After deciding on which cryptocurrency to invest in, the second important step you need to do is to choose a cryptocurrency exchange. It’s an all-around tool to manage your crypto — from trading, buying, selling, analysing the market, withdrawing your investment, and more. However, not all cryptocurrency exchanges are created equal.
Some exchanges have crypto derivatives for faster and higher returns, while others offer extra options on top of competitive fees. If you pick a crypto exchange that doesn’t meet your knowledge and skills in trading, you may lose money instead of earning returns. It can make or break your investment, so it’s very important to choose the right one for you.
If you’re still a beginner in the unpredictable and highly volatile crypto market, you should pick a simple, easy-to-use exchange that doesn’t charge astronomical fees. After all, you’re just there to test the waters, and hopefully see some great results.
Also known as digital currency exchange, a cryptocurrency exchange is an online platform where you can purchase cryptos or any kind of digital money for another type of digital assets, based on its current valuation in the market. However, this isn’t a set definition for everyone.
For beginners, a cryptocurrency exchange works like a brokerage. Most people simply use the platform for making quick crypto purchases from authorised dealers. Others may also use it to buy and sell cryptos in the open market or take advantage of features like marginal trading. Do note that this is not to be interchanged with a cryptocurrency wallet or wallet brokerages.
A cryptocurrency wallet allows you to purchase an array of digital money using fiat currencies like USD, NZD, and AUD. The one key difference between an exchange is, it only allows you to use digital money to purchase other digital assets. This can be a bit confusing, especially for beginners, so here’s a quick explanation.
If you want to purchase basic cryptocurrencies like Bitcoin and Ethereum, you can use fiat currencies through a cryptocurrency wallet. However, if your chosen cryptos or altcoins like Ripple and Stellar don’t support direct purchase using physical money, you can use a cryptocurrency exchange.
For purchasing altcoins, you have to use a crypto wallet to transfer digital money in your exchange. Then, you can buy these coins in the exchange using the cryptos that you transferred. If you want to withdraw your money, you must convert it first to basic cryptos. Once successful, you have to transfer this from the exchange to your wallet. Finally, you can then convert it to the physical currency of your choice.
These are a few extra steps to invest in crypto, but there’s great news! Some cryptocurrency exchanges also have crypto wallet features, so you can manage your investments all in one place.
Before listing the best exchanges, it’s important to know the important considerations for a great cryptocurrency exchange. These are only the basic ones, and it’s highly recommended to do some extra reading. Generally, here are some of the most important factors.
As a beginner, your cryptocurrency exchange must be simple but all-around. Aside from crypto-asset exchanges, it’s best that it also supports fiat, stablecoin, and decentralised exchanges. This saves you complicated learning of these platforms just to get started.
From depositing fiat currency to cashing out your money, almost every step has corresponding fees in crypto exchanges. It’s recommended that you also learn more about your options, as some methods require higher fees than others.
As there’s no government or agency to regulate the crypto market, it’s crucial to put your money in a reputable and secured cryptocurrency exchange. Read forums and reviews about different exchanges and be as objective as possible.
Tools and features within crypto exchanges can be overwhelming for beginners. As much as possible, it should be straightforward and easy to understand. Otherwise, you may end up losing money instead of earning it because of wrong commands.
Having competitive exchange rates is essential. It’s what you’ll mainly do to determine the price of your investment. The great thing is, there’s not a fixed exchange rate! You always have the option to choose the best ones for your investments.
Weighing down its pros and cons based on these factors, here are the best cryptocurrency exchanges from more than 50 cryptocurrency exchanges available in New Zealand. This list is in no particular order.
Coinbase is one of the most popular exchanges in New Zealand and the world, and it’s for a great reason. It has all the basic features that you need in a crypto exchange like purchasing, trading, and selling cryptos. One big downside is that it lacks support for direct NZD deposits and withdrawals. It only works for crypto-to-crypto exchanges.
Nonetheless, it’s one of the most secure wallets and exchanges! It has not reported any hacks or breaches in its security systems since its launch. You can grow your money with confidence, as you’re unlikely to incur a loss or be subject to fraud.
|Straightforward and easy-to-use user interface for beginners||Fees are typically higher than the market average|
|Secured wallet and exchange with a trusted reputation for digital currencies||Need to convert NZD to another fiat before you can start exchanging crypto|
|Educates beginners through Coinbase Earn and Coinbase Learn||Options for cryptocurrency and its exchanges can be better|
Binance is one of the largest cryptocurrency exchanges in the world, offering more than 150 digital currencies! Whether you’re looking for Bitcoin, Dogecoin, Ethereum, Litecoin, or Ripple, you have plenty of choices to choose from. Aside from having the most number of currencies, they also have some of the lowest fees among the competition.
Best of all, it supports direct NZD deposits and crypto purchases! As long as your credit or debit is a VISA or a Mastercard, you can cash in and out without worries. You can also use cash balance or third-party payment options such as Simplex and Banxa.
|Most cryptocurrency offerings with more than 150+ options||Regulations, security, and usability can be improved|
|Direct NZD deposits and purchases are supported with different payment methods||Need a little extra work to figure out charts and features|
|One of the lowest fees for only as little as 0.1% for crypto exchanges||Verification process for crypto-to-crypto exchanges can be better|
Easy Crypto prides itself to have the most transparent exchanges in New Zealand. Although fees are above the competition, you pay what’s reflected on the exchange. Aside from having no hidden fees, they have a clear fees structure that gives you control over your money and investment.
It’s one of the best choices for Kiwi beginners, with its easy-to-understand interface. However, this may not be the best option for those looking for more advanced features as it’s not as competitive when it comes to open market trading.
|No hidden fees on top of their transparent fees structure||High fees of up to 1.8% fees on purchases for trading, deposit, and withdrawal|
|NZD deposit and purchases are supported in over 110+ cryptocurrencies||Not recommended for long-term high-frequency open market trading|
|Different methods like POLI instant pay and local bank transfer||Verification, reputation, privacy, and speed can be better|
Kiwi Coin is one of the most trusted Bitcoin exchanges in New Zealand. For as low as 0.6% fee per purchase, it’s also one of the cheapest ways to purchase Bitcoins. Direct NZD deposits and purchase is also possible through POLi instant transfers and local bank transfers. Although, they can take up to two days to reflect on your account.
Compared to the competition, it lacks a lot of useful features, which are crucial for beginners. Plus, you can only choose from the available orders in the exchange; you’re not free to purchase and sell cryptos as much as you like.
|One of the most trusted exchanges for Bitcoin in New Zealand||No freedom on buying and selling your cryptocurrencies|
|Offers an API option to automate your crypto trading||Orders may be priced below the market average even if the price increases|
|Plenty of payment options for NZD deposits and purchases||A little fiddling may be required, especially for new users|
If you want an all-around cryptocurrency exchange with low fees, plenty of cryptocurrency options, as well as NZD deposits, Independent Reserve should be your top choice. It’s an insured full-featured exchange with additional support for AUD and USD deposits. Still, it keeps a simple interface that even beginners can follow.
However, it’s not perfect. The available cryptocurrencies in the exchange are limited to 15. While it’s more than enough for beginners, it’s far beyond the competition that offers over a hundred cryptocurrency options.
|Support for most used fiat currencies in NZ, including NZD, AUD, and USD||Deposit charges and trading fees are slightly more expensive|
|Premium account has plenty more features like a tax estimator tool||The cryptocurrency choices are very limited compared to others|
|Have an option for automatic buying at your preferred time interval||There is little liquidity especially with altcoins like Ripple and Monero|
Now that you know the best cryptocurrency exchanges, which crypto should you invest in? The most recommended ones are Bitcoin, Ethereum, and Litecoin, as the most basic and easiest to understand. They’re also some of the most studied cryptos, so you can always find resources to study them further as a beginner.
However, it’s still your call. Each crypto has its pros and cons, and it’s handy to know about the market trends. Compare the best cryptocurrencies in New Zealand, using our comparison tool, right here at glimp.
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