How To Buy Crypto In New Zealand

Published 20 Nov, 2021 Updated 18 Dec, 2022

Crypto Guides

Cryptocurrencies are becoming more mainstream and readily available for New Zealand investors and traders to acquire. All you need to get started is a form of photo ID to create an account, and either a bank account or a credit card that you can link and deposit New Zealand Dollars (NZD).

Here is our guide on how to safely purchase popular digital currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Solana (SOL), Ripple (XRP), and many more from a reputable crypto exchange that is supported in NZ.

It comes without saying but you first need to choose a reputable cryptocurrency exchange or broker. To help, we have reviewed the best crypto exchanges in New Zealand to provide you with unbiased and informative information to support your decision-making. A comparison of some of the top New Zealand crypto exchange platforms is summarised in the table below.

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

How To Buy Crypto In New Zealand

An overview of the five steps to buy crypto in New Zealand is as follows:

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

If you’re looking to purchase digital assets such as BTC, ETH, or ADA, then you can read our detailed step-by-step guides below:

Guide To Buying Crypto In New Zealand

Step 1 – Open 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 supports investors and traders residing in New Zealand, it is legally required to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements. 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 NZ 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 crypto can be purchased, New Zealand Dollars (NZD) 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 Kiwi 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.

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

swyftx deposit methods

Step 4 – Select The Crypto & 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 the selected asset.
  • Several order types (market, limit, stop, and recurring)

The default order type is “Market” which allows beginner investors to easily and quickly purchase crypto 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.

Either scroll to find the coin to be purchased or use the search function. In this example, we searched for Cardano (ADA).

swyftx coin search

Customers will have the option of either entering in the amount of crypto they want to purchase, or the amount of NZD they want to spend to buy crypto.

Step 5 – Review & Confirm The Purchase

After an amount of NZD is entered in, the amount of crypto 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 eth confirm

Buying Crypto In New Zealand: Things You Should Know

What Is The Best Exchange To Buy Crypto In New Zealand?

In our opinion, the best cryptocurrency to buy crypto is Swyftx. The highly trustworthy exchange is one of a few exchanges which 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 supports NZ residents.

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 crypto, 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 crypto 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 sells price for a quoted cryptocurrency.
  • Supported Crypto – Almost all exchanges will provide various coins as purchasable and tradeable assets. 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 the local authorities. Industry-standard security measures for NZ 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 use the local currency (e.g. NZD) to exchange 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 In New Zealand

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

New Zealand Crypto Exchange Reviews & Comparisons

To find the right exchange in New Zealand to buy, trade, and sell cryptocurrency, MoreCrypto has reviewed the vast majority of providers in the country that are locally registered and licensed to provide cryptocurrency services. For more information, read our exchange reviews and comparisons below.

Detailed Exchange Reviews

Exchange Comparisons

Storing Crypto In New Zealand

Deciding on how to store crypto in New Zealand comes down to two options. Firstly, crypto 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 crypto 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 crypto 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, crypto 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 crypto 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 Crypto In New Zealand?

The purchasing, trading, and selling of crypto and other digital assets is legal in New Zealand and is recognized as property. Since 2017, laws and regulations have been progressively introduced to control the crypto market. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 mandates that all NZ-based crypto exchanges are registered with AUSTRAC and adhere to specific security requirements.

Can I Buy Crypto With A Credit Card?

Cryptocurrencies 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 crypto with a credit card such as Binance.

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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