How to buy Bitcoin (BTC) with a gift card from New Zealand

By   |   Verified by Andrew Boyd   |   Updated 20th September 2022

If you’ve got a gift card, you may be able to convert it to Bitcoin on a cryptocurrency exchange. However, only a handful of exchanges will accept gift card deposits.

This guide will show you exchanges that accept gift card deposits and take you through the step-by-step process.

Please note that we assume that the gift card in your possession was not issued by a crypto exchange such as Binance, has not expired, and is not restricted to use at a specific store.

Unsure about what exchange to use?

Where to buy Bitcoin with a gift card

Paxful

On Paxful's website

Paxful

Highlights

  • Buy and sell digital currencies using over 350 different payment methods.
  • Supports peer-to-peer trading.
  • Get a full-featured, secure wallet app.

Pros

  • Multiple deposit options are available.
  • Low fees.
  • Free wallet.
  • Rewards program.

Cons

  • Limited number of coins.
CoinCola

On CoinCola's website

CoinCola

Highlights

  • Earn up to $100 when you signup. Terms and Conditions apply.
  • Buy bitcoin using an Amazon gift card, iTunes gift card, Google play gift card, and more.
  • Offers competitive fees and exchange rates.

Pros

  • Easy-to-use.
  • Has a referral program.
  • Available on Android and iOS app stores.

Cons

  • Limited number of coins.
LocalBitcoins

LocalBitcoins

Highlights

  • New customers enjoy a 0% trading fee on the first month.
  • Supports multiple payment options.
  • Trusted and is available in 190+ countries.

Pros

  • A wide range of fiat currencies is accepted.
  • Known for its peer-to-peer trading feature.
  • Protected by escrow.

Cons

  • Supports only Bitcoin.
  • Limited trading features.

First time buying?

How to buy Bitcoin with a gift card

Step 1: Choose a crypto exchange

You’ve probably already noticed that most exchanges — nearly all of them — do not accept gift card deposits. But that doesn’t mean there are no options.

When choosing an exchange to use, check the fee to deposit funds from a gift card. Expect it to cost more than what it would for a debit or credit card.

You can use one of the exchanges listed on this page to buy Bitcoin with a gift card. We only list established and trusted brands.

Step 2: Verify your identity

After setting up your account, you may be required to provide proof of identification, such as your driver’s licence or passport.

The exchanges that accept gift card deposits are peer-to-peer, which means they operate a marketplace where you can buy and sell with other users. Their verification requirements may be less stringent than those of a centralised exchange such as Coinbase.

Step 3: Decide how much to invest

Government regulations, supply and demand, competing cryptocurrencies, availability, and many other factors influence Bitcoin’s price. The volatility of Bitcoin’s price necessitates careful investment.

As ever with investing, only invest what you can comfortably afford to lose.

Step 4: Transfer funds to your account

Funding your account with a gift card works the same way as it does for a debit or credit card. You’ll need to enter the long card number on the card into a form. Once processed, funds will be transferred into your account.

If you run into problems at this stage, it may be because open-loop gift cards are usually the only type accepted since they can be used anywhere.

Step 5: Configure an order

Once your account has been successfully funded, you can buy Bitcoin.

This operates slightly differently on peer-to-peer exchanges, where you can compare the exchange rate per user. Thoroughly compare what’s on offer since the price per Bitcoin can vary considerably between users.

Step 6: Buy

Once you decide who to buy from and submit your order, the platform will process the order to swap your funds for the other user’s Bitcoin.

Still not sure?

Pros and cons

Pros

  • Turn gifts into an investment. Being able to buy Bitcoin with a gift card you’ve received could be a better way to redeem it than simply buying more stuff you don’t need.
  • Fast. Transferring from a gift card to your exchange account is extremely fast.

Cons

  • Not every gift card works. Unfortunately, not every gift card will be acceptable. If it’s an open-loop gift card, it should be ok though.
  • Most exchanges don’t accept gift card deposits. However, there are still options and you can always transfer your Bitcoin out to a different wallet.

Extra help

FAQs

Why doesn’t my gift card work?

If your gift card is set up to be spent at a specific retailer, then it will not be possible to use it anywhere else. If it has expired, it will not work either.

How long does it take for funds to transfer using a gift card?

Funds are transferred from a gift card to your exchange account immediately.

Can I buy Bitcoin with a gift card anonymously?

You can purchase bitcoins with a gift card anonymously on peer-to-peer exchanges.

Can I buy other cryptocurrencies with a gift card?

Yes, you can buy other cryptocurrencies with a gift card. However, it will depend on what users are selling on the exchange.