Where to exchange currency in nz
Best Bitcoin Exchange NZ | Independent Reserve vs EasyCrypto Review
hi guys welcome back to another video my
name is josh and in today's video we'll
be going over
two different crypto exchanges to figure
out which one is best the first one is
easy crypto and the second one is
independent reserve
so for each of these platforms i'll be
giving you a brief introduction as well
as talking about the range of coins
available and the safety of the platform
secondly we'll go over the fees and
spread and
lastly we'll talk about liquidity
liquidity basically
is the volume available on the platform
that is to say if you want to sell out
a big chunk of your cryptocurrency or if
you want to buy
a big chunk of your cryptocurrency how
does that impact the pricing available
so we'll be going over those three
things as always i'm not a financial
advisor
always do your own research before
signing up with these
platforms see the full disclaimer down
below but without further ado let's get
right into the video
so here is easy crypto's website so just
a little bit
about easy crypto so it says that their
mission is to make cryptocurrency
accessible and understandable so that
everyone can get involved
in the crypto market so on their website
they say that crypto will be sent to
your wallet within minutes
so let's quickly have a test i will now
buy
um the minimum amount of bitcoin that i
can buy on this platform just to see how
quickly
that will be sent so i go here on
instant buy and sell
and if i try to buy one dollar they'll
say no because minimum amount
is forty dollars so let's buy forty
dollars worth of bitcoin
so i've got my bitcoin address here from
the exit as a wallet
and so now you can pay with your bank
deposit so
obviously i want to get it instantly so
i will use
poly my order has been placed and is
currently processing okay so the time
now is
6 10 on the 21st of november so let's
see how
quickly that would arrive and here it is
so
here is the bitcoin that has come in the
bitcoin has finally arrived
uh roughly 10 minutes ago so that was at
6 26 p.m so it took roughly 15 minutes
for it to come in
which is relatively quick one thing
important to note about easy crypto is
that easy crypto is actually a crypto
retailer it's not an exchange where you
buy and sell with other people
it's a retailer that means when you're
buying and selling on easy crypto you're
actually buying and selling against
easy crypto and what that means as well
is that when you're buying crypto from
easy crypto
they actually send the crypto directly
into your wallet
let me just show you quickly what i mean
by that if you go into instant buy and
say you want to buy a hundred dollars
they'll ask you for your bitcoin address
so in that sense
the coins doesn't get stored on the
exchange which increases
the safety um because you know crypto
exchanges
can and do get hacked this is a level of
increased safety compared to other
exchanges so
it is safe and it is quick in terms of
the variety as well they do have over a
hundred and four
coins that you can buy using your new
zealand dollars
so moving on to independent reserve
independent reserve
is a australian crypto exchange so
they're not a
retail platform but they're an exchange
so when you're buying and selling
on independent reserve you are
essentially buying and selling with
other people
on the platform so they are used by over
150
000 customers and they've also been um
seven plus years in the business as well
so they are
really established as an exchange and
since they launched in uh 2013 they
haven't experienced any hacks
so far so they do appear to have a good
track record in terms of safety
in terms of variety as well there's
around 24
different coins that you can buy here or
cryptocurrencies that you can buy here
so there is quite a wide range as well
but obviously not as much as easy crypto
but the main ones you know bitcoin and
your ethereum
are here so that is independent reserve
a really quick introduction so now let's
get right
into the fees and the spread so here's a
spreadsheet that i got which summarizes
all the fees
that i could find on their website so
the thing about easy crypto is that
because they're a retailer they
include all the fees in the price and
that price will be represented in the
spread
which i'll talk about next but at the
moment they don't split out the
different fees involved because
obviously all of it's included in the
price what you see is what you get
so i've just put n a here but for
independent reserve they do split it out
so it's easier for us to see
what type of fees they charge so they do
charge a 0.5
commission on all trades where your
total volume is below 100 000
aud but if you go over that 100 000
then the percentage actually drops the
commissions dropped
to a lower level but for the purposes of
this video let's just look at the 0.5
percent commission
in terms of deposit fees they do charge
a 15 new zealand dollar fee
if you deposit less than 5 000 new
zealand dollars into your account
anything more than five thousand dollars
will be zero so they'll waive that fee
if you do have an australian account
when you deposit less than 100 aussie
dollars
you are charged only 99 cents of aud
and over a hundred dollars of deposits
you do
get the fee waived as well um if you're
withdrawing bitcoin you do have to pay
0.0003 fee which is roughly around eight
dollars
at the current bitcoin price when you're
withdrawing new zealand dollars you do
have to pay a 20
fee but aussie dollars is free so
obviously it is more beneficial if
you're dealing in aussie dollars because
independent reserve is an aussie
exchange
next up let's take a look at the spread
so here i took the buy sell of both
platforms on three different dates on
the 12th of november on the 20th of
november and on the 21st of november
and i essentially took it at the same
time so for
easy crypto you can see that the buy
sell is much wider so that is
calculated as the difference between
these two numbers and um you can see
that the difference here is
much wider than independent reserves
spread
so taking the latest price based on
today's prices
um if you're buying bitcoin on easy
crypto you will have to pay
27 522
for one bitcoin obviously you can buy
partial bitcoins you don't have to buy
one exact unit you can buy 0.01 or 0.001
on independent reserve it's 26 888 so
it's cheaper to buy bitcoin on
independent reserve
based on the buy sell on the sell side
if you're trying to sell bitcoin on easy
crypto you'll get 26 thousand
four hundred and thirty four dollars but
on independent reserve you'll get twenty
six thousand six hundred and eighty one
so you're getting more
when you sell on independent reserve
compared to easy crypto
as you can see here the fees and the
spread are a lot different for these two
because easy crypto
includes all their fees within the
spread whereas independent reserve
has fees but a tighter spread so what i
did was i included two examples where i
performed a analysis on what would
happen if you bought one thousand
dollars worth of bitcoin and another
example
when you buy five thousand dollars worth
of bitcoin
so here is the example looking at one
thousand dollars first
on easy crypto you will get one thousand
dollars and say you buy bitcoin one
thousand dollars worth of bitcoin you
would draw it to your wallet which is
free because it gets sent directly to
your wallet anyway
and you deposit bitcoin when you want to
sell the bitcoin but that is free
as well um and you are charged the sales
spread and this is based off the 21st of
november spread
and then you would draw the cash so you
end up with 960 dollars
whereas on independent reserve you're
charged a 15 fee
if you deposit less than 5 000 so on 1
000
you will get charged a 15 fee based on
the
buy price on the 21st of november you'll
get 0.03645 bitcoin which is more than
what you would get on easy crypto
because of the
different buy prices and then when
you're withdrawing bitcoin as well
you do get less because they do charge
you a withdrawal fee
and say you then want to deposit your
bitcoin back into the exchange
you will sell it for 959.69
new zealand and when you withdraw it you
are charged another 20
fee so you end up with 939.69
which is less than easy crypto so in
this case easy crypto wins
but on the other hand if you deposit 5
000
you are not charged a 15 fee for
depositing
and going through the same process you
end up with a
higher cash balance on independent
reserve compared to easy crypto
obviously it will meet somewhere in the
middle where it won't be 5000 that would
be break even point it'll be lower than
that and the magic number
is roughly 2 000 so if i change the
equation here it's pretty much
break even so in other words if you are
buying less than two thousand dollars
worth of
kryptos easy crypto might be the best
um platform for you but on the other
hand if you're buying more than two 2
000
worth of bitcoin then independent
reserve might be a better option now
obviously this whole dynamic changes if
you do have an
aussie bank account then you won't be
charged at 15
fee which would make independent reserve
a lot more attractive
so next up let's take a look at the
liquidity aspect of things
so on independent reserve what you do is
you go into bitcoin
and you can scroll down and here you
have your buyers and your sellers
essentially if you're buying bitcoin
this is the price that you'll pay you'll
pay
twenty seven thousand and ninety five
dollars and at the moment there is
a seller selling 0.7 units
of bitcoin which is roughly around 20
000 so that is quite a reasonable amount
if you're looking to buy bitcoin
you know if you're buying a few thousand
dollars then you will not
have any slippage meaning that you won't
have to pay the next available best
available price because you bought
essentially all of the units at this
price
so what you see is pretty much what you
get and on the buy side you have a buyer
here queuing up wanting to buy two
bitcoins at twenty six thousand
eight hundred and thirty five dollars so
if you wanna sell less than fifty two
thousand dollars worth of bitcoin
then you won't get any slippage so
independent reserve does look like
it does have good liquidity and um the
spreads are
better compared to easy crypto as well
so on easy crypto side on the other hand
because they are a retailer they don't
actually have an
order book so let's just test out to see
you know what would happen if we try to
order bigger amounts of bitcoin whether
that
impacts the rate or not so in order to
do that i'll just test
buying 100 worth of bitcoin if you click
on rate info
it says here that the bitcoin rate is 27
630 but if we buy a thousand dollars
it still says two nc 7630
you buy 10 000 worth they'll still be
the same
so in terms of easy crypto it does look
like there isn't any slippage because
they do mention
what rate that you're gonna get it
doesn't look like it's being impacted
based on the value
or amount that you want to buy or sell
so overall i think both these platforms
have their own strength
for easy crypto they really are quick
and also it
is a great way to buy and add small
amounts because there isn't a deposit or
withdrawal fee you can do that over time
through their auto
buy-in which basically helps you
dollar-cost average
into the platform however if you're
looking to buy or sell higher amounts
over 2000 or if you're looking to trade
more frequently
then i would look into independent
reserve more
because they do offer lower spreads
which means that if you trade more
frequently you'll be saving more money
as compared to easy crypto they do have
an auto trade function
as well which can help you dollar cost
average but bear in mind that there is
that deposit fee when you're depositing
less than 5 000 new zealand dollars
however the whole dynamic changes when
you do have an australian bank account
which makes independent reserve a lot
more attractive
in the sense that the deposit fee is a
lot lower and there is no withdrawal fee
as well
so those are your options to consider
now remember i'm not a financial advisor
i cannot give a recommendation into
which one is best for you because i
don't know your personal situation
but in any case i do have a referral
link for both of these two platforms
so be sure to check it out when you do
use the referral links i will get a
small kickback from each of these
platforms so that will greatly
help me continue making content on this
channel so i hope you enjoyed this video
thank you for watching
until next time take
you
