Review: What is NZBCX and how does it work?

What to know before you start using NZBCX.

Last updated:

NZBCX stands for New Zealand Bitcoin Exchange. It’s one of the longest-running full-feature bitcoin exchanges in New Zealand.

Note: NZBCX is not currently verifying new user accounts. On 7 November it announced that “at best it may be a month away before we can start processing sign-ups again”. You will not be able to use NZBCX without a verified account. It is also currently in a private beta. If you want to sign up you will need to contact the owners.

If you want to start trading sooner, you may want to consider a different New Zealand bitcoin exchange or brokerage.

See a list of other exchanges and brokerages operating in New Zealand.

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.

How does NZBCX work?

As an exchange, NZBCX lets users buy from and sell bitcoin to each other.

  1. Create an account – You can sign up with the exchange online.
  2. Get it verified – You will need to provide proof of identification and your source of funds.
  3. Deposit funds – Deposit funds from your New Zealand bank account into your NZBCX account.
  4. Start trading – You can list buy or sell orders on the exchange to trade with other users.

What currencies does NZBCX accept?

The exchange only allows for trades of NZD:bitcoin.

What countries is it available in?

NZBCX is for use in New Zealand only.

What payment methods are available?

You can only make transfers from a New Zealand bank account or a bitcoin wallet

What are the fees?

At the time of writing, NZBCX trading fees are set at 1% for testing purposes. These are subject to change.

What are the transfer times

Once your account is verified, NZD transfers should typically be processed within 1–2 business days, while bitcoin transfers may be processed in a few minutes.

Customer service, contact and security

The site offers public information about its owners, suggesting that it’s legitimate. You can contact the site owners through NZBCX or you might be able to reach them on LinkedIn or other social media.

How to get started

The first step is to create an account and then get it verified.

Once it is approved, you can make deposits and start trading.

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.
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