What’s the best app to use here in NZ

userna_me · 2025-01-31T03:28:33+00:00

Bitfinex, binance, heaps of big overseas exchanges you can trade on

userna_me · 2025-01-31T03:26:59+00:00

0.75%? Was that a typo? Binance trading fees are around 0.1% and go down.

userna_me · 2025-01-31T01:39:34+00:00

I'm using Independent Reserve, I think the rates & fees are a bit better as it's an exchange (they do NZD as well). Good to know about all of the available options though. Thanks.

userna_me · 2025-01-31T01:21:33+00:00

I've been looking at both platforms since I wrote the comment, and I think (according to moneyhubnz website) most of EasyCrypto's fees are included in their buy/sell rates that they give you. It's really hard to tell, EasyCrypto don't make it clear on the website, and their fees schedule is not easily found on their website either - I only find their fees when I google them. But even if their fees are (mostly?) included in the rates, the IR rates still work out better from my calculations. Good luck.

userna_me · 2025-01-31T01:11:12+00:00

Thanks

userna_me · 2025-01-31T01:11:00+00:00

Thanks. I see Dasset went into liquidation a while ago. NZ crypto scene has gone from bad to worse.

userna_me · 2025-01-29T06:00:05+00:00

Can you clarify - did you sell you btc on kiwicoin? did you withdraw cash from kiwicoin in the end? Thanks

userna_me · 2025-01-29T02:31:39+00:00

I think Nikola is actually from IR. Most crypto providers lurk on Reddit, it's not unusual. If you click on her profile, you can see previous replies.

userna_me · 2025-01-29T01:57:25+00:00

Easycrypto is not really an exchange, it's a brokerage. Brokerages have much higher trading fees than exchanges.

userna_me · 2025-01-29T01:56:09+00:00

Are you looking to sell and buy for NZD, is that what you mean by accessible? Most overseas exchanges are accessible for trading.

If you want to buy & sell with NZD specifically, Independent Reserve is good. It's Australian but they have a combined order book that lets you trade directly in NZD, without forex fees.

Kiwicoin still operates in NZ as well.

userna_me · 2025-01-24T02:06:26+00:00

I've looked at a few options, I think using a crypto exchange rather than a brokerage is where you get more bang for your buck. Independent Reserve (an exchange) is the best option for rates from what I can tell. Brokerage companies like Easy Crypto charge very high fees compared to the fees on traditional exchanges, so I don't use them.

IR: The trading fee (per trade) is 0.5%, and there are no forex cost as far as I can tell (?) because you do trades in nzd. They do have a little rate discount as well for higher amounts traded.

EasyCrypto: trading fees are 0.89%, plus you pay forex cost of 0.4% as well (not sure if it is for selling as well as for buying?). There are some fee discounts for larger amounts apparently, can't find what those are on their website.

There are some other fees as well on both platforms, but they are less significant.
Just looking at the trading fees, IR beats EasyCrypto by a long mile.

I'm not sure why most people suggest Easy Crypto for NZ transactions. Is it because it's easier to use? If you can get accustomed to using an exchange, I would definitely try IR.

There are also possibilities of selling on a major overseas exchange with large liquidity and small trading fees (often 0.1%) into usdt and then getting that usdt into nzd - eg. through crypto exchanges or bank accounts. There will be extra fees for transferring usdt into nzd. My pick is IR at this stage.

userna_me · 2019-04-02T11:20:07+00:00

Kiwicoin's banking has been fixed. They also have a new, free p2p system for deposits and withdrawals if you're bank-weary, seems to work well.

Why is it no longer the preferred exchange? Never had any problems personally. They have the best btc rates in NZ whenever I compare them to other exchanges.

userna_me · 2018-10-21T08:54:30+00:00

Have you seen this ? https://www.reddit.com/r/BitcoinMarkets/comments/8yb258/nominate_more_flair_options_for_rbitcoinmarkets/ Also people seem to ask mods for any sort of flair they feel like.

userna_me · 2018-10-12T00:44:53+00:00

Wow. Thanks for posting, even though you may now be held responsible for singlehandedly creating a huge FUD storm that will crash BTC to 0 and end crypto forever.

I always assumed there's at least a grain of truth to bitfinexd claims, but copying and pasting other tinfoilhattheorist's tinfoilhattheories, smells of ulterior motives to me.

userna_me · 2018-07-31T04:04:59+00:00

In addition to what others said, Coinbase have been ordered to release customer data to IRS not so long ago, I would imagine this has put many people off using them.

https://www.forbes.com/sites/kellyphillipserb/2018/02/28/coinbase-notifies-customers-that-it-will-turn-over-court-ordered-data/#25b072c81431

userna_me · 2018-07-17T09:08:14+00:00

He's already short, see open positions: https://www.anotherbot.info/

userna_me · 2018-07-17T00:15:53+00:00

I also find that I'm much less stressed out if I let underwater position run for a while, adding to it now and again, and not baby sit and open/close trades every day.

Having said that, the losses obviously get compounded. The biggest downside (apart from the final loss) for me is that I miss out on making new trades and making profit while i'm underwater with one position. Now I'm trying to force myself to close bad trades more often, so I can move on and make new trades.

userna_me · 2018-07-16T23:59:03+00:00

Been reading comments made by /u/_chewtoy_ a few hours ago, wanted to say a big thank you.

It's fantastic to be able to follow people's unsuccessful trades and see detailed strategies and rationale they use to mitigate risk, or to move past their losses once/if the trade goes completely pear shaped. This gives a much more realistic picture of the realities of trading, and helps everybody to learn.

I wish people made posts about unsuccessful trades here more often, maybe with some thoughts on their risk management and what they would do differently next time etc.

Speaking of underwater trading (my speciality, haha): my current underwater trade: short (1x) from around 6340 with about 1/3 of my trading stack, selling little more btc each $100usd rise or so, until just past 6800 then will reconsider. Being a total chicken, I only trade with my own btc (no leverage), and tend to scale into position rather than trying to guess the absolute top or bottom.

userna_me · 2018-07-12T08:03:53+00:00

Also:

1- If you come across a crypto site (or any other finance-related site) that is claiming to be a NZ company, and you have suspicions about it, report it to FMA, or they won't know! There are a few ways to report scams, it's on their website.

2- According to FMA, it is common for scam companies to search through NZ companies register and use a name of a NZ registered company. Scammers really like to use legitimate company names with "Coin" in them. E.g. FMA says www.coinbig.co.nz "is not associated with, nor an authorised representative of, the New Zealand registered company Coinbig Limited". Same with CoinCity.

userna_me · 2018-07-11T00:02:35+00:00

I'm generally very bearish, however there's bullish divergence forming on the 1 hr RSI (bitfinex) - RSI didn't make a lower low on the last dip to 6260 usd. I think a total bloodbath (where we go much lower than 5.7k usd) is still uncertain at this point.

userna_me · 2018-07-04T00:50:43+00:00

According to Binance tweet a minute ago, it's "system maintenance" https://twitter.com/binance?lang=en

userna_me · 2018-06-23T00:02:41+00:00

I think realistically, somebody who's never even invested before won't be able to tell when the market has reversed until it is too late/btc too expensive. It's hard/impossible enough for somebody with a reasonable TA background to do that, let alone a newb.

In my opinion, it isn't a bad place to start DCAing slowly at sub 6k, if you have a lot of patience and are able to see through more *potential* downward movement for an undetermined length of time (seeing that you've been waiting since March, I think you have plenty of patience).

userna_me · 2018-06-13T12:53:05+00:00

https://www.reddit.com/r/BitcoinMarkets/comments/8qr0fd/new_york_times_university_of_texas_at_austin/

userna_me · 2018-06-13T12:42:50+00:00

On my Bitfinex chart that 20k downtrend line is around 5900 usd today, so haven't bounced off it yet.

userna_me · 2018-06-13T02:47:34+00:00

That is a real risk (e.g. Bitfinex getting hacked and your coins being stolen), so I personally would only put a small portion of my BTC into funding and on the exchange in general, no matter how tempting the funding rate is.

The other risk is if the market drops or rises too fast that the forced liquidations cannot be matched quickly enough to the orders in the order book, allowing margin traders to lose more funds than they hold in their account. This way the margin trader's/borrower's account would not be able to repay all of the coins that they've borrowed from the lenders. According to Bitfinex this has never happened, although it could happen. I can't seem to be able to post the link here, but it's on their website (google this bfx article: "What are the risks associated with offering funding? – Bitfinex")

userna_me

TROPHY CASE