While the island nation of New Zealand is certainly a relatively smaller market for cryptocurrency, that does not mean it is not important. Since the country is a technology-neutral territory it has managed to adapt the existing legislation to the crypto industry as well.
New Zealand’s neutral stance on cryptocurrency has helped the development of the crypto industry in the country including the establishment of some native exchanges. Traders in New Zealand have the option to choose between local and global exchanges as per their needs.
But sometimes, having too many choices can be perplexing. Worry not, because we have made it easier for you by compiling a list of the best cryptocurrency exchanges in New Zealand.
Top 5 Cryptocurrency Exchanges Operating in New Zealand
New Zealand has several cryptocurrency exchanges- both native and international working in the country. All of them have their own merits and offer noteworthy products and services to their customers.
Bybit
Right off the bat, you will notice that Bybit is slightly different from other cryptocurrency exchanges. While most exchanges focus on spot trading, Bybit is primarily a derivatives exchange. In fact, its USDC Options marketplace is unparalleled.
Still, Bybit has a decent spot trading feature with over 270 spot assets. It is a multi-lingual exchange offering its services in 16+ languages for users around the world.
Bybit also has some great charting tools with extra features that make them popular among crypto traders. It has a low maker and taker fee of 0.1% for spot trades which is an added benefit.
Features
✔️270+ spot assets available
✔️Can be used in 16+ languages
✔️USDT/USDC as collateral for perpetual contracts
✔️VIP program with additional perks for users
Pros and Cons
✅Inexpensive trades ❌Trade statistics not verified
✅Several order types supported ❌Derivatives trading is risky venture
✅Extensive learning material
✅Testnet site for practice
Trading Fees
Trading fees for Bybit
Customer Reviews
Bybit has a great interface and a decent variety of pairs
Bybit can lock accounts on the platform
Why We Picked It
Bybit is a vibrant exchange with a good range of crypto pairs, a vibrant community, low fees and other perks. It has a testnet site that enables you to test your strategies before using them on the main platform.
Swyftx
Swyftx, launched in 2017, is an Australian cryptocurrency exchange that offers its services in New Zealand as well. With 320+ assets, it gives users a wide variety of options to trade and invest in at a fee of 0.6% per trade. There are no trading limits and you also get some good discounts on high-volume trades.
If you’re just starting out, Swyftx can be a good option because of its slick and intuitive interface. As a bonus, it also supports the New Zealand Dollar(NZD) which means you can directly buy your desired crypto without needing to first convert your fiat funds.
Swyftx is ISO 27001 certified and supports biometric login along with 2-factor authentication(2FA) for better security of user accounts. You can also take advantage of its integrated trading view charts to track and monitor the cryptocurrencies of your choice.
Features
✔️More than 320 assets available
✔️Mobile app for iOS and Android devices
✔️2FA and biometric login for security
Pros and Cons
✅Wide variety of coins ❌No margin trading
✅Demo trading available
✅Beginner-friendly platform
✅Supports NZD
Trading Fees
Swyftx trading fees
Customer Reviews
Swyftx is a very user-friendly platform
Deposits and withdrawals can be slow on Swyftx
Why We Picked It
Swyftx is beginner-friendly and has lots of assets for you to choose from. Here, you can easily buy crypto with NZD. In case of any problem, you can contact Swyftx’s customer service which unlike many other exchanges is helpful and responsive.
Independent Reserve
Independent Reserve is another Australian exchange that has expanded its operations into New Zealand. It is registered as a Digital Currency Exchange(DCE) in Australia and complies with the Australian Accounting Standards. Therefore, it is perhaps one of the most secure and reliable crypto exchanges on this list.
It has a robust security architecture and uses 2FA, e-mail alerts and encryption technology to secure your data and crypto. Its tracking interface is quite smooth and easy to understand. You can definitely use it to keep track of your desired cryptocurrencies.
NZD is one of the few fiat currencies it supports and even better, deposits above NZD 100 are completely free on Independent Reserve. The trading fee may seem slightly higher at 0.5% but the fee reduces as your trade volume increases and it can go as low as 0.02%.
Features
✔️30 cryptocurrencies available
✔️Has an in-built wallet
✔️Has stop loss, take profit and limit orders
✔️Maintains user assets on a 1:1 reserve basis
Pros and Cons
✅Easy-to-use interface ❌Limited cryptocurrencies available
✅Supports NZD ❌Lower liquidity
✅Simple fee structure
✅Robust security infrastructure
Trading Fees
Fees for Independent Reserve
Customer Reviews
Independent Reserve has an excellent customer support
Independent Reserve’s fees are on the higher side for small trades
Why We Picked It
Independent Reserve is an old and established platform duly registered with the relevant authorities. It is a reliable exchange that takes the security of assets and information very seriously. Its tracking interface also helps you monitor and keep track of your desired cryptocurrencies.
Crypto.com
Singapore-based Crypto.com is essentially a crypto ecosystem. Along with facilitating crypto purchases and sales, it also offers a DeFi wallet, an NFT marketplace, staking opportunities, crypto credit and a Visa card.
It has 500+ spot pairs and also supports margin trading. It promises 20x leverage on derivatives with very low latency. Further, it also enables merchants to directly receive payments in cryptocurrency from the customers.
Crypto.com charges fees as per the maker-taker model. Therefore, the fee you pay depends on whether you create liquidity(maker) or reduce liquidity(taker). Lower fees are paid on high-volume trades and you also get discounts if you stake Crypto.com’s Cronos(CRO) token.
Features
✔️500+ spot pairs available
✔️Derivatives trading possible
✔️Native utility token is CRO
Pros and Cons
✅Excellent mobile app ❌High fees if you don’t hold CRO
✅Great collection of coins ❌Customer service is not good
and pairs ❌Nearly non-existent learning material
✅DeFi wallet to explore DApps
✅Assets available for staking
Trading Fees
Fee for trading on Crypto.com
Customer Reviews
Crypto.com app has great features
Withdrawals are tedious on Crypto.com
Why We Picked It
Crypto.com offers a lot of things in one place- spot trading, derivatives trading, NFTs, web3 wallet and opportunities for staking assets. While the fees progressively goes down as trading volume increases you can also get discounts on the same by staking CRO.
Easy Crypto
Easy Crypto is a cryptocurrency exchange native to New Zealand. It is a non-custodial exchange that offers 160+ cryptocurrencies for trading. True to its name, Easy Crypto makes it easy for people to get into crypto trading with its easily navigable interface that gives a seamless experience.
Easy Crypto supports NZD and promises fast and uncomplicated deposits. Unlike most other exchanges, it includes all the fees such as currency exchange or mining fees into the final rates displayed on the platform. It is, however, estimated that the fee on Easy Crypto is 0.90% per trade.
Features
✔️Home-grown exchange
✔️160+ cryptocurrencies available
✔️Does not use the maker-taker model for fees
Pros and Cons
✅Non-custodial platform ❌Very basic platform
✅Automated investment function ❌High fees for trades
✅Fast deposits
Trading Fees
Easy Crypto trading fees
Customer Reviews
Easy Crypto has a helpful customer service
Coins may take time to be transferred on Easy Crypto
Why We Picked It
Easy Crypto is a simple exchange with a decent collection of cryptocurrencies for traders. Deposits here are cheap and quick and you can buy crypto with NZD if you wish to. It is a fully KYC-compliant exchange and implements other appropriate security measures as well.
Top 5 Decentralized Exchanges in New Zealand
If you find the idea of handing over your personal information to an organization, you can check out decentralized exchanges(DEXs) instead. These platforms generally do not require any sort of personal information and facilitate private trading.
UniSwap
UniSwap is one of the largest and most prominent DEXs out there. It is an Ethereum-developed DeFi project that enables ERC-20 token swaps. It can be described as a financial marketplace that is open and accessible to all. Anyone anywhere who has a crypto wallet can use UniSwap.
Based on the idea of an Automated Market Maker(AMM), UniSwap does not have a central order book but a bunch of smart contracts that define the parameters of the working of the platform. This system is completely automated and hence, more resistant to manipulation and system attacks.
While there are exchanges that charge no fee, UniSwap is not one of them. However, the fee it charges is always in proportion to the ‘nature’ of the trade pair. Stable pairs fall in the lowest 0.05% category while wild pairs fall in the highest 1% category.
Features
✔️Ethereum-developed DEX
✔️Uses AMM protocol
✔️Three-tiered fee structure
✔️Native token UNI
Pros and Cons
✅Can swap ERC-20 tokens ❌Have to pay high gas fees
✅Non-custodial platform ❌Poor quality coins listed
✅Community governance by
UNI holders
✅Platform easy to navigate
Trading Fees
UniSwap trading fees
Customer Reviews
UniSwap is a non-custodial DEX platform
Transactions may fail on UniSwap
Why We Picked It
UniSwap is great if you want to remain anonymous while trading crypto. It has a smooth and easily navigable interface that gives a seamless trading experience. You can use any major web3 wallet and start trading on UniSwap.
PancakeSwap
PancakeSwap is a DEX that departed from the trend of DApps built on Ethereum and instead uses the BNB Chain as its underlying network. Ethereum-based DApps often suffer slowed down transactions due to network congestion and gas fee can be very high as a result. PancakeSwap has none of this.
It facilitates BEP-20 token swaps at a flat fee rate of 0.25% per trade. Beyond that, you can also place limit orders and trade perpetuals on PancakeSwap. Its StableSwap feature helps you trade stable pairs more efficiently with lesser slippage and a low possibility of impermanent loss.
It is built on open-source software and you can always inspect the smart contracts yourself in case of any doubt.
Features
✔️DEX developed on Ethereum
✔️Uses AMM protocol
✔️Single fee rate
✔️Native token CAKE
Pros and Cons
✅Can swap BEP-20 tokens ❌BTC trading not possible
✅Dedicated syrup pool for CAKE ❌Risk of impermanent loss
✅Spot and perpetual trading ❌Problem of scams
✅Non-custodial exchange
Trading Fees
Trading fee for PancakeSwap
Customer Reviews
PancakeSwap is a standard DEX
PancakeSwap has a problem of scam coins
Why We Picked It
PancakeSwap is a cute exchange that makes trading fun. It has a lot of innovative products that will pique your curiosity. The fees are standard and there are opportunities to earn passive income by staking your assets.
dYdX
dYdX is perhaps the best decentralized platform if you’re into derivatives trading. It instantly executes trades that are confirmed within a few hours on the blockchain. It is also one of the few DEXs that has educational resources suitable for both beginner and advanced traders.
The best thing about dYdX, however, is that low-volume trades are free on it. You don’t have to worry about paying high fees for small trades. StarkWare’s Layer 2 Solution helps it ensure a secure and private trading experience for users.
Features
✔️Derivatives DEX developed on Ethereum
✔️Native DYDX token
✔️Fees determined by maker-taker model
✔️Employs StarkWare Layer 2 solution
Pros and Cons
✅Small trades are free ❌Less number of trading pairs available
✅Transactions are quickly settled
✅Educational material available
Trading Fees
dYdX trading fee structure
Why We Picked It
dYdX is a secure exchange and charges zero gas fees for perpetuals trading. It has a slick interface, dynamic interest rates and transactions, including withdrawal requests, are quickly processed.
Curve Finance
Curve Finance, another Ethereum-based DApp, mainly deals in stablecoins i.e. it primarily provides liquidity for stablecoins like USDT. Curve Finance should be the go-to if you want to try out a low-risk and stable platform.
It has several liquidity pools that you can check out if you’re planning on buying and holding crypto for the long term. These pools are programmable and the fees on them, therefore, can be anything between 0.04% to 0.4%. Staking your assets in Curve Finance’s pools can, hence, get you some good returns.
Features
✔️DEX developed on Ethereum
✔️Provides liquidity for stablecoins
✔️Native token CRV
Pros and Cons
✅Operates on multiple chains ❌Not very good for beginners
✅Customizable liquidity pools
✅Community governance by
CRV holders
Trading Fees
Trading fees for Curve Finance pools
Why We Picked It
Curve Finance is an efficient and stable exchange for people looking to invest in stablecoins. It is a low-risk option with plenty of programmable pools if you want to hold your crypto for the long term.
DODO
DODO is a DEX developed around the idea of a Proactive Market Maker(PMM) that is free from the limitations of the AMM protocol. It has oracles that help in better price discovery by acting as a link between real-time data and blockchains.
Not only is listing tokens on DODO a breeze but it also allows cross-chain trading. If you want, you can also create a liquidity market on it with the help of the DODO Vending Machine. Its relative efficiency, high liquidity, Initial DODO Offerings(IDOs), NFT Vault and private pools make it a great option to consider.
Features
✔️DEX developed on Ethereum
✔️Uses PMM model
✔️Native token DODO Coin
Pros and Cons
✅Enables cross-chain trading ❌No fiat currency supported
✅Fast listing of coins ❌Not as widely used
✅Anyone can create liquidity
market
✅No impermanent loss
Trading Fees
Trading fees for DODO
Why We Picked It
DODO has lesser slippage, no impermanent loss and better price stability due to its use of PMM protocol. It’s easily navigable if you have even an iota of prior experience with DeFi platforms. It has certain features like NFT Vault and Vending Machine that you should check out atleast once.
Is Crypto Available in New Zealand?
Before talking about cryptocurrency, let us first understand New Zealand’s technology-neutral legislation. It means that any technology that comes up and requires regulation can be governed by a law not specific to them.
In other words, the country maintains a neutral stance towards cryptocurrency and regulates them as per the existing laws. There are no specific legislations for cryptocurrencies but they are considered a form of property and the relevant tax and contract laws are applicable to them.
Cryptocurrencies are regulated by the Financial Markets Authority(FMA) as per the provisions of the Financial Markets Conduct Act 2013(FMCA). The FMCA is the primary law governing financial products including cryptocurrency.
Therefore, buying and selling cryptocurrencies is legal in New Zealand though they are not considered legal tender. Cryptocurrency brokers, exchanges and wallet providers have to be licensed by the FMA before starting operations.
Additionally, they have to comply with the Anti-Money Laundering and Countering Financing of Terrorism Act 2013, the Financial Service Providers Act 2008 and the Financial Advisors Act too in case of Initial Coin Offerings(ICOs).
There is no capital gains tax on cryptocurrencies in New Zealand since the country does not have a capital gains tax regime.
However, the Inland Revenue Department(IRD) declared in 2018 that cryptocurrencies were to be treated as property and taxed as per the existing income tax rates.
Therefore, the tax you pay on your cryptocurrency holdings ultimately depends on your level of income and can range from 10.5% to 39%. But note that if you use crypto assets in your business, they would be taxed only at the time of disposal.
Conclusion
Since cryptocurrency exchanges and brokers in New Zealand are covered by the nation’s tax and contract laws, you can rest assured that they are well-regulated by the relevant authorities. However, this does not mean that you can be lax about your crypto investment.
The fact remains that cryptocurrencies are extremely volatile investments and meticulous research is necessary before you start putting your money in them. Do research about the exchanges you have shortlisted and consult with a qualified professional before you make the final decision.