Easy Crypto Cryptocurrency Exchange
Based in New Zealand, Easy Crypto enables users to simply pay in NZD through POLi or bank transfer to access a range of cryptocurrencies.
Cryptocurrency Exchange Finder
Where to buy, sell and trade cryptocurrency in NZ to get the best rates.
Last updated:
Want to trade bitcoin and other cryptocurrencies but don’t know where to start? One of the first things you’ll need to do is find a cryptocurrency exchange where you can buy and sell the digital currency you’re looking for.
There’s a huge range of platforms available, so read on to find out how to compare your options and choose the crypto exchange that’s right for you.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Compare cryptocurrency exchanges available in New Zealand
What's in this guide?
What is a cryptocurrency exchange?
A cryptocurrency exchange is an online platform where you can buy, sell and trade cryptocurrencies.
Some exchanges allow you to trade through fiat currencies, such as New Zealand or US dollars, while others allow you to buy cryptos using another digital currency like bitcoin (BTC) or Ether (ETH).
There are exchanges designed to suit novice traders or those new to the world of cryptocurrency, as well as platforms designed for institutions and full-time traders.
Because not every exchange supports every available digital coin and token, you may need to use multiple crypto trading platforms to buy and sell the currencies you want.
The different types of cryptocurrency exchange
The term “exchange” can be used to refer to a variety of crypto trading platforms:
Centralised vs decentralised exchanges
If you’re researching peer-to-peer exchanges, you’ll also come across the concept of decentralised crypto exchanges. Many (but not all) peer-to-peer exchanges can also be as decentralised.
Decentralised exchanges (DEXs) are hosted on a network of distributed nodes and allow you to trade cryptocurrency directly with other users. The absence of centralisation means there’s no single point of failure for hackers to target, and server downtime is no longer an issue.
And because trades are executed using smart contracts, you can trade straight from your wallet. This ensures that you don’t have to transfer any of your coins and tokens onto an exchange, allowing you to retain control of your cryptocurrency at all times.
How to choose a cryptocurrency exchange
With more than 200 exchanges to choose from and more launching all the time, how can you find the best cryptocurrency exchange for your needs? The most important thing to do is to research a wide range of platforms and compare the pros and cons of each option.
When comparing crypto exchanges in New Zealand, make sure you consider the following factors:
How to use a cryptocurrency exchange: step-by-step guides
So how do cryptocurrency exchanges work? And how exactly can you buy and sell crypto on an exchange? Read on for step-by-step instructions on what you need to do.
Buying cryptocurrency with fiat currency
For the sake of our example, let’s assume that you have NZ$500 that you want to use to buy bitcoin.
- Compare cryptocurrency brokers to find one that offers the right service for you.
- Register for an account on the platform, including providing any personal details and proof of ID required.
- Navigate your way to the “Buy” screen.
- Select bitcoin as the cryptocurrency you want to buy.
- Select your payment currency, which in this case is NZD, and specify the amount you want to spend as $500.
- Select your payment method, such as a credit card payment or bank transfer.
- Enter your payment details, such as your account number and BSB if sending a bank transfer or your card number and CVV if paying by credit card.
- Review the full details of your transaction, including the fees that will apply and the amount of BTC you are purchasing.
- If you’re happy to proceed, click “Buy BTC”.
- Once the transaction has been processed, the BTC will be deposited into your exchange wallet. However, please note that some brokers will automatically send your purchased BTC to an external wallet address nominated by you.
Buying cryptocurrency with another digital currency
In this scenario, let’s assume that you have 1 BTC that you want to exchange for ETH. Here’s what you need to do if placing a trade on a centralised crypto exchange:
- Compare cryptocurrency trading platforms to find one that offers the right service for you.
- Register for an account on the platform, including providing any personal details and proof of ID required.
- Log into your account and find the BTC wallet address for your account.
- Use this address to transfer the 1 BTC you want to trade from an external wallet.
- Navigate to the “Exchange” or “Trading” page.
- Search for the currency pair you want to trade, which in this case is BTC/ETH.
- In the “Buy” field, choose the type of order you want to place, such as a market order or limit order.
- Enter the details of your transaction, such as the amount of BTC you want to spend. If placing a limit order, you’ll need to specify your desired ETH price.
- Take a moment to review your transaction, including checking the exchange rate and fees that apply.
- Click on “Buy ETH”.
- Once the transaction has been processed, the ETH you have purchased will be deposited into your exchange wallet.
However, if you’re using a decentralised crypto exchange, the process is a little different. You’ll typically be required to link your wallet to your account, but you’ll then be able to trade directly from wallet to wallet, with no requirement to deposit any funds on the exchange.
Selling cryptocurrency and withdrawing your funds
If you want to sell cryptocurrency on an exchange – let’s say bitcoin for the purposes of this example – you’ll need to follow these steps:
- Log into your account and find the BTC wallet address.
- Use this address to transfer the BTC you want to trade from an external wallet.
- Navigate to the “Exchange” or “Trading” page.
- Search for the currency pair you want to trade, for example BTC/NZD or BTC/ETH.
- In the “Sell” field, enter the details of your transaction. Depending on the platform you’re using, you may be able to sell at market rate or potentially place a limit order.
- Take a moment to review your transaction, including checking the exchange rate and fees that apply.
- Click “Sell BTC”.
- Once the transaction has been processed, the currency you have purchased will be deposited into your exchange wallet.
It’s now time to withdraw those funds from your exchange account, but the exact process you’ll need to follow depends on whether you’ve purchased crypto or fiat currency:
- If you’ve purchased fiat currency, look for the “Withdraw NZD” option from your account dashboard. Select your desired payment method, for example bank transfer or PayPal transaction, and enter all the necessary account details so your payment can be processed.
- If you’ve purchased another cryptocurrency, you’ll need to first set up a secure wallet where you can store your coins. Copy the address of this wallet, log into your exchange account and select the currency you want to transfer. Remember to double-check that you’re sending the funds to the correct wallet before submitting the transaction.
Exchange payment methods
Crypto exchanges accept all sorts of deposit methods, including:
- Bank transfers
- POLi Payments
- Credit and debit cards
- Prepaid cards
- PayPal, Neteller, Skrill and other online payment services
- Cash deposits
- Cryptocurrency transfers
However, not all exchanges accept all payment options. To make things more complicated, some exchanges might accept one payment method for withdrawals, but not for deposits.
Processing times, fees and limits can all vary depending on the payment method you choose, so read the fine print to learn the ins and outs of each payment option. For example, while credit card deposits might be processed quickly, they usually attract high fees. Meanwhile, bank transfer deposits may not attract any fees, but they can take 1-2 business days to process.
Cryptocurrency exchange fees
Before you buy or sell cryptocurrency on any exchange, you’ll need to be fully aware of any fees that apply. Fees vary between platforms and may include:
- Deposit fees. Many exchanges don’t charge any fees when you deposit funds into your account, but some do. These fees can vary depending on the payment method you choose and the currency you transfer.
- Trading fees. Trading fees are typically calculated as a fixed percentage of each transaction amount. Some exchanges charge a flat fee for all transactions, but other platforms offer different fees for market makers (who add liquidity to the market by placing limit orders) and market takers (who place market orders that are executed immediately, thereby removing liquidity from the market).
- Withdrawal fees. When you want to withdraw funds from your exchange wallet, you’ll need to be aware of the fees associated with your transfer. Crypto withdrawals attract a flat fee, for example 0.001 ETH, while fiat currency withdrawals could attract either a flat fee or occasionally a percentage-based fee. Once again, these fees vary based on the currency being transferred and, if you’re withdrawing in fiat currency, the payment method selected.
For more on cryptocurrency exchange fees, check out our in-depth guide.
Cryptocurrency exchanges and digital wallets
When you buy cryptocurrency on an exchange, those digital coins are typically deposited straight into your exchange wallet. If you want to keep your coins in this wallet, you can.
However, using an exchange for long-term storage is not recommended. This is due to the fact that the exchange controls the private key to your wallet, so you effectively don’t have total control of your funds. And with exchanges regularly (and sometimes successfully) targeted by hackers, storing bitcoin or any other crypto on an exchange long-term is very risky.
A much safer option is to transfer your coins off the exchange and into a secure wallet that lets you control your private key.
Get more information on comparing and choosing a reliable cryptocurrency wallet.
How to avoid a crypto exchange scam
While regulators are gradually implementing laws and guidelines to help protect consumers against fraud, there are still plenty of dodgy exchange operators out there. Falling victim to theft is a major concern for any crypto buyer, so what can you do to protect yourself against scam crypto exchanges?
There are several simple steps you can take:
- Is it regulated? If you’re considering an overseas exchange, find out where exactly it is headquartered and the regulatory requirements (if any) for digital currency exchanges in that particular country. Does the exchange comply with all relevant laws?
- Do your research. Don’t get sucked in by marketing gimmicks or the promise of a deal that sounds too good to be true. Take your time to research a platform’s credentials before opening an account and especially before depositing any funds.
- Recognise the warning signs. Make sure you recognise the red flags that could indicate an exchange is not entirely above board. For example, if there’s no information about the company behind the exchange or where it is headquartered, proceed with caution. Similarly, if other users report lengthy withdrawal delays or claim the exchange has engaged in any other questionable activities, you may be better off steering clear of that particular platform.
- Check the address. One final tip: whenever you visit an exchange website, check that its address begins with “https” rather than just “http”. This means that all communications between your browser and the exchange are secure and encrypted.
- Only use established exchanges. Let other people take the risk of trading on new and untested exchanges. You’ll sleep a lot better at night if you know you’re dealing with an established platform with a good reputation.
For more info on how to stay safe when buying and selling cryptocurrency, check out our guide to bitcoin scams.
Next steps: How to get started
Not all crypto exchanges are created equal, and not all crypto buyers and sellers have the same trading needs. The best exchange for one person might not necessarily be the right choice for someone else, so it’s essential that you do your own research.
Check out our reviews of a range of leading cryptocurrency exchanges in New Zealand and around the world. Compare the features, fees, and pros and cons of each exchange and consider how they align with your trading requirements.
This will help you find the best crypto exchange for your needs.
FAQs
A-Z of cryptocurrency exchanges
B
C
G
N
P
R
V
Y
Z
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
