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!
Go here to sign up for MyBitoinSaver now.
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.
11 thoughts on “MyBitcoinSaver.com Review 2019”
Hi. How about exchange? Am I able to transfer bit coin through ‘My Bitcoin Saver’ to the likes of ‘USI Tech’ for there attractive Bitcoin package earner?
My Bitcoin Saver is just a way of buying BTC from New Zealand. You’ll receive your purchased BTC in a wallet of your choosing, and I would strongly recommend that you not select an “exchange deposit wallet” as your wallet of choice.
When your BTC arrives you will be able to transfer it to wherever you want – another wallet, an exchange or whatever.
I haven’t heard of USI Tech but a quick Google shows it looking like a fairly dodgy service. I would be careful – seems scammy to me.
Just wanted to follow up on this comment for anyone who might be reading this blog post. With interest in Bitcoin surging at the moment (largely due to some insane price increase recently) I want to make it really clear that there are heaps of scams going around at the moment.
Remember that Bitcoin is basically not understandable to a huge percentage of the population. But a growing percentage of that same population will be starting to look for ways to invest. This creates conditions ripe for scams and other duplicitous activities!
Things to be aware of are:
* Any services that guarantee returns. Nobody can guarantee returns, ever.
* Fake wallet login links that steal your login details for web-based wallets, and then siphon off your coins (there are some very advanced phishing attempts out there with regards to this. If you use a web wallet, when you created your account you should have received an email with a login link. Only use this link to access your wallet. I don’t recommend Googling your wallet login link – and if you have to do this, certainly do not click on any Google Ad links as this is where the scam websites usually reside. E.g. you search for “Blockchain wallet login” and then there’s a fake link in the ads that steals your real details, logs in and drains your wallet.
* Fake ICOs. I don’t recommend investing in ICOs at all.
Do you still recommend My Bitcoin Saver? Is it the best way for a Kiwi to buy into bitcoin or would you recommend using an exchange? I’m not very tech savvy, so what is the easiest option?
Yes I still do recommend My Bitcoin Saver. I still believe it is the best option for Kiwis looking to buy Bitcoin (specifically Bitcoin by the way … if you want to buy “alt” coins it’s a different story).
Here are the reasons why I like MBS:
* Simple – just create a wallet, set up your account, and set up the auto-payment in your bank.
* Not going through an exchange – of you’ve followed the crypto space at all recently, you’ll know that exchanges can be very untrustworthy and unreliable.
* NZ-based, and a legitimate company.
I was scammed as a newbie using the bcoiner wallet that was actually on the Apple app site along with many positive reviews. Apple are at fault for letting such an app be available in their app store. There is no warning of this sort of thing on the Mybitcoinsaver website and they are slow to respond to communications. The whole bitcoin setup is not safe by any means. Beware before embarking.
Hi CDH, sorry to hear that.
You are correct in saying that there is no warning for this kind of thing on Mybitcoinsaver website. However, it isn’t really their place to warn as they only provide a means to purchase bitcoin. They don’t store or hold any of it for you. It would be a bit like an employee complaining that their employer defrauded them if the bank into which they receive their wage payments went under.
That being said, they probably should provide some more guidance around trusted wallets etc (I think they have always recommend blockchain.info, which seems good).
How did you lose your Bitcoin in bcoiner anyway? Do you still have your private keys or seed phrase. If so, you should be able to recover the funds!
Let me know and I’ll try to help you.
Just a heads up I am still using MBS and loving it (as do some family members). Still one of the best crypto platforms in town in my humble opinion!
Thanks for a great review Sam – looks like a good way of putting a bit of money aside each week and hopefully watching it grow.
I definitely agree – it’s a great way to save!