What Is MyBitCoinSaver?
At its most basic, My Bitcoin Saver (go here to sign up) is a way to drip feed a regular investment into Bitcoin. If you’re looking for other ways to purchase cryptocurrency, then check out my guide here on how to buy Bitcoin in New Zealand. My other recommendation for now is using the NZDT function on Cryptopia. Go here to check out Cryptopia.
You pick an amount you want to invest, set up an automatic payment, and then get a delivery of Bitcoin each week. It’s easy and hands-off, kind of like making regular investments in a Kiwisaver account (although this isn’t deducted at the same time as your PAYE).
You don’t need to muck around with buying on exchanges or anything like that. Using MBS also gives the opportunity to “dollar cost average”. I’m not going to get into the specifics of investing strategy here, but suffice it to say that dollar cost averaging can be a great way of smoothing out the dips and peaks that come all the time with cryptocurrency.
Who Can Use It?
New Zealand residents with NZ-based bank accounts only. If you’re a Kiwi, then you’re in! Go here to sign up. Unfortunately, this service is not available to anyone located outside of New Zealand.
Does It Cost?
Only cost are the transaction fees. Basically, MBS just takes a small cut of any payments you put through. There can also be Bitcoin network fees as well (if my understanding is correct). However, these aren’t controlled by MBS.
How Does MyBitcoinSaver Work?
The process of using it is simple.
Firstly, you will need a Bitcoin wallet and address – something like Blockchain.info will do fine. I’m not going to get into the ins and outs of what wallet is the best here (primarily because I don’t really have the knowledge to give an informed answer). Online options like Blockchain.info are definitely a lot easier for beginner crypto investors. However, desktop wallets can be more secure, and there are also a number of good mobile wallet options as well.
Secondly, you go and sign up for a free MBS account. This is a 30 second process. You just have to provide a few basic details in order to sign up.
After you’ve done that, MBS will provide you with a bank account number and a unique reference number. You need to set up an automatic payment to leave your account on a Monday, anywhere from $20 to $200 NZD. You can’t go over $200 due to stupid money laundering and anti-terror laws that were passed not too long ago in NZ.
Your transfer is then converted into Bitcoin and deposited into your nominated wallet on Friday of the same week. You even receive a nice little text message informing you of your deposit, and the rate at which you purchased Bitcoin.
Is There Support Available?
Yes – I’ve had written communication via email with a real-life support person based in New Zealand. The support is extremely good. Another family member of mine (who I tipped off to the potential benefits of investing in cryptocurrency) had an issue with his account due to a bank error, and the support from the MBS team was once again flawless.
Is MyBitoinSaver worth using? Almost certainly (if you quality for the service). It’s a seriously easy way to squirrel away some money into Bitcoin each week, and dollar cost average your investment.
The fees are reasonable (at least in my mind) and the service is fast and easy. What more could you want?
I’ve been using MBS for just over 18 months now and found it an easy, effective and reliable way of investing into crypto, as well as smoothing out the peaks and troughs that come with this relatively volatile investment medium.
If you’re looking to buy Bitcoin in New Zealand, then MyBitCoinsaver should be high on your list of options to look at!
Mybitcoin Saver Review
My Bitcoin Saver is a truly excellent service for people looking to invest in Bitcoin in New Zealand. The only limitations to the platform are the $200 max per week deposit limit (thanks to over-zealous laws) and the fact that there is a time lag of a few days between depositing your money and receiving the BTC, which potentially makes this an unsuitable solution if you need fast access to BTC for buying dips on alts. However, as a means of regularly investing into Bitcoin, My Bitcoin Saver is simply unbeatable for most Kiwis.