Ready to take the next step in crypto storage security? Follow our simple guide to find out which hardware wallet is the best for you and how to buy hardware wallets in NZ. 🔒
Hardware wallets are the safest way to store your cryptocurrency in New Zealand.
Whether you're holding Bitcoin, Ethereum, or a multitude of coins, hardware wallets provide a safe and easy vault for you to stash your NZ crypto investments long term.
Follow our guide to learn everything you need to know about hardware wallets in NZ – including how they work, how much they cost, and where to buy hardware wallets in NZ.
Nic Turnbull
July 29, 2021
Purchase Cost: $219
The Trezor Model T Wallet is a cutting-edge hardware wallet designed to provide top-notch security for managing cryptocurrency assets. With its sleek design and user-friendly touch screen, the Model T stands out as a versatile solution for New Zealanders seeking to safeguard their digital assets.
Buy WalletPurchase Cost: $287
The Ledger Nano X is the second-gen hardware wallet by Ledger, a French company established in 2014. Resembling a USB drive, it connects via USB or Bluetooth to iOS and Android devices, supporting over 5,500 tokens with continuous updates.
Ledger Live software complements the cold storage wallet, allowing easy management of diverse portfolios. With widespread popularity, the Ledger offers versatility by connecting via USB-C or OTG cable for smartphones.
Buy WalletNeed more help deciding? Contact us for personalized advice →
A hardware wallet is a type of crypto wallet that stores your private keys in a secure physical device, such as the multi-coin hardware wallets offered by Trezor and Ledger. Whenever you make an outbound transaction from a hardware wallet, you're required to physically approve the transaction from your device, via a connection to your PC or mobile.
Your private keys never leave your wallet so they're virtually impossible to be penetrated or infected; hence why hardware wallets are known as the apex of crypto wallet security.
A hardware wallet simply put, is a very basic computer that's been stripped down to the bare necessities. The only capabilities of them are to store your private keys offline and sign transactions offline, making them virtually immune to online hacking attempts.
Pros
Cons
In the realm of NZ crypto wallet security, hardware wallets such as Trezor and Ledger are hailed as the apex of safeguarding digital assets. Their fundamental strength lies in their offline operation, ensuring that private keys, (the critical access points to funds), remain untouched by potential online threats. This is why they are called 'cold storage' wallets.
Traditional software (online) wallets often fall prey to malware and phishing attacks, compromising the security of private keys. In contrast, hardware wallets are inherently immune to such threats. These devices execute transactions within the confines of a secure physical environment, keeping private keys isolated from malicious actors.
Tamper-evident packaging is another feature of hardware wallets, ensuring the integrity of the device by alerting users if it has been tampered with or opened. Additionally, these wallets generate a recovery seed phrase during setup, serving as a crucial backup. This seed enables users to restore their funds on a new device in case the original is lost or damaged, emphasizing the importance of secure offline storage for this backup.
Despite their advanced security features, hardware wallets are designed to be user-friendly. Equipped with intuitive interfaces, hardware wallets cater to both beginners and experienced users. Reputable manufacturers also commit to regular firmware updates, addressing potential vulnerabilities and reinforcing security measures.
In summary, the robust security mechanisms, offline operation, and user-friendly design position hardware wallets as the preferred choice for individuals seeking the highest level of security for their cryptocurrency holdings – essential for holding crypto long term.
Private keys in the context of cryptocurrency prove ownership of assets associated with a particular wallet address and allow you to access and spend the assets in that address.
An easy way to understand this is if you think of your wallet as your online banking account, your private key is the login information for your account, allowing you to sign in and spend the funds or do as you wish with them.
Just the same as you want to keep your online banking information safe, you must keep your private keys safe. Otherwise anyone can log-in and access your account or wallet.
Important! You should never disclose your private Keys to anyone you don't want to have access to your crypto assets. There are lots of scams in the crypto world and many of them will ask for your private keys, you should treat these as the combination to your safe and never disclose them, no matter how 'legitimate' it may seem.
Each public receiving address (where you receive funds to) has its own corresponding private key, and unlike the public address, the private key enables anyone who knows it to access the address and therefore access the funds inside it.
When you first create a wallet, all of your private keys are automatically created using your 12-word seed phrase. When the 12-Word seed is run through a standardised formula, it is turned into a number called a seed integer, this can be thought of as your 'master private key'. An almost endless number of public and private keys can be created when your "master" private key is run through a standardised algorithm.
To maximize the security of your crypto assets when using hardware wallets, consider these important tips:
It is always recommended to buy your hardware wallet directly from the manufacturer, rather than from places such as TradeMe due to the threat of tampered-with wallets.
However, there are a number of trusted vendors within NZ that stock brand-new, authentic cryptocurrency hardware wallets, such as the Trezor model T or Ledger Nano X.
Note: If you're ever worried you're late to the crypto party, remember Noel Leeming, Harvey Norman, and JBHIFI are yet to stock any type of Bitcoin or cryptocurrency wallet in NZ.
Buying from the Trezor or Ledger website is theoretically the safest option, but buying from within NZ means you get your wallet delivered to you faster. This decision is on you.
At Cryptocurrency NZ, we strongly endorse Trezor and Ledger as the two most reputable hardware wallet providers. Both companies excel in security, offering excellent options.
While most hardware wallets serve the same purpose, there are notable differences between Trezor and Ledger products. Our personal preference leans towards the Trezor Model T, but both brands are industry leaders with outstanding options to explore.
Below, we highlight key features and differences between the latest and most advanced wallets from both companies – the Trezor Model T and the Ledger Nano X.
To maximize the security of your crypto assets when using hardware wallets, consider these important tips:
Yes – you can sell cryptocurrency in NZ in minutes through one of New Zealand's various crypto retailers or exchanges, such as Easy Crypto NZ.
Crypto wallets are digital vaults where you store your Bitcoin, Ethereum and other digital assets – acting in a similar way to your NZ bank account.
There are 5 main types of cryptocurrency wallet, such as Hardware wallets like the Trezor and Ledger or software wallets like Exodus.
Learn about your best options in our Best Bitcoin, Ethereum & Crypto Wallets in New Zealand Guide.
New Zealand anti-money laundering laws (AML) require all Kiwis to verify their identities before they can buy and sell cryptocurrency through regulated NZ crypto trading platforms, such as Easy Crypto NZ or Binance.
Alternatives to using regulated services to acquire crypto include crypto mining, buying P2P, airdrops, Crypto ATMs, and decentralized exchanges. You can also get crypto by accepting it as payment for the goods and services you sell, or doing work in exchange for crypto.
To verify an account with an NZ exchange, you need to:
It typically takes less than a day to sell Bitcoin, Ethereum and other crypto in NZ – depending on your service of choice. It's possible to sign up with an NZ crypto exchange or retailer like Easy Crypto NZ, verify your account, sell crypto and have it delivered to your personal bank account within a day.
Crypto Selling speeds vary in three key ways:
The charges for selling bitcoin vary based on the payment method and platform utilized.
For instance, if you’re selling to a friend and completing the transaction with cash, you’ll only have to account for the ‘network fee’ for transferring the bitcoin from your digital wallet to theirs.
If you’re receiving payment via bank transfer, you’ll need to include the applicable fees.
Additionally, exchange services impose fees for managing trades, which encompass operational expenses and a slight markup.
Ready to start your crypto journey? View all NZ exchanges →
Using a hardware wallet to store your private keys offline is the safest way for you to store your cryptocurrency, but your hardware wallet is only as safe as you allow it to be.
You should never tell people how much crypto you're holding, never disclose your private keys or recovery phrases (to anyone or on any device that connects to the internet), never put yourself in a position to be vulnerable to a '$5 wrench attack', and always double check addresses before signing off on transactions – never try manually type wallet addresses.
Both the Trezor model T and the Ledger Nano X are excellent options for hardware wallets in NZ and we encourage you to do your own research to see which suits your preferences.
We at Cryptocurrency NZ actively use and would recommend the Trezor T due to its simplicity in operation, sleek design and large touch screen, compatibility with Exodus, as well as the founder's belief in the power of open source. The Trezor is the most highly respected hardware wallet producer in the world, a wallet used by thousands of Kiwis.
We hope this guide has provided you with value in one way or another, and hope we've encouraged you to make the next step in securing your Bitcoin other crypto wallets in NZ.