Looking to purchase Bitcoin in NZ?
There are many services these days, which you can find a full listing of in our NZ Bitcoin directory.
In this guide, I'm going to give you a step by step guide on how to make your first purchase of Bitcoin in NZD. If you're new to Bitcoin and looking to make your first purchase, you're in the right place!
In this example, we're going to be using a cryptocurrency broker called EasyCrypto.
Why use EasyCrypto?
EasyCrypto is a full service cryptocurrency brokerage that is owned and operated right here in New Zealand. The minimum purchase is only $50 NZD, and you can purchase over 50 coins, including all the majors (Bitcoin, Ethereum, Ripple XRP, Litecoin, plus about 20 other altcoins).
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The reason we recommend EasyCrypto so highly is because of their reliability.
- It's NZ owned and operated, and a fully registered NZ Financial Services Provider.
- Prices are very fair and there are no extra fees (any fees are built into their prices).
- You can pay with bank transfer from any NZ bank, or use Poli or Account2Account
- All purchases are in NZD.
- Super fast delivery.
How to get started?
As a full service brokerage, EasyCrypto does most of the hard work for you. Getting set up is reasonably simple compared to most crypto exchanges.
First thing you need to do is set up an account.
Simply head to the EasyCrypto homepage and click the big white "Create Account" button.
This should take you to a page where you'll have the option to sign up with your various social media profiles. You can also just sign up with your email address:
Once you've done that you're ready to place your order!
Click the "Buy/Sell" button on the menu and you'll get taken to an order screen that looks like this:
In this example, I'm going to purchase $100 of Bitcoin.
Simply choose "Buy" at the top, choose "Bitcoin" from the list of coins, select the "$100" option, and click Buy now.
Next you'll get taken to the order page. You can see in this example, I've ordered $100 of Bitcoin, and it has a place for me to put my Bitcoin address.
What's a Bitcoin address?
When you purchase Bitcoin, it is stored in a "wallet". Every wallet comes with an address. Therefore, you need to have a wallet before you can make a purchase.
If you don't have a wallet yet, don't worry. You can simply click the option "I don't have a Bitcoin address" and EasyCrypto will help you set one up.
Alternatively, you can set one up on your own by downloading a simple wallet app. The wallet that we recommend is the Coinbase Wallet. It's made by one of the world's biggest crypto exchanges is free to use on both iOS and Android. You can download it here.
If it sounds a little complicated and you would like a step by step guide to setting up your Coinbase wallet, we've made one for you below. Just click the green box to expand:
First thing you want to do is download a wallet app.
In this example, we will be using the wallet we recommend to all new users which is the Coinbase Wallet.
Once you've downloaded and installed the wallet on your phone or tablet, you should get a screen like this:
Tap Create a New Wallet. You then get asked to create a username:
The username is not that important - choose whatever you like.
You'll then be given an option to protect your wallet with a PIN or fingerprint:
Choose at least one - it's a good layer of protection in case you lose your phone (you still need to back up your wallet, which I'll walk you through as well in just a sec).
Then you'll finally be brought to your wallet.
You can see in my wallet, there are no assets for a total of $0. Let's change that!
Tap the Receive button.
You'll be asked to choose which coin you want to receive. In this case, we want to receive Bitcoin, so simply tap the Bitcoin symbol:
This should bring up a new screen with your Bitcoin address:
You can see above the Bitcoin address for my wallet is bc1qdem5tkh003wkw6q9f4040f7rveps9mttdg8cj6.
Yours should look similar to that.
If it sounds complicated, try to think of it like a regular bank account number from ASB or ANZ. It's the same concept - just a unique set of numbers that represents your account.
Tap on "Copy/share address" and that will copy your address to your clipboard. Then simply paste it into EasyCrypto to complete your order:
Important: Always double and triple check your address!!! Some people ask, do I really need to check every letter? YES! Check every single letter. If you enter the wrong address, your coins will go somewhere else and they will be unrecoverable. Always check your addresses.
The final thing you need to do is backup your wallet. This is the most important step, and ironically, the step most people like to skip. If you skip this step, you are at a very real risk of losing all your coins, so please do it now.
First, click the Settings cogwheel at the bottom of your wallet and then click on Recovery Phrase:
You will then be shown a screen of 12 words, with the option to back them up to Google Drive, or back them up manually.
I highly recommend backing them up manually, as it is best practice to store your backup words offline.
Write these 12 words down on a piece of paper. Make sure you spell them correctly, and write them in the correct order. These words will give anyone who has them full access to your wallet. Keep them in a safe place, preferably in a locked safe or somewhere very secure.
You're now the owner of a safe and secure crypto wallet! You've also probably noticed, you can use this same wallet to receive hundreds of other coins, such as Bitcoin, Ethereum, Litecoin, XRP and so on. Have fun!
If it's your first time making a purchase, you'll need to do some identity verification first. This is to comply with New Zealand's anti money laundering laws, the same way you need to provide identification when opening a bank account. It's very simple and only takes a couple of minutes.
First you'll be asked for your basic details like name and date of birth:
Then you'll need to provide some information about your source of funds. This is all just basic paperwork, I don't think any of these options will affect your investment. Just choose whatever applies.
Next you'll need to provide some government ID.
Driver's license is the easiest and most common. You can use the online verification system called OriginID which should identify you automatically, alternatively you can upload a photo of your driver's license and you'll get verified manually by the staff. Like I said, it's similar to opening a bank account.
Finally it's time to pay for your Bitcoin.
You can either pay by bank transfer, POLi or Account2Account.
If you use POLi or Account2Account, your order will be delivered almost instantly. If you use bank transfer, you usually need to wait 1-2 working days.
If paying by bank transfer, you'll be given some bank details and a reference code to include in your payment:
Make the payment as soon as possible, and wait for EasyCrypto to confirm it on their end. As soon as they receive the payment, they'll send your crypto.
Luckily, things move much faster in crypto world, so once they send your crypto you'll receive it pretty quickly! (under an hour).
In the screenshot below you can see my Bitcoin has been deposited into my nominated Ledger address. It shows $64 USD, which is approximately $100 NZD at the time of purchase.
The wallet I'm using above is the Ledger Nano hardware wallet. If you're interested in using the Ledger wallet, I have a thorough guide you can read here.
And that's it! Follow the above guide and you should have your first Bitcoin investment in just a few minutes.
Remember, investing in cryptocurrencies is risky, as is investing in all financial instruments. Before you invest anything, educate yourself on the cryptocurrency space and understand what you are investing in. You can start by reading through some of the articles on this blog and/or my free What Is Bitcoin guide.
Stay safe and good luck!
This is not financial advice. I am not your financial advisor. Always do your own research and consult your own professionals before investing.