Defi Wallet NZ Wallet NZ – New Zealand’s Crypto Guide (2024) is one of the largest players in the cryptocurrency space with over 50 Million active users. In this Guide we dive deeper into their DeFi Wallet and see if its best suited for New Zealanders.

Within the ecosystem, you’ll find the mobile app, exchange, and the latest addition, the Decentralized Finance (DeFi) cryptocurrency wallet.

While both the exchange and mobile app are custodial in nature, the DeFi Wallet stands out as a non-custodial solution. These three applications seamlessly integrate with each other, offering a unified experience within the ecosystem.

In this guide, Cryptocurrency NZ will dive into the features and the basics of DeFi wallet – and help gauge if this cryptocurrency wallet is best suited for kiwis.  

What is DeFi Wallet?

The DeFi Wallet is a secure wallet that allows you to have complete control over your cryptocurrencies and access a range of Decentralized Finance (DeFi) services, all in one convenient location. With this cryptocurrency wallet, you can manage over 100 different tokens, including popular ones like Bitcoin, Ethereum and Dogecoin. Wallet NZ

Is DeFi Wallet Safe in NZ? DeFi Wallet is designed to prioritize security. However, it’s important to note that no crypto wallet can be considered completely immune to risks. Consider theses:

  • Security Features: DeFi Wallet offers features like two-factor authentication (2FA), biometric authentication, and encryption of private keys to enhance security.

  • Non-Custodial Wallet: The Wallet is a non-custodial cryptocurrency wallet, which means you have full control over your private keys and funds. 

  • Personal Security Practices: While Wallet provides security features, it’s crucial to ensure that you maintain good personal security practices. This includes creating a strong passwords, a mix of upper and lowercase letters and numbers.

  • Research and Reputation: It’s advisable to research and review the reputation of any cryptocurrency wallet provider before using their services. is a well-known and established platform in the cryptocurrency industry but always DYOR!

DeFi Wallet vs App Wallet

The DeFi Wallet differs from the App Wallet in terms of its decentralization. As the name suggests, the DeFi Wallet operates in a decentralized manner, without a central authority overseeing it such as 

However, in the App Wallet, your wallet is managed by, an incorporated and regulated entity. This is commonly referred as a custodial wallet. 

CNZ believes if privacy is a priority for you; the DeFi Wallet is ideal as it allows you to create wallets and conduct transactions anonymously. Conversely, creating a centralized App Wallet requires valid identification, linking transactions to your real-world identity.

What are the Fees Involved?

When it comes to moving funds within the ecosystem, there are no extra fees to worry about. However, it’s important to be aware that all transactions occur on chain.

For instance, if you’re using Ethereum, transaction fees can vary depending on the network congestion. In some cases, fees can range from $5 to $50 for a single transaction.

Fortunately, the DeFi Wallet offers a useful Ethereum gas tracker, allowing you to stay informed about the current ETH fees. This feature helps you choose the right time to make transactions when the network is less congested, enabling you to save on fees.

Pros and Cons of DeFi Wallet

✔️ Pros of DeFi Wallet

  • Decentralization: The DeFi Wallet operates in a decentralized manner, giving you full ownership and control over your funds. This aligns with the core principles of cryptocurrencies and provides enhanced security against potential hacks.

  • Privacy: The DeFi Wallet allows you to conduct transactions anonymously, offering a higher level of privacy compared to centralized alternatives. This can be beneficial for individuals who value their privacy and want to keep their financial activities private. 

  • Access to DeFi Services: As a dedicated DeFi wallet, it provides seamless access to various decentralized finance services within the ecosystem. This enables you to explore and participate in decentralized lending, borrowing, staking, and other DeFi activities, empowering you to make the most of the growing DeFi landscape.

❌ Cons of DeFi Wallet

  • Higher Responsibility for Security: With the DeFi Wallet, you are solely responsible for the security of your funds. If you lose access to your wallet or fall victim to hacking attempts, there may be limited recourse or support available to recover your funds.

  • Potential Complexity: DeFi protocols and interactions can sometimes be complex, especially for users who are new to the DeFi ecosystem. Engaging in DeFi activities through the DeFi Wallet may involve navigating various decentralized platforms and understanding smart contract functionality.

  • Network Congestion and Transaction Fees: Like many other blockchain-based applications, the DeFi Wallet operates on-chain, which means transaction fees and network congestion can impact the cost and speed of your transactions. 

Alternative Cryptocurrency Wallets

If you’re considering alternative wallets to the DeFi Wallet, there are a few options worth exploring. One popular choice is MetaMask or Trust Wallet

If your after Hardware Wallets two great options are Ledger and Trezor these bad boys are like Fort Knox for your crypto, offering the highest level of security for long-term storage. 

There’s no one-size-fits-all when it comes to digital wallets, so don’t be afraid to explore different options and find the one that best fits your needs. Read more about wallets.

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Cryptocurrency NZ Final Verdict

TLDRWe recommend using MetaMask over DeFi Wallet. 

Cryptocurrency NZ believes that the DeFi Wallet is a robust and feature-rich wallet that offers significant benefits to the average New Zealander. With its decentralized nature, the cryptocurrency wallet provides users with complete ownership and control over their digital assets, aligning with the core principles of cryptocurrencies.

However, it’s important to note that connecting the DeFi Wallet to centralized entities can compromise privacy, which goes against the fundamental nature of cryptocurrencies. Users should carefully consider the trade-off between convenience and privacy when deciding to integrate with centralized services such as 

One Final aspect to keep in mind is that does not currently support off-ramps to New Zealand dollars (NZD). This means that converting cryptocurrencies to NZD within the ecosystem may not be possible, requiring users to explore alternative platforms such as Easy Crypto NZ or New Zealand Peer-to-Peer Marketplace.

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Disclaimer: All content in this guide is intended for educational purposes only and should not be interpreted as financial advice. As an individual, you are entirely responsible for how you conduct your investments and manage your cryptocurrency interests. It is exclusively your own responsibility to perform due diligence and Cryptocurrency NZ recommends taking extreme care and caution with crypto and are not responsible for the outcomes, management, or oversight of your activities.