Stacked review: Kiwi Bitcoin-only app with self-custody and a flat 1% fee

This Stacked Bitcoin review starts with the fee: a flat 1% to buy or sell via open banking, 2% by manual bank deposit, from a NZ$6 minimum. Stacked, a Queenstown company, sells only Bitcoin and sends it straight to a self-custody wallet. You avoid exchange-failure risk, but take on your own backup.

The context matters. When Easy Crypto stopped New Zealand trading in March 2026, the country lost its best-known way to buy Bitcoin with NZ dollars and have it land in your own wallet. Bitcoin Magazine described Stacked in April 2026 as possibly New Zealand’s last major non-custodial Bitcoin exchange.

It is also very small: Bitcoin Magazine put the team at four people. We did not open an account; the details below come from Stacked’s own pages and published coverage, checked on 16 October 2026.

How much does Stacked charge? 1%, or 2% by manual deposit

Stacked’s main page says simply “1% to buy or sell”; the FAQ adds the 2% rate for manual bank deposits. Use open banking if your bank supports it.

Here is what those published rates mean in dollars:

Because the Bitcoin is already in your wallet, there is no separate exchange withdrawal fee to add. You only pay a Bitcoin network fee later if you move funds on-chain, for example to a hardware wallet.

Compared with a custodial exchange, the fair comparison isn’t 1% against a 0.5% headline fee. It is 1% against that fee plus the spread plus the withdrawal you would make to reach self-custody anyway. Our NZ Bitcoin cost comparison has a calculator for exactly that comparison.

How buying Bitcoin on Stacked works, and what you need to sign up

Stacked is a swap service rather than an exchange where you keep a balance: you send NZ dollars, and Bitcoin goes to a wallet you control. Before you start, gather what its sign-up asks for:

• Photo ID: an NZ driver licence or passport.
• Proof of address, such as a utility, council or bank statement.
• A phone or webcam for the selfie.
• Your IRD number.
• Details of the NZ bank account you will pay from.
• A written-down recovery phrase, once the wallet is set up.

1. 01

   Verify your identity

   Photo ID (NZ driver licence or passport), proof of address such as a utility, council or bank statement, a selfie, your IRD number and your bank details.

2. 02

   Choose where the Bitcoin goes

   The Stacked Wallet app (iOS and Android), or another wallet if you use Stacked Web to buy and send elsewhere.

3. 03

   Pay from your bank

   Open banking payments come straight from your NZ bank account. Manual bank deposits are accepted but cost more.

4. 04

   Receive the Bitcoin

   Stacked advertises instant Lightning settlement into the wallet. Nothing sits on Stacked’s books once the swap completes.

5. 05

   Optional: set up Autostack

   Schedule recurring purchases, a simple form of dollar-cost averaging, instead of buying manually each time.

   Kiwi tip: Regular small buys are where a low minimum and no separate withdrawal fee help most.

Other features include paying contacts in Bitcoin and having Stacked deliver NZ dollars to them, and Bill Pay, which lets you pay New Zealand bills or rent from your Bitcoin. Stacked settles the NZD side through the country’s open banking payments framework, which went live in regulated form in December 2025. Selling back to NZD is offered at the same 1% fee.

Does Stacked hold my Bitcoin? No, and that changes your job

Stacked says it never holds your Bitcoin; it goes to a wallet whose keys you control. That is the part of Stacked to understand before you buy.

New Zealand has seen what happens on the right-hand side: Cryptopia was hacked, Dasset was liquidated with a multi-million-dollar shortfall, and Kiwi-Coin closed after losing bank access. Self-custody removes that risk. It replaces it with yours. Our explainer on custodial vs non-custodial covers the trade-off in more depth.

Lightning or on-chain: how Stacked delivers your Bitcoin

Stacked leans on Lightning, the faster of Bitcoin’s two main ways to move.

• On-chain transactions are recorded directly on the Bitcoin blockchain. They are the sturdiest way to hold savings, for example on a hardware wallet, but each one pays a network fee that rises when the network is busy, and confirmations take minutes.
• Lightning is a payment layer built on top of Bitcoin. It settles almost instantly for tiny fees, which suits small purchases, bill payments and spending at shops. It is best treated as a spending wallet rather than a vault.

According to Bitcoin Magazine, the Stacked Wallet is built on the Breez and Spark software development kits, third-party toolkits that handle the Lightning side.

How “self-custodial” a Lightning or Spark wallet is depends on the technical details, and some wallet designs built on Spark have drawn debate about how much they rely on outside operators. Stacked’s pages don’t explain its on-chain withdrawal process in detail. If you are building a long-term holding, ask Stacked how to move funds on-chain, and consider a hardware wallet for larger amounts.

Is Stacked registered in NZ? Lightning Pay Limited and its backers

Stacked says it is, but the registration number is self-reported. The legal entity is Lightning Pay Limited, NZBN 9429051417789, founded in 2024. Its stated Financial Service Provider number is FSP1005773, which we couldn’t confirm on the register, so check the FSPR yourself. The consumer app was renamed Stacked in 2026, and the merchant tools keep the Lightning Pay name.

A May 2025 press release named Brandon Bucher as chief executive and Dr Simon Collins as chief revenue officer. The same release announced a seed round at a NZ$4.5 million valuation, led by US-based Ankh & Ohm Capital, with on-chain analyst Willy Woo also investing. The amount raised wasn’t disclosed.

Stacked says it has “thousands” of New Zealand customers and more than 30 billion sats (300 BTC) of monthly volume. We can’t verify either figure independently.

What happens to my Bitcoin if Stacked stops trading?

Coins already in your wallet would stay yours, because Stacked never holds them. Self-custody doesn’t cover every risk of a small provider, though. What you would lose is the NZD on-ramp, Autostack schedules, Bill Pay and support. Lightning and Spark-based wallets don’t always restore cleanly in other apps, so ask Stacked how you would recover funds with your phrase if its app disappeared, and keep larger savings on-chain.

Being Bitcoin-only is a deliberate choice rather than a gap, but it means Stacked can’t be your only platform if you want other assets. And because the FSPR entry and any dispute scheme aren’t shown on its website, look them up before moving larger sums.

Why Stacked asks for your IRD number

Stacked collects IRD numbers because NZ providers now report to IRD; its support pages explain the CARF reporting rules that apply to New Zealand providers from 1 April 2026.

Self-custody doesn’t change your tax position: selling Bitcoin for NZD, paying a bill with it or swapping it can all be taxable disposals if you bought with the purpose of selling. Keep Stacked’s transaction history and your wallet records for at least seven years. Our crypto tax guide explains how IRD treats each case.

Lightning Pay merchant tools and Stacked’s Queenstown roots

Before the consumer app, Lightning Pay built tools for businesses: a point-of-sale app, hosted payment pages and payment links, with no setup fee. Merchants can settle in NZ dollars or keep the Bitcoin.

Much of that activity is in Queenstown, where the company is based. Stacked supports Bitcoin Basin, a Queenstown charitable trust that runs workshops and events and is building a local Bitcoin circular economy. Bitcoin Basin said in 2025 that the number of local merchants accepting Bitcoin had doubled since its launch. Our map of Bitcoin ATMs and merchants in NZ shows where Bitcoin is accepted around the country.

Stacked’s strengths for Bitcoin-only buyers, and its limits

Who Stacked suits, and who needs a full exchange instead

Stacked fits one kind of buyer very well and others poorly. The deciding questions are whether you only want Bitcoin and whether you are ready to keep a recovery phrase safe.

Still choosing a wallet to receive into? Our guide to Bitcoin wallets in NZ compares mobile, Lightning and desktop options for New Zealanders.