How to buy Bitcoins in New Zealand

Please note this sub-forum does not provide professional finance advice. You should seek advice from a licensed financial advisor.

To post in this sub-forum you must have made 100 posts or have Trust status or have completed our ID Verification.

If investing please consider our affiliate link for new accounts: Sharesies.

Forums › Finance and wealth management › How to buy Bitcoins in New Zealand

surfisup1000

5288 posts

Uber Geek
+1 received by user: 2159

#204195 21-Sep-2016 11:05

I was having a try at buying bitcoins. I only want to experiment at first, with buying $50 of them.

So, I created the wallet on my iphone, using breadwallet.

Next, i need to buy some bitcoins from a dealer. This is the bit I am having difficulty with. It seems I need to sign up with a dealer, I chose coined.co.nz which asked for my passport and address proof which was OK, scanned and emailed and my account is now setup.

But, when I tried to buy some bitcoin from coined.co.nz, it said the queue was full for 19 hours and they would send me an email when I can place an order....I don't get this and it is too much trouble.

So , what is the quickest and easiest way to buy NZ$50 of bitcoin (approx 0.05 bitcoin) and transfer it to my wallet? I can make a cash deposit at a bank if that helps.

Actually getting hold of bitcoin seems the hardest part.

taneb1

544 posts

Ultimate Geek
+1 received by user: 213

ID Verified

Trusted

Mercury

#1638108 21-Sep-2016 11:31

LocalBitcoins has been the best way for me - Has a number of local sellers, some have done over 10,000 trades.

I've used danlence on there multiple times - https://localbitcoins.com/accounts/profile/danlence/

He has always been professional, quick to respond to messages and made the whole process easy.

Any comments made are my personal views and does not represent those of my employer

rmt38

320 posts

Ultimate Geek
+1 received by user: 55
Inactive user

#1638110 21-Sep-2016 11:35

I looked at coined, and it disregarded it for some reason - it either seemed too expensive or a bit of a rort or something. Instead, I went to bitnz and bought some. It involved putting some money into my account at an ASB branch, but I eventually put in a buy order, someone sold at the same price, I got the coins and transferred them out to a wallet. It would have been easy to sell the coins at a high, and buy again at a low, and repeat with bitnz if you keep them in their wallet. I'm surprised there isn't people making a decent profit off doing this.

TLDR; Try bitnz.

surfisup1000

5288 posts

Uber Geek
+1 received by user: 2159

#1638210 21-Sep-2016 13:43

taneb1:

LocalBitcoins has been the best way for me - Has a number of local sellers, some have done over 10,000 trades.

I've used danlence on there multiple times - https://localbitcoins.com/accounts/profile/danlence/

He has always been professional, quick to respond to messages and made the whole process easy.

Thanks, this is perfect, this is more of a match making service for buyers and sellers as opposed to an exchange as such.

cheers

RickD

280 posts

Ultimate Geek
+1 received by user: 8

#1638442 21-Sep-2016 23:53

rmt38:

It would have been easy to sell the coins at a high, and buy again at a low, and repeat with bitnz if you keep them in their wallet. I'm surprised there isn't people making a decent profit off doing this.

TLDR; Try bitnz.

It's not a good idea to store your coins in an exchange wallet... see Mt Gox/other failed exchanges.