Easy Crypto Review - Is it safe to use in NZ? (2021)

A review of one of the most popular exchanges in New Zealand and Australia, Easy Crypto.
Lachlan Adams

Lachlan Adams

Asia/Oceania Editor at Buy Bitcoin Finder
This guide is an extended review by Lachlan Adams on the Easy Crypto trading platform based out of New Zealand. We review their fees, security, wallets and much more.

Easy Crypto Review

Easy Crypto is a New Zealand based cryptocurrency exchange that has easy and well thought out beginner friendly features. Our Easy Crypto review will examine the cryptocurrency exchange's features and reveal why it is the best crypto exchange in New Zealand for beginners.

Easy Crypto is one of the few cryptocurrency exchanges that has stepped up to the plate and taken action that promotes transparency and safety in Crypto investing.  

Founders Alan and Janine Grainger have built an exchange with clear pricing policies, regulation and security features, and factors that foster user confidence in digital currency investing. The duo launched Easy Crypto in 2018.


What sets Easy Crypto NZ apart

To create a safe trading platform for beginner traders, Easy Crypto has created an attractive and easy to use user interface. Easy Crypto users have a simple sign up, buy and sell process. In addition, this platform exposes investors to cryptocurrency investment best practices from the onset by promoting self-custody private key storage.

Easy Crypto wallet

Easy Crypto does not have an inbuilt hot wallet that holds users private keys on the exchange. Therefore, its users will not get accustomed to high-risk practices such as storing private crypto keys on an exchange's wallet. Instead, easy Crypto sends private keys directly into its users’ crypto wallet.

For this reason, every Easy Crypto user has to have access to a software or hardware wallet for private key storage. Easy Crypto is an official retailer of some of the world’s best hardware wallets, and its users can purchase them directly from their platform.

Additionally, this exchange does not store fiat currencies on Easy Crypto accounts. For this reason, hackers have little incentive to launch an attack on the exchange’s accounts. As a result, easy Crypto has not been hacked, as is the case with many large and small exchanges such as Binance or Cryptopia.

In 2020, Cryptopia, based in Christchurch, lost $24 million worth of user funds to a hack attack. The once-successful hi-tech exchange has since undergone liquidation, meaning that there is very little hope for user fund recovery.

Easy Crypto Fees

Easy Crypto levies a 0.9% charge on all orders. This charge is higher than what you will find in custodial, centralized cryptocurrency exchanges. The reason for this high charge is that Easy Crypto does not store private keys in its wallets. Users, therefore, have to foot the crypto withdrawal fee.

This fee also factors in foreign exchange fees because all trades are performed in USD. Easy Crypto fees could therefore be prohibitively high for active trading. The hodler, on the other hand, will find these fees quite reasonable.


Is Easy Crypto safe?

Easy Crypto NZ is a fully regulated and registered Financial Services Provider in NZ with an NZBN (9429046530141).

Easy Crypto also has an Australian Transaction Reports and Analysis Centre (AUSTRAC). AUSTRAC detects, disrupts and deters financial crime. This regulator has a specialist workforce and a collaborative approach that enhances oversight over the new digital currency market.

AUSTRAC regulation enforces strict KYC rules that restrict terrorism financing, money laundering and cybercrimes on Easy Crypto. As an illustration, the  Anti-Money Laundering and Counter-Terrorism Financing Act impose strict customer identity and financial activity monitoring. As a result, regulated exchanges such as Easy Crypto have to report suspicious activity to AUSTRAC.

Easy Crypto's registration information as a licensed financial services provider in New Zealand


Easy Crypto security

Easy Crypto is a non-custodial exchange and does not place user capital at risk. The exchanges other security measures include:

Verification processes

To open an Easy Crypto account, you will need to complete the platform's KYC protocol. This basic verification process includes submitting verification documents such as an Australian passport or Driver’s License details.

You will also need to upload a selfie to verify your account. The benefit of the basic verification process is a larger daily transaction limit from $10,000 to $25,000. Users that want higher transaction limits will have to go through a robust verification process.

Account protection

Easy Crypto accounts have a 2-factor authentication process. In addition, an email verification process increases account security, lessening the possibility of authorized withdrawal of funds and account hacking.

Easy Crypto Features

Easy Crypto has an instant crypto swap exchange that eases cryptocurrency purchases. There is also a fast buy and sell feature that supports the purchase of cryptocurrencies via a simple pop-up window.

There is a multi-coin purchase feature for complex purchases. Here the experienced user can purchase a wide range of crypto assets in a single transaction. Easy Crypto has a $100 minimum order setting for all buy and sell transactions.

Auto buy feature

The Easy Crypto auto-buy feature will make automatic purchases of Crypto at specific ratios. Leverage the auto-buy feature to schedule regular digital currency purchases via programmable orders.

Easy Crypto tracker

This platform has a handy tracking tool that analyzes your trading history for investment portfolio analysis.

Easy Crypto pro trading features

Easy Crypto does not have inbuilt pro trading features. That said, you can use its link to the Mine Digital Exchange to access more trading functionality such as stop-loss or limit buy features.

Tax reporting tool

The Easy Crypto platform will provide basic tax reporting data on your crypto transactions. However, this tool only provides an estimate, so you will need to keep an eye out for the data to stay compliant with the Australian Taxation Office.

Easy Crypto withdrawal and deposits

You can make deposits to your Easy Crypto account via POLi Pay and Account2Account. They also accept bank transfers. Account2Account and bank transfers deposits are free, but POLi Pay has a 1% per transaction charge and $3 maximum fee.

Supported digital currencies

Easy Crypto supports over 100 cryptocurrencies. You will find all the major market cap assets such as BTC, BCH, LTC, ETH, and BNB. This exchange also lists stablecoins such as USDC, BUSD, and USDT. DeFi tokens such as AAVE and Uniswap are also available.

Customer support

Easy Crypto has an 85% satisfaction rating on Trustpilot. However, they do not offer phone support, handling all customer queries through an email ticketing system. That said, Easy Crypto seems satisfied with the customer service.

"Good customer service, very fast and helpful. My documents got processed really quickly", says user Sean Mitchell.

Easy Crypto pain points

Easy Crypto has a deep focus on beginner traders and is therefore not a prime exchange for experienced traders. It lacks inbuilt robust trading tools and market analysis features. Their fees might be unsuitable for the frequent trader as well.

Conclusion

Go to Easy Crypto for a seamless, easy and safe beginner crypto experience. It streamlines the purchase and sale of crypto assets and makes the asset class more accessible to new investors. They have been so successful in this endeavour that Easy Crypto has an Australian and South African version.

Visit Easy Crypto NZ