8 Best Crypto Exchanges in New Zealand

Before assembling this list, we ran several tests to ascertain the benefits and drawbacks of the leading platforms committing to a cryptocurrency investment in New Zealand. Two of the test tasks were participating on platforms and making deposits and withdrawals from the wallet. Regulation was the most significant subject we examined during our inquiry.

Next, we examine the specific needs of New Zealand-based clients, such as the accepted forms of payment, the currencies accepted for deposits, and the trading fees related to buying Bitcoin in New Zealand. Of course, the crypto tax in New Zealand was a significant factor in this study.

The first name on the list of approved crypto exchanges in New Zealand will be OKX. Regarding spot and futures trading, OKX is a market leader that provides some of the lowest fees in the business and a comparable number of trading pairs. Furthermore, Know-Your-Customer (KYC) authentication is not explicitly required on OKX, which makes it an excellent option for active traders who wish to maintain their anonymity while still having access to an extensive feature set and affordable trading costs.

OKX is headquartered and licensed in the Seychelles and holds licenses in the Bahamas and Hong Kong. For example, the Financial Conduct Authority (FCA) is not a formal exchange regulator. Notwithstanding any regulations about crypto trading platforms in New Zealand, investors are unprotected if the platform goes bankrupt. Of course, cryptocurrency is legal in New Zealand, and this industry has no criminal worries.

Regretfully, OKX does not directly support NZD or fiat currency deposits or withdrawals. However, the crypto trading site is still accessible to anyone wanting to invest in New Zealand. OKX lets customers purchase cryptocurrency with NZD via P2P Express, bank transfer, card, and its third-party partners, Coinify and MoonPay.

Because of its leveraged markets, ByBit is among the top names on our list of approved crypto exchanges in New Zealand. The platform was created to accommodate users who wish to purchase cryptocurrency on the open market and use up to 125x leverage to speculate on pricing. It is, without a doubt, among the top margin platforms in our view for anyone searching for a potent all-in-one trading platform.

In contrast to some other crypto trading platforms in New Zealand, Bybit is not governed by any official authority. Therefore, traders in New Zealand will have no recourse if their funds are stolen or the firm fails, even if the exchange is well-liked and generally regarded as reasonably secure.

While Bybit used to allow users to trade cryptocurrency without completing KYC verification, customers now need to buy cryptocurrency using New Zealand dollars or withdraw money from the site. So, if you’re looking for no-KYC crypto trading platforms in New Zealand, you must hunt for an alternative. As cryptocurrency is legal in New Zealand, it is rare for somebody to need to be anonymous.

It’s important to note that Bybit does not accept direct withdrawals or deposits in fiat currency. Instead, you can use a bank card to buy Bitcoin using NZD. Moreover, the exchange’s built-in peer-to-peer marketplace facilitates bank transfers.

Uphold is among the best available crypto trading platforms in New Zealand. The exchange is a US Money Services Business (MSB) registered with the FinCN and headquartered in New York. Even if Uphold accepts NZD, you have to transfer money from a cryptocurrency wallet, a bank account, a credit/debit card, USD, GBP, or EUR card and exchange it for NZD at a rate of 0.95%. Regretfully, customers have noted that withdrawals from the exchange to cryptocurrency wallets or bank accounts in New Zealand are not supported.

One of the most significant names on the list of approved crypto exchanges in New Zealand for those searching for an easy method to purchase, trade, and stake Bitcoin is Uphold. However, the platform’s general usability is severely hampered by the absence of NZD payment alternatives, expensive fees, and a relatively minor selection of assets. Official New Zealand crypto tax bodies regulate the platform, and there are no worries about blackmailing.

Because of its favorable pricing, support for traditional fiat currencies, and widespread popularity in the region, Independent Reserve has earned a spot on our list of approved crypto exchanges in New Zealand. Independent Reserve is an excellent option for individuals seeking a regulated platform to purchase and sell significant cryptocurrencies because AUSTRAC, the Australian regulator, governs it. The exchange tries to follow New Zealand crypto tax regulations accurately.

Through SWIFT, users may instantly fund an account with NZD. Furthermore, 28 assets, including well-known DeFi tokens and the leading cryptocurrencies, may be bought and sold on the market. Over 200,000 people have trusted Independent Reserve since the exchange’s 2013 inception, and 8,000 SMSF accounts now use it to acquire cryptocurrencies. High-worth individuals and institutions can use the platform to benefit from crypto costs as low as 0.05% per exchange. However, as one of the best crypto trading platforms in New Zealand, the costs begin at 0.5% for most investors.

Swyftx is a well-known platform on the list of approved crypto exchanges in New Zealand with more than 600,000 registered customers and is still expanding. The website offers people in New Zealand a trustworthy and secure environment for buying, selling, and exchanging over 320 virtual currencies. The mobile app and desktop website have been updated for cryptocurrency investors to utilize.

Crypto trading platforms in New Zealand must register with the local authorities responsible for Counterterrorism Financing (CTF) and Anti-Money Laundering (AML). As a result, Swyftx complies with all New Zealand crypto tax regulations, including requiring Know-Your-Customer (KYC) authentication for all users.

The multitude of cryptocurrency features on Swyftx makes it an excellent choice for trading digital assets, as they simplify the process of purchasing and selling. In addition, tools like price alerts, recurring orders, portfolio tracking, quick deposits and withdrawals, and cheap transaction costs are available.

Because of its vast array of services and enormous asset variety, Binance is one of the well-regarded platforms on any list of approved crypto exchanges in New Zealand. As you know, cryptocurrency is legal in New Zealand. So, the Ministry of Business and Innovation has permitted Binance to conduct business as a Money Services Business (MSB).

As a financial service provider licensed in New Zealand, Binance enables local cryptocurrency clients to purchase, exchange, and sell virtual currencies with New Zealand dollars. For inhabitants of New Zealand, there are several ways to make payments: cash balances, credit/debit cards, Apple/Google Pay, or third parties like Simplex. Additionally, in Binance’s Peer-to-Peer (P2P) marketplace, you may purchase cryptocurrency with NZD from other users.

Easy Crypto, one of the few cryptocurrency exchanges headquartered in New Zealand, is based in Auckland. The website offers Kiwis an excellent online Bitcoin buying and selling service. With its numerous NZD payment options, the exchange is a beautiful option for those who live in New Zealand since it was created with novices in the nation in mind. It allows them to invest in cryptocurrencies and convert NZD to Bitcoin or other altcoins.

Easy Crypto is recognized as a licensed financial services company on the list of approved crypto exchanges in New Zealand. However, Easy Crypto does not offer consumer protection because cryptocurrencies remain mostly unregulated in New Zealand. Easy Crypto’s ability to accept local deposit methods, which allow customers to fund accounts directly with New Zealand dollars, is one of its main advantages. As cryptocurrency is legal in New Zealand, Easy Crypto supports bank transfers, POLi Pay, Account2Account, and NZD deposits through official banks. However, most exchanges only handle NZD deposits. These NZD account financing options are available through participating banks, including ANZ, ASB, BNZ, KiwiBank, and Westpac.

Because Easy Crypto is a non-custodial platform, it is among the safest crypto trading platforms in New Zealand. This indicates that no client assets are stored on the website. For instance, when purchasing Ethereum through the exchange, the money is transferred to a designated hardware or software wallet. This is good for security since it removes the possibility that the funds may be misplaced in an exchange attack. Also, the exchange is highly compliant with New Zealand crypto tax laws.

You may use the mobile app or the web browser to link your current Crypto.com account. When you’re connected, you can immediately begin trading NFTs. You can also peruse well-liked sets and forthcoming releases, discover the story behind the work, and learn the author’s motivation. You can also sign up as a creator and mint your NFTs straight into Cronos, Crypto.com’s native blockchain.

Crypto.com Tax supports over 30 well-known exchanges and wallets, enabling users to stay updated with tax deadlines. Importing transactions is easy using an API sync or CSV file. Since taxable capital gains and losses are computed automatically, users save more time and effort. Here, a notepad and a calculator are not necessary. A complete crypto tax report may be generated with just one click after all transactions have been brought in and evaluated. As cryptocurrency is legal in New Zealand, Crypto.com Tax makes sure that you follow New Zealand crypto tax regulations.

All financial operations in the nation, including those involving cryptocurrencies, are subject to regulation by the Financial Markets Authority (FMA) of New Zealand. Despite having a neutral position toward virtual currencies, the nation has taken several steps to guarantee that all platforms on the list of approved crypto exchanges in New Zealand are adequately regulated.

For example, Bitcoin is taxable as property in New Zealand and thus subject to income tax. This implies that Bitcoin holders will have to pay taxes on any profits they make when they sell their assets for a profit. Cryptocurrency can be disposed of by trading, selling, or using it for purchases.

Anti-money Laundering Regulations: Cryptocurrency is legal in New Zealand, and it must follow AML laws. The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 delineates the prerequisites for reporting companies to adhere to their AML/CFT duties.

The Act defines three AML/CFT supervisors on cryptocurrency investment in New Zealand:

FMA about wealthy enterprises.

Reserve Bank of New Zealand for deposit takers other than banks.

DIA, the Department of Internal Affairs, for other companies.

Virtual asset service providers headquartered in New Zealand, such as cryptocurrency exchanges, brokerages, and token issuers, are under the supervision of the DIA.

New Zealand Crypto Tax Laws: New Zealand has no capital gains tax system. Instead, Bitcoin revenue is taxed similarly to other income forms and combined with them. On the other hand, losing Bitcoin investments can lower a person’s annual taxable income.

The IRD taxes cryptocurrency revenue at regular income tax rates, regardless of whether it is earned, disposed of, or gained. A person’s annual income will determine the tax rate they must pay on cryptocurrencies, ranging from 10.5% to 39%.