8 best crypto exchanges in New Zealand

1. Swyftx – Best crypto exchange

Go to site

Swyftx Cryptocurrency Exchange

★★★★★

Finder score

310+
Supported cryptos

3
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Receive $10 BTC on sign-up and verification. T&Cs apply.

Swyftx accommodates beginner investors, advanced traders, yield earners and those looking to learn more about cryptocurrencies and blockchain technology. It's this variety of features that helped Swyftx take the 2022 Finder Award for Best Crypto Exchange in NZ.

Investing in crypto with Swyftx is simple. After setting up your account, you can start trading your favourite coins and tokens. There are more than 300 popular cryptos to choose from, each with a detailed guide on the crypto as well as website and social media links for the project.

Swyftx also provides charting tools to help visualise the market through price changes, market cap and rankings. If you're unfamiliar with charting and indicators or would like a deeper dive into the technology behind your investment, Swyftx has you covered. Swyftx Learn offers an abundance of useful resources and articles available — there are even quizzes to test your knowledge.

With Swyftx, you'll get 24/7 customer support as well as top-tier security features and compliance with the Financial Market Authority's (FMA) registration requirements.

Pros

• Mobile app and web browser-enabled
• Supports 300+ popular coins and tokens
• Earn APY on selected cryptos
• Get a free demo trading account
• Access educational tools through Swyftx Learn

Cons

• Lower liquidity than some global competitors
• Higher fees than some global competitors
• NZD$10 processing fee for withdrawals
• No derivatives trading

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, PayID
Deposit fees	Up to 4% (Banxa processing fee)
Withdrawal fees	NZD withdrawals: $10 NZD Minimum withdrawal $11 NZD Cryptocurrency: None
Trading fees	0.6%

2. Easy Crypto – Best crypto broker

Go to site

Easy Crypto

★★★★★

Finder score

130+
Supported cryptos

1
Fiat currency

• Why we chose it
• Pros & cons
• Fees & deposits

Easy Crypto is a popular choice for Kiwis looking for a simple way to instantly purchase crypto. Its beginner-friendly approach to crypto investing has earned it the 2022 Finder Award for Best Crypto Broker in New Zealand.

To get started with Easy Crypto, simply create an account via email or social media and verify your information for the standard Know Your Customer (KYC) process. Once your account is set up and funded, you can instantly swap NZ dollars for cryptocurrency using the quick buy/sell feature.

Popular cryptos and top gainers are displayed in a priority block, helping you to discover potential market movers at a glance. And, if you ever need help, you can get in touch with Easy Crypto's local customer support team.

Once you've made some swaps, you can check your trading history, view your profits/losses report via the portfolio dashboard and generate a tax summary for EOFY reporting.

Pros

• 150+ coins supported
• Supports auto-buy orders
• Learn as you go through the educational hub
• Generate simple tax summaries
• NZ-based customer support

Cons

• Popular trading pairs like USDT and other stablecoins not available
• No staking or earning features available
• Limited to just simple coin and fiat swaps &ndash
• no advanced features

Deposit methods	Bank transfer, Credit card, Debit card, POLi, Account2Account
Deposit fees	None
Withdrawal fees	None
Trading fees	0.5-1.8%

3. Independent Reserve – Best exchange for beginners

Go to site

Independent Reserve Exchange

★★★★★

Finder score

30+
Supported cryptos

4
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Independent Reserve, another Australian-founded crypto exchange, offers a suite of simple-to-use features for crypto newcomers, cementing its place as a top choice for beginner investors.

Key features of the Independent Reserve platform include its simple sign-up process, beginner-friendly user interface and one-click crypto purchases.

Once signed up, you're able to purchase dozens of cryptos in NZ dollars using SWIFT or PayID and other NPP options if you've got an Australian bank account.

Independent Reserve's security track record is particularly noteworthy — it's one of only a handful of exchanges to achieve ISO 27001 certification. More than 97% of user funds are held safely offline in cold storage, it conducts regular penetration testing and offers bug bounties – all to help ensure the safety of cryptocurrencies held on the exchange.

Pros

• Mobile app and web browser-enabled
• 30 supported coins
• Competitive trading fees
• 24/7 customer support
• Built-in crypto wallet

Cons

• Fewer coins than some competitors
• No earn or staking features
• Deposits under NZD$5,000 incur a NZD$15 processing fee
• NZD$20 fee for withdrawals

Deposit methods	Cryptocurrency, Osko, PayID, EFT, SWIFT
Deposit fees	Cryptocurrency: Free None for deposits over NZ$5,000 equivalent $15 for deposits under NZ$5,000 equivalent Assisted transfer fee: $20
Withdrawal fees	NZD withdrawals: $20 Cryptocurrency: Fees vary Assisted transfer fee: $20
Trading fees	0.02-0.5%

4. Binance – Best exchange for value

Go to site

Binance Cryptocurrency Exchange

★★★★★

Finder score

360+
Supported cryptos

34
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Get a 10% discount on fees when you sign up through Finder. T&Cs apply.

High trading fees and slippage can be costly for active traders. Binance offers low-fee trades and deep liquidity, making it our standout crypto exchange for value.

While many smaller exchanges offer a fixed rate maker/taker fee across all trading pairs, Binance's trading fees are based on a tiered structure. Spot market fees start at Regular User rates of 0.100% and decrease incrementally based on VIP status. VIP status is dictated by monthly trading volume and BNB balance.

If you have traded on smaller, less liquid exchanges, you may have fallen victim to slippage – when you buy/sell at market price only to realise your order was filled at a less favourable price. Thanks to Binance's enormous global userbase, there are plenty of orders at any given time, giving you precise control over your trades and keeping fees low.

By paying fees in Binance Coin (BNB), traders are eligible for an additional 25% discount on spot trading and 10% off futures trading.

Pros

• Competitive fees
• Deep liquidity and high volume
• 350+ cryptocurrencies to choose from
• 25% discount on trading fees when paying with BNB
• Mobile app and web browser
• Zero-fee trading for Bitcoin and Ethereum spot market pairs

Cons

• High monthly trading volume and BNB balance required to achieve increased VIP status
• Less beginner-friendly than some local exchanges

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay
Deposit fees	None
Withdrawal fees	Cryptocurrency: Fees vary Card: 1.90%
Trading fees	Maker: 0.02 - 0.10% Taker: 0.04 - 0.10%
Advanced Trading Features	Yes

5. Swyftx – Best crypto app

Go to site

Swyftx Cryptocurrency Exchange

★★★★★

Finder score

310+
Supported cryptos

3
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Receive $10 BTC on sign-up and verification. T&Cs apply.

Swyftx is our pick for the best crypto app due to its simple interface and mobile-friendly functionality.

The Swyftx mobile app offers a comprehensive user experience with all the same features supported on the desktop exchange.

Once you've signed up for Swyftx and completed the KYC verification process, you're ready to start investing, trading and earning on the go.

The mobile app is available for download via the App Store or Google Play. You can quickly view your assets and earning history, watch the market and even place trades.

Local Australian customer support and low fees are also part of the Swyftx mobile trading experience.

Pros

• Simplified dashboard &ndash
• quickly view your assets and their performance
• Over 300 cryptos available to buy, sell and trade
• Swyftx paper trading &ndash
• test setups and strategies on the go

Cons

• Mobile charting is less comprehensive than some competitor apps
• Order types are limited to market buy and sells
• Beginner-oriented UX &ndash
• advanced traders may prefer a tier-1 global exchange

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, PayID
Deposit fees	Up to 4% (Banxa processing fee)
Withdrawal fees	NZD withdrawals: $10 NZD Minimum withdrawal $11 NZD Cryptocurrency: None
Trading fees	0.6%

6. Binance – Best exchange for altcoins

Go to site

Binance Cryptocurrency Exchange

★★★★★

Finder score

360+
Supported cryptos

34
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Get a 10% discount on fees when you sign up through Finder. T&Cs apply.

Binance has one of the largest lists of cryptocurrencies available to Kiwis. It offers markets for more than 350 cryptocurrencies and 1000+ trading pairs.

Binance is constantly expanding its offerings, with new trading pairs and cryptocurrencies often listed weekly. Investors looking for exotic, low-cap coins and tokens will likely find what they need on Binance.

Binance also has a unique 'Fan Token' platform for fans of Formula 1 and soccer. Investors can buy tokens for a specific club and receive benefits such as exclusive NFTs, badges and fan experiences.

Pros

• Huge range of altcoins available for buying, selling, trading and earning
• Low spot market fees &ndash
• 0.1% or less
• Access to unique offerings such as fan tokens and NFTs

Cons

• High fees for debit and credit card purchases
• Not every coin is supported in Binance's earning hub
• Earn rates are tiered and can quickly decrease
• Less beginner-friendly than some alternatives

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay
Deposit fees	None
Withdrawal fees	Cryptocurrency: Fees vary Card: 1.90%
Trading fees	Maker: 0.02 - 0.10% Taker: 0.04 - 0.10%
Advanced Trading Features	Yes

7. Nexo – Best for earning returns

Nexo Cryptocurrency Exchange

60+
Supported cryptos

3
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Nexo's earn platform allows investors to earn yield on a wide variety of digital assets.

Yield rates compound daily, with the option to lock up cryptos over a fixed or variable term deposit. The Nexo platform features a crypto yield calculator to estimate returns over specific periods and help optimise your investment strategies.

Although advertised yield rates are high, they can vary depending on the crypto you choose to lend and how you receive your returns.

Customers who opt to receive rewards in the platform's native token, NEXO, are incentivised via higher return rates. Always use the yield earning calculator to better understand your rates and APR before making any deposits.

Nexo's earn platform uses an over-collateralised lending model. This means that borrowers have to deposit a greater value of assets than they are borrowing. So for instance, for every $1 they deposit they can only borrow 50 cents. This reduces the risk for lenders as well as for the platform.

Nexo also offers an insurance policy through partnerships with BitGo, Ledger Vault, Bakkt and other custodians who are backed by Lloyd's of London.

Pros

• Beginner-friendly platform with consistently competitive APYs
• Earn yield on fiat deposits as well as crypto
• Industry-leading security standards and insurance policies
• Offers exchange services and a debit card for spending crypto

Cons

• Must hold a percentage of portfolio in NEXO to receive highest APY
• Less yield-earning cryptos than some competitors

Deposit methods	Bank transfer, Cryptocurrency, Wire transfer, Credit or Debit Card
Deposit fees	None
Withdrawal fees	None
Trading fees	Maker: 0-0.3% Taker: 0.06-0.4%

8. Crypto.com – Best exchange for NFTs

Read review

Crypto.com App

★★★★★

Finder score

270+
Supported cryptos

31
Fiat currencies

• Why we chose it
• Pros & cons
• Fees & deposits

Crypto.com was our pick for the best NFT exchange because it makes buying NFTs simple. You can connect your existing Crypto.com account via the web browser or through the mobile app.

Once connected, you can start trading NFTs right away. You can browse popular collections and upcoming drops and even read about the content creator and their inspiration behind the piece. You can also register as a creator and mint your own NFTs directly to the Crypto.com native blockchain, Cronos.

All NFTs on Crypto.com are verified. This means that scams and fake NFTs are a lot less common than on other platforms. Crypto.com features digital collections from large and reputable brands including Aston Martin and Paris Saint-Germain.

Depending on the listing type, you can submit a bid at auction or purchase NFTs at a fixed sale price. Email subscription is also supported – you can opt to receive a notification anytime there's an upcoming drop.

Pros

• Verified NFT artists and collections
• NFTs minted on the Crypto.com native blockchain
• Purchase NFTS with crypto or fiat
• Mobile and web browser compatible

Cons

• Does not support NFTS on all blockchains
• Fewer NFTs collections than competitor NFT platforms
• Payouts must be requested and approved before receiving sale funds to your Crypto.com wallet

Deposit methods	Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay
Deposit fees	None
Withdrawal fees	Cryptocurrency: Fees vary
Trading fees	Maker: 0.00-0.75% Taker: 0.05-0.75%

Why you can trust Finder's crypto experts

We're free

Our comparison tables are completely free to use. We link you directly to the platform's secure sign-up page and often have offers you won't find elsewhere.

We're experts

We've researched and rated dozens of exchanges for our Crypto Trading Platform Awards and are often called upon to comment in media.

We're independent

We're not owned by an exchange or investment firm. Our opinions are our own and we put our users first to help you find the product that's right for you.

We're here to help

We're a team of crypto nerds with extensive experience in investing, trading and decentralised finance but we also remember how it feels to be a beginner.

How to choose the best crypto exchange in New Zealand

It's important to research a wide range of crypto platforms and compare the pros and cons of each option. The best crypto exchange for you depends on what you're looking for, so consider the following:

• User-friendliness and trading tools

  If you're a crypto novice, getting started buying and selling coins and tokens can be complicated and confusing. On the other hand, experienced traders may want a platform with special features such as advanced charting and order types, plus the option to trade on margin.

  If you're a beginner at crypto trading, look for a platform with a straightforward user interface that's easy to understand.

• Payment methods

  Can you deposit funds into your account via bank transfer, debit card and/or PayPal? The more payment options an exchange has, the more convenient it generally is to use. Make sure your exchange has deposit and withdrawal options that work for you. Remember to check the fees associated with different methods.

• Type of trading

  First, consider the type of trades you want to place. Some exchanges offer these trading options:

  • Fiat-to-crypto
  • Crypto-to-crypto
  • Both fiat-to-crypto and crypto-to-crypto

  For example, if you want to buy BTC with New Zealand dollars, you'll need to find a platform that allows you to buy coins via bank transfer or card. Alternatively, if you want to exchange your BTC or ETH holdings for another cryptocurrency, you'll want a platform that offers direct crypto-to-crypto trades.

• Cryptocurrency selection

  Consider which currencies you want to trade and which platforms list those currencies in one or more trading pairs:

  • Cryptocurrencies. There are thousands of different cryptocurrencies in existence, so don't expect to find them all listed on any single platform. Major cryptocurrencies such as BTC, ETH, XRP and others in the top 20 coins by market capitalisation are listed on an extensive range of exchanges. However, rarer altcoins may be much harder to find.
  • Fiat currencies. If you want to buy crypto with New Zealand dollars, check which currencies the platform accepts.

  You can find an overview of the crypto assets and fiat currencies that each exchange supports in the table. Read the full review for a more detailed analysis.

• Fees

  From depositing to trading and withdrawing funds, how much will it cost you to buy and sell crypto on each platform? Consider your payment method, the currencies you want to use and any discounts you may be entitled to when completing these calculations. For instance, fees for credit card purchases are usually higher than for a bank transfer.

  You can find detailed information on fees for each exchange by clicking on the "View details" text in the table.

• Limits

  Are there any limits on the amount you can deposit into your account or the amount of cryptocurrency you can buy or sell per transaction or per day? This question typically only applies to what some colloquially call "crypto whales" or people who make transactions ranging in value from hundreds of thousands to millions of New Zealand dollars.

  Most exchanges that require the Know Your Customer (KYC) process allow you to deposit and withdraw tens of thousands of New Zealand dollars per day. This is more than most average traders deposit and withdraw on a daily basis.

• App or desktop

  How can you access your trading account? Certain platforms only allow you to trade through a web browser, but some have mobile apps. If trading on the go is important to you, it's worth reading up on whether or not the exchange has a mobile app and how easy it is to use.

• Earning

  If you are looking to earn a yield on your cryptocurrency, you can do so through exchanges that offer earning options. Certain exchanges allow you to either lend or stake your cryptocurrency as a means to earn a yield on it.

  Lending involves loaning out your cryptocurrency to other users or businesses who pay you a fee for doing so. Staking involves locking up your assets to help them secure a blockchain network.

  Before using any exchange to generate yield, make sure you understand the risks involved, what type of earning the exchange offers and whether it's appropriate for your needs.

• Prices

  The price of a digital asset is determined by whatever people are willing to pay for it.

  Most brokers or instant buy services charge a fee as part of the service it provides. This means you will pay anywhere from a fraction of a percent to a few percent more than the going rate of the asset when you make the purchase.

  If you purchase your asset in the spot market, you can set the price that you want to pay and then wait for your order to be filled. For example, if you are willing to pay US$21,000 for 1 BTC, then you can set a limit order to buy BTC at that price in hopes that someone is willing to sell it to you at that price.

• Liquidity

  The level of liquidity on an exchange affects the ease and speed with which you can complete trades. If there's a high level of liquidity – in other words, if the exchange has a high trading volume – then trades should be completed quickly and easily.

  One of the biggest benefits of trading on larger crypto exchanges is they get enough orders to match buyers and sellers without any difficulty. However, low liquidity can lead to substantial price fluctuations.

  You can check websites such as CoinGecko or CoinMarketCap to get a better idea of an exchange's level of liquidity.

• Account verification process

  Most centralised crypto exchanges these days require you to complete a KYC or identity verification process.

  But some exchanges still let you deposit crypto and trade crypto-to-crypto without completing the KYC process.

  The said exchanges may not be properly regulated, so please proceed with caution if you choose to use these, especially if they are located offshore.

  Keep in mind that these exchanges may limit the amount of crypto you can withdraw from the exchange on a daily basis.

  For exchanges that require the KYC process, verification requirements vary. You will likely need to provide some or all of the following:

  • Your name
  • Your email address and phone number
  • Your address
  • Proof of ID
  • Proof of address
  • A photo of yourself holding a signed declaration

  If you need to provide a wide range of personal information, it's important to be sure you're dealing with a trusted exchange.

  It's also a good idea to research how long you can expect the verification process to take. For some exchanges, it can take up to 2–3 business days while others are near-instant.

  Finally, be aware that some exchanges require you to complete additional verification tasks to unlock full account features and permit higher transaction limits.

• Broker vs exchange

  What is the difference between a brokerage and an exchange? How long will it take for your transaction to be completed? Is one better than the other?

  Broker. Brokers buy and sell cryptocurrency to you. They typically charge a convenience fee for this, which may be hidden as a spread or markup on the going market rate.

  The advantage of using a broker is your transactions should be instant. When you purchase crypto using either the fiat you've deposited into your account or with a card, that crypto should be available to you right away.

  The same goes for when you decide to sell your crypto for fiat. You sell the broker your crypto in exchange for fiat and the fiat should instantly register in your account.

  Exchange. An exchange has a spot market, which is where users come to place buy and sell orders on the open market. Doing so allows you to set a specific price for an asset. For instance, if you think the price of Bitcoin will go down from US$23,000 to US$21,000, you can set an order for US$21,000 and wait for it to be filled. Likewise, you can set an order to sell your assets for a higher price than what is being offered.

  Exchanges may also offer brokerage services.

  Most exchanges allow you to withdraw crypto to your own wallet. This is sometimes not the case with brokers.

  Whether you use an exchange or broker will come down to your own needs and whether you plan to trade regularly or make a few one-off purchases now and then.

• Security features

  Security is a crucial factor to consider when choosing a crypto exchange.

  There have been more than a handful of cases in which exchanges have been hacked in crypto's history, so do your research on what security measures are in place to protect your funds.

  Questions you should ask include the following:

  • Is the exchange ld and regulated by the proper authorities?
  • Is 2-factor authentication (2FA) – a code sent to your phone each time you log in – supported?
  • What percentage of customer funds are stored offline or in cold storage? Cold storage refers to storing the private keys to digital assets somewhere offline to greatly reduce the ability for hackers to access the assets.
  • What level of verification is required to open an account?
  • Have you checked the exchange's trust score on CoinGecko or CER?

• Local regulation

  Cryptocurrencies are unregulated in New Zealand and the government advises against trading them due to their high risk and volatile nature.

  The Financial Markets Authority (FMA) views cryptos as "speculative products that operate differently to traditional investments".

  The FMA recommends that if you intend to trade digital assets in New Zealand, you do so through an exchange that offers some protection.

  These exchanges include New Zealand-based platforms that are registered on the Financial Service Providers Register (FSPR) and belong to a dispute resolution scheme.

  If you need clarification on an exchange's regulatory policy, information can generally be found via the frequently asked questions section or by contacting the exchange directly.

• Customer support

  This is a crucial but often overlooked factor when comparing crypto exchanges. If you ever have a problem with an individual transaction or with your account, how will you access a platform's customer support team?

  You'll need to consider the following:

  • Is customer support available through email, phone and/or live chat?
  • Is support available 24/7 or only during specific hours?
  • How quickly does the support team respond to inquiries?
  • Is support offered in a language you are comfortable speaking?

• Reputation

  Does the exchange have a reputation as a secure and reliable platform? Finder has reviewed a number of crypto exchanges to craft a list of the best crypto exchanges in New Zealand.

  In efforts to assess the soundness and reliability of crypto exchanges, we look at whether or not exchanges are properly regulated, how they secure the private keys to the crypto they hold and the level of customer support they provide, among other factors.

  You can also read our dedicated review for each exchange or see what other users think of the platform using a third-party service like Trustpilot.

Compare more crypto trading platforms and apps in New Zealand

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Product	Finder Score	Fiat currencies	Cryptocurrencies	Deposit methods	Offer	Disclaimer
Binance Cryptocurrency Exchange Finder Award	Not scored yet	34	369	Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay	Get a 10% discount on fees when you sign up through Finder. T&Cs apply.		Go to site Capital at risk View details Compare	loading Fetching your data...
Bybit Cryptocurrency Exchange	9Excellent	73	281	Bank transfer, Credit card, Cryptocurrency, Debit card, P2P		Disclaimer: Highly volatile investment product. Your capital is at risk. Not available for US citizens	Go to site Capital at risk View details Compare	loading Fetching your data...
Kraken Cryptocurrency Exchange	Not scored yet	8	221	Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay			Go to site Capital at risk View details Compare	loading Fetching your data...
Swyftx Cryptocurrency Exchange	Not scored yet	3	310	Bank transfer, Credit card, Cryptocurrency, Debit card, POLi, PayID	Receive $10 BTC on sign-up and verification. T&Cs apply.		Go to site Capital at risk View details Compare	loading Fetching your data...
Independent Reserve Exchange	Not scored yet	4	30	Cryptocurrency, Osko, PayID, EFT, SWIFT			Go to site Capital at risk View details Compare	loading Fetching your data...
KuCoin Cryptocurrency Exchange	Not scored yet	50	742	Bank transfer, Credit card, Cryptocurrency, Debit card, P2P	Sign up and get up to US$10 in rewards. Make trades to get up to US$500 in rewards. T&Cs apply.		Go to site Capital at risk View details Compare	loading Fetching your data...
Gate.io Cryptocurrency Exchange Exclusive	Not scored yet	8	1607	Bank transfer, Credit card, Cryptocurrency, Debit card	New users get US$90 worth of Gate.IO points and an airdrop of US$5 in GateTokens if trade volume exceeds US$100 in their first week. T&Cs apply.		Go to site Capital at risk View details Compare	loading Fetching your data...
Coinmama Cryptocurrency Marketplace	Not scored yet	6	18	Bank transfer, Credit card, Debit card			Go to site Capital at risk View details Compare	loading Fetching your data...
Paybis Cryptocurrency Exchange	Not scored yet	42	38	Bank transfer, Credit card, Cryptocurrency, Debit card, Neteller, Skrill		US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.	Go to site Capital at risk View details Compare	loading Fetching your data...
Easy Crypto	Not scored yet	1	133	Bank transfer, Credit card, Debit card, POLi, Account2Account			Go to site Capital at risk View details Compare	loading Fetching your data...

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How to use a cryptocurrency exchange

For the sake of our example, let's assume that you have $500 that you want to use to buy Bitcoin (BTC).

1. Compare cryptocurrency exchanges to find one that offers the right service for you.
2. Register for an account on the platform and provide any personal details and proof of ID required.
3. Navigate your way to the "Buy" screen.
4. Select BTC as the cryptocurrency you want to buy.
5. Select your payment currency, which in this case is NZD, and specify the amount you want to spend as $500.
6. Select your payment method, such as a debit card payment or bank transfer.
7. Enter your payment details, such as your account number if sending a bank transfer or your card number and CVV if paying by card.
8. Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
9. If you're happy to proceed, click "Buy BTC".
10. Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address that you nominate.

How to pay for your cryptocurrency in New Zealand

Crypto exchanges in New Zealand support a range of deposit methods, including the following:

• Credit and debit cards
• Bank and wire transfers
• Cryptocurrency transfers
• Peer-to-peer (P2P) payments
• Neteller, Skrill and other online payment services
• POLi
• Account2Account (A2A)
• PayID, Osko and other NPP payments to Australian bank accounts

Accepted payment methods vary between exchanges. Prior to signing up, it's worth checking that your preferred payment method is supported.

The different types of cryptocurrency exchanges

The term "exchange" may refer to a variety of cryptocurrency brokers, trading platforms and other services. Different types of exchange are often more geared toward beginners or experienced users.

• Cryptocurrency brokers. Buy directly from cryptocurrency dealers for simple and quick purchases. A broker will facilitate an instant purchase of the digital asset of your choosing and will not offer spot trading.
• Cryptocurrency trading platforms (suited to beginner/intermediate users). Buy and sell cryptocurrency on an open market for competitive fees, a wide selection of cryptocurrencies and optional features like margin trading. Many exchanges now offer brokerage services to be more beginner-friendly.
• Cryptocurrency derivatives platforms (suited to advanced users and not available in some countries). These trading platforms don't sell cryptocurrency outright. Instead, they let certain users trade cryptocurrency derivatives in regions where this restricted-access feature is available. They're for advanced traders who want high speed, high leverage and deeply liquid platforms with a full range of features.

Risks of using a crypto exchange

• Cybersecurity breaches. Hacks and scams are, unfortunately, commonplace in the crypto space. Exchange-related security breaches and targeted phishing scams remain a major concern for exchanges and their customers.
• Not your keys. "Not your keys, not your crypto" is a common industry saying and refers to holding your digital assets in a wallet that another person or company controls, such as on an exchange. By storing cryptos on an exchange rather than in a non-custodial wallet, you're relinquishing full ownership of those assets and putting trust in a third party – which some may see as contradictory to the decentralised philosophy of crypto.
• Lack of consumer protection. While crypto exchanges are increasingly regulated in New Zealand and may be registered with the FMA, they are still lacking a lot of consumer protections such as mandatory insurance or strict rules about how user assets are managed.
• Proof of reserves. Since the widely publicised collapse of FTX, many traders and investors have demanded centralised exchanges provide proof of reserves and user deposits. This may be done by a third-party auditor or through the use of on-chain data. Proof of reserves is still an evolving concept, and it's not clear yet what the best practices are or how reliable it will prove to be.
• Transaction limits. Most crypto trading platforms have daily deposit and withdrawal limits. This means that even though you may have, for example, 10,000 NZD available, you may not be able to access and withdraw the total balance. Transaction limits depend on the exchange and the FMA stipulations and typically increase as you provide additional KYC information.
• Frozen accounts. Crypto exchanges freezing deposits and withdrawals can happen without warning. If your account is frozen, you will not be allowed to remove your funds until the exchange approves or denies your request. Precautionary measures such as only holding a trading balance on an exchange are recommended.
• Asset delistings. Centralised exchanges can opt to delist a cryptocurrency at any time. This can happen for numerous reasons, including poor asset performance, security concerns or anti-money laundering (AML) breaches. If delisting is taking place, you will be notified by the exchange and forced to sell your assets or remove them from the platform.

Is it safe to store your cryptocurrency on an exchange?

Securely store your crypto:

• Best crypto wallets
• Best hardware wallets

Cryptocurrency is held in digital wallets. Some exchanges will give you your own wallet that lets you hold cryptocurrency in your exchange account and then transfer it anywhere as desired.

However, once you have purchased what you consider to be a sizeable amount of digital assets, you may want to consider transferring the private keys to those assets to a self-custodial wallet.

This is because the exchange controls the private key to your wallet, which means you don't have total control of your funds. And with exchanges sometimes falling victim to hackers, there is some degree of risk involved with leaving the private keys to your crypto in the hands of a centralised exchange.

Learn about wallets

Bottom line

Not all crypto exchanges are created equal and not all crypto buyers and sellers have the same trading needs. The best exchange or platform for one person might not necessarily be the right choice for someone else, so it's essential to do your own research.

Read our reviews of some of the most popular cryptocurrency exchanges in New Zealand and around the world before you decide which to use. Compare the features, fees and pros and cons of each platform and consider whether they align with your investment goals and budget.

Frequently asked questions

• What is the safest crypto exchange in NZ?

  The safest exchanges are those that have stringent security measures such as registration on the New Zealand Financial Market Authority's Financial Service Providers Register (FSP), 2-factor authentication (2FA), an insurance fund and cold wallet storage in place.

  A very small group of exchanges, like Independent Reserve, also hold world-class ISO 27001 certification. This means they have been thoroughly audited and support industry-standard security measures.

• Where can I trade crypto in NZ?

  Most popular crypto exchanges can be used to trade crypto in New Zealand. However, global exchanges that aren't registered on the FSP aren't allowed to offer NZD deposits and withdrawals.

  Exchanges that accept NZD include Swyftx, Easy Crypto and Independent Reserve.

• What is the best way to buy crypto in New Zealand?

  To answer this question, you'll need to compare a range of crypto exchanges to see which meets your needs and budget.

  We've given you a head start by sharing some of our picks for the best crypto exchanges in NZ at the top of this page.

• What is the most trusted cryptocurrency exchange?

  Due diligence and research are incredibly important when choosing a crypto exchange you can trust. As a good rule of thumb, look for platforms that are registered with the New Zealand financial industry regulator, the FMA.

  A great way to dive deeper is by reading our extended reviews of each crypto exchange and researching customer feedback on platforms like Trustpilot.

Finder's crypto exchange reviews