Who Should Make Use of This Crypto Wallet Comparison?
This comparison is perfect for any Kiwis that are new to the wonderful world of cryptocurrency investing. The high-profile bull cycle of 2020 and 2021 saw interest spike in Bitcoin, and many people in New Zealand now want to get in on the action. Some see it as an investment that can help them secure long-term gains, while others want to use crypto to fuel cheap, quick and secure online transactions.
When you buy crypto currency online, you have two choices: keep it in your exchange account, or move it to an external wallet. If you plan to take part in daily crypto trading, you might want to leave it in the exchange, so that you do not have to pay withdrawal fees, and to make the trading process more convenient. However, cryptocurrency exchanges have been hacked in the past, so it is generally safer to transfer your coins to an external wallet if you want to hold them for a period of time, or use them for online transactions.
Beginners can use this guide to identify the best Bitcoin wallets and altcoin wallets. However, this New Zealand crypto wallets guide is also useful for seasoned investors. New wallets are released on a regular basis, and you might find a wallet that is superior to the one you are currently using.
How to Identify the Best Binance Coin Wallets
There are a number of key traits you should look for in crypto wallets:
This should be your primary concern when weighing up the strengths and weaknesses of crypto wallets. The best cryptocurrency wallet will keep your coins safe from hackers, which is important at a time when many people in New Zealand have ploughed a substantial portion of their savings into crypto. The best Bitcoin wallets have a two-factor authentication system, and use encryption software. Many people also opt for cold, offline wallet storage.
The leading crypto wallets make it easy for you to send and receive funds. They accept a broad range of cryptocurrencies, and facilitate fast and easy transactions. There is always a delicate balance between security and convenience, but the best wallets keep your coins safe and still make it simple to conduct online transactions without wasting time.
Any beginners to crypto investing should seek out a wallet that provides a user-friendly interface. It should display your balance clearly, offer strong charting and analytical tools, and allow you to send and receive funds with minimum fuss. Many also allow you to swap crypto pairs within your wallet. Even if you are an experienced crypto investor, a strong user interface is always welcome, as it saves you time, cuts out the potential for errors and helps you stay on top of your balance at all times.
Do a little research into the development team behind the crypto wallets you are interested in. A Bitcoin wallet review should explain whether or not it has an active, dedicated and talented development team behind it. The best development teams continually tweak and improve the offering, capitalizing on the latest security advances and increasing the number of altcoins they accept. Customer service is also important. The best crypto wallet providers offer 24/7 customer service via a range of channels, which can be vital if a transaction goes awry in the middle of the night. You should be able to speak to a real person that can offer concise, helpful advice.
Many crypto investors have had lost or accidentally damaged their Bitcoin wallets in the past. That is why you must choose a wallet that offers robust back-up features, which allow you to recover your funds in such an event. You should ideally retain control of your own private keys.
Types of Bitcoin Wallets
The first thing you must consider is the type of wallet you will opt for. These are your key options:
This is the most convenient of all the crypto wallets. You simply create a wallet at a third-party website and store your coins in it. The sign-up process will be quick and easy, and you can then access your funds from any device by logging in. However, this is also potentially the least secure option for storing crypto, as it is online and vulnerable to hacking, phishing and other scams.
You can download a software wallet that sits on your desktop or mobile device at all times. This is also a pretty convenient option. If you are sitting at a desk most days, you can download one for your computer. However, it is not so convenient when you are travelling. A mobile wallet is great for people that are on the go regularly, but it can be problematic if you lose your phone.
This is an old-school way to store your crypto, but very secure. You simply print public and private keys onto a piece of paper, and keep that piece of paper safe. You can use it when sending and receiving crypto. It is offline, so it is not vulnerable to hackers. However, a piece of paper is not particularly robust, so it could be damaged by fire or water, or stolen,
It might be advisable to invest in a hardware wallet if you plan to store crypto for a period of time. It requires an upfront investment, but it is generally very safe, as you store your coins offline in a hardware device. They are sturdy, so less susceptible to damage than paper wallets, and also password protected, which could deter theft. You can also link a hardware wallet to a software wallet to blend security with extra convenience.
Editor’s Recommendation – The Best Crypto Wallets in NZ
The Trezor Model T makes an excellent choice for anyone searching for the best crypto wallets available. It might cost around $250, but that is a small price to pay for the security and convenience it offers. It provides safe, offline storage, and you can also import it into several desktop or mobile wallets, such as Exodus.
The Trezor Model T is a clear upgrade on the Trezor Model One, as it has an LCD colour touchscreen and an intuitive and convenient interface, which allows you to interact directly with the device to verify and approve all operations. However, a Model One is still a good option for anyone on a smaller budget and planning to hold fewer coins.
Exodus is an excellent software wallet, which can sit on your desktop or mobile. Like the Trezor, it is compatible with a huge range of cryptocurrencies, and it also allows you to exchange one cryptocurrency for another within your wallet. It can be connected to your Trezor hardware wallet too, so you can get the best of both worlds.
If you want a simple paper wallet, you can visit CashAddress, follow the instructions and print off crypto wallets. If you are planning to take part in regular trading, you can simply stick to the exchange-based wallets at leading sites like Binance, Coinbase or Kraken.
How Our Experts Test Bitcoin Wallets
Our experts buy the various hardware crypto wallets available in New Zealand and monitor the speed and efficiency of the shipping process. They also compare the prices of each wallet to determine the value for money it offers. Our expert reviewers examine how secure and effective the set-up procedure is, and test each of the hardware Bitcoin wallets for durability, portability, usability and versatility.
The reviewers will call the customer service team and ask a range of questions in order to determine how helpful, knowledgeable and friendly the representatives are. They transfer funds to the crypto wallets and send funds to other wallets, checking the speed and simplicity on offer. The reviewers will also perform a thorough analysis behind the company that supplies the wallet, the transparency of the owner, the dynamism of the development team and the security record of the wallet.
The reviewers follow a similar process with web-based wallets and software wallets. They download or register with all the available New Zealand crypto wallets and put them through their paces. Once they have compiled a robust body of information about each wallet, our experts compare their relative strengths and weaknesses and recommend the very best Bitcoin wallets for our readers.
Finding the Best Crypto Wallets for You
You should consider a hardware wallet if you plan to hold a significant amount of crypto for a period of time. If you have earned Bitcoin from crypto mining or bought it at an exchange, you might see it as a store of value, and you should keep it offline and away from hackers.
If you are planning to make regular transactions, like buying goods and services at progressive retailers that accept Bitcoin and altcoins, you might prefer a convenient software wallet like Exodus Electrum or Atomic. This can also be appropriate if you plan to hold just a small amount of crypto.
Anyone interested in trading crypto on a regular basis might prefer to store it in exchange-based crypto wallets, but investing in a secure external wallet too is generally advisable.
How to Create a Crypto Wallet
Once you have read the crypto reviews and chosen a wallet, you can follow a few simple steps to set it up. You can visit a site like CashAddress, Bitcoin.com or WalletGenerator.net, rapidly create a wallet, and print off your public and private keys. Make sure you go offline for that process. If you want a web wallet, visit a site like Jaxx or StrongCoin, enter your details and start sending and receiving crypto.
You can quickly download a software wallet, choose a password and write down your recovery keys. Remember to keep them safe. The process is a little more painstaking with a hardware wallet, as you have to buy it online – either direct from the company or at a retailer like Amazon – and wait for it to arrive. You can then set it up by choosing a PIN, writing down recovery keys and connecting it to a computer to complete the installation process.
Why Invest in Crypto?
The crypto sector has grown increasingly diverse and sophisticated since Bitcoin arrived on the scene back in 2009. It remains the world’s largest cryptocurrency by a comfortable margin, but there are hundreds of altcoins to choose from and they all fulfil different niches. For the most part, crypto transfers are quick, secure and very cost-effective, as you cut out the middleman when using a decentralized cryptocurrency like Bitcoin, Litecoin or Bitcoin Cash.
The potential for DeFi is vast, and blockchain technology could eventually transform entire economies. Many investors have also made their fortunes by buying low, storing their coins in crypto wallets and then selling high. They are generally volatile assets, but the crypto market has grown significantly over the past decade and the future outlook is positive.
Conclusion – Choosing The Best Crypto Wallet
You should stick to safe, secure crypto wallets that accept a broad range of altcoins and provide a high-quality user experience. A wallet backed by a committed development team, a strong customer service department and a robust security record is worth its weight in gold. Just make sure you have access to your back-up keys in case your wallet is compromised, and always check each wallet address very carefully before sending crypto.