Summary
Cryptocurrency is legal and regulated in New Zealand. The Financial Markets Authority (FMA) oversees crypto assets. Popular payment methods include bank transfers and credit cards. Most exchanges support NZD. Key regulations include the Financial Service Providers Register (FSPR) and Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT). Our recommended best crypto exchanges in New Zealand are:
Best Crypto Exchanges in New Zealand
This article examines the top cryptocurrency exchanges available to New Zealand residents. We’ll focus on platforms that support New Zealand Dollars (NZD) and offer reliable payment methods such as bank transfers and credit cards. These factors are crucial for seamless transactions in the local market.
1. Bitget
Users:
23m
Free Demo:
Mobile App:
Bonus
$6,200
Cryptos:
840+
Leverage:
125x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Over 800 cryptos
- Fair trading fees
- Great for EUR SEPA transfers
- 24/7 customer support
- Very beginner friendly
Cons
- Not available in the US
- No TWAP order supported
- Mandatory KYC for new accounts
Overview
Bitget is a true powerhouse for crypto traders from over 100 supported countries. What makes Bitget special is its beginner-friendly trading platform, which has over 800 supported cryptocurrencies. With so many supported cryptocurrencies, if you are looking to trade altcoins, Bitget might be one of your best shots.
With fiat support for 6 currencies, including EUR and RUB, Bitget is a top choice, especially for European users looking to deposit and withdraw funds in their native currency with ease. The 0% fee for SEPA transactions makes Bitget stand out. Credit card payments are also supported.
Experienced crypto traders can trade futures contracts on Bitget with 125x leverage on selected assets such as Bitcoin or Ethereum.
The spot trading fees start at 0.1% for makers and takers, which is very common in the industry. For futures traders seeking leverage for their day trading activities, Bitget charges very low fees of 0.02% maker and 0.06% taker.
2. Bybit
Users:
40m
Free Demo:
Mobile App:
Bonus
$30,000
Cryptos:
600+
Leverage:
100x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.055%
Pros
- Low fees
- 600+ supported crypto assets
- 100x leverage and deep liquidity
- Advanced order types and additional features
- Great 24/7 customer support
- Automated copy trading
Cons
- Regulatory uncertainty in Europe and USA
- May be confusing for beginners
- Cryptocurrency investments carry high risks
Overview
Bybit stands out as one of the most advanced crypto exchanges with deep liquidity and low fees. Bybit users can trade Spot, Futures, Options, NFTs, and even Inscriptions. Additionally, Bybit offers copy trading and bot trading to automate your income streams. Bybit copy trading is one of the best in the crypto industry.
Where Bybit excels is its derivatives platform with 320+ perpetual futures contracts and up to 100x leverage. With advanced order types such as TWAP or Iceberg orders, Bybit caters to experienced traders seeking the best options.
On the spot market, Bybit supports over 500 cryptos and up to 10x margin, making Bybit a versatile crypto exchange.
With low fees of 0.1% maker and 0.1% taker for spot trading and 0.02% maker and 0.055% taker for futures trading, Bybit has highly competitive fees. To top it all off, Bybit offers fee discounts based on your 30-day trading volume. The more you trade, the more you save.
3. Independent Reserve
Users:
350K
Free Demo:
Mobile App:
Bonus:
$10 worth of Bitcoin
Cryptos:
30+
Leverage:
5X
Spot Fees:
0.50%/0.50%
Futures Fees:
0.00%/0.00%
Pros
- Bgeinner friendly
- Upto 100X leverage
- Educational center with diverse resources available
- Advanced trading tools
Cons
- High spot trading fees
- Limited cryptocurrency options
- Low leverage
Independent Reserve Overview
Independent Reserve is an Australian cryptocurrency exchange that has expanded its services to multiple regions. The platform is highly regulated and offers futures trading with 5x leverage, along with a mobile app for convenient trading. With a user base of 350,000, Independent Reserve implements mandatory KYC procedures to ensure compliance with regulatory standards across its operational jurisdictions.
Spot trading fees on Independent Reserve start at 0.5%, with the potential to decrease to as low as 0.02% based on trading volume. A notable feature is the 0% maker and taker fees for futures trading. The exchange prioritizes security, maintaining a full 1:1 reserve of client fiat and cryptocurrency assets. The platform is designed with user-friendliness in mind, catering to traders of various experience levels.
However, Independent Reserve has some limitations. The initial spot trading fees are relatively high compared to industry standards. Additionally, the exchange offers a smaller selection of cryptocurrencies than some competitors. Independent Reserve does not provide a demo account for users to practice trading strategies risk-free.
4. BloFin
Users:
2m
Free Demo:
Mobile App:
Bonus:
$5,000
Cryptos:
400+
Leverage:
150x
Spot Fees:
0.1%
Futures Fees:
0.02%/0.06%
Pros
- Excellent for trading
- Very beginner friendly
- No KYC required
- 24/7 customer support
- Up to 150x leverage and deep liquidity
Cons
- Not good for passive income products
- Relatively new spot feature
Overview
Founded in 2019, Blofin is a no-KYC exchange where users can trade perpetual futures. With a recently added spot trading feature, as well as Copy trading for customers to enjoy, Blofin has earned a spot as a top contender in the crypto industry.
Blofin users can access 300+ trading pairs with leverage of up to 150x on the futures market. The exchange has a daily trading volume of $12.6 billion for futures trading, making Blofin one of the most active derivatives exchanges. The platform has integrated a user-friendly trading interface for both beginners and expert traders to navigate.
Blofin trading fees are set according to industry standards. For spot trading, a fee of 0.1% is incurred for both maker and taker, while for futures, the maker and taker fee is 0.02% and 0.06%.
What we love about Blofin is its generous VIP fee schedule, which allows traders to reduce their fees based on their 30-day trading volume.
5. Kraken
Users:
10m
Free Demo:
Mobile App:
Bonus:
None
Cryptos:
220+
Leverage:
100x
Spot Fees:
0.25%/0.4%
Futures Fees:
0.02%/0.05%
Pros
- Very beginner-friendly
- Low futures trading fees
- Free demo trading
- Fiat supported
- 24/7 customer support
- Fully regulated
Cons
- High spot trading fees
- Lacks advanced features
- Poor liquidity for futures trading
- Complicated Demo trading
Kraken Overview
Kraken stands out as one of the most beginner-friendly crypto exchanges. With an easy to understand UI, simple features, and a straightforward approach, Kraken has onboarded over 10 million users to its platform from all around the world.
Spot traders can access over 220 cryptocurrencies for buying and selling. For traders seeking more buying power, Kraken offers a leverage trading platform with up to 50x leverage on selected assets such as BTC.
In terms of fees, Kraken has a different approach for spot and futures trading. While spot trading fees are relatively high (0.25% maker and 0.4% taker), the futures fees are very low (0.02% maker and 0.05% taker). Based on your 30-day trading volume, you can obtain additional fee discounts.
What we love about Kraken is its comprehensive fiat support. You can deposit funds using your credit card or bank transfer. Once you are done trading, you can withdraw fiat currencies such as EUR or USD back to your personal bank account to lock in your profits.
Is Crypto Legal and Regulated in New Zealand?
Cryptocurrency is legal in New Zealand, and the regulatory framework is evolving to accommodate this emerging asset class. The primary regulatory body overseeing crypto-related activities is the Financial Markets Authority (FMA).
In 2019, the FMA released guidelines on the application of the Financial Markets Conduct Act 2013 to cryptocurrencies. This act classifies some crypto assets as financial products, subjecting them to regulatory oversight.
Cryptocurrency exchanges operating in New Zealand must comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT). This legislation requires exchanges to implement Know Your Customer (KYC) procedures and report suspicious transactions.
Additionally, crypto service providers must register on the Financial Service Providers Register (FSPR) and join a dispute resolution scheme. These measures aim to enhance consumer protection and maintain the integrity of the financial system.
Is Crypto Taxable in New Zealand?
Cryptocurrency is subject to taxation in New Zealand, and the Inland Revenue Department (IRD) has provided guidance on how crypto assets are treated for tax purposes. The tax treatment depends on the nature and use of the cryptocurrency.
For individuals, crypto assets are generally treated as property for tax purposes. If you acquire cryptocurrency for the purpose of disposal (e.g., trading or selling), any gains are taxable. The tax rate depends on your income bracket, ranging from 10.5% to 39%.
Businesses dealing with cryptocurrency must pay income tax on profits. The current company tax rate in New Zealand is 28%. Additionally, if a business accepts cryptocurrency as payment for goods or services, this is treated as a barter transaction and may be subject to Goods and Services Tax (GST).
It’s important to note that mining cryptocurrency is considered taxable activity. The value of mined coins is treated as income at the time of acquisition.
Disclaimer:
Tax laws are subject to change, and individual circumstances may vary. It is strongly advised to consult with a qualified tax professional or financial advisor for personalized guidance on cryptocurrency taxation in New Zealand.
How to Buy Crypto in New Zealand
Purchasing cryptocurrency in New Zealand has become increasingly accessible. We recommend using Bitget for its user-friendly interface, competitive fees, and support for New Zealand Dollars (NZD). Whether you’re interested in Bitcoin, Ethereum, or other altcoins, the process is straightforward.
Here’s a step-by-step guide to buying cryptocurrency in New Zealand:
- Choose a Crypto Exchange: Start by selecting a reputable exchange that supports NZD and complies with local regulations. Check the platform’s available payment methods and ensure you meet its KYC (Know Your Customer) requirements.
- Sign Up and Verify: Create an account on the exchange and complete the verification process by submitting your identification documents to comply with AML/CFT (Anti-Money Laundering/Counter Financing of Terrorism) regulations.
- Deposit Funds: Add NZD to your exchange account via common payment methods like bank transfers, POLi, or credit/debit cards. Some exchanges may also support local options like PayID.
- Select a Cryptocurrency: Pick the cryptocurrency you want to buy, such as Bitcoin (BTC), Ethereum (ETH), or stablecoins like Tether (USDT) and USD Coin (USDC).
- Execute the Trade: Place a market or limit order to purchase your chosen cryptocurrency. Be sure to review the transaction details, including fees, before confirming.
- Store Securely: After purchasing, transfer your crypto to a secure wallet. For small amounts, the exchange’s built-in wallet is an option, but for larger holdings, use a hardware or reputable software wallet for better security.
Remember to choose a reliable exchange and secure your funds properly. Cryptocurrency can offer great opportunities, but always make sure to follow safe trading practices and keep your assets protected.
Best Crypto Wallets in New Zealand
Selecting a secure crypto wallet is crucial for protecting your digital assets. New Zealand residents have access to various wallet options, each catering to different needs and security preferences.
Hardware wallets offer the highest level of security for long-term storage. Two reputable options are:
- Ledger: Offers top-tier security and supports a wide range of cryptocurrencies.
- Trezor: A well-known option with strong security and a user-friendly experience.
For those preferring software wallets, consider:
- Trust Wallet: A mobile wallet supporting various cryptocurrencies and DeFi functionalities.
- Exodus: Available on both desktop and mobile, known for its sleek design and built-in exchange.
- MetaMask: Perfect for users engaging with Ethereum-based dApps.
When selecting a wallet, prioritize security, supported cryptocurrencies, ease of use, and backup options. Keep your recovery phrase stored safely offline to ensure access if your device is lost or fails.
Bottom Line
For New Zealand residents seeking the best crypto exchanges in New Zealand, Bitget and Bybit stand out as top choices. Bitget offers a wide range of cryptocurrencies and competitive fees, while Bybit provides advanced trading features and robust security measures. Both platforms support NZD transactions and comply with local regulations, making them reliable options for New Zealand users looking to enter the cryptocurrency market or expand their digital asset portfolio.
