How To Buy Ethereum In NZ

Posted in   Crypto   on  December 6, 2022 by  Money Bren0

Nothing in this article is financial advice. The writer is not your financial advisor. Investing contains risk and you can lose money. Consult your own professionals before making investment decisions. This article may contain affiliate links. 

Disclaimer: This guide is not Buy recommendation.

When I first got into crypto in 2017, it was nearly impossible to buy Ethereum anywhere. I was using an Australian exchange, as nowhere in New Zealand was brokering it.

Luckily things have changed and there are now several options available.

In this post I'll take you step-by-step through how to buy Ethereum in NZ and your different payment and storage options.

What is Ethereum?

Ethereum is a blockchain that functions as a crypto platform.

Think of it as an iOS or Android, but for crypto.

This means things can be built on top of it, such as crypto apps or other crypto currencies, in the same way apps get built for the app store and Google Play store.

Many of the cryptocurrencies, crypto games, NFTs and apps you hear about today are built on top of Ethereum.

Ethereum has its own cryptocurrency that is used to pay for activity on the platform.

Owning Ethereum means you own a commodity that is required to participate in the Ethereum ecosystem. The more in demand this becomes, the more valuable it is likely to get.

How To Buy Ethereum In NZ

The option I recommend right now is EasyCrypto.

They are a full-service crypto and Bitcoin brokerage owned and operated in NZ.

Here is why it's my top recommendation:

  • Orders are filled quickly at market prices.
  • Very low fees.
  • Excellent customer service.
  • Over 100 other cryptocurrencies available.
  • They are a registered NZ Financial Services Provider and FDRS member.
  • Pay by bank deposit, credit or debit card, Poli or Account2Account. 

How to buy Ethereum on EasyCrypto

The reason I like EasyCrypto is that the process is quick, and everything is done in NZD.

There are six simple steps, no different to buying some clothes while you're online shopping.

Step 1: Open an EasyCrypto account

First, click here to head to their website and open an account:

You can sign up with your socials or an email address just like any other online service.

That’s it!

You now have a crypto brokerage account giving you access to hundreds of cryptocurrencies.

Step 2: Verify your account

As a registered Financial Services Provider in NZ, they need to verify your identity.

This might feel like a nuisance, but try to remember it is actually to protect you.

Don't buy Bitcoin or crypto from anyone who isn't registered in New Zealand, especially if you're new to the market.

People get scammed daily trying to get a deal from obscure sellers.

Verification should only take you a few minutes and only requires a driver’s license or passport:

Once you’ve done that, you’re ready to buy!

Step 3: Choose your coins and quantity

For this example, I’m going to walk you through buying $200 of Ether.

Head to the homepage after you’ve signed up and you should see a page with all the coins you can buy:

Click “Buy”, then click “Ethereum” and then click “$200” as I’ve shown in the screenshot above.

The prices are all in NZD.

Step 4: Choose your Ethereum address

On the next page, you’ll get asked to enter your ETH address.

This is where your Ether will be sent to.

Ethereum addresses work exactly the same as Bitcoin addresses.

If you don’t have one, you have two options.

You can click the “I don’t have an Ethereum address” button and EasyCrypto will help you set up a private wallet. I also have a guide that will help you set up a private wallet here.

However, for beginners, my advice is to forgo a private wallet and set up an address at an exchange instead.

This goes contrary to the popular advice, which is to always keep your coins in a private wallet, but personally, I think beginners who are just buying their first few hundred dollars of crypto are not yet ready for private wallets.

However, be aware that carrying crypto on an exchange contains risk. Your funds can be locked or lost in the event the exchange is compromised. However, carrying crypto in a private wallet also contains risk. Personally, if this is your first purchase, and if it's only for a small amount of crypto (say, a few hundred dollars), I think an exchange contains less risk. You can read more about my reasoning and why I recommend exchanges for beginners here.

When you start building your crypto portfolio to higher levels (say, past four or five figures) then I would suggest looking into more secure options such as private wallets and hardware wallets. If that sounds like you, check out my guide on private wallets here.

If you're happy to start with an exchange wallet, the exchange I recommend people start with is Binance.

It's the exchange I've been using since I first got into crypto.

Head to their homepage and register an account.

Once you've registered, head to the menu in the top right and click "Wallet".

Then click "Fiat/Spot Deposit/Withdraw"

Then in the top right, click Deposit:

This should take you to the deposit page where you can find your address.

Where it says "Coin", choose Ethereum.

Where it says "Network", choose ERC-20.

This should display a string of characters that starts with 0x....

This is your Ethereum address.

Copy/paste this, then go back to your EasyCrypto order and paste it into the address field:

Step 5: Choose a payment option

The next screen will give you your payment options.

I always use bank deposit because it's free, but choose whichever is most convenient for you:

Step 6: Make payment and wait for your Ethereum to arrive

EasyCrypto will then give you payment instructions.

If you choose card, Poli or Account2Account, your order will execute immediately.

Your Ethereum should arrive within a few minutes.

If you chose bank deposit, your order will execute whenever your bank deposit clears.

That’s it!

You’re now the proud owner of Ethereum.

You will see it in the "Fiat/Spot" Wallet section in your Binance account.

Earn Interest On Your Ethereum:

One of the cool things about using an exchange like Binance is you get more features to utilise your crypto.

To earn interest on your Ethereum, follow these steps:

First, click "Earn" in the menu.

This will take you to the Binance Earn page.

Select ETH as your coin, and you will see the staking/deposit options that will allow you to earn yield:

Simply choose one of those instruments, and deposit your ETH:

Your deposit will now show in your Binance Earn dashboard.

At the end of your subscription term, your interest will get paid into your Spot wallet.

Warning: Depositing your ETH/crypto for yield contains risk. Make sure you read the product disclosures and understand the risks before depositing.

Who should use this method to buy Ethereum in NZ?

In my opinion, EasyCrypto combined with an exchange wallet is going to be the best option for 95% of first-time buyers, and for people who are new to crypto.

When it comes to crypto, most people are interested in buying $200 or $500 or maybe a few thousand dollars as an investment.

EasyCrypto is absolutely perfect for this and you won’t find a service better suited for it.

As you get more involved and educated about crypto, increasing your portfolio and adding other coins, you will need to start looking at moving your assets to a hardware wallet or private wallet.

I talk about both those options in this post.

The hardware wallet I currently use is a Trezor T.

The software wallet I currently use is Exodus.

Private wallets are the safest way to store and access your Ethereum, but does come with a cost and a learning curve, and still contains risk if you don't manage/backup your wallets properly.

Once crypto starts to become a significant part of your portfolio, start educating yourself on private wallets and moving your Ethereum to a private wallet like a Trezor or Exodus.

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