NZBCX Review by professional Forex trading experts the “ForexSQ” FX trading team.
NZBCX is a New Zealand cryptocurrency exchange that offers trading in Bitcoin for NZD and vice versa. It claims to be one of New Zealand’s longest running cryptocurrency exchanges, but, according to its own announcements, in the past few experiences it suffers a significant backlog of new registrations that take a long time to process. This is not something unheard of, particularly in the past months when we are witnessing a surge in interest towards trading in bitcoin and other cryptocurrencies.
According to posts on Reddit, clients are really frustrated with the backlog, but even more so with the practically non-existent customer service, which the NZBCX people themselves describe as “crap”. But, as per their own admissions, they have been running the exchange as a side project for a long time and only recently they are devoting their full time attention to it and are getting in line with regulation and requirements.
According to an official announcement on NZBCX’s site, the exchange has applied for a registration with the local Financial Markets Authority (FMA), as per the requirements that came into effect in the end of October 2017 and its application for Financial Service Provider Registration Submission has been accepted and pending.
Also on Reddit, NZBCX’s people have said they have been having troubles with the banks refusing to open an account for clients to deposit their NZD in order to trade, but this has been sorted. This is not something unheard of, either. Last year some New Zealand exchanges had similar problems with the local banks, so did Australian exchanges. More recently, a couple of Bulgarian cryptocurrency exchanges had to suspend trading, as the local banks shut down their accounts and refused to perform operations on them.
– Payments. NZBCX accepts fiat payments via bank transfers, which is rather convenient, but not as convenient as payments with credit cards, for example.
– Fees. The information on the fees charged by NZBCX is in the FAQ section. According to a post on Reddit by one of the guys behind the exchange, the fee is used to cover the hosting expenses of the exchange. Initially the fee was 0.5%, and it is still applicable to older accounts, but for all new accounts, the commission is 1%.
– Simplicity. NZBCX is among the easiest to use cryptocurrency exchanges we have come across. It is simple and clear and even a complete novice can figure it out.
– Platform. As we have already mentioned, NZBCX’s site and platform are easy and very intuitive to use. There are no additional features like analysis tools, etc., nor any price charts, but only a relatively brief order book.
– Anonymity. NZBCX explicitly says its clients need to be verified before they are able to trade. This is in line with the AML and KYC requirements set in place by FMA, especially when trading involves fiat currencies. NZBCX requires an ID selfie and a bank statement with name and address for identification purposes.
– Leverage. NZBCX does not offer leveraged trading, similarly to most cryptocurrency exchanges. There are a few who do – Kraken, Quoinex and bitFlyer, for example. There are also a lot of regulated forex brokers who offer cryptocurrency CFDs for trading on margin – with the clients’ existing accounts and on the familiar and popular trading platforms, with all their features.
– Speed. Under normal circumstances, NZBCX works relatively fast and withdrawals are normally processed shortly. Same goes for new user verification. But as we have already said, recently the exchange (as most others) has a verification backlog and takes a while to approve new customers. It is understandable, but can surely be quite frustrating, especially in times of high volatility.
– Security. We could not find any information about the security features of NZBCX, which is somewhat disconcerting.
NZBCX appears to be offering a decent service, for those who are willing to wait for their verification to be processed. As per the owners’ own words, the NZBCX has been more of a side project for them, despite being among the longest running New Zealand exchanges, and this is quite obvious both from the platform and the site itself. It is simplistic and easy to use, but is not structured very well and some of the important information is quite hard to find, or non-existent. Now, that, according to themselves, they are devoting their full attention and efforts to NZBCX, probably the whole experience will be vastly improved. For the time being, however, we are not very impressed with what is offered.
NZBCX Review Conclusion
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