It’s not hard to see why.
Aside from us, there are generally two ways to buy Bitcoin and Ethereum in New Zealand, either through brokers or exchanges.
With NZ brokers, they have to pay fees on each individual transaction. This includes paying the the BTC or ETH network fee when sending the crypto, foreign exchange fees to purchase the coins with NZD as well as international bank transfer fees or credit card fees. All these fees are factored into the rate for each individual.
With NZ exchanges, due to our countries small population, the liquidity here is not even close to the liquidity on the big US or European exchanges such as Bitstamp, Bitfinex and Kraken. This means the price can be up to one thousand of dollars more per Bitcoin in NZ compared with overseas exchange rates.
At MyCryptoSaver we don’t have to worry about any of those issues. As we are the only NZ crypto comapny that buys in bulk, all those fees mentioned above that brokers have to worry about are mostly negated. The reason for this is that when these fixed fees are divided by thousands of our users they become negligible. Furthermore we buy from Bitstamp which often has the best BTC and ETH price globally and generally has a 24 hour volume of over $100,000,000 USD.
Currently to understand our rate, a good rule of thumb is to take the current price on Bitstamp, convert it to NZD and add 3.5% of the total price to include our fee. We will be adding a price ticker very soon to show you our MCS rate for Bitcoin and Ethereum at all times.
For example as of writing this blog at 11am on Thursday 31st May the rate for 1 Bitcoin in New Zealand is:
- Our rate is $10,850
- NZ Bitcoin broker #1: $10,939
- NZ Bitcoin exchange: $10,987
- NZ Bitcoin broker #2: $11,357
This goes to show that buying in bulk makes a huge savings which we pass on to our users.
And soon you will be able to purchase crypto instantly from us at the best rates in NZ…. so keep your eyes peeled!