How to Sell Bitcoin (BTC) in New Zealand

The emotional roller coaster of crypto can often affect a trader’s mindset. When everything is on the upswing, few spectators think of selling. However, that moment can come fast and market participants may end up unprepared to decide to sell. It’s important to know both how to sell Bitcoin (BTC) and have an idea of when you may want to do so. For our Oceania users who are unsure how to sell bitcoin in New Zealand, we walk you through the steps here and help you to get an understanding of the factors involved in the decision to sell your crypto. 

How to sell Bitcoin for NZD

New Zealand residents may prefer to settle all of their crypto transactions in NZD. Unfortunately, there are not many exchanges that support this currency and those that do are smaller with less liquidity. CEX.IO does not support NZD directly, but fortunately there is a simple workaround that enables you to still take advantage of all the features we have to offer. 

CEX.IO supports the following fiat currencies: USD, GBP, and EUR. When you add your credit or debit card, all of the customers’ buy/sell transactions on our platform will automatically convert NZD into a supported currency. This enables users to still use all of our features while settling in NZD when they want to bring funds back to their bank account. 

We set out to make it as efficient and direct as possible to buy and sell bitcoin. For bitcoin to gain worldwide adoption, it needs to be accessible to people from different countries and backgrounds. While we cannot support every fiat currency in existence, we strive to still serve as many customers as possible with simple verification, professional tools, and efficient buy and sell methods.

Depending on your residence and local laws, we allow for credit and debit card purchases, direct bank transfers, Google Pay and Apple Pay, and even purchases made with PayPal*. Please note that eligible customers can also sell bitcoin for PayPal*.

*The availability of payment methods depends on the country of residence. PayPal is only available for verified users from the United States. 

What should consider before I sell Bitcoin? 

One of the most difficult decisions a trader or long-term speculator may make is finally selling their BTC. It can certainly be thrilling to be a part of a community that is centered around a certain cryptocurrency, and many people feel that they may lose the camaraderie and friendships they have gained. 

It can also be a challenge to know when is the best time, especially when Bitcoin is experiencing one of its legendary “bull runs.” Regardless of when you intend to finally sell, it is crucial that you know how to sell Bitcoin in New Zealand or are at least familiar with the process. 

How to defined the right time when to sell

Most professional traders recommend having predetermined price targets in mind and never allowing emotions to deviate from your course. Reaching a series of anticipated milestones can potentially allow you to liquidate a fraction of your portfolio in confidence. However, knowing when is the right time to sell is ultimately up to you and your personal goals or risk tolerance. 

There is a distinction between a long-term spectator and a short-term trader. Relatively speaking, long-term holders of BTC have done well throughout its 12-year history. Like any speculative instrument, it could be beneficial to refer to historical data and get an idea of where digital assets like BTC could be headed. If you have your goals set for the long-term picture, then it may suit you to ignore short-term movements and breaking news that causes a storm of trading activity. 

Alternatively, users may swap BTC for another crypto asset instead of selling it for fiat currency. If other projects have piqued your interest, you could diversify your portfolio and create new opportunities in the process. 

The fear of selling too early and one historical example 

BTC’s timeline is fraught with tales of regretful people who parted with their coins too early. Other stories tell of massive BTC hauls that sold for eye-popping figures, only for that same haul to be worth 10x down the road. Unfortunately, some of these historic events have become internet legends and the target of unwarranted criticism. 

Noteworthy, the crypto community often loses sight of the fact that these coins are supposed to be exchanged and used to purchase goods and services. This is what could ultimately propel this industry forward. 

Looking back on Bitcoin’s history, here is one particularly memorable BTC sale:

The Bitcoin pizza

The case of the bitcoin pizza is likely the most famous example of selling BTC too early. In 2010, a programmer was able to broker a deal for two large Papa John’s pizzas, paid for with 10,000 BTC in what was the first ever case of a real BTC transaction. This haul was only worth about $30 at the time, but the value has skyrocketed since then. Now, after every new BTC milestone someone calculates how much this would have been worth. 

While many BTC enthusiasts have their own opinion, the fact is that this individual was not wrong in his decision to sell bitcoin. For bitcoin to become as widespread and influential as it is today, it needed to be used for real-world transactions. This purchase and the many that followed were necessary.

Where and when it’s possible to sell Bitcoin for NZD

The crypto companies you choose to do business with could be one of the most important decisions you make in this space. When your hard-earned money is at stake, you want to be partnered with an exchange that has a reputation built around customer satisfaction, trust, security, and continuously bringing groundbreaking features to the market. Over six million international users have chosen CEX.IO precisely because we have demonstrated our dedication to these principles. 

When you become a verified CEX.IO user, you gain access to our entire ecosystem and fleet of advantageous features. While today you may only need to sell bitcoin for NZD, your priorities can likely change over time. As a foundational figure in the crypto industry for the last decade, we have seen it all and understand the evolving needs of our users. For every step of your journey from a crypto-curious spectator to a full-fledged veteran, we have tools that are designed to help you along. 

One of the most versatile tools we offer is our CEX.IO Wallet. We designed this wallet to be an all-in-one platform to manage crypto holdings. For any users who need to know how to sell bitcoin in New Zealand, selling directly through our wallet could be one of the best methods to use. 

How to sell Bitcoin from the CEX.IO Wallet

As a regular trader or market spectator, you may become very familiar with the CEX.IO Wallet and its features. This is a home base for everything revolving around crypto portfolios. From here, customers can monitor all of their crypto holdings, make transfers, buy, sell, convert, and trade assets. 

CEX.IO users may find that this one tool is where they spend the majority of their time when they log into our platform because of its sheer convenience. When one decides to liquidate some of the holdings and sell bitcoin for NZD, they can perform this action right from the wallet interface. 

• From the wallet page, scroll down to find your particular crypto, or use the search function. 
• On the right side of the page, you’ll see options to “Add Funds,” “Withdraw,” “Convert,” and “Get address.” Select the Withdraw feature to continue.
• You will be redirected to a withdrawal page where you can send BTC to another address or your chosen payment method.
• Input the amount of BTC or other crypto that you wish to sell.
• Next, you will select the currency or method you want to sell your BTC. For example. U.S. customers can exclusively sell Bitcoin for PayPal.
• Once you have input the requested details, check the transaction fees and final amount to be sent, then read and agree with Risk Notice.
• Click “Proceed” to continue and verify transaction details. 

Selling BTC using the Spot Trading

Eligible participants can sell BTC using our spot exchange. From this page, they are able to review an asset’s recent price history, as well as see the incoming orders. 

After selecting your chosen trading pair, users can refer to the chart to get a picture of where an asset could be headed. Selecting from the different timeframe variants above will enable you to get a wider or narrower scope. Those who have decided to sell some BTC can use the order window on the left part. 

From this menu, customers can place either a limit order, a market order, or a stop limit order. These two types have different properties. A limit order and stop limit order require selecting the price at which an asset is requested to be sold. A trader choosing these types of orders should then wait to reach that price before the order executes. On the other hand, market orders are filled immediately by accepting the nearest available limit orders in the order book. After either trade is executed, the selected currency is added to the user’s wallet in exchange for BTC.