What is Binance?
Binance is the world's largest cryptocurrency exchange by trading volume, founded in 2017 by Changpeng Zhao (CZ). It offers over 600 cryptocurrencies, the lowest spot trading fees in the industry at just 0.1%, and a comprehensive suite of products including futures, margin trading, staking, lending, and an NFT marketplace.
For New Zealand users, Binance doesn't support direct NZD deposits via bank transfer. However, Kiwi investors can use Binance P2P (peer-to-peer) trading to buy crypto with NZD from other users, or deposit via credit/debit card with higher fees. Despite the NZD limitation, Binance's unbeatable fees and coin selection make it a popular choice among experienced NZ traders.
Binance has faced regulatory scrutiny in several countries, but continues to invest heavily in compliance. NZ users should be aware that Binance is not specifically regulated in New Zealand, though it complies with general AML requirements.
Pros & Cons
Pros
- +Lowest fees in the industry
- +Largest selection of cryptocurrencies
- +Advanced trading tools and futures
- +High liquidity
- +Earn features (staking, savings)
Cons
- -No direct NZD deposits
- -Complex interface for beginners
- -Regulatory uncertainty in some regions
Fees & Pricing
Binance offers the lowest trading fees in the crypto industry. The standard spot trading fee is just 0.1% for both makers and takers. This can be reduced further by holding BNB (Binance Coin) or achieving higher VIP levels through trading volume.
| Spot Trading | 0.1% maker / 0.1% taker |
| With BNB Discount | 0.075% maker / 0.075% taker |
| Credit Card Deposit | 1.8% |
| P2P Trading | Free (0% fee) |
| BTC Withdrawal | ~0.0002 BTC network fee |
How to Buy Bitcoin on Binance from NZ
Create and verify your Binance account
Sign up at binance.com and complete KYC verification with your NZ passport or driver's licence.
Use P2P to buy USDT with NZD
Go to Binance P2P, select NZD as your currency and USDT as the crypto. Find a seller with good reputation and pay via NZ bank transfer.
Trade USDT for Bitcoin
Go to Spot Trading, select the BTC/USDT pair, and buy Bitcoin at 0.1% fee. Use a limit order for the best price.
Our Verdict
Binance offers unbeatable fees and the widest selection of cryptocurrencies. However, the lack of direct NZD deposits and complex interface make it better suited for experienced traders. NZ users can use P2P trading for NZD on-ramp.
Frequently Asked Questions
Can I deposit NZD directly on Binance?
No, Binance does not support direct NZD bank deposits. The best option for NZ users is Binance P2P, where you can buy USDT or BTC directly from other users using NZ bank transfer. You can also use a credit/debit card, but fees are higher at 1.8%.
Is Binance safe for NZ users?
Binance has one of the largest security teams in crypto and uses industry-leading security measures including 2FA, address whitelisting, and cold storage. They also have the SAFU (Secure Asset Fund for Users) insurance fund. However, Binance is not specifically regulated by NZ authorities.
Is Binance P2P safe?
Binance P2P uses an escrow system — the seller's crypto is held by Binance until payment is confirmed. This protects both buyer and seller. Always trade with verified merchants who have high completion rates and positive feedback.
Do I need to pay tax on Binance profits in NZ?
Yes, if you trade crypto for profit, your gains are taxable income in New Zealand. The IRD requires you to report crypto trading profits. Use a crypto tax tool like Koinly to track your Binance trades.
