If you’re looking to make your first Bitcoin investment and don’t know where to start, one of my highest recommended options would be a service called EasyCrypto.
EasyCrypto is a full service cryptocurrency brokerage that is owned and operated right here in New Zealand. The minimum purchase is $50 NZD, and you can purchase over 50 coins, including all the majors (Bitcoin, Ethereum, Ripple XRP, Litecoin etc).
Why use EasyCrypto?
The reason EasyCrypto is so great is because it literally does everything for you.
If some of the “techy” stuff about Bitcoin and cryptocurrencies puts you off, with EasyCrypto you won’t need to worry about it. They will even set up a wallet for you and email you the access details along with your purchase.
All you need to do is select the coin, make the payment and you’re done. This makes EasyCrypto the ideal service for:
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- Casual investors who just want to get started with a small amount of Bitcoin (say, less than $500).
- Those who are only wanting to put a little money into Bitcoin or other coins and “see how it goes”.
- People who want to invest regularly from NZD and hold for the long term.
For a different profile of investor, say, if you’re planning on trading cryptocurrencies, buying and selling Bitcoin every week, or investing very large sums of money, I would recommend a full cryptocurrency exchange such as Independent Reserve.
However for less active investors, EasyCrypto is definitely the type of platform you’re looking for. If you’ve never purchased Bitcoin or a cryptocurrency before, this is where you should start.
A few other things to like about EasyCrypto:
- It’s NZ owned and operated, and a fully registered NZ Financial Services Provider.
- Prices are very fair and there are no extra fees (any fees are built into their prices).
- You can pay with bank transfer from any NZ bank.
How to get started?
As a full service brokerage, EasyCrypto does most of the hard work for you. Getting set up is reasonably simple compared to most crypto exchanges.
First thing you need to do is set up an account.
Simply head to the EasyCrypto homepage and click the big white “Create Account” button.
This should take you to a page where you’ll have the option to sign up with your various social media profiles. You can also just sign up with your email address:
Once you’ve done that you’re ready to place your order.
Click the “Buy/Sell” button on the menu and you’ll get taken to an order screen that looks like this:
In this example, I’m going to purchase $100 of Bitcoin.
Simply choose “Buy” at the top, choose “Bitcoin” from the list of coins, select the “$100” option, and click Buy now.
One thing to note, when you purchase Bitcoin, it is stored in a “wallet”. If you don’t have a wallet, there is an option at the bottom (I’ve highlighted it in red in the screenshot above) for EasyCrypto to create a wallet for you. If you haven’t got your own Bitcoin wallet or don’t know what a wallet is, select that option. EasyCrypto will set up a wallet for you and email you the details (don’t worry, it’s straightforward).
Next you’ll get taken to the order page. You can see in this example, I’ve ordered $100 of Bitcoin, and it has a place for me to put my Bitcoin address. If you’ve opted for EasyCrypto to create your wallet for you, you won’t need to worry about the address, they’ll take care of it for you.
If it’s your first time making a purchase, you’ll need to do some identity verification first. This is to comply with New Zealand’s anti money laundering laws, the same way you need to provide identification when opening a bank account. It’s very simple and only takes a couple of minutes.
First you’ll be asked for your basic details like name and date of birth:
Then you’ll need to provide some information about your source of funds. This is all just basic paperwork, I don’t think any of these options will affect your investment. Just choose whatever applies.
Next you’ll need to provide some government ID.
Driver’s license is the easiest and most common. You can use the online verification system called OriginID which should identify you automatically, alternatively you can upload a photo of your driver’s license and you’ll get verified manually by the staff. Like I said, it’s similar to opening a bank account.
Finally it’s time to pay for your Bitcoin.
You can either pay by bank transfer or POLi. If you use POLi, your order will be delivered almost instantly. If you use bank transfer, you usually need to wait 1-2 working days.
I prefer bank transfer, but it also means you’re susceptible to price movements between the time your money is sent and the time EasyCrypto receives it. In most cases this doesn’t make a material difference and can even work in your favour. But it’s something to think about.
If paying by bank transfer, you’ll be given some bank details and a reference code to include in your payment:
Make the payment as soon as possible, and wait for EasyCrypto to confirm it on their end. As soon as they receive the payment, they’ll send your crypto.
Luckily, things move much faster in crypto world, so once they send your crypto you’ll receive it pretty quickly! (under an hour).
In the screenshot below you can see my Bitcoin has been deposited into my nominated Ledger address. It shows $64 USD, which is approximately $100 NZD at the time of purchase.
The wallet I’m using above is the Ledger Nano hardware wallet. If you’re interested in using the Ledger wallet, I have a thorough guide you can read here.
And that’s it! Follow the above guide and you should have your first Bitcoin investment in the next 24-48 hours.
Remember, investing in cryptocurrencies is risky, as is investing in all financial instruments. Before you invest anything, educate yourself on the cryptocurrency space and understand what you are investing in. You can start by reading through some of the articles on this blog and/or my free What Is Bitcoin guide.
Stay safe and good luck!
This is not financial advice. I am not your financial advisor. Always do your own research and consult your own professionals before investing.