Like any tradesman, you can’t build something great if you don’t have the right tools. This guide is designed to help educate you on the basic tools and software you’ll mostly likely use in your crypto journey. Enjoy the guide, and feel free to reach out if you need a hand.
Tools for Basic Research
When getting started with crypto, the first place to start is researching the fundamentals of blockchain and cryptocurrency technology, and the various projects out there, and the differences between them. Here at Cryptocurrency NZ, we always recommend starting with Bitcoin (BTC) – setting the golden standard before you expand your knowledge in other areas. The following platforms have proven to be helpful for doing this research.
- Watching crypto documentaries on YouTube.
- Using CoinMarketCap to keep track of prices.
- Reading books, such as the Bitcoin Standard.
- Asking questions in the NZ Crypto Community.
Setting up your Main Crypto Wallet
Now that you’ve done your basic research, it’s now time to set up your own personal crypto wallet – the foundational vault you use for holding, receiving and sending crypto.
Most wallets are free, you can have as many as you like, and best of all – you don’t have to ask anyone for permission to set one up, or use it to send and receive payment in crypto.
Here at Cryptocurrency NZ, we recommend beginners use the Exodus wallet – a free, multicurrency software wallet which allows you to store hundreds of cryptos in the one wallet app. Exodus is extremely beginner friendly and is know to be safe, however if you’re looking to cut right to the chase and set up the most secure crypto wallet, we highly recommend buying yourself a Trezor hardware wallet – the apex of crypto wallet security.
Hardware wallets are physical USB style devices that hold your crypto assets and keys offline, offering hardware wallet users the maximum security for storing crypto in NZ.
Setting up a MetaMask Wallet
The next tool we recommend is MetaMask – an Ethereum based wallet which is used by millions around the world to interact with decentralized applications and exchanges.
MetaMask is a web3 wallet – a gateway that acts as your Ethereum digital identity, allowing you to interact with decentralized applications (DApps) and other software built on the Ethereum network. Your MetaMask is the tool you use to interact with decentralized exchanges, as well as any software or platform built on the Ethereum (ETH) network.
Setting up Portfolio Tracking
Now that you’ve got your wallets in order – and that you have sufficiently backed them up, your next step is to set up a portfolio tracking system to help you monitor the price and value of your crypto net worth – the total of all the various coins and projects you hold.
We recommend checking out our dedicated guide for this, teaching you how to set up a portfolio tracking system on either Easy Crypto NZ, CoinMarketCap, or Microsoft Excel.
Tools / Platforms for Trading Crypto in NZ
Finally, after setting up everything else, you’re probably wondering where now can you actually buy and sell cryptocurrencies in NZ? For this, there are three platforms we personally use. Easy Crypto NZ, Binance NZ, and The NZ P2P Crypto Marketplace.
Easy Crypto NZ
Easy Crypto NZ is New Zealand’s most popular crypto retailer, make it ‘safe, smart and easy’ for Kiwis to buy and sell over 120+ cryptocurrencies including Bitcoin and Ethereum. Easy Crypto is ideal for first time New Zealand crypto users, allowing you to buy crypto using NZD and have it directly sent to your MetaMask or other personal crypto wallet.
Binance NZ
Binance is the world’s largest crypto exchange, offering trading pairs for over 400 coins. This option is best suited to advanced users, however we definitely recommend jumping on, doing some trades and learning on the job. Binance is used by millions of day traders around the world, so if you’re looking to get into trading, Binance is the place to go in NZ.
NZ P2P Crypto Marketplace
The NZ P2P Crypto Marketplace is a home-grown, New Zealand peer to peer (P2P) crypto trading group chat on Discord, created by yours truly. The NZ P2P Marketplace is the best place in New Zealand to discover other Kiwis buying and selling crypto directly between each other, with over 2,000 Kiwis looking to trade crypto without having to perform KYC.
Cryptocurrency NZ Final Verdict
Now that you have a basic idea of the various tools in the NZ crypto investor’s toolkit, the next step is to get out there into the sandpit and toy around. Learning on the job is always the best way to learn more and gain experience in crypto, so I wish you luck in your exploration and feel free to come back later and suggest upgrades to this guide.
