BitPrime Review - Is it Safe to use in NZ? (2021)

Lachlan Adams

Lachlan Adams

Asia/Oceania Editor at Buy Bitcoin Finder
In this review, we take a deep dive into the BitPrime cryptocurrency exchange based in New Zealand. Compare their fees, cryptocurrencies, security and much more.

BitPrime Overview

BitPrime is a popular and local exchange based in New Zealand that offers a sleek and easy to use platform to buy, sell and trade cryptocurrencies. The BitPrime cryptocurrency exchange is secure and trusted, as it is registered as a NZ financial services provider by the relevant regulatory authorities.

One unique factor that differentiates BitPrime is the fact that they do not have a native cryptocurrency wallet. This means that when you buy Bitcoin, Ethereum or another crypto on BitPrime - you will need to transfer it to cold storage. 

If you would prefer to use an exchange in New Zealand that offers secure wallet management for ease of use, we would recommend Independent Reserve.

BitPrime Home Page:

BitPrime Overview

When compared to other cryptocurrency exchanges in NZ like Independent Reserve or Easy Crypto, BitPrime have extremely high fees. Their platform charges an “all inclusive margin” - which includes all costs for bank charges, foreign exchange fees, slippage and exchange fees.

The table below provides a high level summary of BitPrime’s total fees and charges. Please note that these are much higher than the industry average. 

Trading Fees
$100 – $20,000 2.9%
$20,000 – $50,000 2.0%
Trading Fees (Credit Card**)
$100 + 5.0%
OTC DESK Fees – NZD Trading Pairs
Purchase amount (cumulative, annually) Fee charged
$50,000 – $250,000 2.00%
$250,000 – $1,000,000 1.75%
$1,000,000 – $5,000,000 1.50%
$5,000,000 – $10,000,000 1.20 %
$10,000,000 + 1.00%
Institutional Account By Negotiation

BitPrime Deposit Methods

If you are looking to deposit New Zealand Dollars (NZD) to BitPrime, you can do so via a bank transfer, credit card or debit card. Please consider the charges in the table above before you make your decision on how you want to deposit NZD to buy cryptocurrencies on the BitPrime platform. 

BitPrime Withdrawal Fees

If you have sold your Bitcoin or cryptocurrency on the BitPrime exchange and are looking to withdraw NZD into your bank account - there are no fees to complete this. 

BitPrime Trading Interface

BitPrime does have a very easy to use trading interface, which makes buying cryptocurrencies as easy as clicking a few buttons. It must be said however that the user interface compared to modern exchanges does seem a little outdated.

BitPrime Summary

In summary, we would recommend avoiding BitPrime if you are looking to buy Bitcoin in New Zealand or any other cryptocurrency. The exchange has painfully high fees and the user experience is dated and clunky. On top of this, their platform does not offer managed wallets - which can be an extremely difficult user experience for new investors.

In our view, the best exchange in New Zealand for new and sophisticated users is Independent Reserve or SwyftX.

Visit BitPrime