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New Zealand is known for being a cryptocurrency-friendly country. You are free to buy and sell cryptocurrency in the country as it has no strict crypto regulation, and any Blockchain-based currencies are totally legal for any kind of lawful activity. Though they are legal, they are still not considered legal-tender, meaning you can’t use them as a payment for your taxes. As such, you are still expected to be responsible and appropriate with your investments on any crypto exchange.
With that in mind, let’s continue on to this short guide on investing in cryptocurrency in New Zealand.
Promising Crypto Exchanges for Kiwi Customers
Which Options are available to Buy Bitcoin in New Zealand?
There are no Bitcoin ATMs in New Zealand currently, so an exchange or a crypto wallet with the “Buy Crypto” option are the only methods you can buy cryptocurrencies in the country. Many crypto providers offer support to the country and buying cryptocurrencies from them is really easy. A simple how-to is listed below:
First, find a cryptocurrency exchange that caters to your needs, and is readily available in New Zealand.
The second step is to Create and Verify an account for your exchange of choice.
Link your Bank Accounts to your exchange of choice.
Go to your cryptocurrency exchange then click Deposit. They are often placed under the Wallet section, along with the list of cryptocurrencies you own.
To finish, wait for your cryptocurrency to reflect on your cryptocurrency exchange or in your dedicated wallet.
Is It Legal to Buy Bitcoin in New Zealand?
Because of its lax norms and regulations, New Zealand has been labelled one of the most crypto-friendly countries. Buying and trading cryptocurrencies in the market has never been easier. Almost all international cryptocurrency exchanges operate within the country and allow New Zealanders to fully employ all of the exchange’s features.
However, given the rapid growth of investors in the country in the past years, many are wondering when New Zealand will enact tougher rules and stronger restrictions to prevent users from using bitcoin for illegal purposes. To keep up with other countries, New Zealand may soon have to adopt strict restrictions and increased control in the cryptocurrency market.
Does Coinbase Operate in New Zealand?
Coinbase has been dubbed as one of the easiest cryptocurrency exchanges to start from due to its beginner-friendly user interface as well as its convenient trading features. However, given the convenience, the exchange offers, it has above-average transaction fees, which makes it a bit of a nuisance for some.
To address this, Coinbase has two trading platforms – Coinbase and Coinbase Pro. The latter has more trading options as well as lower fees but is leaning toward more experienced traders.
Fortunately for New Zealanders, Coinbase offers full support to them so that they can use the exchange at its full capabilities.
Frequently Asked Questions
To cash out your Bitcoin in New Zealand, you must have a bank account, or any type of e-wallet like PayPal, as well as the crypto wallet in which you store your Bitcoin. If you’re using hardware or a cold wallet, you must hook up your device to a computer or to a mobile app if it supports it. For the exchange’s dedicated hot wallet, you will need to follow these steps:
- To start with, you will need to go to your Wallet in your cryptocurrency exchange.
- Along with the Deposit option, there should be a Withdraw button which you will need to click.
- Once you’re on the Withdraw page, link your bank account or your e-wallet to your exchange, then fill in the rest of the required details.
- To finish, do not be hasty in waiting for your Withdrawn funds to reflect in your bank account. Some transactions take up to three working days, but in some cases, it doesn’t get reflected in your account. To address that, check your exchange’s customer support, which hopefully guides you through your transaction.