5 Best Crypto Exchanges in New Zealand (with NZD support)
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Looking for a crypto exchange that supports NZD? We’ve put together this guide to help New Zealand investors find platforms that offer seamless local deposits and withdrawals, and a smooth overall trading experience.
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Why are there so few exchanges available in New Zealand?
If you’re based in New Zealand, you might have noticed that there aren’t as many crypto exchanges to choose from compared to markets like the U.S. or Europe. Let’s walk through a few reasons why:
Smaller size: Because New Zealand has a smaller population and lower trading volume than major markets, many exchanges are not willing to offer services within the country.
Difficult regulatory environment: All New Zealand exchanges must register with the Financial Markets Authority (FMA) and comply with strict AML/CFT standards. As a result, global exchanges aren’t willing to invest in compliance teams for New Zealand.
Limited banking support: It can be difficult for global exchanges to build partnerships with New Zealand banks. As a result, some platforms don’t support NZD deposits or withdrawals, making the experience more difficult for local users.
Can I use a decentralized exchange in New Zealand?
Decentralized exchanges like Uniswap, Raydium, and PancakeSwap are available in New Zealand, and can be a great option if you wish to trade newer/lesser known cryptocurrencies and memecoins.
It’s important to note that decentralized exchanges do not allow you to convert crypto into fiat currency. If you wish to ‘cash out’ to fiat currency, you will need to use a centralized exchange such as one listed above.
How to choose a crypto exchange in New Zealand
Here are a few factors to consider when choosing an exchange:
Ease of Use: If you’re a beginner, look for a platform that offers a clean interface and simple navigation.
NZD support: We strongly recommend using an exchange with NZD support. When an exchange lets you withdraw and deposit in New Zealand dollars, you can avoid unnecessary delays and currency conversion fees. That means faster access to your funds and less money lost to hidden charges.
Fees: Make a decision based on trading fees and hidden spreads (which are often built into the buy/sell price of cryptocurrencies). In some cases, higher fees might be worth it if the platform offers other benefits — such as a friendly interface or customer support.
Supported Coins: Before you choose an exchange, consider what cryptocurrencies you are interested in investing in. If you are looking for a range of different coins, consider an exchange with a wider selection.
Security: Choose an exchange that offers strong security features like two-factor authentication, and cold storage. These features can help prevent online attacks.
Customer Support: Live chat and email support can be helpful if you’re facing issues with withdrawals and deposits. Get familiar with your platform’s customer support offerings.
Has a New Zealand crypto exchange been hacked?
In 2019, the New Zealand-based exchange Cryptopia was hacked for $30 million. The company went into liquidation later that year.
Remember, you should always understand security and storage policies before opening an account with an exchange. The exchanges listed above are considered safe and trusted.
How do I report crypto taxes in New Zealand?
In New Zealand, transactions on cryptocurrency exchanges should be reported to the IRD. When you sell, trade away, or earn cryptocurrency, you recognize income tax.
Looking for an easy way to track your crypto taxes? Try CoinLedger — the platform trusted by more than 700,000 investors worldwide. CoinLedger can connect to your wallets and exchanges to help you generate IRD-compliant tax reports in minutes.
Frequently asked questions
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