Kiwi Coin Review 2021

Cryptocurrency trading can turn out to be successful only if traders find reliable bitcoin exchanges where they can buy and sell bitcoin effectively. Kiwi Coin is a New Zealand-based bitcoin exchange that allows traders to use their local fiat currencies to purchase bitcoin. This Kiwi Coin review discusses the specifications, features, pros, and cons of the Kiwi-Coin bitcoin exchange in detail to help traders judge whether it suits their preferences or not.

What Is Kiwi Coin?

Kiwi Coin is a cryptocurrency exchange founded by a group of crypto enthusiasts from New Zealand to make bitcoin trading accessible to all. The exchange is very similar to a bulletin board where users can place their bitcoin (BTC) buy and sell orders, and other users can pick up their preferred crypto coins. The exchange only allows bitcoin trading with NZD (New Zealand Dollars) and supports only two languages- English and Russian. The platform aims to provide a secure and highly anonymous environment for buying and selling crypto coins  (bitcoin) in New Zealand.

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Kiwi Coin Summary

Headquarters New Zealand
Found in 2014
Native Token None
Listed Cryptocurrency Bitcoin
Trading Pairs XBT/NZD
Supported Fiat Currencies NZD
Supported Countries New Zealand
Minimum Deposit N/A
Deposit Fees Free
Transaction Fees Maker – 0.4%
Taker – 0.8%
Withdrawal Fees NZD – Fixed $10.00
XBT – roughly 0.00001 XBT
Application No
Customer Support Live chat, FAQ, & mail

How Does Kiwi Coin Work?

The Kiwi Coin exchange works in a slightly different manner as compared to other cryptocurrency exchanges. It works more like a live order book where users can list the number of bitcoins they intend to buy or sell, and the price they are asking for. Interested traders can place orders in one of the following ways:-

Simple Orders

Allows traders to buy and sell bitcoins at static prices.

Floating Orders 

Allows traders to buy or sell bitcoin at certain prices that may change over time (though within certain limits) to reflect the respective changes in market value.

Advanced Orders 

These buying or selling orders require traders to place their respective orders using various API programming tools.

The trading fees charged on Kiwi-Coin depend on the order types executed by the trader. A 0.4% market-maker fee is applicable for floating and advanced orders that were already present when the orders were placed, while a 0.8% market-taker fee structure applies to all simple orders. The 0.8% market-taker fee is also applicable for floating and advanced orders only under special circumstances for floating orders -only if the prices are changed and matched with other orders before executing them. A 0.8% fee applies only if the existing orders are matched with other orders and instantly executed for advanced orders.

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Traders can get started on the Kiwi-Coin platform either by creating an account, making a deposit, and finally listing their offers, or they can try using the demo mode first before proceeding to the real-life cryptocurrency listing. 

Features of Kiwi Coin 

Kiwi Coin offers the following core features to its registered clients:-

  • Kiwi Coin is a registered New Zealand Financial Service Provider.
  • The platform resembles a live order book.
  • The exchange accepts instant NZD deposits.
  • The exchange allows instant XBT withdrawal under a certain limit.
  • Prompt identity verification.
  • Transparent withdrawal and deposit limits; limits are displayed on the official website of the Kiwi Coin exchange.
  • Robust customer support services available through a support ticket system that is available 24×7 for free bitcoin consultations and online support. Online private and public chats are also available for registered users.
  • Supports a free test mode (Demo mode) with free test bitcoins.
  • Offers API for automated trading. 
  • Market-Maker fee is charged at 0.4%.
  • Market-Taker fee is charged at 0.8%.

Product & Services Offered by Kiwi Coin 

Kiwi Coin provides the following products and services for its clients:-

  • Live Order Book
  • API for Automated Trading
  • Demo Account
  • Online Public Chat

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Kiwi Coin Review: Pros and Cons

Pros Cons
It is more like a live order book that lets traders find current prices and sometimes even helps them find prices below the market average. Allows traders to pick and choose only from the available orders on the platform instead of letting them buy and sell orders freely.
Supports API to automate crypto trading. 0.8% Market-taker fees charged on most trades.
Supports a demo trading account. Focused mainly on NZ markets, outsiders face trouble in the process of getting their identities verified.
Accepts bitcoin payments as well as NZ bank payments. Does not accept credit card payments.

Get Started with Kiwi Coin

The Kiwi Coin login process is hassle-free and straightforward, and it only takes a few minutes to complete the registration process. Here is a step-by-step guide on how to create an account on the platform.

Kiwi Coin Sign Up

To create an account on the Kiwi-Coin exchange, users just need to visit the platform’s official website and click on the ‘Register’ tab located on the site’s home page. Now, the users must fill up a form with some general questions like account type, active email id, and a working mobile phone number. After this, users will be directed to a registration form where they need to fill in some personal details like complete name, date of birth, gender, and identity level. After this is done, users will be sent an activation link to their registered email address or an SMS on their registered mobile number.  They would have to click on the link to activate their trading account.

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Verification

After the user account is verified, users can begin trading on the platform. But if they intend to buy crypto coins using fiat currency, they will be required to prove their identities by uploading any government-issued ID proof (passport, driver’s license, etc.), address proof (any utility bill), and proof of their income. Users will be allowed to trade with the local fiat currency of New Zealand only after successful verification of identity. Otherwise, they can only use bitcoins (BTC) for making deposits and withdrawals to and from their accounts.

Deposit Funds and Start Trading

On successful verification of identity, users are allowed to make the initial deposits to their accounts through the panel located on the left-hand side of the Kiwi-Coin account page. Unverified accounts will receive a message saying, “Sorry, you are not allowed to make NZ dollars deposit. Please, go to Account->Profile to find out why.” once they click the NZD tab.

Kiwi Coin Fees, Limits, & Pricing

A cryptocurrency trade occurs between two parties- the maker, whose order pre-exists on the order book prior to the execution of the trade, and the taker, who places the order after it matches with the maker’s order. Only after a cryptocurrency exchange matches the taker’s and the maker’s prices is any trade possible. Some cryptocurrency exchanges charge a trading fee for this, while some don’t. The exchanges that charge trading fees call these fees ‘network fees’. They are generally paid to the miners for verifying the bitcoin transactions on the platform as and when they are executed. 

Kiwi Coin Exchange Trading Fees

This trading platform charges different fees for the takers and makers. The taker fees are set at a flat rate of 0.80%, which is slightly higher than the industry average. The maker fees are discounted by 50% as it is against the taker fees, and thus is set at a flat rate of 0.40%. Due to this, the maker fees have also gone well above the industry average. Therefore, one needs to consider whether the exchange offers some advantages to its investors in other aspects to outweigh the disadvantage of higher trading fees and the limited selection of trading pairs (BTC/NZD) before registering on the platform.

KiwiCoin Exchange Withdrawal Fees

There is no mention of any withdrawal fees as such on the exchange website. However, there are limits for withdrawing funds. However, you are advised to check the fee structure of this trading platform from here.

Payment Methods of Kiwi Coin

Kiwi Coin only accepts fiat currency deposits and withdrawals to and from New Zealand bank accounts.  The exchange does not allow card payments, which makes it rather inconvenient for traders. While writing this Kiwi Coin review, no information was found on the transfer fees which are most likely to depend on the specific bank processing the payment, as seen in other Kiwi Coin reviews.

Kiwi Coin Trading View

The trading views for all cryptocurrency exchanges are not the same. They vary, and there is no such thing as the ‘best trading view’- every trading view type has its own specifications, advantages, and disadvantages. Therefore, before selecting a particular cryptocurrency exchange, traders should determine which trading view suits their preferences. Usually, trading views, irrespective of any exchange, have one thing in common. They display the entire order book on the exchange website or at least, show a part of it. They also display a price chart of the chosen crypto coin and its order history. They usually also show the buy and sell boxes.

The Kiwi-Coin exchange also has similar features and layout of trading view wherein the traders can easily navigate between the orders and trade on the platform. Kiwi-Coin offers a simple, stripped-down trading interface for buying and selling bitcoin. There is an additional feature where users can navigate between the types of orders they can place- simple, advanced, and floating. Moreover, the platform provides some basic price charts and trading tools for Bitcoin trading in the “Stats” category, but charting or analysis tools are absent.

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Kiwi Coin Security

The Kiwi-Coin exchange does not provide any information about the security measures that it employs and also does not offer any e-wallet to the clients. However, it is a New Zealand-based cryptocurrency exchange that is listed in the country’s FSP (Financial Services Providers) registry as a company that provides foreign currency exchange (Forex) trading. The exchange is also listed as a member of the ‘Dispute Resolution Scheme’ under the Insurance & Financial Services Ombudsman Scheme. The exchange also complies with the financial markets legislation of the country and abides by all the AML and KYC policies mentioned therein. This adds an extra layer of security to the clients’ funds and personal information.

Kiwi Coin Customer Support

According to this Kiwi Coin review, the customer service team appeared to be responsive and prompt in dealing with customer queries. There is a 24/7 ticket support system available through which traders can raise their issues and have them answered shortly. Otherwise, there is also a provision for online private and public chats where the customers can directly get in touch with the customer support team.

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Conclusion

Judging by its customer reviews, it can be concluded that the Kiwi-Coin is a well-established and reliable New Zealand-based cryptocurrency exchange platform that mainly targets its home market. However, it will be quite beneficial if the platform makes endeavors to explore other places as well. This will make depositing and withdrawing fiat currencies from abroad possible, thus adding to the credibility and popularity of the platform.

FAQs

What Currencies Are Supported by Kiwi Coin?

Kiwi coin only supports the local fiat currency of New Zealand, that is, NZD.

What Are the Transfer Limits?

The transfer limits depend on the verification level of the users, and it can range between 1000 (for 24 hr withdrawal) to 1,000,000 (30-day withdrawal), equivalent to NZD.

Is Kiwi-coin Legit or a Scam?

Kiwi Coin is absolutely a legit platform that allows traders to trade bitcoin with NZD.

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