How To Buy Bitcoin (BTC) In New Zealand

Published 24 Nov, 2021 Updated 18 Dec, 2022

Crypto Guides

Bitcoin is available for purchase by everyday Kiwi as well as seasoned traders. All top New Zealand-based crypto exchanges provide this service. So how does one buy Bitcoin in New Zealand?

This step-by-step guide outlines the process that a beginner can undertake to start their Bitcoin investment journey. To aid with the explanatory process, we have used Swyftx as the cryptocurrency exchange. Based on our research, Swyftx is the best overall crypto exchange in NZ to buy, trade, and sell Bitcoin.

Any affiliate links with our partners may result in MoreCrypto earning a small commission or compensation at no extra cost to you whatsoever.

What Is Bitcoin?

Bitcoin (BTC) is a digital currency that can be bought, traded, or sold on a decentralized system. Since it operates over a decentralized ledger called the blockchain, it is free of any regulatory governance or oversight from financial institutions or governments. Instead, it relies on peer-to-peer software and cryptography.

During its public launch in 2009, the value of a single Bitcoin was $150. Since then, its value has risen dramatically and one Bitcoin in 2021 is worth around AUD$72,000. The number of Bitcoins that can be mined is capped at 21 million, and many expect its price to continue to rise due to the finite supply and blockchain technology becoming more mainstream.

In terms of market capitalization, Bitcoin (BTC) is the largest cryptocurrency in the world. Created in 2009, Bitcoin’s value has dramatically increased and is now a trillion-dollar market. Alongside its popularity, the trading of Bitcoin has grown multi-fold and it can now be bought and sold with almost every crypto exchange in the world.

How To Buy Bitcoin In New Zealand

An overview of the five steps to buy Bitcoin in NZ is as follows:

  1. Open an account with Swyftx.
  2. Verify your identity and activate 2 Factor Authentication (2FA).
  3. Deposit New Zealand Dollars (NZD) funds into your account.
  4. Enter the amount of Bitcoin to buy.
  5. Review the transaction details and confirm.

Guide To Buying Bitcoin In New Zealand

Step 1 – Opening An Account With A Crypto Exchange

Using our link to collect $10 BTC, go to the Swyftx website and click on the “Sign Up” button. This will redirect you to the registration page where an email address, password, and phone number will be required to be provided. 

Once the details are entered, accept the terms and conditions and click on “Create Account”.

swyftx account creation

Step 2 – Verify Your Identity

Using the new login details, login into the Swyftx account to commence the ID verification process. Since Swyftx is licensed under New Zealand local regulations, it is legally required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 to obtain customer details and verify identities. This process must be completed before any NZD can be deposited into the account wallet.

The following will be required to complete ID verification:

  • Email – login into the nominated email account and click on the email verification email sent by Swyftx.
  • Phone number – Swyftx will send an SMS message to the nominated phone number.
  • Identity – Swyftx will require copies of one New Zealand government-issued document such as a passport or driver’s license.

The ID verification process with Swyftx takes less than 5 minutes to complete.

swyftx ID verification

After the ID verification process is complete, we strongly recommend setting up 2 Factor Authentication (2FA). 2FA provides a basic level of security for the account where two methods of verification are needed to verify the account and also when funds are withdrawn. The 2FA setup page can be found under the “About” tab on the user account dashboard.

We suggest downloading Google Authenticator on a mobile device. The process will involve the use of the authenticator to scan a QR code or alternatively input a provided code to enable authentication of the device.

Tip: If the six-digit code provided by Google Authenticator does not work, then go into the settings and sync the time correction for codes. This should rectify the issue.

Step 3 – Deposit NZD Into Your Account

Before Bitcoin can be purchased, New Zealand Dollars will need to be deposited into the account wallet. When it comes to depositing funds, it is wise to be mindful of the fees and the time is taken to complete the transfer of funds. Most New Zealand exchanges will offer several ways to deposit NZD, with the most common being direct bank transfer, POLi, and PayID. Swyftx is one of the few exchanges which offer deposits via credit card. Most of these methods will instantly deposit NZD into the account with the exception of bank transfers (unless via OSKO which is instant) and deposits made from credit cards. Swyftx does not charge any fees to deposit (or withdraw) funds into the wallet.

swyftx deposit methods

Note, that Swyftx will send an automated email notifying you of the successful deposit of NZD funds into the wallet.

Step 4 – Enter In the Purchase

The buying window can be found under “Trade”. Next, click on “Buy” to view the screen below. The page will present the following:

  • Amount of NZD in the wallet and available to spend.
  • The current market price of Bitcoin.
  • Several order types (market, limit, stop, and recurring)

The default order type is “Market” which allows beginner investors to easily and quickly purchase Bitcoin in a single transaction. The other order types are for intermediate to advanced investors and a discussion of each type is detailed in our Swyftx review. Customers will have the option of either entering in the amount of Bitcoin they want to purchase, or the amount of NZD they want to spend to buy Bitcoin.

swyftx buy btc

Step 5 – Review & Confirm The Purchase

After an amount of NZD is entered in, the amount of Bitcoin that will be purchased will be presented and will be inclusive of the trading fee (0.6%). Click on “Instant Buy” to review the transaction details and “Confirm Buy” to complete the purchase. Note, that once the purchase is confirmed, it cannot be reversed and NZD funds are recovered.

swyftx buy btc

Buying Bitcoin In New Zealand: Things You Should Know

Is Buying Bitcoin Legal in New Zealand?

The purchasing, trading, and selling of BTC and other digital assets is legal in New Zealand. Although the NZ government does not recognize crypto as a form of currency, it is instead treated as property and is subject to taxation. Since 2017, laws and regulations have been progressively introduced to control the crypto market. New Zealand-based digital currency platforms are required by local regulations to adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. 

What Is The Best Platform to Buy Bitcoin In New Zealand?

In our opinion, the best cryptocurrency in NZ to buy Bitcoin is Swyftx. The exchange is one of a few that utilize multiple order books to provide higher liquidity on trading pairs. The higher trading volume and market depth allow Swyftx to offer lower spreads. The platform is feature-rich and carefully designed with beginner and experienced investors in mind. A close second is Digital Surge which also supports NZ investors and traders.

What Is The Smallest Amount Of Bitcoin That Can Be Bought?

Investors residing in New Zealand are able to buy fractional amounts of Bitcoin. The minimum amount of Bitcoin that can be bought is governed by the cryptocurrency exchange and usually start upwards of NZD$2. The smallest unit of Bitcoin, the Satoshi, is a hundred millionth of one Bitcoin. The trading fee would exceed the purchase price and therefore making it impractical. Minimum Bitcoin purchase amounts are in place to account for mining and transaction fees.

What Is Bitcoin Dominance?

According to Forbes, Bitcoin is the dominant cryptocurrency amongst approximately 5,000 other coins and digital assets. Bitcoin dominance is the measure of the percentage of Bitcoin within the total cryptocurrency market cap. If there is an increase in Bitcoin dominance, alternate cryptocurrencies lose value against BTC and vice versa. At the time of writing, the total cryptocurrency market cap is estimated to be $1.94 Trillion. BTC has a market of approximately $875 Billion, therefore BTC dominance is around 45%.

How Do I Choose A Crypto Exchange?

With so many New Zealand-based crypto exchanges available, beginners may find it difficult to know which exchange is best for them. Before you start buying Bitcoin, here are a few important considerations to take on board to assist with comparing exchanges.

  • Interface Usability – Beginners should ideally be seeking out a User Interface (UI) that is simplistic, intuitive to use, and therefore making the trading experience easier and more enjoyable. Features that beginners should be on the lookout for include instant deposits and withdrawals, instant buying, and selling.
  • Deposit Method – The method of depositing NZD funds into the account wallet will vary from exchange to exchange. The most common ways include direct bank transfer, BPAY, POLi, and credit/debit cards. The fees incurred and the speed of the transaction should also be considered.
  • Fees – Kiwis should be aware of the various fees that may be incurred when trading Bitcoin on a cryptocurrency exchange. Fees may include deposit fees (most exchanges charge zero deposit or withdrawal fees), withdrawal fees, and trading fees (between assets, e.g. Bitcoin to Ethereum). Although not considered a fee, spreads will apply to each transaction. The spread is the difference between the buy and sell price for a quoted cryptocurrency.
  • Supported Crypto – Almost all exchanges will provide Bitcoin as a purchasable and tradeable asset. However, if there is a possibility of diversifying into other cryptocurrencies then the number and type of supported cryptocurrencies and trading pairs (e.g. BTC-ETH) should be assessed.
  • Liquidity & Volume – The larger and more established digital currency exchanges will tend to have access to greater liquidity compared to smaller cryptocurrency exchanges. Liquidity refers to how easily one asset is converted into a fiat currency or another asset. The higher the liquidity of an exchange, the easier and faster it will be to complete fiat-to-crypto and crypto-to-crypto transactions.
  • Security Measures – Before you choose a crypto exchange, ensure that they are registered with AUSTRAC. Industry-standard security measures for New Zealand crypto exchanges typically include multi-location and offline cold wallet storage of funds, a combination of hot and cold fund storage, multi-signature verification withdrawal process, and 2FA. Other features may include user private key control, ID verification, notification on account activity (i.e. email and/or SMS), proof of reserve, email encryption, and 24/7 security protocol monitoring and penetration testing by third parties.
  • Quality of Customer Support – Most exchanges provide a ‘knowledge’ or ‘education’ section of their website, however, some exchanges do this better than others. Beginners should explore the customer support features of the exchange. Support tools to assist with immediate troubleshooting advice or assistance may come in the form of a ticket system or live chatbot.

What Is A Cryptocurrency Exchange?

A cryptocurrency exchange is an online platform where cryptocurrencies and digital assets can be bought and sold in exchange for tokens at market prices. There are three types of crypto exchanges:

  1. Fiat-to-crypto exchanges that involve the local currency (e.g. NZD) is traded for crypto (e.g. BTC).
  2. Crypto-to-crypto exchanges where digital assets and coins can be traded for other assets, otherwise known as trading pairs (e.g. BTC-ETH).
  3. A combination of the above.

Types Of Crypto Exchanges

There are three types of cryptocurrency exchange:

  • Decentralized Exchanges (DEX) – A crypto exchange that is not governed by a central authority and transactions are made from peer-to-peer. Blockchain technology is the vector for the trading of assets between customers.
  • Centralized Exchanges (CEX) – A cryptocurrency exchange that is governed and regulated by a central authority.
  • Hybrids.

Centralized Exchanges

  • Typically offer higher liquidity and trading volumes than DEC
  • Fiat-to-crypto trading only
  • More susceptible to security breaches
  • High functionality

Decentralized Exchanges

  • Typically lower liquidity and trading volumes than CEC
  • Crypto-to-crypto trading only
  • Increased security due to the distribution of nodes on the Blockchain
  • Limited functionality

How To Spend Bitcoin In New Zealand

The number of ways Bitcoin can be used or spent in NZ is increasing. Traders and investors can use Bitcoin to purchase goods and services using the following methods (but not limited to):

  • Direct transferring of crypto from a wallet to the recipient’s address.
  • Using a cryptocurrency debit card to send Bitcoin to a merchant. The process is akin to using a standard debit card where held assets can be accessed or loaded onto the card. Some exchanges offer these services, whilst others do not.
  • Use stored Bitcoin to withdraw NZD from a Bitcoin ATM.
  • Use Bitcoin to purchase goods from merchants such as Mooning Market. Moon Market works similarly to Amazon and eBay.

Storing Bitcoin In New Zealand

Deciding on how to store Bitcoin in New Zealand comes down to two options. Firstly, Bitcoin can be kept in the exchanges storage system, which can be cold storage (wallet), or a combination of hot and cold storage. Secondly, cold-storage wallets may be used by individuals to hold Bitcoin offline and usually in a physical state.

  • Hot storage refers to a wallet that is connected to the internet and can be accessed at any time. Examples include online cloud wallets, mobile wallets, software wallets, and exchanges. Hot wallets are great for keeping an amount of BTC available for frequent buying, trading, and selling. 
  • Cold storage refers to a physical means of keeping crypto in a storage device and is only accessible by the wallet owner. Examples include hardware wallets such as CoolWallet Pro and the Ledger Nano X. Cold-wallets are not connected to the internet.

Since hot-wallets (e.g. exchanges) are connected to the internet, BTC may be susceptible to loss, damage, or theft, albeit the risks are low. With this in mind, investors and traders should be seeking a reputable and trustworthy exchange that has a stellar security record. The best way to mitigate against this potential risk is to store Bitcoin in a cold-storage wallet.

The key function of a cold wallet is to provide an extra security mechanism between the internet-connected device (e.g. computer) and the asset. All wallets will have a private key that legitimizes access to the stored asset. Most wallets usually come equipped with a variety of recovery options in case the wallet is lost or damaged.

Frequently Asked Questions

Is It Legal To Buy Bitcoin In New Zealand?

The purchasing, trading, and selling of Bitcoin and other digital assets is legal in New Zealand. Cryptocurrencies are not recognized as a form of currency however it is treated as property and subject to taxation. Digital currency exchanges must comply with Anti-Money Laundering (AML) and Know Your Customer (KNC) security requirements.

Can I Buy Bitcoin Using A Credit Card?

Bitcoin can be purchased using a credit card however it depends on what exchange you are using as not all with providing this service. An exchange that accepts credit cards as a method to make NZD deposits will be essential. The fees are typically higher however the method provides a level of convenience. Reputable and trustworthy exchanges should be used to buy Bitcoin with a credit card such as Binance.

Can I Buy Bitcoin At An ATM?

A Bitcoin ATM is an internet-based connection kiosk where consumers can deposit cash in exchange for BTC or vice versa. They are usually associated with a particular cryptocurrency exchange where Bitcoin is sent to the customer’s wallet using a QR code. Bitcoin ATMs typically charge high fees, where the service fee is around 7-20% of the transaction amount. 

Can I Buy Bitcoin With Crypto?

Exchanging or trading another digital currency Bitcoin is a popular method to obtain the world’s most dominant crypto. Popular cryptocurrency platforms such as Swyftx, Binance, and Easy Crypto allow investors to convert an asset into BTC in a few easy steps. Before choosing an exchange, you should always make sure that the trading pair is supported. More information about buying cryptocurrency in New Zealand can be read in this guide.

Aaron SengAaron Seng

Aaron Seng is the Founder of His journey in the world of cryptocurrency began in 2016 where he was an early investor in Bitcoin and Ethereum. His initial interests revolved around blockchain technologies and their application in a variety of industries and markets. Over the years, he has watched the slow and steady progression and growth of digital currencies around the world.


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