If you are looking to buy and invest in Bitcoins in, the first step after purchasing them would be to find a secure place to store your Bitcoins in 2023. As such, you would need a Bitcoin Wallet. As Bitcoin is one of the most popular cryptocurrencies in the world, there is no shortages of Bitcoin Wallets out there that you could choose from.
Since there are so many selections, this guide aims to help narrow that list down so that you could choose the best option that suits your needs. As such, we will be covering the best types of Bitcoin Wallets in New Zealand.
There are some basics however, that we need to go through before we dive straight into the list, which is knowing what kind of Bitcoin Wallets are there, and also what factors that you should be looking out for in a Bitcoin Wallet.
Factors when selecting Bitcoin Wallet
Generally, there are 5 things you should look out for, the price/fees that come with the Bitcoin Wallet, what cryptocurrencies are supported by the wallet, how easy it is to set up, any customer support base that could help solve your problems and also lastly how secure the wallet is as you would not want to lose anything that you have stored in them.
Types of Bitcoin Wallets
Also, there will be two types of Bitcoin Wallets that we will include in our list, these are the online hot storages that are usually available on your desktop or mobile. Online wallets are connected to the internet with high convenience but are open to risk of online hacks.
The other type of storage are physical cold storages where you Bitcoins are stored on an offline device and that you will need to plug it into your PC to access it. These cold storages are not connected to the internet at all so are highly secure from online malicious users.
There are basically two types of Bitcoin Wallets, either online wallets (Hot storages) or offline wallets (Cold storages)
An online wallet can be accessed via mobile or your desktop and the most obvious benefit to using an online wallet is the accessibility that it can provide to its users, due to it being stored on the internet.
You could access it as long as you have an internet connection and this brings more convenience to the table with smartphones as you basically have access to your Bitcoin wallet no matter where you are.
30 Second summary – My Recommendation
e-Toro – If you do not want to waste any time for comparison, you should just use e-Toro as it is considered to be the best Bitcoin Wallet for storing Bitcoins in New Zealand due to the fact that it is completely free as opposed to spending over $100 on a cold storage wallet. E-Toro’s wallet supports the major cryptos such as Bitcoin and Ethereum.
The E-Toro brand is well-known and trusted highly by the crypto community. Their platform is also highly regulated and possess some of the best security features that a Bitcoin Wallet could offer which include two-factor authentication and a multi-signature security to protect its customer’s assets.
Best Bitcoin Wallets in New Zealand
- Easily understandable user Interface
- Top tier customer support base
- Low fees
- Fewer support for different types of cryptos
The features that make the online Bitcoin Wallet of Cex.IO stand out from its competitors is that they are licensed and regulated by the Financial Crimes Enforcement Network and are authorized with a level of protection equivalent to a Level Two DSS Certificate.
This means they are recognized to have a certain level of security which is deemed safe enough to store cryptos and process payment card data.
Their platform also offers a well-put together support section which you are able to refer to if there are certain points that you do not understand regarding their Bitcoin Wallet. Cex.IO also offers an advanced user interface with comprehensive trading windows with purpose of monitoring in mind that are easy to understand due to their clean interface.
Although Cex.IO offers great features to its customers, they only support the main types of cryptos (BTC,ETH,etc) and might not be able to store the less popular coins. They are also an online bitcoin Wallet s, although their security is nothing to scoff at, they are still comparatively less secure compared to a cold storage wallet.
- Strong security features
- Friendly user interface
- Supports over 20+ types of cryptocurrencies
- Provides Mobile support
- High traffic on their platform could lead to delays in transaction processing
Coinbase has one of the highest traffic volumes compared to its competitors and also provide its users with a simple user interface in order to help them store and transfer their cryptos. They also highly focus on their mobile app support which means that you will be able to access your Bitcoin Wallet anywhere, anytime.
Coinbase also provides top tier security for its customers and they are regulated and also an incorporated crypto exchange, boasting a strong history of security record as they employ features such as Secure Enclave Technology to protect their Bitcoin Wallets.The Coinbase Bitcoin Wallet also supports over 20+ different types of cryptos.
One downside however is that with so many users on the Coinbase platform, your transactions when storing or sending out cryptocurrencies may experience a delay due to the sheer traffic volume.
- Free to use
- Huge variety of cryptocurrencies
- Great customer support base
- Closed Source Software
Exodus is a built-in exchange which also offers a simple user interface and one of their most popular features is the ability to swap your stored cryptocurrencies to another. They support a swap of over 100 different types of cryptocurrencies
Due to its simplicity, it is great for beginners due to their great customer support base ready to cater to the needs of its users. Although it would be great for beginners, experienced users may find that Exodus actually lack some features which includes it being a closed source wallet.
What this means is that the code of their framework is not open for everyone which might create some security concerns and customers have to rely on the Exodus team to ensure there are no gaps in their security
- Transaction fees are customizable
- More secure than most online wallets
- Security seed phrase is customizable
- Plain user interface
- Only Bitcoin is supported
- No customer support
Electrum is one of the oldest and original online wallets that cater for Bitcoin only and has been around for over 10 years. Electrum Bitcoin wallet excels at storing Bitcoin and ensuring its security. They also provide a couple of more complex options that are more suited for advanced users.
Electrum is also an open sourced online wallet which means its users are able to set custom transaction fees and also able to determine the level of security which they wish to utilize. For example, if you wish, you are able to create a more traditional wallet with two-factor authorization or even a multi-signature wallet.
The open source framework also means you can increase the number of characters that you have on your backup seed phrase.
All in all, Electrum is the best choice for Bitcoin investors who prefers customizable security features. However, Electrum only caters to Bitcoin users only ad supports no other type of cryptocurrencies.
5. Ledger Nano X
- Bluetooth connectivity
- Intuitive and convenient user interface
- Open source software
- Bluetooth convenience means there is potential vector of cyber attack
- Limited storage space
The Ledger Nano X is a hardware wallet that resembles a silver USB drive that is used to connect to your device and supports over 1,500 different types of cryptocurrencies. The Ledger team is aiming to increase this number.
Although it is a hardware wallet, Ledger has created a software that allows you to have a interface to check our holdings. What this means is that users will be able to add new different type of wallets for different cryptocurrencies into their devices and also serves as a platform to manage their portfolios.
The Ledger Nano X features a FIDO Universal 2-factor authentication standard and all accounts stored are backed up on a recovery sheet. If you do not wish to use the software, there is a built-I OLED display which you can use for simple confirmation and checking of transactions
One downside of the Ledger Nano S is that they cost approximately 79 Euros which translates to $133 NZD and Ledger has a history of delays on their shipping orders.
- Unlimited wallet storage
- Supports a variety of cryptocurrencies
- Web based user interface
- High price point
- Small touchscreen for typing
- Complex setting up and usage for beginners
The Trezor brand is as well known and as successful compared to its fierce competitor, Ledger and the Model T utilizes a touch screen which makes it easier compared to previous models which utilizes buttons.
The small portable device connects to your PC via a USB cable and allows you to control your private keys which can be backed-up using a seed phrase consisting of 24 characters which is generated when setting up. The device also features a screen that allows you to check and confirm transactions.
The downside of the Trezor device is that they come at about a tad bit higher than the Ledger units at $150 NZD for each unit, so may not be the best choice if you are looking for a Bitcoin Wallet on a budget.
- Secured offline storage
- Supports a wide range of cryptos
- Price point
- Not as popular compared to other hardware wallets
KeepKey is a hidden gem in the Hardware wallet market and being launched back in 2015, is a great-looking wallet with a strong emphasis on security. It strives to create a simpler set up process to other hardware wallets on the market.
KeepKey’s HD wallet allows its users to generate and also store a unlimited number of private keys. The device also features an OLED display and transaction confirmation option to check all of your transactions.
KeepKey also allows its products to be integrated with any wallet software on your computer that allows you to manage and change private key generation, storages and signing of transactions
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 cryptos such as Bitcoin, Ethereu, and Litecoin.
KeepKey, however, has not been around as long as its main competitors on the market and most cryptocurrency holders rely on trust and reputation to select their Bitcoin Wallet options. Additionally, they command the highest price point of all hardware wallets on our list, being prices at $180 NZD for each unit
- Highly secured for Bitcoin
- Low Fees
- Lightweight and quick desktop application
- There are better online software options
- A bit complex for beginners to start using
- Only focused on Bitcoin
Electrum was created back in 2011 and highly trusted in the Bitcoin community as it prioritizes its focus on Bitcoin storage. It is a free to download app for Windows, Linux and OSX operating systems with also an Android app available for mobile users, but no app for iPhone users.
Once a user launches the Electrum app, they will gain control of the private key and the app encrypts it and it will never leave the computer. Electrum Bitcoin Wallet also features a two-factor authentication on user accounts and provides the feature to store private keys offline in hardware wallets that are compatible with Electrum.
It is known as being a lightweight application on PC as the platform actually does not download the entire blockchain but only accessing critical information on remote servers, plus it only targets Bitcoin related info only.
Frequently Asked Questions (FAQ)
How to choose the best Bitcoin wallets?
We have reviewed over a dozen bitcoin wallets and reviewed them based on their costs, customer support, security features, supported cryptos and how easy it is to use. Security would be our main consideration with a sub-focus on how well it works with some of the larger exchanges which would allow you to quickly complete transactions on the market.
With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy. He is committed to share everything he knows about crypto here at Crypto Digest News.