How to Buy Bitcoin in New Zealand!

Do You Need ID to Buy Bitcoin?

Bitcoin is one of the most popular cryptocurrencies in New Zealand. Some individuals invest in Bitcoin in the hope that its value will increase over time. On the other hand, many Kiwis use it for online transactions, such as paying at e-commerce sites that accept crypto.

Online casinos in New Zealand are among the top e-commerce sites that accept cryptocurrencies.

These sites allow you to fund your account using Bitcoin. As such, you get to enjoy fast and anonymous transactions. Fortunately, top online casinos are regulated, ensuring that your BTC funds are safe. Whether you want to use Bitcoin for payments or as an investment, you must first buy it.

In this guide, we will explore ways of acquiring Bitcoin through recommended cryptocurrency exchanges in New Zealand.

Step 1: Select the Ideal Crypto Exchange

First, choose a cryptocurrency exchange. There are hundreds of exchanges worldwide, but not all are suitable for New Zealanders. When choosing an exchange, look for key aspects like fees, the number of cryptocurrencies available, and deposit options. Below are some examples of reputable crypto exchanges for Kiwis.

Independent Reserve

Independent Reserve is a popular exchange for New Zealanders. Its low fees make it attractive for both beginners and experienced traders. You can also buy multiple digital coins, including Ethereum, Bitcoin, and many more. Independent Reserve supports NZD deposits, making it easier for Kiwis to fund their accounts.

Binance

Binance ranks among the biggest crypto exchanges globally. It is known for its vast selection of cryptocurrencies. This makes it a perfect destination for those who wish to explore other digital currencies apart from Bitcoin. Binance has low trading fees and offers various features, such as staking and gaining some interest on your digital coins.

Kraken

Kraken is another well-known exchange that Kiwis can use to buy Bitcoin. It has strong security measures, making it one of the safest platforms. Kraken supports NZD deposits and allows users to trade various cryptocurrencies. It also has a user-friendly interface, which makes it easy for beginners to navigate.

OKX

OKX is a top recommendable exchange in New Zealand. It offers numerous cryptos, including Bitcoin. OKX is known for its advanced trading tools, which make it suitable for more experienced traders. It also accepts multiple banking options, including credit/debit cards and bank transfers.

Step 2: Register an Account and Validate Your Identity

Once you’ve chosen your exchange, the next step is to open an account. This process is usually straightforward. It requires you to provide your email and create a password. Next, you must prove that you are the account owner.

Most sites will prompt you to provide a photo ID, such as your driver’s license or passport. You also have to provide proof of address, like a utility bill. This step is essential to ensure the safety of your account and comply with regulations.

Step 3: Buy Bitcoin

After verifying your account, you are ready to buy Bitcoin. The first step is to find Bitcoin on the platform. You can usually search for it by typing “BTC” in the exchange’s search bar. Once you find it, select how much Bitcoin you want to buy.

Different exchanges offer different payment methods. Some accept bank cards, while others may support POLi or bank transfers. It’s important to note that not all exchanges accept deposits in New Zealand dollars. Always confirm the available deposit options before you make a purchase.

Step 4: Store Your Bitcoin

When you acquire Bitcoin, make sure you keep it safe. Storing cryptocurrency is different from storing money in a bank account. You require a digital wallet to secure your Bitcoin.

A digital wallet stores your private keys, which give you access to your Bitcoin on the blockchain. You can choose from different types of wallets, depending on your needs.

Online Wallets

Online wallets or hot wallets rank among the most convenient types of wallets. You can access them freely and easily. Unfortunately, they are linked to the internet, making them more vulnerable to hacking. If you’re storing a large amount of Bitcoin, keeping it in an online wallet for a long time is not recommended.

Offline Wallets

Offline wallets, also known as cold wallets, are much more secure than online wallets. They are protected from hackers because they are not linked to the internet. However, you will not find them to be convenient. There are two types of offline wallets you can choose from:

1. Hardware Wallet

If you want to store private keys, this is the ideal wallet. It is usually a USB or other physical device. You can connect it to the computer when you want to use your cryptocurrency. Hardware wallets are very simple to use and are safe. They typically cost around $150 NZ. Ledger and Trezor are the most common brands.

2. Paper Wallet

This is a piece of paper that bears your public and private keys. It is among the simplest cold storage forms. While it’s completely offline, you must keep the paper safe from damage or loss. If someone gets hold of the paper, they can access your Bitcoin.

Final Thoughts

Buying Bitcoin in New Zealand is a straightforward process once you know where to start. Find a reputable exchange, verify your identity, and buy your Bitcoin. Once you acquire your Bitcoin, it is important to store it safely. You can either opt to use online wallets like Ledger or offline wallets.