
Independent Reserve NZ
Independent Reserve is Australia and New Zealand's longest running Bitcoin exchange that was recently awarded Cryptocurrency Exchange of the Year for 2019.
Their platform offers the lowest fees out of any exchange in New Zealand for NZD, AUD and USD deposits. Buy Bitcoin Finder recommends Independent Reserve for those looking to purchase BTC in NZ.
Pros
- The most trusted exchange in Australia and New Zealand
- Low fees and wide range of payment methods
- Fast deposits for NZD, AUD and USD
Cons
- User interface may be confusing for new Bitcoin buyers
SwyftX NZ
SwyftX are the fastest growing crypto exchange based in Australia that has recently opened up to NZ customers and New Zealand Dollar deposits. Their platform offers the lowest fee trading experience for over 200 different cryptocurrencies and altcoins.
Pros
- Wide selection of altcoins
- Low fees at 0.6% per trade
- Easy to use iOS/Android app
Cons
- Based in Australia, not New Zealand
Binance NZ
Binance is arguably the world’s largest Bitcoin and cryptocurrency exchange that enables users in New Zealand to buy, sell and trade crypto with New Zealand dollars. Their platform offers over 200 different cryptocurrencies with deep liquidity and low fees.
On Binance, users in NZ can purchase cryptos using their BNZ Bank account, ANZ Bank account, Credit Card, Debit Card, Osko, PayID and much more.
Pros
- The best exchange for crypto traders in NZ
- Trade with up to 125x leverage on Binance Futures
- Easy to use interface for new traders
Cons
- Less secure than local options like Independent Reserve
Bitprime
BitPrime was founded in NZ in early 2017 by partners Ross Brown and Monique Wright. They offer an easy to use platform and as an organisation strive to make access to Bitcoin and digital assets simple through a simplistic user interface and with good content to educate new users.
BitPrime offer Bitcoin, Ethereum, XRP and a few other cryptocurrencies. They also have an OTC desk for New Zealand locals looking to buy over $100,000 NZD worth of Bitcoin. You can read our full BitPrime Review for more information.
Pros
- Local option for New Zealander's who would prefer to use an NZ based exchange
- Good range of payment methods for users
Cons
- Relatively new exchange
- Low liquidity on their order book
eToro NZ
eToro is a world renown multi-asset brokerage that allows traders and investors in New Zealand to purchase Bitcoin, commodities, stocks, ETFs, currencies and more all in one easy to use platform.
They are a highly regulated and trusted exchange all over the world and provide a secure option for users in NZ to invest in Bitcoin. It is important to note however that the team at Buy Bitcoin Finder did find that their fees are quite higher than most pure crypto exchanges when compared with other options in New Zealand.
Pros
- Gold standard in regulation and security
- Simple user interface for new entrants in NZ
- Social trading allows you to copy trade famous traders
Cons
- It isnt a pure Bitcoin exchange, which results in high fees
Dasset NZ
Dasset is one of New Zealand's leading cryptocurrency trading platforms that enable users in NZ to purchase Bitcoin and various digital assets with NZD. As it stands, they offer New Zealand dollar pairs for Bitcoin, EOS, Ethereum, Chainlink, Litecoin, XRP and Tezos.
You can start buying, selling and trading crypto in NZ within minutes thanks to their fast verification speed and easy to use platform.
Pros
- Trade a wide variety of crypto pairs with NZD
- Low fees for traders in NZ
Cons
- Relatively new exchange in New Zealand
Mine Digital NZ
Mine Digital is a cryptocurrency exchange based in Australia that has recently secured a strategic banking partner in NZ to enable users in New Zealand to invest in Bitcoin with NZD.
Unfortunately, the Mine Digital exchange does not have New Zealand dollar pairs for any other cryptocurrency outside of Bitcoin - which doesn't offer users in NZ much flexibility.
Pros
- Good depth to buy large amounts of Bitcoin with NZD
- Secure and regulated Australian Bitcoin exchange
Cons
- Not a very popular exchange
- Very confusing platform for new users in NZ
Easy Crypto NZ
Easy Crypto are as their name describes, an easy to use option for New Zealanders looking to quickly buy Bitcoin shares or crypto. However, the Easy Crypto fees to trade are expensive starting at 0.9%.
They were founded by brother and sister Alan and Janine Grainger in December 2017 and have quickly grown to become a preferred option in NZ. Read our full Easy Crypto review for more information
Pros
- Extremely easy to use interface
- Wide range of cryptocurrencies to choose from
Cons
- They are a new company
- Their fees can be more expensive than other options
Kiwi Coin
Kiwi Coin is a New Zealand based exchange that allows users to buy Bitcoin only. They were founded in late 2014 and have build a pretty strong reputation in NZ amongst Bitcoin maximalists due to their decision to only list Bitcoin.
They are an order book exchange that have good spreads and very low fees.
Pros
- Order book exchange with low fees
- 100% New Zealand owned and operated
- Bitcoin only exchange
Cons
- Difficult user interface for new users
Regulatory and tax treatment of Bitcoin in New Zealand
Unlike neighbouring country Australia who classifies Bitcoin and cryptocurrency as a Capital Gains Asset, The New Zealand Inland Revenue Department (IRD) classifies cryptocurrencies as property that exists virtually. As such, Bitcoin and cryptocurrency in New Zealand is treated as property for the purposes of taxation.
An important distinction to note is the difference between Bitcoin investing and trading, which is classified as virtual property and then crypto mining, which is considered as a business and proceeds are taxable as income. Mining equipment will be eligible for deductions as costs of doing business.
An interesting fact is that New Zealand was the first country to allow employees to get paid with Bitcoin. You can read more about this story here.
Adoption of Bitcoin in New Zealand
The adoption of Bitcoin in New Zealand has been slow. Typically, we see adoption happening quickly in countries facing hyperinflation like Turkey, Lebanon, Venezuela and other countries who have weak local currencies. New Zealand has a relatively stable and healthy economy with a strong local currency and great local banking systems.
In terms of technological development of Blockchain technologies, New Zealand has become quite a tech hub over the past few years with many prominent projects proudly arising out of NZ. Fortunately, the NZ government has also recently come out and advised that they will be implementing more favourable laws with respect to taxation for Bitcoin and cryptocurrencies.
Cryptopia - New Zealand Exchange Hacked
One of the world’s biggest altcoin exchanges was founded in New Zealand after being set up in 2014 as a hobby amongst friends. Unfortunately, the exchange was hacked in early 2019 and fell into liquidation shortly after.
It is important that residents of New Zealand looking to buy Bitcoin take a look at Buy Bitcoin Finder’s selected partners and affiliates to buy Bitcoin from the most secure exchanges.
Bitcoin Mining in New Zealand
One of the world’s biggest altcoin exchanges was founded in New Zealand after being set up in 2014 as a hobby amongst friends. Unfortunately, the exchange was hacked in early 2019 and fell into liquidation shortly after.
It is important that residents of New Zealand looking to buy Bitcoin take a look at Buy Bitcoin Finder’s selected partners and affiliates to buy Bitcoin from the most secure exchanges.
Bitcoin OTC New Zealand and Institutional Services
If you are a high-net individual, broker or family office looking to purchase large quantities of Bitcoin over $100,000 NZD, Buy Bitcoin Finder recommends that you check out a Bitcoin OTC desk in New Zealand. Bitcoin OTC desks in New Zealand offer secure and personalised services that let you securely buy over $100,000 NZD worth of Bitcoin or crypto without having to worry about scaring the order book or falling victim to slippage. You can read more about Bitcoin OTC desks here.
Buy Bitcoin Finder recommends that high-net worth institutional investors use Independent Reserve as the best cryptocurrency exchange in New Zealand for OTC transactions