New Zealand is one of the cryptocurrency-friendly countries in the world; it has never banned cryptocurrencies. Therefore, cryptocurrency can be your wealth-building tool, provided you invest in the right crypto-assets. If you wish to trade crypto assets, you should head to the NZ exchange to buy crypto.
There are several crypto exchanges, but not all are safe. Hence, you should be careful while selecting an NZ exchange to trade cryptocurrency.
Here are some tips and pointers you can follow to find the right exchange.
Make Sure It Has Proper Licenses
NZ has not acted in any special laws for cryptocurrency, so there is no license document for the exchange. However, cryptocurrency is categorized as securities, so the Financial Market Authority licenses for businesses managing securities apply to cryptocurrency exchanges.
When selecting any cryptocurrency exchange, ensure it has a proper business operating license. You can find this information on its website. Call customer care to seek information if the website does not mention it.
Supports NZ Deposits and Withdrawals
At the initial stages of trading, you will be required to buy cryptocurrency with fiat currencies. Make sure the exchange supports deposits and withdrawals in New Zealand dollars. It will simplify trading, and you can know the exact value of cryptocurrency in your domestic currency.
Also, you don’t have to bother about fluctuating exchange rates of US Dollars, AU dollars when going to the NZ exchange to buy crypto.
Staking
Recent data indicates NZ is ahead of Germany and the UK regarding crypto ownership. Around 8.7% of New Zealanders own cryptocurrency, while the ownership rate of Germany and the UK is 7.7% and 6.1%, respectively.
Cryptocurrency allows you to earn in many ways. Though buying and selling can help you make good profits, it also comes with inherent risks. You can participate in the Staking process if you want to reduce risks.
Experts mention the Staking process is an excellent way to put your idling cryptocurrency to work. If you have cryptocurrency lying in your account, you can use it to validate crypto transactions.
When the transaction is successfully validated, and a new cryptocurrency coin is created, you will get rewards for being a validator.
Live Chat and Phone Support
You can have problems using the trading platform’s features or face technical glitches. You would want to speak to someone to explain the problem and get an immediate solution in that scenario.
Leading NZ cryptocurrency exchanges offer Live Chat and Phone support to help investors with any problem related to crypto trading. Ensure the exchange provides live chat and phone support when selecting an NZ exchange.
Demo Mode
When you are a beginner in crypto trading, you might be eager to know how things work and what real trading looks like. Due to high volatility, investing in crypto is a significant risk, and it does not make sense to risk your money while learning. Leading cryptocurrency exchanges offer a demo mode that allows you to trade in a simulated environment.
When selecting an NZ exchange, make sure it offers a Demo Mode that makes learning cryptocurrency trade easier. It will allow you to test your investment strategies and help you understand their results. The simulated environment is identical to the real trading environment, and you can get to know how things work and what can go against you.
Portfolio Tracking
There are hundreds of cryptocurrencies you can invest in. Portfolio tracking is a valuable feature that will help you know whether you make profits or losses on your investments.
NZ exchange is the best and safest place to participate in crypto trading, provided you select the right platform by following the tips given in the post.
