How to Buy Cryptocurrency in New Zealand
Buying cryptocurrency in New Zealand
According to the Financial Markets Authority (FMA), New Zealandís financial markets regulator, cryptocurrencies arenít considered legal tender. Furthermore, the authority warns of high possibilities of certain risks associated with cryptocurrencies and cryptocurrency trading, such as their volatile nature, their legal status in New Zealand and the fact that these cryptocurrencies, crypto-exchanges and those who use them often find themselves the targets of scams, hacks and fraud. The Reserve Bank of New Zealand (RBNZ), New Zealandís central bank, doesnít regulate digital currencies directly. Nevertheless, as the countryís central bank, it is responsible for keeping and encouraging the preservation of an efficient and sound financial system in the country. Mining is an interesting topic, because it isnít directly regulated in the country. Nevertheless, there are certain listed offences in New Zealandís law, which involve computer system access for dishonest purposes. Therefore, mining could be treated as an offence under New Zealandís law.
As of 20/03/2021
These exchanges all accept customers from New Zealand. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Based in Singapore and registered in the British Virgin Islands, Bybit is a P2P cryptocurrency exchange offering perpetual futures products with 100:1 leverage. Bybit can process 100k transaction per second which is a great feature for leveraged trading.
- Advanced and secure technology
- Anonymous accounts
- Attractive trading bonuses
- Very low fees
- Limited asset coverage
- No option instruments
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options