Buy Crypto & Bitcoin in New Zealand
Cryptocurrency has taken the world by storm in the last decade. This article will give you everything you need to know to buy crypto in New Zealand so you can ride the wave of the financial future.
Swyftx is one of the best Cryptocurrency Exchanges on the market and has everything you need rolled into one platform. It is a great platform for users that live in New Zealand.
Best Crypto Exchanges in New Zealand
Summary of Best Crypto Exchanges in New Zealand
Best for Beginners
Social Crypto Platform
Buy Bitcoin in New Zealand
In this article, I will dive into the relevant laws and regulations that govern cryptocurrencies in New Zealand. I will also give you some investing advice. And finally, I will answer some commonly asked questions about how to buy Bitcoin in New Zealand.
Many countries worldwide regulate cryptocurrencies. But there is no specific legislation on cryptocurrencies in New Zealand. Cryptocurrencies are currently treated as property and not accepted as legal tender.
New Zealand's Financial Markets Authority (FMA) regulates crypto exchanges, brokers, wallets, and businesses. This combination provides an outstanding opportunity for many individuals.
The FMA will protect your investment. But the lack of other regulations means that you will still have the freedom of the blockchain. The lack of specific legislation means a great deal of opportunity for investment in cryptocurrencies.
It is not too late to buy Bitcoin in New Zealand.
Best Crypto Exchanges in New Zealand
New Zealand has a booming crypto market facilitated by safe, legal exchanges.
Swyftx - Best Overall
Swyftx is the new kid on the block. It has grown rapidly since launching in 2017. Swyftx has over 300,000 users despite getting into the game late. It is now considered one of the most trusted cryptocurrency exchanges in New Zealand.
Swyftx users have access to all the top coins, like Bitcoin, on top of 310+ others. Their platform is user-friendly making it accessible for beginners. Beginners have the option to create a demo account to practice using the exchange.
Advanced users can customize their interface. User review Swyftx as the best trading platform in New Zealand. Users love the accessibility and look of the interface.
The low fees are praised, as they should be. The support team is another aspect that users review positively. Swyftx boasts features that will keep it one of the top trading platforms.
- 310+ coins
- Live support chats
- Demo mode
- Portfolio tracking
Coinbase - Best for Beginners
Coinbase is the #1 crypto exchange and platform where you can buy, sell, and exchange digital currencies such as Bitcoin, Ethereum, and Litecoin. Coinbase fees vary based on your payment method. Coinbase offers U.S. customers bank, credit card, and debit cards.
Bank Account transfer fees are relatively low at about 1.5%, but it takes five days to get your coins. Credit/Debit Card purchases will cost you about 4%. The advantage to this is that you get your crypto instantly.
You can trade over 100 cryptocurrencies in Coinbase with over 9,400 digital assets listed.
eToro - Best Social Platform
eToro is a global investment platform that allows users to invest in Stock & ETFs, Cryptocurrencies, and C.F.D. Trading. Fees vary depending on if you're funding your account with fiat or cryptocurrencies.
Customers in the United States pay a spread of 0.75 percent to 5.0 percent on assets. Conversions from fiat to crypto will cost a 5% fee. There are zero fees charged on withdrawals, but the drawback is you have to withdraw at least $30.
eToro supports the trading of more than 40 crypto assets.
Best Crypto Wallets in New Zealand
Crypto wallets are like bank accounts, except they don't hold your currency. They store your private key, giving you access to the blockchain corresponding with the wallet.
Ledger Nano X
The Ledger Nano X is a multi-currency, Bluetooth-enabled hardware wallet that allows you to store Bitcoin securely, Ethereum, and many other supported coins. The device also supports Lightning Network payments for instant transactions between devices or friends without miner confirmation.
The Ledger Nano X costs $149 before tax, and you can buy it directly from the official website here. Supported Currencies: BTC, ETH, ETC, Dash DOGE, Zcash (ZEC), Ripple (XRP), and more.
Trezor Model T
The Trezor Wallet is a hardware cryptocurrency wallet designed to keep your currencies safe. The device also supports the technology of smart contracts, which allows you to create transactions on the Ethereum blockchain that are self-executing, self-enforcing, and impossible to rescind.
You can buy the Trezor Wallet for $215 directly from here. Supported Currencies: BTC, ETH, Litecoin (L.T.C.), E.T.C., B.C.H. (and all ERC20 tokens).
The Coinbase Wallet is a user-friendly online wallet that allows you to store over 4,000 assets. The app also provides access to Dapp's decentralized exchanges and offers the ability to create your token within seconds.
Coinbase has two versions of their wallet, one for mobile devices (Android & IOS) and one for computers (Browser Extension), which are all free. You can find the mobile wallet guide here and the browser extension guide here.
Supported Currencies: BTC, ETH, LTC, and all ERC20 tokens.
Crypto Laws & Rules in New Zealand
New Zealand currently lacks any specific laws that regulate cryptocurrency. This lack presents a unique opportunity for crypto investors in New Zealand.
One of the main benefits of this regulatory environment is that it provides a great deal of freedom for businesses and investors. There are no restrictions on how you can use or invest in cryptocurrencies.
You can invest your cryptocurrency in two ways. Invest with automated trading bots or investment funds backed by cryptocurrency. You can also use cryptocurrency as a payment method with other individuals.
That's as long as both parties are in agreement. Currently, New Zealand treats cryptocurrency as property. This treatment is due to the lack of specific legislation around cryptocurrencies.
This has both benefits and drawbacks, which I will explain below. The New Zealand Inland Revenue Department (IDR) treats cryptocurrency as property.
This means that investors can hold and sell crypto. But investors are also subject to taxes upon the sale of the cryptocurrency. By classifying cryptocurrency as property, the government has made it easy to buy Bitcoin in New Zealand.
Finally, the New Zealand Financial Markets Authority (FMA) regulates all crypto exchanges, wallets, brokers, and businesses. This regulation protects potential investors.
The regulation requires these businesses to get a license from the FMA. This increases accountability and decreases the chances of losing investments to fraud.
Crypto Tax Laws in New Zealand
New Zealand has not yet introduced any specific legislation around the taxation of cryptocurrencies. But, the Inland Revenue Department (IRD) has issued guidance on how it will treat cryptocurrencies for tax purposes.
The IRD has said that it will treat cryptocurrencies as property. This means it has income tax, capital gains tax, and goods and services tax (GST).
Any profits you make from buying and selling cryptocurrencies have a tax. You are also required to pay GST on any goods or services you buy with cryptocurrencies.
This is in line with how GST applies tax law to other property transactions. The IRD has said that it will not treat cryptocurrencies as legal tender. This means that you will not be able to use them to pay your taxes.
The tax treatment of cryptocurrencies is still a developing area. As such, the laws may change in the future. The current tax regime provides a good framework for understanding the taxation of your cryptocurrency investments.
Should You Invest in Bitcoin or Crypto in New Zealand?
Bitcoin and other cryptocurrencies have been gaining in popularity in recent years. More and more people have investment interests in these digital assets.
Although there has been tremendous growth in recent years, there is still space for more. I believe that cryptocurrency is the way of the future. It offers the opportunity to send currency almost instantaneously to any location in the world.
Furthermore, a crypto's value is not determined by a national government. You do not have to worry about inflation. As the rest of the world continues to adopt cryptocurrencies, the value will increase.
I believe that this is an excellent opportunity to invest in the future of finances. And you can make some money while doing it. It is not too late to buy crypto and take advantage of the future of finance.
I recommend taking advantage of the current legal definition of cryptocurrency in New Zealand. And I recommend searching for one of the many New Zealand crypto exchanges.
You can safely invest in cryptocurrency on one of these exchanges without worrying about fraud. New Zealand's Financial Markets Authority helps in protecting you from fraud.
New Zealand Crypto FAQ's
Here are some common questions about buying and selling cryptocurrency in New Zealand.
Yes, it is pretty easy to buy crypto in New Zealand. There are many options for purchasing Bitcoin or other digital assets. Many New Zealand crypto exchanges will allow you to buy Bitcoin in New Zealand.
These exchanges will allow you to exchange your current currency and buy crypto. You can invest in crypto by the end of the week.
You can buy crypto in New Zealand with a debit or credit card. The process is quite simple and most exchanges allow it. You will need to input your card information and the amount you would like to spend.
The funds come directly from your account and are then converted into crypto.
No, you cannot buy bitcoin anonymously in New Zealand. All exchanges need some form of KYC (know your customer) to follow local laws and regulations.
This will generally require you to provide your name, email, phone number, and proof of ID.
Yes, you can sell your Bitcoin whenever you want in New Zealand. Many exchanges will allow you to cash out your crypto and receive the local currency.
You can also use Bitcoin ATMs to convert your Bitcoin into cash. It's a pretty neat thing!