If you’re a Kiwi interested in crypto, you’ve probably already heard about Easy Crypto NZ.
After all, they are the cryptocurrency platform of choice for over 200,000 New Zealanders.
Until just recently, users of Easy Crypto would be required to set up their own external personal crypto wallet, to receive their crypto to once purchased through Easy Crypto NZ.
We introduce you to the Easy Crypto wallet, EC’s new user-controlled crypto wallet which helps streamline the process of getting started with crypto for absolute crypto newbies.
What is Easy Crypto NZ?
Easy Crypto NZ is New Zealand’s largest non-custodial Bitcoin and crypto service provider. EC launched all the way back in 2017 to quickly become the top dog in the New Zealand crypto space. They are known for their simple interface, friendly support, range of coins, instant verification and contributions to the NZ Bitcoin community and industry. ECNZ is focused on simplifying the crypto experience for both newbies and seasoned investors.
For more info on Easy Crypto, read Cryptocurrency NZ’s dedicated ECNZ review.
What is Easy Crypto NZ's Wallet?
Launched on the 22nd November 2023, Easy Crypto’s Wallet is a user friendly, self custody, mobile crypto wallet designed to provide a secure and seamless experience for managing various cryptocurrencies. It’s pretty safe to say this was always going to happen, with EC now having a one-stop solution allowing users to store, buy, sell and manage over 50 top cryptos on their platform. Designed from the ground up with investment security in mind.
✔️ Beginner Friendly Interface: Suitable for both beginners and experienced investors.
✔️ Easy to Set Up: Extremely easy to create and use along side your Easy Crypto account.
✔️Security Features: Cutting-edge security; multi-party computation and social recovery.
✔️Versatility: Supports over 50 cryptocurrencies, with plans to expand the coins list.
✔️Local Trust: Developed by New Zealand’s largest non-custodial crypto exchange.
✔️Local Support: you can get 5 day a week assistance from Easy Crypto’s support team.
Cons (For Privacy Focused Users)
Wallet Security Features
Security has been paramount in this wallet’s development, built on foundations of military grade encryption and extending to an innovative social recovery system, encrypted cloud backup and mobile first security. All in all, we give Easy Crypto’s Wallet a 5/5 star in trust and security, rooted in it’s non custodial nature: meaning you still own your own wallet.
Easy Crypto’s Wallet introduces a groundbreaking feature known as Social Recovery, adding a unique and human-centric layer to the security and recovery process. Social Recovery is designed to address the common concern of individuals losing access to their wallets due to various reasons, such as a misplaced phone or forgotten login credentials.
Trusted Contacts as Guardians
With Social Recovery, users have the option to designate trusted friends or family as “guardians” within the app. These contacts play a crucial role in the recovery process and act as your personal safety net in case of unforeseen circumstances. Here’s how it works:
Nomination of Guardians:
Users can nominate a pre-selected number of individuals to serve as guardians. These can be close friends, family members, or anyone the user trusts with wallet recovery.
Wallet Recovery Request:
In the event of a lost phone or an inability to access the wallet, the user initiates a wallet recovery request through the Easy Crypto Wallet app.
The nominated guardians receive a notification or request to assist in the recovery process, sent to their personal Email.
To proceed with the recovery, a consensus among the nominated guardians is required. This ensures a collective decision-making process, so you’ll want to select guardians who you trust, have access to, and that you expect to be around for the long haul.
Recovery Code or Keyshare:
Once the guardians reach a consensus, a recovery code or keyshare is generated. This code serves as a secure means to regain access to the wallet, and is sent to the user.
Wallet Access Restoration:
The user can then use the recovery code to restore access to their wallet, providing a seamless and secure recovery experience – potentially saving you from major losses.
In the ever-evolving landscape of digital security, Easy Crypto’s Wallet takes a proactive approach with its Mobile-First Security feature. Recognizing the prevalence of mobile devices as a primary tool for accessing digital assets, this security strategy adds an additional layer of protection to ensure the safety of your New Zealand crypto holdings.
Physical Possession Requirement:
To access your EC Wallet, users must physically have their mobile device with them. This simple measure serves as a tangible barrier against unauthorized access.
Reduced Risk of Remote Attacks:
Mobile-First Security minimizes the risk of remote cyber attacks since access to the wallet is tied directly to the physical possession of the user’s phone. This reduces the vulnerability associated with online threats. Hardware wallets however, are still king.
By integrating mobile devices into the security framework, Easy Crypto leverages built-in authentication methods such as biometrics (fingerprint, facial recognition) and device PINs. This adds an extra layer of ID verification beyond traditional login credentials.
Encrypted Cloud Backup
Easy Crypto’s Wallet places a premium on the security and recovery of your digital assets, and the Encrypted Cloud Backup feature stands as a testament to this commitment. This innovative feature ensures that, even in the face of unexpected events such as a lost or damaged device, your cryptocurrency holdings remain safe, accessible and recoverable.
Secure Wallet Replication:
The Encrypted Cloud Backup creates a secure replication of your wallet data in Easy Crypto’s cloud. This encrypted copy is a mirror image of your wallet, preserving all essential information related to your crypto holdings, ensuring you can regain access.
Protection by Password:
The replicated wallet in the cloud is protected by a robust password chosen by you. This ensures that even if the backup is accessed, it remains secure and inaccessible without the user-defined password. Just make sure to use one that is long and bulletproof
Flexibility and Accessibility:
The cloud backup offers flexibility, allowing you to access your replicated wallet from anywhere with an internet connection. This accessibility ensures that your crypto assets are not confined to a single physical device – and can be accessed from any device.
Cryptocurrency NZ Final Verdict
Easy Crypto’s wallet is a legit, trusted and innovative wallet which is at the forefront of crypto wallet security practices – most notably with their social recovery backup system. The launch of EC’s wallet will without a doubt make it easier for every day Kiwi crypto investors to mainline into the crypto markets. If you are someone who is privacy focused, or you’re looking for the maximum security storage option, we’d still always recommend purchasing a hardware wallet like the Trezor or Ledger. We hope you enjoyed this guide, and feel free to reach out for help, or tee up a chat with us through Crypto Consulting NZ.