Steps To Take For Buying Bitcoin In New Zealand

Money-Making Machine: Learn the Hottest Trading Techniques for Cryptocurrencies
Source: Pixabay

New Zealand is legendary for being the last country in the world to be inhabited by humans, but do not be fooled by that. Despite its small population, it ranks 14th in the human development index. The government is most advanced in women’s rights, adopting technology, and international trade.

Bitcoin is the latest kid on the block for alternative investment. In a country where Hobbits can be used as legal tender, Bitcoins are gaining momentum as an alternative to currency. The average value of payments using bitcoins amounted to NZ $9 billion per day in 2021.

If you wonder how to buy Bitcoin NZ? Here are the steps to take before purchasing crypto.

Get A Crypto Wallet

Wallets are for buying and selling Bitcoins and other cryptocurrencies. Several fintech companies offer free crypto wallets which can be installed on any device. The installation and registration are usually free, and you will only have to pay when you begin trading. You can start with a minimum of NZ$100. Once you download the wallet and follow the setup instructions, you will use the account to know how to buy Bitcoin in NZ.

Create an Account with a Bitcoin Exchange

Unlike the stock market exchange, NZSX, Bitcoins are also traded on crypto exchanges. Once you have installed a wallet, you need to register on an exchange to begin trading. Your wallet will provide some options, and you will only need ID proof such as an NZ driver’s license, passport, or origin ID.

These act as verification and compliance with the Anti-Money Laundering and Counter Financing of Terrorism regulations. A word of caution, not all exchanges offer all crypto. Therefore, check that the exchange provides your preferred currency before installing it.

Compare Prices and Fees

Wallets will have varying rates that are usually associated with each transaction. In addition, different exchanges will have additional quotes for Bitcoins. You need to compare all these prices and fees to align with your trading goals and expectations.

Security Protocol

Each platform varies in its security protocol, and you need to make sure that they offer complete encryption before you begin trading. You should ensure that the app also gives a two-factor verification to safeguard your investments. In addition, the app also has a recovery method that requires you to enter a phrase that only you know. This can be used to recover the wallet on another device in case of a hacking attempt.

Add Payment Method

Once you are comfortable with the security methods that your wallet has, you can select a payment method  of your liking and add the money to your wallet. When you sell, the money is transferred to the same payment method. Wallets offer a range of payment methods such as NEFT, net banking, UPI, credit card, and debit card.


Placing a buy or sell order is called trading in Bitcoin. You can place market orders that will purchase or sell the crypto at the current market rate or a limit order to select the price you want the trade to trigger. A market order allows you to catch the bus as momentum picks up.

With limited orders, your trade may not get executed at all if the price does not reach your limit. Trading with caution is recommended when you look at buying Bitcoin in NZ.

Bitcoin has been the talk of the town in the crypto segment for a few years now. The Lord of the Rings Trilogy fueled the economy with $200,000,000, and the Bitcoin craze may be the next big trigger to pump the economy.

About the author

Jike Eric

Jike Eric has completed his degree program in Chemical Engineering. Jike covers Business and Tech news on Insider Paper.

Daily Newsletter