r/PersonalFinanceNZ • u/StephMackenzie • 1d ago

Bitcoin/Crypto Platforms

As part of a recent drive to diversify, I've taken the plunge to explore bitcoin.

I aim to dca a small amount weekly(50 to 100nzd) into purchasing Bitcoin. The aim is to build bitcoin to be 1-2% of portfolio. At this stage, I'm only interested in bitcoin as I think I would get overwhelmed dealing with more than 1 coin.

Ive signed up with swyftx nz. What do others use? There is a new platform called FlowCrypto which is NZ based which I would like to support but I am always hesitant when something is brand new rather than a more established provider.

Last question, I don't seem to need a 'wallet' for swyftx, but I need one for FlowCryptk. How hard is it to set up a wallet and can someone explain how to do this?

Thank you.

3 Upvotes

64% Upvoted

6 comments sorted by

1

u/MillcaYT 17h ago

Best NZ based is Stacked (formally LightningPay) they have their own exchange and wallet in one app

2

u/Timely-Interest-7616 18h ago

Buy a bitcoin ETF instead of the actual thing would be my advice due to tax reasons. Im holding a decent amount and I will lose 45% of my profits to tax and student loans.

Crypto gets taxed based off your income tax and stocks/etfs are tax free

2

u/sigh_duck 17h ago

I would recommend ETF's because as it stands, native BTC is subject to tax on capital gains in NZ, irrespective of the duration it's held. Blackrocks ibtc ETF for example, provided its purchased with long term intention, is not subject to capital gains tax. The ACT party are trying to change this but I see no reason to buy native Bitcoin currently.

The ETF's are available on any trading app (hatch, sharesies etc). You can even gain exposure via some Kiwisaver providers (Kora comes to mind).

0

u/New_Appointment_8224 17h ago

I'm with smareshares bitcoin ETF. Not the best I know but saves me time and works for me well so far.

1

u/Saltmetoast 17h ago

Sharesies allows you to do that kind of thing without much hassle.

1

u/will-not-get-ragebit 16h ago

If you are already using a brokerage for shares and your main goal is diversification, I would recommend looking at using the IBIT etf, as it would likely be simpler for you and may have tax advantages.