As Bitcoin gains widespread acceptance and its popularity continues to soar, the importance of secure and user-friendly NZ Bitcoin wallets becomes paramount.
Unlike stocks in a traditional brokerage, cryptocurrencies can be withdrawn from a cryptocurrency exchange and stored in external wallets. If you’re considering buying and storing Bitcoin or other crypto in New Zealand, finding the best Bitcoin wallet is crucial.
In this guide, we’ll explore some of the top Bitcoin wallets, considering factors like cost, user experience, supported cryptocurrencies and customer satisfaction. Enjoy!
Best Bitcoin Wallets In New Zealand
Best Bitcoin Wallet for security
Trezor Model T
Purchase Cost: $219
Cloud Storage: No
Cold Storage: Yes
At Cryptocurrency NZ, we endorse the Model T as our preferred hardware wallet for several reasons, with security being at the forefront. The Model T offers robust security features, including offline storage of private keys and the availability of a physical security key, which provides an extra layer of protection against threats.
Pros of Trezor Model T:
✔️ Versatile Crypto Support: Trezor stands out for its compatibility with a array of currencies, enabling users to store multiple assets in one wallet.
✔️ Available Touch Screen: The presence of a touch screen on certain models of Trezor enhances user interaction and navigation. This feature contributes to a more intuitive and user-friendly experience.
✔️ Highly Secure: Trezor is renowned for its robust security measures. By storing private keys offline in the hardware wallet, it provides optimal protection against online threats such as phishing attacks and malware.
Cons of Trezor Model T:
❌ Security key exclusive to Model T: While the Trezor Model T offers the added security of a physical security key, other Trezor models lack this feature.
❌ Relatively High Cost: Compared to some software wallets, Trezor hardware wallets are relatively more expensive. The investment in hardware security might deter budget-conscious users or those with smaller crypto holdings.
❌ Not Beginner-Friendly: Trezor’s advanced security features and configuration options may overwhelm beginners new to crypto. The setup process to operate the hardware wallet effectively may require some technical knowledge.
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.
One of its distinguishing features is the availability of a security key, which further enhances the protection of your private keys and sensitive information. This hardware-based security approach significantly reduces the risk of unauthorized access. For New Zealanders seeking a secure and efficient way to safeguard their digital assets, such as their Bitcoin the Trezor Model T Wallet is an excellent choice.
To learn more about the features and benefits of Trezor Wallet, we recommend checking out our comprehensive guide, “What is Trezor Hardware Wallet NZ.“
Best Bitcoin wallet for beginners
Purchase Cost: Free
Cloud Storage: No
Cold Storage: Yes
Cryptocurrency NZ Chooses Exodus as the best Bitcoin wallet for beginners due to its exceptional features. Being a free wallet, it offers an accessible entry point for newcomers. Additionally, Exodus provides great customer support.
Pros Of Exodus Wallet:
✔️ Built-in Exchange: Exodus offers the convenience of a built-in exchange, allowing users to easily trade between supported cryptocurrencies without leaving the wallet interface.
✔️ Good Customer Support: With responsive and helpful customer support, Exodus ensures that users receive assistance promptly, enhancing their overall wallet experience.
✔️ Easy Setup Process: Exodus boasts a user-friendly and straightforward setup process, making it an ideal choice for beginners entering the world of cryptocurrency.
Cons Of Exodus Wallet :
- ❌ Closed Source Software: The closed-source nature of Exodus’s software may raise concerns for security-conscious users, as they have limited visibility into the codebase and potential vulnerabilities.
- ❌ Lacks 2FA Security Protection: Unfortunately, Exodus currently lacks Two-Factor Authentication (2FA), which is an additional layer of security desired by some users to protect their accounts from unauthorized access.
Exodus is a user-friendly desktop and mobile wallet known for its straightforward interface and built-in exchange. With the ability to swap between over 250 cryptocurrencies, it offers great versatility for users. Beginners appreciate its simplicity and excellent customer support, making it an ideal entry point into the world of crypto.
However, more advanced users might find it lacking due to its closed-source nature, raising potential security concerns. Despite this, Exodus allows custom fee settings and ensures prompt transaction completion, adding to its appeal for users seeking cost-effective and efficient transactions.
Best Bitcoin Wallet for Advanced Bitcoin users
Purchase Cost: Free
Cloud Storage: No
Cold Storage: Yes
Electrum is a highly secure Bitcoin-only wallet packed with specialized features. It offers unparalleled speed, top-notch security measures, and a commitment to decentralization. One of its standout features is multi-signature access, adding an extra layer of protection to keep your bitcoin safe.
Pros Of Electrum Wallet:
✔️ Cold Storage: Electrum excels in providing cold storage capabilities, ensuring that your private keys and sensitive information remain offline.
✔️ Multi-signature Feature: The multi-signature functionality offered by Electrum enhances security by requiring multiple private key signatures to do transactions.
✔️ Security: Electrum’s focus on security is evident through its robust encryption protocols, hardware wallet integration, and the ability to create secure transactions.
✔️ Speed: Electrum is renowned for its fast and efficient performance. As a lightweight client, it does not require the full blockchain to operate.
Cons Of Electrum Wallet:
❌ Supports Only Bitcoin: While outstanding, Electrum exclusively supports BTC. Kiwis needing multi-crypto support may look elsewhere.
❌ Not Suitable for Beginners: Electrum’s feature-rich interface and emphasis on security may prove overwhelming for beginners or those new to the world of crypto.
Electrum wallet, exclusively designed for Bitcoin transactions, is a top choice for advanced Bitcoin users, boasting advanced security features.
Created by Thomas Voegtling and headquartered in Berlin, Germany, Electrum has been continuously updated since its launch in 2011. It also supports the Bitcoin Lightning Network, enabling faster and more cost-effective transactions.
Best Bitcoin wallet for Hodling
Ledger Nano X
Purchase Cost: $287
Cloud Storage: No
Cold Storage: Yes
Its secure offline wallet, protected by a metallic strip, ensures physical protection. The 100mAh battery, PIN code, and seed phrase add an extra layer of security, making it a reliable option for safeguarding and hodling cryptocurrency assets.
Pros Of Ledger Nano X:
✔️ Intuitive Ledger Live Interface: Ledger Live boasts an intuitive and convenient user interface, simplifying crypto management for users.
✔️ Support for 100 Apps: The Ledger Nano X can support up to 100 apps, allowing users to store and manage multiple cryptocurrencies effortlessly.
✔️ Open-Source Software with Community Support: Being open-source, Ledger’s software benefits from customer and community contributions.
Cons Of Ledger Nano X:
❌ Potential Bluetooth Cyberattack: The Bluetooth integration, while convenient, introduces a potential cyberattack vector (although USB-C remains an option).
❌ Bluetooth Feature Still Maturing: The Bluetooth feature is still under development and not yet perfected, which may raise security concerns.
❌ Unavailable Bluetooth with Desktop: The current limitation of unavailable Bluetooth support with desktops may inconvenience some users.
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.
What Is a Bitcoin Wallet?
A Bitcoin (BTC) wallet is a digital tool that allows individuals to store, send, and receive Bitcoins securely. In essence, it functions as a digital container for your private keys, which are essential for accessing and managing your Bitcoin (BTC) holdings on the blockchain.
Each Bitcoin wallet comes with a unique address that acts like an account number, enabling others to send you Bitcoins, similar to how you share your bank account.
We recommend readers to explore our guide on “What is Bitcoin NZ.” This guide delves deeper into the intricacies of Bitcoin, including how it works, its underlying technology.
How Does a Bitcoin Wallet Work?
Bitcoin wallets function based on the principles of public and private key cryptography. When you create a Bitcoin wallet, it generates a pair of cryptographic keys.
Let’s take a look at how some popular Bitcoin wallets work:
Trezor Model T: This hardware wallet securely stores your private keys offline, keeping them out of reach from potential online threats. When you want to make a Bitcoin transaction, you connect the Trezor Model T to your computer or mobile device, enter your PIN, and sign the transaction with the private key stored on the device.
Electrum: Electrum is a software wallet known for its speed and advanced security features. When you set up Electrum, it generates a seed phrase (a series of words) that serves as a backup of your private keys. The wallet uses the seed phrase to derive your private keys, and your Bitcoin transactions are signed locally on your device. Electrum also allows users to switch between the Bitcoin blockchain and the Lightning Network.
Exodus: As a software wallet with a user-friendly interface, Exodus stores your private keys locally on your device. It offers a built-in exchange service, allowing users to trade between different cryptocurrencies within the wallet. Exodus simplifies the process of sending and receiving Bitcoin by handling the technical aspects behind the scenes.
Ledger Nano X: Another hardware wallet, the Ledger Nano X, stores your private keys offline in a secure chip. To initiate a transaction, you connect the device to your computer, enter your PIN, and confirm the transaction details on the Ledger’s screen.
Private & Public Keys
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.
- Private Key: Private keys is the password to your crypto bank account, and it’s required to sign off outbound transactions from your wallet. Never share your private key with anyone, and the security of your wallet rides on how safely you store your private key.
- Public Key: Bitcoin public keys are like your cryptocurrency bank account number – an address others can use to send you Bitcoin. You can safely send your public key to anyone, knowing they can’t change or open your wallet and take your Bitcoin.
How Much Does a Bitcoin Wallet Cost in NZ?
The cost of a Bitcoin wallet can vary depending on the type and brand of the wallet you choose. Here’s a breakdown of the costs associated with the mentioned Bitcoin wallets:
Trezor Model T: As a hardware wallet, the Trezor Model T typically comes with a price tag ranging from $100 to $230, depending on the region and seller. While it may seem relatively higher in price compared to software wallets, the added security and offline storage make it a worthwhile investment for users seeking top-notch protection.
Electrum: Electrum, being a software wallet, is entirely free to download and use. Users can create and manage multiple Bitcoin wallets without incurring any cost.
Exodus: Exodus is also a software wallet that offers a user-friendly interface and several advanced features. The wallet itself is free to download and use.
Ledger Nano X: As with other hardware wallets, the Ledger Nano X is a premium product designed for maximum security. Its price typically ranges from $100 to $300, similar to the Trezor Model T. The investment in a Ledger Nano X ensures that your private keys are kept offline and safe from potential online attacks.
How to Setup a Bitcoin Wallet in NZ
Setting up a Bitcoin wallet in New Zealand is a foundational step for anyone looking to engage in crypto investing. Follow these steps to create and secure your Bitcoin wallet:
1. Choose a Wallet Type:
- Online Wallets: easy for beginners, accessible through web browsers or mobile apps.
- Hardware Wallets: Physical devices that provide enhanced security by keeping private keys offline. Popular choices include Ledger or Trezor. (Recommended)
- Software Wallets: Installed on your computer or mobile device, such as Exodus.
2. Research and Select a Wallet:
- Consider factors such as security features, user-friendliness, and compatibility with your intended use (e.g., trading, long-term holding, or daily transactions).
3. Download or Purchase:
- For online and software wallets, download the wallet application or access it through a reputable website. For hardware wallets, purchase the device from official retailers.
- Follow the installation instructions provided by the wallet provider. Ensure you download applications or firmware directly from the official source to avoid malware.
5. Create a New Wallet:
- Generate a new wallet within the chosen application. This usually involves creating a secure password. Some wallets may also provide a recovery seed phrase – a crucial backup in case you forget your password.
6. Secure Your Wallet:
- Enable two-factor authentication (2FA) if available. This adds an extra layer of security to your wallet. Keep your password and recovery seed phrase in a secure location, offline, and away from prying eyes. Make sure you have these details documented.
- We highly recommend checking out our NZ crypto wallet backup/recovery guide.
7. Receive Your First Bitcoin:
- Your wallet will provide you with a receiving address. Use this address when someone sends you Bitcoin (BTC). You can find this address within your wallet application.
8. Explore Additional Features:
- Familiarize yourself with the features of your chosen wallet, such as transaction history, sending Bitcoin, and any additional security settings. Exploration equals education.
9. Stay Informed:
- Keep up to date with wallet updates and security practices. Regularly review and enhance the security of your wallet to safeguard your NZ Bitcoin (BTC) holdings.
Cryptocurrency NZ Final Verdict
After a thorough analysis of various Bitcoin wallets, Cryptocurrency NZ’s final verdict for the Best Bitcoin Wallet NZ is the Trezor Model T. Its exceptional security features, such as offline storage, physical security key, and user-friendly touch screen, make it our top choice for safeguarding cryptocurrency assets in New Zealand. The support for a wide range of cryptocurrencies and its durable structure further adds to its appeal.
Although other wallets like Electrum, Exodus, and Ledger Nano X offer valuable features and benefits, the Trezor Model T stands out as the most secure and reliable option for advanced users and beginners alike. For optimal protection and peace of mind, Trezor Model T is the ideal Bitcoin wallet for the New Zealand cryptocurrency community.
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 cryptocurrency wallet in NZ.
You just need a computer or smartphone that can connect to the internet.
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 crypto 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 crypto 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 crypto wallets in the one big wallet.