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How to Set up a Cryptocurrency Wallet in NZ
Before you learn how to buy Bitcoin and other cryptocurrency in NZ, you first need to set up a cryptocurrency wallet for you to store your crypto assets in.
In our simplified guide, we’ve outlined the key information all Kiwis should know about using Bitcoin, Ethereum and other cryptocurrency wallets in New Zealand.
TLDR: The best crypto wallets in NZ are Exodus, MetaMask, Trezor, and Ledger.
How to Buy Cryptocurrency in NZ – Step-by-Step Guide (2023)
Exodus Wallet NZ – New Zealand’s Ultimate Guide (2023)
Best Cryptocurrency Wallets in NZ
Cryptocurrency NZ’s choice crypto wallet; the apex of crypto security.
New Zealand’s most affordable cryptocurrency hardware wallet.
NZ’s most safest, easiest and most trusted crypto software wallet.
NZ’s crypto wallet for interfacing with Web3 / DeFi.
What is an Cryptocurrency Wallet?
A cryptocurrency wallet is a digital account where you store your Bitcoin and other cryptocurrencies.
Your wallet is where you receive payments in and send transactions out, acting as your heart of operations for interacting with the cryptocurrency world.
Cryptocurrencies like Bitcoin, Ethereum and Monero aren’t stored in banks, but rather in privately controlled user wallets.
This provides cryptocurrency users with an unparalleled level of asset security and ownership, all while changing the way millions of people store and transfer value across the globe. 🌎
Crypto wallets are free to create, safe to operate, and you can have as many wallet accounts as you’d like.
Best of all – you don’t have to ask anyone for permission to set one up, or use it to send and receive payments.
Follow our guide to learn how to set up your first crypto wallet in NZ, and become your own bank in 10 minutes or less.
Disclaimer: Cryptocurrency NZ has no affiliation with any wallet or service showcased in our guide. All recommendations are based on our own research, experiences and preferences. You are ultimately responsible for the creation, safekeeping and use of your own wallet.
Different Types Of Cryptocurrency Wallet
There are 7 main types of cryptocurrency wallets, ranging in ease of use, security and convenience.
Mobile wallets are free, IOS or Android based wallets that you operate on your phone or tablet, mainly used for making fast and easy payments on the go.
Desktop wallets like Exodus are wallets that you operate on your laptop or PC.
Exchange wallets, such as your wallet on an exchange like Binance, are non-custodial wallets where you store you crypto on such services, when trading between cryptos.
Web wallets are website-based online wallets which are accessed through a browser interface without having to download or install any programs.
Browser Extension Wallets
Browser extension wallets are similar to web wallets, except rather than going to a website to view and control your assets, they are accessible through an extension in your web browser (such as Brave, Firefox, Safari or Chrome)
A paper wallet is the rawest form of cryptocurrency wallet, comprised of the two core components that make up every cryptocurrency wallet;
A public and private key pair….
What are Public and Private Keys?
Until today, you would’ve been accustomed to accessing your various online accounts and services by using your email address and password.
In the world of crypto, wallet access and ownership is instead represented by something called a public and private key pair.
Acting as your digital identity and signature, every cryptocurrency wallet is distinct by having its own unique public and private key – with each unique key pair being freshly generated whenever a new cryptocurrency wallet is created.
What is a Public Key
Your public key is like your crypto bank account number – an address others can use to send crypto to your wallet. You can safely send your public key to anyone, knowing they can’t change or open your wallet, but rather use it to send you payments.
What is a Private Key
Your private key is like the password to your crypto bank account, and it’s required to sign off outbound transactions from your wallet. You should never share your private key with anyone, and the security of your wallet rides on how safely you store your private key.
To put theory into practice – below is me locating my public key (otherwise known as my Bitcoin address) in my Exodus desktop wallet. This is the address I would provide to any person or service wanting to send Bitcoin to my personal wallet.
My private key, on the other hand, is already being safely stored and harnessed by Exodus behind the scenes; allowing Exodus to authenticate and execute outbound transactions on my behalf whenever I send Bitcoin to someone else’s wallet from mine.
Almost all cryptocurrency wallets automatically hold, harness and protect your public and private keys for you. This makes setting up and using your wallet about as easy as using an app like PayPal, Venmo or TransferWise – depending on the wallet type you choose.
Because crypto wallets use public and private keys to represent ownership rather than email addresses and passwords, you’re not required to connect your real world identity to your wallet and funds by default.
This provides users with an enhanced level of security and privacy, but that doesn’t mean crypto storage autonomy isn’t without it’s own downsides.
Studies show that approximately 20% of all Bitcoin in existence has already been lost due to poor private key management. And it’s highly unlikely these coins will ever return to circulation.
Learn more about public and private keys here.
How to Choose your Cryptocurrency Wallet
The wallet best suited to you will depend on what you wish to do with your coins and how much you intend to hold.
$0.00 - $200 NZD
Mobile wallets are designed for storing small amounts of coin, to be used on the day to day.
We’d recommend only keeping coins you want to spend on the go in these wallets and look at storing the bulk in desktop or hardware wallets.
$200 - $2,000 NZD
Desktop wallets are ideal for storing medium to large amounts of coins, short or long term.
Recommended – Exodus is a perfect wallet for crypto newcomers, regardless of how little or much coin you’re holding.
$2,000 + NZD
Hardware wallets like the Trezor and Ledger are the apex of cryptocurrency storage – the ideal wallet type for anyone serious on holding large amounts of coin long term.
For more on Hardware Wallets in NZ – Visit our guide.
Note – the size and value of your crypto stash is measured by your own perception. $200 might be a fortune to you and small amount to someone else. All three wallets above are known to be extremely safe and trusted. The security of your wallet ultimately comes down to how you backup your private keys and phrase.
How to Set up a Cryptocurrency Wallet
Used by tens of thousands of Kiwis across NZ, Exodus is a highly popular crypto wallet choice for first time Bitcoin and cryptocurrency users.
Exodus wallet is free, easy to use, and provides an extremely sleek interface and user experience.
Even better, Exodus is multicurrency; meaning you can store your Bitcoin, Ethereum, Monero, and over 100+ other supported coins in the one wallet application.
How to Set up Exodus Wallet in NZ - Step by Step
To get Exodus wallet in NZ; first head to the official Exodus website (https://www.exodus.io/) and click “Get Exodus Now”. From there, download and install the Exodus program, and follow the 5 step Exodus wallet set-up guide.
First, you need a secure device, computer or phone to create a cryptocurrency wallet on. Be aware that existing malware on compromised devices can scrape crypto private keys from your device. You may want to consider buying a fresh device or a crypto hardware wallet.
We recommend running a virus scanner such as MalwareBytes on your computer to help ensure your device is secure before creating a new crypto wallet.
For the desktop application: head to the official Exodus website on your secure laptop or desktop PC and click on ‘download for desktop’ – https://www.exodus.com/download/
For the mobile application: Head to the official Exodus website and click on the App Store or Google Play links, alternatively you can search for Exodus wallet in your phone/tablet app store. Bewarned, Desktop wallets are generally safer.
Once you have downloaded either the desktop or mobile app, open exodus.
The safest way to backup your recovery phrase is by writing the 12 words down on a piece of paper (ensuring the order and spelling are correct), it is a good practice to have multiple copies of this phrase and keep them in separate secure locations.
Configure the wallet display settings to your personal preferences, e.g. valued in USD or NZD. Do you prefer the light or dark mode interface? Would you like to enable face-ID authentication (mobile only)? And finally, which assets would you want to see on the portfolio page (over 100 to choose from).
Once you have backed up your wallet and configured your settings, the final step is to deposit crypto into your new wallet. Simply click on the asset you would like to deposit, from here you can click on the receive button to view your public key for that asset (receiving address).
How to Buy a Hardware Wallet in NZ
Kiwis can purchase hardware wallets from a number of trusted domestic retailers as well as directly from the manufacturers. It is always recommended to buy your hardware wallet directly from the manufacturer, rather than from places such as TradeMe or Ebay due to the threat of ‘fake’ or tampered-with wallets.
Below is a list of trusted vendors that stock brand new, authentic Hardware Wallets, such as the Trezor model T or Ledger Nano X in New Zealand.
- Trezor official website – https://trezor.io
- Ledger official website – https://shop.ledger.com/
- Easy Crypto NZ Shop – https://shop-nz.easycrypto.ai/
- Crypto Store NZ – https://www.cryptostore.net.nz
- Crypto Grove NZ – https://crypto.groov.nz/
For more information on Hardware Wallets in NZ – Visit our informative guide
Where Can I Get Bitcoin & Cryptocurrency in NZ?
There are multiple ways that kiwis can buy cryptocurrency in New Zealand; either by buying through an cryptocurrency exchange, Peer-to-Peer trading or through a NZ Broker. Check out our how to buy Bitcoin & Cryptocurrency in New Zealand guide.
Cryptocurrency exchanges: Online platforms that allow you to buy and sell Bitcoin using New Zealand dollars or other cryptocurrencies. Learn more here.
Peer-to-Peer Bitcoin marketplaces: Marketplaces that connect buyers and sellers directly. (Such as New Zealand’s own P2P marketplace)
Crypto Retailers: Retailer refers to a business who accepts Bitcoin or other crypto as a form of payment for goods and services. (Such as Easy Crypto NZ)
Cryptocurrency Wallets Best Practice Tips
Multiple copies of your recovery phrase: This is a crucial step in protecting your cryptocurrency holdings. By keeping copies of your recovery phrase in separate secure locations, you ensure that even if one copy is lost or destroyed, you still have access to your funds. It protects against calamities like fires, floods and earthquakes.
Never disclose your private keys: Your private keys and recovery phrase are essentially the keys to your cryptocurrency kingdom. You should never share them with anyone. Be cautious of phishing attempts, malicious software, and individuals trying to trick you into revealing this sensitive information. Even watch out for 5$ wrench attacks…
Don’t keep all your funds in one wallet: Spreading your cryptocurrency holdings across multiple wallets adds an extra layer of security. If one of your wallets gets compromised, you won’t lose all your assets. It’s wise to diversify your holdings among different wallets, including both hot wallets and cold wallets. Ledger and Trezor are great examples of cold wallets.
Be extremely wary of scams: Scams are unfortunately prevalent in the cryptocurrency space. Exercise caution and skepticism when dealing with unknown individuals or platforms. Use reputable exchanges and wallets, and be cautious of unsolicited messages, giveaways, and requests for private keys or personal information. Always verify the legitimacy of a sender or platform before taking any action.
- Conduct due diligence on cybersecurity: Staying informed about cybersecurity best practices is essential for protecting your crypto assets. Install reputable antivirus software on your devices and keep it up to date. Be cautious of suspicious emails, links, and attachments.
Double-check the destination address: When sending or receiving cryptocurrencies, always double-check the wallet addresses involved. Mistakenly using the wrong address can result in permanent loss of your assets. Verify the addresses multiple times to ensure accuracy, especially when sharing your own wallet address or sending funds to others.
Always use a VPN in public: When accessing your crypto assets from public Wi-Fi networks, it’s crucial to use a VPN to encrypt your traffic. Public networks can be vulnerable to attacks, and using a VPN adds an extra layer of security to safeguard your data and transactions.
Don’t use your Bitcoin wallet address for Ethereum tokens: It’s crucial to use the correct wallet address when receiving or sending tokens. Mixing up wallet addresses between different cryptocurrencies can result in the loss of funds. Double-check that you’re copying and pasting the correct wallet address for each token, especially when dealing with exchanges.
Commonly Asked Questions
Cryptocurrency wallets are free and cost nothing to set up and use – however you can buy Hardware wallets; the safest standard of crypto wallet in NZ.
You just need a computer or smartphone that can connect to the internet and download applications.
Cryptocurrency NZ believe that you should operate a number of different wallets simultaneously with your holdings spread across them. However we are of the opinion that Exodus wallet is best for mobile and desktop wallets (used in conjunction with the Trezor T ) and that MetaMask wallet is the best chrome-extension web wallet.
Crypto wallets are free to set up and use, however you will need to pay a transaction fee (gas) when sending funds. This fee goes to the network not the wallet provider. Additionally, some wallets offer supplementary features that they receive a fee for providing; such as Exodus’s exchange feature that allows users to exchange between different cryptocurrencies.
Note: the conversion rates offered are far less optimal than the rates offered by typical cryptocurrency exchanges.
The exodus wallet is a safe option for storing your cryptocurrency. It is trusted by thousands of Kiwis here in NZ and is one of the most popular wallets around the world. When proper security measures are followed, the exodus wallet is a textbook example of a secure wallet for day-to-day use.
Investing in cryptocurrency is legal in NZ, therefore using a crypto wallet is also legal in NZ as a wallet is typically the first step in crypto investing. At the time of writing NZ regulations in regards to cryptocurrency are sparse, so it is advised to keep your eyes and ears peeled for when the time comes that the government attempts to regulate the crypto space.
Although you are required to store your Bitcoin in a Bitcoin wallet, your Ethereum in an Ethereum wallet, and so forth, it is possible to have one single ‘mega-wallet’ which allows you to store many various different types of cryptocurrency wallets in the one big wallet.
Examples include Trezor, Ledger, Exodus, and many more.
Congratulations, you're now your own bank!
Your next step is to top up your wallet and join the other 3% of New Zealanders who own Bitcoin and other cryptocurrencies.