Best Crypto Exchanges in New Zealand
Check out New Zealand's top FMA-regulated crypto exchanges, providing Kiwi investors with secure trading environments and NZD deposit options.
Summary: New Zealand is becoming a cryptocurrency hub in the APAC region with several local exchanges popping up. The Financial Markets Authority (FMA) is the country’s financial regulator that ensures digital asset investment platforms operate securely and in compliance with national laws. Kiwi investors can easily fund their accounts in NZD using various methods such as SWIFT transfers, debit cards and credit cards.
For local traders who are starting their crypto investment journey, we've made a guide to the top 5 digital currency trading platforms in New Zealand:
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Best Cryptocurrency Exchanges in New Zealand
We reviewed the 18 cryptocurrency platforms operating in New Zealand to find the best options for local investors. Our review process looked at compliance with the Financial Markets Authority (FMA), user interface, fee structure, supported cryptocurrencies, NZD deposit options, trading options and available features. The comparison table below provides detailed insights into the 5 best exchanges for Kiwi traders:
1. Independent Reserve
Independent Reserve was founded in 2013 and became the first cryptocurrency exchange to provide services to New Zealand residents. It serves Kiwi investors by offering 29 of the most popular cryptocurrencies such as Bitcoin, Ethereum, Solana, Tether, and more. IR is known for its competitive fees, strong liquidity, and NZD deposit convenience, with it being the only investment platform globally to support fund transfers from NZ banks.
The platform sets the standard with its exceptional Over-The-Counter (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. Independent Reserve is not just regarded for operational excellence but also for prioritising customer safety and satisfaction.
- Fees: The trading fee starts at 0.5%, and volume-based discounts can go as low as 0.02% per trade.
- Supported Assets: 29 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.
2. Bybit
Bybit is one of the largest global crypto investment platforms with over 28 million users in NZ and 160 other countries. It is considered a top choice for derivatives traders due to its robust trading platform that supports derivatives and options contracts with up to 100x leverage. Bybit has gained popularity thanks to its deep liquidity for both spot and futures markets, boasting over $22 billion in daily trading volume across both order books.
The platform features an expansive portfolio of over 1,100 digital currencies, catering to a wide range of investment preferences. Aside from investing, users can lend, borrow and stake hundreds of assets to earn a yield on their idle tokens. In addition, there are unique features, such as an NFT marketplace, a crypto Visa card, Launchpad and Launchpool, copy trading, and a new service called TradeGPT, an AI investment assistant.
- Fees: Maker fee of 0.02% and a taker fee of 0.055% for futures, plus a 0.1% spot trading fee.
- Supported Cryptocurrencies: Over 1,100 digital assets.
- Regulation & Licensing: Off-shore exchange not directly licensed in New Zealand.
- NZD Deposit Methods: Google Pay, debit cards, credit cards, and Apple Pay.
3. Swyftx
Swyftx has rapidly gained prominence since its inception in 2017 and is one of the leading exchanges with over 700,000 users in NZ and Australia. It provides a simple interface, accessible through both web and mobile applications (iOS and Android), and an extensive range of over 310 crypto assets. The platform's competitive trading fees and 24/7 local customer service enhance its user appeal for beginners.
A standout feature of Swyftx is its comprehensive crypto staking options, including popular assets like Ethereum (ETH), Cosmos (ATOM), Solana (SOL), KAVA, and more. This offering positions it as a preferred choice for investors interested in earning rewards. Alongside its staking options, Swyftx maintains rigorous security standards, including ISO 27001 certification, ensuring a secure and trustworthy environment.
- Fees: High deposit fees of over 2% and trading fees of 0.6%.
- Supported Assets: Over 310 cryptocurrencies.
- Regulation & Licensing: Compliant with Australian regulatory standards (AUSTRAC) with support for New Zealand investors.
- NZD Deposit Methods: Debit cards.
4. OKX
OKX is a digital asset exchange that specialises in DeFi and Web3 products and services, bridging the gap between centralised and decentralised finance. The platform features an extensive range of over 300 crypto assets to trade on spot, futures, options, and margin trading with 50x leverage. A key attraction is the OKX Wallet, which integrates seamlessly with DeFi protocols like AAVE and Uniswap, facilitating higher on-chain staking yields.
Headquartered in Seychelles and adhering to its regulatory standards, OKX remains fully accessible and operational in New Zealand but is not currently regulated in the country. 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 for futures, alongside a standard 0.1% fee for spot trading.
- Supported Cryptocurrencies: 300 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.
5. Uphold
Uphold supports multiple asset classes, which consist of 260 cryptocurrencies, 27 traditional currencies, and 4 precious metals, including Gold, Silver, Palladium and Platinum. Operating under stringent financial regulations, it ensures a secure trading space for its users and provides convenient NZD deposit methods. It is known for its transparency, being one of the few exchanges offering audited proof-of-reserves, showing customer assets are fully backed.
Its blend of digital assets with traditional assets like precious metals and currencies, underlines its position as a versatile investment platform. Its focus on security, transparency, and diverse investment options aligns with the needs of investors seeking a comprehensive platform for varied investments. Uphold also allows users to earn yields on their crypto with APY ranging from 2% - 26% on 18 tokens.
- Fees: Trading fee of 1.2% - 1.95% depending on the asset and an additional spread fee of 1%.
- Supported Assets: 260 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.
Is Crypto Legal in New Zealand?
Yes, cryptocurrencies are legal in New Zealand and are governed by general financial and tax laws, not specific crypto rules. The Financial Markets Authority (FMA) oversees the operations of cryptocurrency exchanges, brokers, wallet providers, and Initial Coin Offerings (ICOs). They must comply with the Financial Markets Conduct Act 2013 and the Anti-Money Laundering and Countering Financing of Terrorism Act 2013.
As of 2023, the Reserve Bank of New Zealand (RBNZ) has not set specific regulations for cryptocurrencies or stablecoins. Based on input from various stakeholders, the RBNZ highlights the need for caution in this evolving sector. The RBNZ is also exploring a Central Bank Digital Currency (CBDC). However, it maintains that any such introduction would be an addition to, rather than a replacement for existing cash systems.
How is Crypto Taxed in New Zealand?
Yes, cryptocurrency is taxed in New Zealand. The Inland Revenue Department (IRD) treats cryptocurrencies as property for tax purposes. This means individuals and businesses must pay taxes on any gains from buying and selling crypto if the intent is to make a profit.
The tax rules for crypto are similar to those for assets like gold. However, the specifics can be complex. It's crucial for people dealing in cryptocurrencies to stay informed about the tax details, as they may vary based on transaction types and individual situations.
Bottom Line
New Zealand's commitment to becoming a leading cryptocurrency hub in the APAC region is evident through the rise of local exchanges and regulatory oversight by the Financial Markets Authority (FMA). Investors can easily manage their digital assets with compliant platforms like Independent Reserve, Bybit, SwyftX, OKX, and Uphold. Our comprehensive guide to the top trading platforms provides essential insights and reviews, helping Kiwi traders make informed decisions in this dynamic market.
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