If you want to buy bitcoins and invest in them, the first step after purchase is to find a safe place to store your bitcoins. That’s why you need a bitcoin wallet. Since Bitcoin is one of the most popular cryptocurrencies in the world, there is no shortage of Bitcoin wallets to choose from. Since there are so many options, this guide will help you narrow down the list so you can choose the best option for your needs. So, we are going to introduce you to the best types of bitcoin wallets in New Zealand.
Still, there are a few basics to go through before diving straight into a list that knows the types of bitcoin wallets, as well as the factors you should look for in a bitcoin wallet.
Factors to consider when choosing a Bitcoin wallet
In general, there are 5 things you should look at: the price of the bitcoin wallet, the cryptocurrencies it supports, how easy it is to set up, whether there is a customer support that can help you solve your problems, and finally the security of the wallet, because you don’t want to lose everything you have stored there.
Types of Bitcoin wallets
In addition, our list includes two types of bitcoin wallets, which are online storage facilities usually available on your desktop or mobile phone. Online portfolios are connected to the Internet and offer a high level of convenience, but are exposed to the risk of online hacking.
The other type of storage is physical cold storage, where bitcoins are stored on a standalone device and must be connected to a computer in order to be accessed. These cold stores are not connected to the internet at all and are therefore safe from intruders.
There are essentially two types of bitcoin wallets: Online portfolios (hot stores) and offline portfolios (cold stores).
An online portfolio can be accessed from a mobile phone or a desktop computer. The most obvious advantage of using an online portfolio is the accessibility it can offer its users because it is stored online. You can access it whenever you have an internet connection, and it brings more convenience with smartphones because you can essentially access your bitcoin wallet from anywhere.
30-Second Summary – My Recommendation
e-Toro – If you don’t want to waste time comparing, just use e-Toro, as it is considered the best bitcoin wallet to store bitcoins in New Zealand, as it is completely free, as opposed to spending over $100 for a fridge wallet. The E-Toro wallet supports the major cryptocurrencies such as Bitcoin and Ethereum.
The E-Toro brand is well-known and trusted in the crypto community. Their platform is also highly regulated and has some of the best security features a bitcoin wallet can offer, including two-factor authentication and multi-signature protection to protect customers’ assets.
Best Bitcoin Wallets in New Zealand
- Easy to understand user interface
- High level of customer service
- Reduced fees
- Less support for different types of cryptography
Cex.IO’s online bitcoin wallet is distinguished by the fact that it is licensed and regulated by the Financial Crimes Enforcement Network and has a level of protection equivalent to a DSS Level 2 certificate. This means that they have a certain level of security, which is considered sufficient for the storage of cryptographic data and the processing of payment card data.
Their platform also offers a well-designed shared support section, which you can call upon if you don’t understand certain things about their bitcoin wallet. Cex.IO also offers an advanced user interface with extensive trading windows for monitoring, which are easy to understand thanks to their clean interface.
Although Cex.IO offers excellent features to its customers, it only supports the main types of cryptocurrencies (BTC, ETH, etc.) and may not be able to store less popular coins. These are also online bitcoin wallets, although their security is not to be despised, they are still relatively less secure than cold storage wallets.
2. Parts basis
- Strong protection elements
- User-friendly interface
- Support for more than 20 types of cryptocurrencies
- Provides mobile assistance
- High traffic on their platform can cause delays in processing transactions.
Coinbase has one of the highest traffic volumes compared to its competitors and offers its users a simple user interface that helps them store and transfer their crypto data. They also highlight the support of their mobile apps, which means you can access your bitcoin wallet anywhere, anytime.
Coinbase also provides a high level of security for their customers and they are regulated and include crypto exchanges, with a strong security history because they use features like Secure Enclave technology to protect their bitcoin wallets.Coinbase bitcoin wallet also supports over 20+ different types of crypto.
One drawback, however, is that with so many users on the Coinbase platform, your transactions may experience delays in storing or sending crypto-currencies due to the high volume of traffic.
- Free use
- A wide variety of crypto-currencies
- Excellent customer service
Exodus is an integrated exchanger that also offers a simple user interface, and one of its most popular features is the ability to exchange your stored cryptocurrencies for others. They support the exchange of over 100 different types of cryptocurrencies.
Its simplicity makes it ideal for beginners, thanks to the excellent customer support ready to meet users’ needs. While this is fine for beginners, experienced users will find that Exodus lacks a number of features that distinguish it as a closed wallet. This means that their framework code is not accessible to everyone, which can lead to some security issues. Customers will need to rely on the Exodus team to ensure there are no security breaches.
- Transaction costs are adjustable
- Safer than most online wallets
- The security slogan is customisable
- Simple User Interface
- Bitcoin only supports
- No customer support
Electrum is one of the oldest and most original online wallets that only serves bitcoin, and it has been around for over 10 years. An electric bitcoin wallet is ideal for storing and keeping bitcoins safe. They also offer some more sophisticated options that are better suited to advanced users.
Electricity is also an open source online wallet, meaning users can set their own transaction fees and are also able to determine the level of security they wish to use. For example, you can create a more traditional wallet with two-factor authentication or even a wallet with multiple signatures if you want. The open source framework also means that you can expand the number of characters in your backup source.
Overall, Electrum is the best choice for bitcoin investors who prefer customizable security features. However, Electrum only serves Bitcoin users, and the listing does not support any other type of crypto currency.
5. Nano X roofing membrane
- Bluetooth connection
- Intuitive and user-friendly user interface
- Free software
- The convenience of Bluetooth means that there is a potential vector for cyber attacks.
- Limited memory
Ledger Nano X is a hardware wallet that looks like a silver USB drive that you plug into your device and supports over 1500 different types of cryptocurrencies. The registry team is committed to increasing this number.
Although it is a hardware wallet, Ledger has developed software that provides you with an interface to monitor our holdings. This means that users will be able to add new types of portfolios for different cryptocurrencies to their devices, and serve as a platform to manage their portfolios.
Ledger Nano X offers universal two-factor authentication according to the FIDO standard, and all saved credentials are stored on a recovery sheet. If you don’t want to use software, there’s a built-in I OLED screen that you can use to easily confirm and authenticate transactions
A downside to the Nano S books is that they cost around €79, which works out to NZD 133, and Ledger has a history of delays in its delivery orders.
- Unlimited wallet storage
- Support for various crypto-currencies
- Web user interface
- High price
- Small touch screen for input
- Complete installation and operation for beginners
The Trezor brand is as well-known and successful as its struggling competitor Ledger, and the Model T uses a touch screen, making it easier to use than previous models with buttons.
This small handheld device connects to your computer via a USB cable and allows you to manage your private keys, which are protected by a 24-digit passphrase generated during installation. The device is also equipped with a screen on which you can view and confirm transactions.
The downside to the Trezor devices is that at 150 NZD per device, they are slightly more expensive than the Ledger devices. So they may not be the best choice if you are looking for a bitcoin wallet on a budget.
- Secure offline storage
- Support for a wide range of cryptographic equipment
- Not very popular compared to other hardware wallets.
KeepKey is a hidden gem in the hardware wallet market. Since its launch in 2015, it has been a great looking wallet with an emphasis on security. The intention is to create a simpler configuration process for other hardware packages on the market.
HD KeepKey Wallet allows the user to generate and store an unlimited number of personal keys. The device also has an OLED display and a transaction confirmation option to check all your transactions. KeepKey also allows you to integrate its products with any wallet software on your computer so you can manage and change the generation, storage, and signing of private keys.
KeepKey works on all three types of operating systems and is compatible with online wallets such as Electrum, Multibit and Mycelium. They also support the storage of the main types of cryptocurrencies, such as Bitcoin, Ethereu and Litecoin.
However, KeepKey has not been around as long as its main competitors in the market, and most cryptocurrency holders rely on trust and reputation when choosing bitcoin wallet options. They also have the highest price of any rack on our list, at NZ$180 for each unit.
- Highly secure for Bitcoin
- Reduced fees
- Quick and easy desktop application
- There are better online software options
- A bit difficult to use for beginners
- Focusing on bitcoin only
Founded in 2011, Electrum enjoys great trust within the bitcoin community because it prioritizes bitcoin data storage. It is a free application for Windows, Linux and OSX operating systems. There is an Android app available for mobile users, but no app for iPhone users.
As soon as the user starts the Electrum application, he takes control of the private key and the application encrypts it without ever leaving the computer. Electrum Bitcoin Wallet also offers two-factor authentication of user accounts and the ability to store personal keys offline in hardware wallets from Electrum.
It is known as a lightweight PC application because the platform does not load the entire blockchain, but only accesses critical information on remote servers and focuses only on bitcoin-related information.
frequently asked questions (FAQ)
How to choose the best bitcoin wallets?
We reviewed and analyzed more than a dozen bitcoin wallets for cost, customer support, security features, supported cryptographic capabilities, and ease of use. Safety is the most important criterion to consider, but you should also check how the system works with some of the major stock markets so you can trade quickly on the market.
With over 10 years of experience as a financial analyst, Eric is well aware of the potential of cryptocurrencies, particularly bitcoin, and its impact on the global economy. He is determined to share everything he knows about cryptocurrencies here.
frequently asked questions
What is the best and most secure bitcoin wallet?
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