BitPrime Review
Our guide outlines BitPrime's features, fees, pros, cons, and comparisons with other alternatives. We also look at the platform's safety and must-know features unique to BitPrime
Updated 24 September 2021
BitPrime Summary
The important details:
To explain BitPrime in detail, our guide covers:
Warning:
- BitPrime is a popular New Zealand based platform, registered as an NZ financial services provider, to buy or sell various cryptocurrencies, including Bitcoin.
- The company explicitly differentiates itself from exchanges and brokers by defining itself as a cryptocurrency retailer. What this means is that BitPrime does not act as a wallet, as most other platforms do.
- To use BitPrime, you’ll need to make your own cryptocurrency wallet first. When you complete your purchase with BitPrime, you’ll need to nominate an address where your cryptocurrency should be delivered.
- Under this model, BitPrime does not have the responsibility or risk of being the custodian of clients’ money.
- To use BitPrime, you’ll need to make your own cryptocurrency wallet first.
The important details:
- Payment methods: Bank transfer, POLi and debit/credit card via third-party payment provider Simplex
- Order Fees: Fees depend on the payment method and order size. For card payments, the fee is 5%. For bank transfers below NZ$20,000, the fee is 2.9%; for larger transactions, discounts are available.
- Coin prices: Quotes for buying and selling are updated every five minutes and are quoted in NZD
- OTC: BitPrime offers a low-fee over-the-counter service, where it acts as a broker between buyer and seller. It states that these transactions are in the region of $50,000 to $500,000. We have not reviewed the OTC fees and functionality in this guide as we focus on BitPrime's core retail market.
- Ongoing account Fees: None
- Minimum order size: NZ$100
- Settlement: Private wallet
- Coins available: 89 different coins, including Bitcoin. Almost all coins are able to be sourced through the BitPrime's custom order page. You can use CryptoSpot for live rate comparison.
- Learn more: BitPrime
To explain BitPrime in detail, our guide covers:
- Setting up a BitPrime-Compatible Wallet and Buying and Selling
- BitPrime's Safety
- Pros and Cons
- Alternatives to BitPrime - Easy Crypto vs Binance vs LocalBitcoins
- Frequently Asked Questions
Warning:
- By publishing this guide, we are not recommending or suggesting in any way or form that Bitcoin or any other cryptocurrency is a suitable investment.
- We published and update this guide to help people understand the BitPrime platform - MoneyHub is conservative, and our publisher, Christopher Walsh, has zero Bitcoin or other cryptocurrency investments.
- We present this information in good faith and remain objective at all times. By including this guide under our Investing and Saving section, we are not advocating that cryptocurrency is an investment. We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Buying bitcoin with two local and trusted platforms - Easy Crypto and BitPrime
- Our bitcoin research highlighted several bitcoin platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and BitPrime platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Setting up a BitPrime-Compatible Wallet
- To begin buying and selling crypto on BitPrime, you will need to set up a wallet for the specific cryptocurrency you are interested in purchasing. A cryptocurrency wallet is an app or device that stores the public and/or private keys.
- When it comes to cryptocurrencies, the asset you want to protect is the private key, not the coins themselves. The private key is used for signing transactions and allows anyone who possesses it to transfer cryptocurrencies, such as bitcoin, from the corresponding address.
- There are plenty of free, reputable desktop and mobile wallets out there, such as the Exodus Wallet and Trust Wallet. Before signing up for a wallet, it's always prudent to check the reviews and general trustworthiness of a specific wallet. Fraudulent crypto wallets are finding their way onto app stores and scamming users out of funds - this guide explains more.
- A safer alternative to the desktop and mobile wallet is the hardware wallet (e.g., Trezor, Ledger). The costs of these wallets range in the hundreds of dollars and are more suitable for people with larger cryptocurrency holdings.
Buying and Selling on BitPrime
Payment methods supported by BitPrime are as follows:
Fees: BitPrime's fees are simple to understand for simple retail purchases. These are:
Purchases made by Bank transfer, Account2Account and POLi:
Purchases made by Credit Card:
Why are the BitPrime quotes different from what I see on Google or on other retailers?
BitPrime makes it clear upfront that the coin rate you see on Google is not what BitPrime offers. This is due to many factors, including:
Fractional and Set Dollar Amount Purchases
Important: You can only buy and sell cryptocurrencies using a market order. As BitPrime is a retailer, you will buy at the rate they display. If you sell, BitPrime offers a quote that you can accept or decline. BitPrime does not support buy or sell limit orders.
- Bank transfer
- Account2Account
- POLi
- Credit card.
Fees: BitPrime's fees are simple to understand for simple retail purchases. These are:
Purchases made by Bank transfer, Account2Account and POLi:
- $100 – $20,000 + 2.90%
- $20,000 – $50,000 + 2.0%
Purchases made by Credit Card:
- Any amount $100 + 5.0%
Why are the BitPrime quotes different from what I see on Google or on other retailers?
BitPrime makes it clear upfront that the coin rate you see on Google is not what BitPrime offers. This is due to many factors, including:
- Google converts USD coin prices into NZD, which does not take into account the FX fees imposed by banks.
- Coins in New Zealand are typically priced at a premium given the lack of supply (as is the case in other countries such as South Korea and Brazil).
- BitPrime's process to source coins on the overseas markets involves a lot of slippage given it takes 3-5 working days to convert NZD into USD.
- BitPrime makes it clear that they fluctuate because they're based on supply and demand, international market rates, what currency you purchase and the low liquidity in New Zealand.
Fractional and Set Dollar Amount Purchases
- BitPrime allows you to buy or sell one particular cryptocurrency based on fiat amount (e.g., $100 worth of bitcoin), or in units of crypto (i.e., 0.1 bitcoin).
- For buy orders, you will need to enter your wallet address for BitPrime to send you the purchased crypto. For sell orders, you will need to send your crypto to BitPrime's wallet. The settlement is in NZD and is sent to your bank account within 24 hours of sending your coins to BitPrime.
- Prices: Once you receive the quote and hit buy, the prices are locked in. There is no fluctuation as you're buying for a fixed price given BitPrime is a retailer.
- Minimum order: There is a minimum order amount of $100 NZD, which applies to both buy and sell orders. BitPrime sends purchased coins directly to your existing wallet or a hardware wallet.
- The time it takes for crypto to arrive on your wallet will vary based on the network activity at the time; we believe, based on market movements, that this can range from a few minutes to around an hour.
Important: You can only buy and sell cryptocurrencies using a market order. As BitPrime is a retailer, you will buy at the rate they display. If you sell, BitPrime offers a quote that you can accept or decline. BitPrime does not support buy or sell limit orders.
Buying bitcoin with two local and trusted platforms - Easy Crypto and BitPrime
- Our bitcoin research highlighted several bitcoin platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and BitPrime platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Safety of Your Funds and Crypto
Many exchanges allow you to keep your purchased cryptocurrencies in an account on their platform. The idea is to make it convenient for active users to buy and sell cryptocurrencies, and to avoid the network costs of withdrawing currencies into your wallet.
Unlike these exchanges, your NZD (fiat) and crypto do not get stored in an account on BitPrime's platform. Instead, when buying crypto on BitPrime, your fiat is sent directly to your wallet.
Further to this, no funds are stored on BitPrime. BitPrime is a retailer, which means you pay to purchase coins and take them into your wallet - none of your money is held by BitPrime after the transaction takes place. Conversely, if you're selling coins to BitPrime, your money is deposited into your bank account <24 hours after you've sent the coins to BitPrime's wallet. No funds are sent to your BitPrime account.
Know this: Delivering your purchases into your wallet is arguably the most secure way of buying and selling crypto because it avoids having your money stored on an intermediary platform (such as an exchange), which has a risk of getting hacked. Hackings of platforms are not uncommon in the crypto world - Christchurch-based Cryptopia is one example of many. When exchanges are hacked, the investors can lose some or all of their crypto.
Unlike these exchanges, your NZD (fiat) and crypto do not get stored in an account on BitPrime's platform. Instead, when buying crypto on BitPrime, your fiat is sent directly to your wallet.
Further to this, no funds are stored on BitPrime. BitPrime is a retailer, which means you pay to purchase coins and take them into your wallet - none of your money is held by BitPrime after the transaction takes place. Conversely, if you're selling coins to BitPrime, your money is deposited into your bank account <24 hours after you've sent the coins to BitPrime's wallet. No funds are sent to your BitPrime account.
Know this: Delivering your purchases into your wallet is arguably the most secure way of buying and selling crypto because it avoids having your money stored on an intermediary platform (such as an exchange), which has a risk of getting hacked. Hackings of platforms are not uncommon in the crypto world - Christchurch-based Cryptopia is one example of many. When exchanges are hacked, the investors can lose some or all of their crypto.
BitPrime - Pros and Cons
Pros:
Cons:
- BitPrime is transparent, easy to use, regulated in New Zealand and trusted by tens of thousands of cryptocurrency investors.
- Joining up, verifying and buying/selling is seamless, meaning most new users can get up and running in 1-2 days.
- Cryptocurrencies get sent directly into your wallet so it is one of the safest methods of purchasing cryptocurrencies. There's no risk if BitPrime is compromised as the platform doesn't store account funds or coins.
- BitPrime has an unrivalled range of learner materials for the crypto beginner, covering every topic, feature and concept. You can check out the full range of topics covered here via the BitPrime knowledge base.
- BitPrime offers a wide range of cryptocurrencies - currently 109 in total, including Bitcoin.
- You can buy fractions of a cryptocurrency with a minimum purchase order of $100 NZD, making it accessible for anyone to buy high dollar value cryptocurrencies such as bitcoin.
Cons:
- There are no auto-invest options, stop-loss features, or limit buy functionality. Therefore, this might not suit anyone looking to execute trades when a certain crypto reaches a certain price.
- BitPrime is unsuitable for people looking to trade frequently. Sell orders completed before 5pm on a weekday are paid out that evening, but payments are not instant and no funds are stored on the BitPrime platform. A better option for active traders would be an exchange where funds are stored on the platform, which avoids the need to pay fees each time you buy and sell.
Buying bitcoin with two local and trusted platforms - Easy Crypto and BitPrime
- Our bitcoin research highlighted several bitcoin platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and BitPrime platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Alternatives to BitPrime - Easy Crypto vs Binance vs LocalBitcoins
BitPrime isn't the only option for New Zealanders - we compare three popular and trusted options below.
Easy Crypto
- Payment methods: POLI instant pay, or local NZ bank transfer
- Fees: All fees are included in the spread, which is why the bid and offer prices might look higher than other platforms. The fees are around 0.70% to 0.90%.
- Minimum order size: NZ$100
- Settlement: Private wallet
- Coins available: 109, including Bitcoin
- Learn more: Easy Crypto
Binance
- Payment methods: Debit/credit card via third-party payment provider Simplex
- Fees: Card processing fees are 3.5% with a minimum fee of US$10. When withdrawing Bitcoin, for example to your private wallet, there is a withdrawal fee of 0.0005 BTC, approximately NZ$28
- Minimum order size: The minimum order size is the equivalent of US$30, which is approximately NZ$46
- Settlement: On an account
- Coins available: With a bank card, you can buy 18 different cryptocurrencies, including Bitcoin. On the exchange, there is hundreds of coins are available to trade once you have an account funded with crypto
- Learn more: Binance
LocalBitcoins
- Payment methods: It depends on your agreement with the seller
- Fees: A fee of 1% is charged to the party which listed the ad on the platform, other fees might be priced into the offer from the seller
- Minimum order size: The seller sets the minimum order size
- Settlement: Private wallet
- Coins available: Bitcoin only
- Learn More: LocalBitcoins
BitPrime - Frequently Asked Questions
BitPrime is user-friendly and transparent, but there are still some must-know facts to be aware of. We answer common questions below:
How safe is BitPrime?
BitPrime is strong on transparency and does not store any of your funds or private keys on its platform. All coin purchases get sent directly into your wallet - BitPrime does not hold any cryptocurrency on behalf of customers. All proceeds from sales are paid into your bank account within 24 hours of the transaction.
Does BitPrime recommend any wallets?
Yes - BitPrime highly recommends purchasing hardware, giving examples such as Trezor and Ledger. They also recommend using Jaxx Liberty or Exodus.
How long will it take for crypto to get sent into my wallet?
It depends. The network speed of cryptocurrencies varies between one another. It also depends on how busy the network is at the time of purchase. Usually, the time estimate is less than one hour, and in most cases, it's a number of minutes.
Can I sell coins to BitPrime?
Yes - BitPrime's process is straightforward. Users wanting to sell request a quote by clicking the Sell button on the All Coins page. BitPrime then quotes a price - if you accept the quote, the next step is to transfer the coins to BitPrime's wallet. Once received, BitPrime transfers the agreed NZD amount to your bank account within 24 hours.
Do I need to pay taxes on my cryptocurrencies if I had made a profit?
BitPrime makes it clear in its terms and conditions that is is "the responsibility of the customer to manage any taxable income resulting in the buying and or selling of cryptocurrency". To understand more about tax on cryptocurrencies, visit the IRD's website here.
Are there any account fees with BitPrime?
No, it is completely free to sign up for an account with BitPrime. BitPrime makes its money per transaction, charging a percentage fee that covers all of their operating costs and third-party costs (i.e. bank charges, foreign exchange fees, and slippage).
Is there a minimum buy order?
Yes, the minimum purchase amount for any cryptocurrency is $100 NZD.
Buying bitcoin with two local and trusted platforms - Easy Crypto and BitPrime
- Our bitcoin research highlighted several bitcoin platforms, but few are based in New Zealand and offer transparency. For this reason, we suggest considering the locally-owned (and trusted) Easy Crypto and BitPrime platforms.
- These two platforms are popular with our users, have esteemed reputations and are trusted by tens of thousands of New Zealanders.
- Both options are free to join, funded from any New Zealand bank account/card, and have a local support team.
- Advertising Disclosure: We may earn a referral bonus for anyone that clicks on some of the below links - see our Advertising Policy for more details.
Related Guides
- How to Buy Bitcoin in New Zealand
- How to Buy Ethereum in New Zealand
- Easy Crypto Review
- Independent Reserve Review
- Swyftx Review
- Beginner's Guide to Cryptocurrencies
- New Zealand Bitcoin Exchanges
- Bitcoin in New Zealand
- How to Buy Ripple in New Zealand
- How to Buy Cardano in New Zealand
- Bitcoin and Crypto Scams
- Bitcoin Wallets
- Joshua Wang YouTube Guide (buying Bitcoin in New Zealand)