Best Crypto Exchanges in New Zealand

Best Cryptocurrency Exchanges in New Zealand

Following a detailed review of the 18 crypto exchanges available to New Zealand users, we have identified the top options for local traders. Our evaluation criteria include compliance with the Financial Markets Authority (FMA) regulations, overall fees, supported digital assets, and NZD deposit options. Below is a detailed comparison of the best exchanges for Kiwi traders.

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1. Independent Reserve

Independent Reserve was founded in 2013 and is the first exchange accessible to Kiwi residents. It offers 30 of the most popular cryptocurrencies, such as Bitcoin, Ethereum and Solana. It is known for its competitive fees, strong liquidity, and NZD deposit convenience, with it being the only investment platform globally to support transfers from NZ banks.

IR sets the standard with its exceptional OTC desk, providing institutional investors access to deep liquidity for orders exceeding $100K NZD. Its commitment to safety and ethical trading practices is further evidenced by strict adherence to financial standards, annual audits, and ISO 27001 certification. Additional services include a tax calculator and an API for automated trading.

• Fees: The trading fee starts at 0.5%, and volume-based discounts can go as low as 0.02% per trade.
• Supported Assets: 30 crypto assets.
• Regulation & Licensing: Regulated and licensed by AUSTRAC and ASIC in Australia, and available to investors in NZ.‍
• NZD Deposit Methods: Bank transfer, SWIFT, debit card and credit card.

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2. Bybit

Bybit is a top choice for derivatives trading, offering up to 100x leverage on futures contracts. It provides a comprehensive suite of trading tools, including advanced charting features, real-time data, and customisable indicators. In addition to derivatives, it also supports spot trading on 1,400 tokens, staking, borrowing and lending services.

The platform is home to over 40 million registered users who trade more than $25 billion a day. Bybit also offers features like copy trading, an NFT marketplace, a crypto Visa card, Launchpad, a demo account, and a new service called TradeGPT, an AI investment assistant. With its high liquidity and fast execution speeds, it has become a popular platform.

• Fees: Maker fee of 0.02% and a taker fee of 0.055% for futures, plus a 0.1% spot trading fee.
• Supported Assets: Over 1,400 digital assets.
• Regulation & Licensing: Not directly licensed in New Zealand but available to users.‍
• NZD Deposit Methods: Google Pay, debit cards, credit cards, Samsung Pay, Wise, Zen and Apple Pay.

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3. Swyftx

Swyftx is a top choice for beginners in New Zealand, offering over 400 assets available for trading. The platform includes advanced tools like TradingView charts, which help users analyze the market and make informed decisions. For those just starting out, the platform offers a Demo Mode, where users can practice trading without risking real money.

In addition to trading, SwyftX supports Auto Invest, enabling users to set up recurring deposits and automate their crypto purchases. The platform also offers unique Bundles, allowing users to diversify their portfolios by purchasing multiple cryptocurrencies in a single transaction. With a 4.6/5 rating on TrustPilot, it earned a reputation for customer satisfaction.

• Fees: High deposit fees of over 2% and trading fees of 0.6%.
• Supported Assets: Over 400 cryptocurrencies.
• Regulation & Licensing: Compliant with Australian regulatory standards (AUSTRAC) with support for New Zealand investors.‍
• NZD Deposit Methods: Debit cards.

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4. OKX

OKX specialises in DeFi products and services, bridging the gap between centralised and decentralised finance. The platform features over 350 crypto assets to trade on spot, futures, options, and margin trading with 50x leverage. A key feature is the OKX Wallet, which integrates seamlessly with DeFi protocols like AAVE and Uniswap, facilitating high on-chain staking yields.

Headquartered in Seychelles and adhering to its regulations, OKX remains fully accessible in New Zealand. The platform appeals to DeFi users, offering advanced API capabilities, superior liquidity, and in-built compatibility with web3 protocols for greater flexibility and access to long-tail markets. It also features its own blockchain, OKT Chain and native token, OKB Coin.

• Fees: 0.1% maker fee and a 0.2% taker fee.
• Supported Assets: More than 350 digital assets.
• Regulation & Licensing: Headquartered in Seychelles, OKX aligns with international financial regulations and is available to New Zealand users.‍
• NZD Deposit Methods: Debit cards, credit cards, and Apple Pay.

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5. Uphold

Uphold is a versatile trading platform offering access to a wide range of assets, including 250 cryptocurrencies, 4 precious metals, and 27 fiat currencies. This makes it an attractive choice for investors looking to diversify their portfolios. The platform features a user-friendly interface that simplifies the trading process with instant buy/sell options and dollar-cost averaging.

In addition to its broad asset support, Uphold is known for its strong commitment to security and compliance. The platform offers features like multi-signature security, encrypted transactions, and insurance for digital assets held in custody. It is one of the few exchanges that regularly undergo third-party audits to prove all assets are held on a 1:1 basis.

• Fees: Trading fee of 1.2% - 1.95% depending on the asset and an additional spread fee of 1%.
• Supported Assets: 250 cryptocurrencies plus 30 other assets.
• Regulation & Licensing: Regulated by the Financial Conduct Authority (FCA), FinCEN and other tier-1 regulators and is available to Kiwi investors.‍
• NZD Deposit Methods: Credit card, debit card, Google Pay and Apple Pay.

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Is Crypto Regulated in New Zealand?

Yes, crypto regulation in New Zealand exists, but the country follows a neutral approach. This means that while there is no specific legislation solely dedicated to digital currencies, existing laws apply to their use and regulation. The Financial Markets Authority (FMA) is the primary regulator overseeing financial activities, including cryptocurrencies. 

The FMA ensures that all service providers comply with relevant laws, such as the Financial Markets Conduct Act 2013, which covers financial products like digital assets. Additionally, cryptocurrencies are considered property by the Inland Revenue Department (IRD), meaning that any profits from their sale or trade are subject to income tax.

Furthermore, service providers, including exchanges and wallet providers, must adhere to anti-money laundering (AML) and countering financing of terrorism (CFT) regulations under the AML and CFT Act 2009. Compliance with these regulations is mandatory for operating legally in New Zealand.

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How is Crypto Taxed in New Zealand?

In New Zealand, crypto transactions are taxed by the Inland Revenue Department (IRD). Digital currencies are treated as property, and any profits made from selling or trading them are subject to income tax rather than a specific capital gains tax. The tax rate applied depends on the individual’s income bracket, which can range from 10.5% to 39%.

Businesses dealing in cryptocurrency may also need to pay Goods and Services Tax (GST) on transactions, depending on the nature of their operations. On the other hand, if cryptocurrencies are held as long-term investments, the profits from their sale will still be taxed as part of the individual's or entity's income.

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How to Buy Bitcoin in New Zealand

Kiwi investors who are new to cryptocurrency can purchase Bitcoin through an approved exchange. Here’s a simple guide to understand the investment process:

1. Create an Account: Start by selecting a cryptocurrency exchange that supports New Zealand Dollar (NZD) deposits. Sign up for an account and complete the necessary verification process, which typically involves submitting a photo ID and proof of address.
2. Deposit New Zealand Dollars (NZD): Go to the deposit section of your account, choose NZD as your deposit currency, and enter the amount you wish to transfer. Deposits can usually be made through bank transfers or credit cards.
3. Choose Bitcoin: Navigate to the trading section and search for Bitcoin (BTC). You will see the current market rate for the NZD/BTC trading pair. Depending on your trading strategy, you can place various types of orders, such as market or limit orders.
4. Execute the Trade: When you’re ready, click ‘buy’ or ‘trade’ to purchase Bitcoin. Double-check all order details, including the price and any fees, before completing the transaction.

This guide offers a straightforward approach for users in New Zealand to begin buying Bitcoin, from setting up an account to making your first purchase.

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Bottom Line

In conclusion, New Zealand's clear regulatory framework and growing interest in digital assets have created a thriving environment for crypto trading. With around 9% of the population involved in crypto, the market is well-supported by reputable exchanges like Independent Reserve, Bybit, SwyftX, OKX, and Uphold. These platforms offer a range of services tailored to different needs, from beginner-friendly interfaces to advanced trading tools.