Copyright 2023 @ Cryptocurrency NZ
How to Set up a Cryptocurrency Wallet in NZ
- July 29, 2020
- Last updated: July 3rd, 2023
Nic Turnbull
Harry Satoshi
Before you learn how to buy Bitcoin and other cryptocurrency in NZ, you first need to set up an NZ 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 NZ crypto wallets are Exodus, MetaMask, Trezor, and Ledger.
Related Guides:
How to Buy Cryptocurrency in NZ – Step-by-Step Guide (2023)
Best Cryptocurrency Wallets in NZ
Trezor
Cryptocurrency NZ’s choice crypto wallet; the apex of crypto security.
5/5
Ledger
New Zealand’s most affordable cryptocurrency hardware wallet.
4.5/5
Exodus
NZ’s most safest, easiest and most trusted crypto software wallet.
4.5/5
MetaMask
NZ’s crypto wallet for interfacing with Web3 / DeFi.
4.3/5
What is a Cryptocurrency Wallet?
A crypto wallet is a digital account where you store your Bitcoin and other cryptocurrencies.
Exodus Desktop Wallet holding Bitcoin (BTC) – https://www.exodus.io/
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. 🌎
Exodus Mobile Wallet – https://www.exodus.io/
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 crypto wallets, ranging in ease of use, security and convenience.
Mobile Wallets
Mobile crypto 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.
Mobile wallets like Exodus are only as secure as your device is; if it's compromised, has malware or third party access, your crypto wallet and funds are at risk. Consider only storing small amounts of coin in them like you would your physical NZD wallet.
Exodus wallet: https://www.exodus.io/
Desktop Wallets
Desktop crypto wallets like Exodus are wallets that you operate on your laptop or PC.
Desktop wallets make ideal first wallets for Kiwi crypto newcomers, offering a safe and easy sandbox for diving deeper into other more secure wallet types. You can back them up securely, but again they are only as secure as your device is.
Exodus wallet: https://www.exodus.io/
Hardware Wallets
Hardware wallets are known as the apex of cryptocurrency security, the most secure wallet type available, and we’d recommend buying a Trezor or a Ledger Hardware wallet if you’re serious on holding large amounts of cryptocurrency long term.
Exchange Wallets
Exchange crypto wallets, such as your wallet on an exchange like Binance, are non-custodial wallets located on exchanges. Also known as your ‘exchange account’.
In crypto, there's an age old saying; 'not your keys, not your crypto'. Exchange wallet keys are held by exchanges, tied to your account, so in the case that your exchange is hacked, like FTX, Cryptopia, Bitfinex or Mt Gox, your funds are at risk.
Web Wallets
Web cryptocurrency wallets are website-based online wallets which are accessed through a browser interface without having to download or install any programs.
We do not recommend using web wallets as they rely on a secure internet connection and device. They are much more more susceptible to attacks and hacks; a prime example of this is the infamous Celsius Phishing Attack.
Browser Extension Wallets
Browser extension crypto wallets are similar to web wallets, except rather than going to a website to view and control your assets, they are accessible through a web extension in your web browser (such as Brave, Firefox, Safari or Chrome).
Useful for interacting with decentralized exchanges, browser extension wallets like MetaMask are an integral part of any crypto investor's crypto wallet toolkit.
Paper Wallets
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?
Heads up!
Understanding crypto public and private keys is absolutely essential to safely using, buying and selling cryptocurrencies like Bitcoin and Ethereum. We have simplified all you NEED to know below, but we recommend doing further research to ensure your safe passage into the NZ cryptocurrency world.
Until today, you’ve been accustomed to accessing your various online accounts 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 (pair) – with each unique key pair being freshly generated whenever a new cryptocurrency / Bitcoin 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.
How to locate your public key (otherwise known as your Bitcoin address) in your Exodus desktop wallet – https://www.exodus.io/
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 privacy, but that doesn’t mean crypto storage autonomy isn’t without it’s own downsides. Studies show 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.
Need a Hand Setting up an NZ Crypto Wallet?
Crypto Consulting NZ
Still a bit crypto confused and wish you had someone to help walk you through?..
Feel free to book a one-on-one session with our founder Harry Satoshi via our crypto mentorship project Crypto Consulting NZ. Based in Christchurch, Harry can patiently help you with all things setting up wallets, securing backups, buying and selling cryptocurrency in New Zealand and beyond.
~ Your personal crypto hitman for hire.
NZ Crypto Wallet Must Know Information:
- Essential: If you lose access to your NZ Bitcoin / crypto wallet such as by losing your private key – you will be locked out of your crypto wallet forever.
- So by taking the time to properly set up your NZ crypto wallet becomes the foundation your crypto experience will rest on. Do it once, never do it again.
- If you plan to hold your crypto long term, for say 10 years+, you will want to consider how you can safely backup your crypto if your devices become obsolete.
- We do not recommend storing your private key in your phone notes, as these can be easily compromised by viruses, malware, theft, or $5 wrench attacks.
- Always download or buy your wallet from a reputable source, app store or official hardware wallet merchant. Don’t take risks on dodgy, off brand software.
- Backup your wallet’s seed-phrase or private key in a secure, offline location, such as on a hardware wallet or as a paper wallet stored in multiple secure places.
- Consider using separate crypto wallets for each different coin you hold, to minimize risk of exposure if one of your wallets is compromised.
- Never ever get someone else to set up your crypto wallet for you, as it’s very easy for bad actors to screenshot your private keys, and wait for you to top it up.
- In crypto, most scams revolve around bad actors trying to convince you to share your wallet access, or store your crypto in their wallets until they rug pull you.
- There is no such thing as the “Official Bitcoin Wallet” or “Official New Zealand Crypto Wallet“, these are words used by scammers. Use a wallet from this guide.
- If anyone you don’t know, or have never met, ever messages you out of the blue to discuss New Zealand crypto wallets, 100% assume they are scammers.
- The safety of your NZ crypto wallet is what stands between your money and scammers – feeding them money or information will only make them return.
- Use secure and reputable exchanges to buy, sell, or trade cryptocurrencies, like Easy Crypto NZ or Binance NZ, and transfer funds to your wallet promptly.
- Educate yourself about common crypto scams and stay updated on the latest security practices to protect your funds, including understanding P2P scams.
How to Choose your NZ 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 / NZD value you plan on holding.
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 Buy a Hardware Wallet in NZ (Recommended)
Kiwis can buy crypto hardware wallets in NZ from the official manufactures such as via Trezor and Ledger, or through trusted domestic resellers such as Easy Crypto NZ, Crypto Store and Groov NZ. Always beware of buying from Trademe or Ebay due to the threat of ‘fake’ or tampered with devices.
Warning
Beware of fraudulent websites, fake or tampered hardware wallets - bad actors can program hardware wallets in advance to steal your crypto once you load them up! Always buy from a trusted source such as the trusted New Zealand hardware wallet merchants below protect yourself from scammers.
How to Set up Your First Cryptocurrency Wallet in NZ
Setting up your first crypto wallet is a right of passage in the crypto world. It acts as the foundation of your trust in the crypto space, so should be done with extreme caution and care. We recommend New Zealanders start with Exodus crypto wallet.
Used by tens of thousands of Kiwis, Exodus is a highly popular NZ crypto wallet choice for first time Bitcoin, Ethereum, Monero and other cryptocurrency users. It’s where we started 6 years ago, and has served us valiantly until this very day.
Exodus Desktop wallet holding Bitcoin – https://www.exodus.io/
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. Here at Cryptocurrency NZ, we’ve used Exodus for over 6 years, and we’ve never had any issues. Exodus is easily one of the most best NZ cryptocurrency wallets, famous for it’s smooth user experience.
How to Set up Exodus Crypto Wallet in NZ - Step by Step
To get an Exodus crypto 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.
Get a secure device to operate from
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.
Step 1: Download Exodus 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.
Step 2: Backup Your Wallet
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.
Step 3: Configure Your Settings
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).
Step 5: Receive Crypto
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).
Most Popular Crypto Wallets in New Zealand
Although there’s hundreds of different crypto wallets used by Kiwis – from our experience here at Cryptocurrency NZ and Crypto Consulting NZ – the majority tend to use the following setups:
Where Can I Get Bitcoin & Cryptocurrency in NZ?
There are multiple ways that kiwis can acquire cryptocurrencies like Bitcoin, Ethereum and Monero in New Zealand; such as by buying through an NZ cryptocurrency exchange or retailer, through Peer-to-Peer (P2P) trading or by crypto mining, airdrops, or working for crypto.
- Crypto Retailers / Exchanges: places you can trade NZD for BTC and other coins. These include Easy Crypto NZ and Binance, and are the most common way New Zealanders get their hands on digital currencies in Aotearoa. This is known to be the most safe option in NZ.
- Peer-to-Peer (P2P) Marketplaces: these are groups or platforms which connect crypto buyers and sellers directly to each other, like when you buy goods on Facebook’s marketplace. New Zealand’s leading group for this is the New Zealand Peer-to-Peer Crypto Marketplace.
- Cryptocurrency Mining: this is the act of devoting computational power to the crypto networks, in exchange for the fee you are rewarded for processing transactions. This is the backbone of the crypto networks, and crypto miners act like civilian money printing machines.
- Cryptocurrency Airdrops: happen when a blockchain project airdrops free crypto tokens to their community, usually after meeting specified criteria, for the purpose of marketing and stimulating the circulation of a project’s native coin within it’s userbase and beyond.
- Working for Crypto: there’s an ever growing number of online gigs on the internet offering payment in digital currencies like BTC and ETH.
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 hardware wallets like the Trezor and Ledger are the benchmark of crypto wallet security. They cost between $200 – $400 and will provide you will confidence knowing you have stored your funds in the safest means possible.
Otherwise we’ve found Exodus to be extremely reliable, while also using MetaMask as our gateway to Web3.
Wallets are free to set up and use, however you’ll need to pay a transaction fee when sending funds. This fee goes to the network, not the wallet provider.
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 6% of New Zealanders who own Bitcoin and other cryptocurrencies.