Quick Picks
- Best Hardware Wallet: Ledger Nano X — Bluetooth, 5,500+ coins, excellent security
- Best Budget Hardware: Trezor Model One — Affordable, open-source, proven track record
- Best Mobile Wallet: BlueWallet — Bitcoin-only, Lightning Network, open-source
- Best Desktop Wallet: Electrum — Lightweight, advanced features, Bitcoin-only
- Best Multi-Coin: Exodus — Beautiful UI, 250+ coins, built-in exchange
Why Use a Wallet?
When you buy Bitcoin on an exchange, the exchange holds your crypto in their wallets. This means if the exchange gets hacked, goes bankrupt, or freezes accounts, you could lose your funds. The crypto saying "not your keys, not your coins" exists because of real events — the Mt. Gox hack, FTX collapse, and QuadrigaCX disaster all resulted in billions in customer losses.
A personal wallet gives you complete control over your Bitcoin. Only you hold the private keys, and no exchange or third party can freeze or seize your funds.
Hardware Wallets (Cold Storage)
Hardware wallets store your private keys on a physical device, completely offline. They are the most secure option for storing significant amounts of crypto.
Ledger Nano X
Best OverallThe most popular hardware wallet globally. Supports 5,500+ cryptocurrencies, has Bluetooth connectivity for mobile use, and uses a secure element chip (same as credit cards and passports). Ships to New Zealand.
Price
~$250 NZD
Coins
5,500+
- + Bluetooth for mobile
- + Secure element chip
- + Large coin support
- - Most expensive option
- - Ledger Live app required
- - Closed-source firmware
Trezor Model T
Best Open-SourceFully open-source hardware wallet with a colour touchscreen. Strong security track record and transparent development. Ships to NZ.
Price
~$300 NZD
Coins
1,800+
Trezor Model One
Best BudgetThe original hardware wallet, still going strong. No frills, proven security, and the most affordable option. Perfect for Bitcoin-only storage.
Price
~$100 NZD
Coins
1,200+
Software Wallets (Hot Storage)
Software wallets are apps on your phone or computer. They're more convenient than hardware wallets but less secure since your keys are stored on an internet-connected device. Best for smaller amounts you want quick access to.
BlueWallet (Mobile — Bitcoin Only)
Open-source, Bitcoin-focused mobile wallet with Lightning Network support. Simple for receiving and sending BTC. Available on iOS and Android. Free.
Electrum (Desktop — Bitcoin Only)
Lightweight, powerful desktop wallet for Bitcoin. Advanced features including coin control, hardware wallet integration, and multi-sig support. Free and open-source.
Exodus (Desktop & Mobile — Multi-Coin)
Beautiful interface with support for 250+ cryptocurrencies. Built-in exchange feature. Good for beginners who hold multiple coins. Free.
MetaMask (Browser — Ethereum/ERC-20)
Essential for interacting with Ethereum DeFi and dApps. Browser extension and mobile app. Not suitable for Bitcoin storage. Free.
Seed Phrase Security
Critical: Protect Your Seed Phrase
When you set up any wallet, you'll receive a 12 or 24-word recovery phrase (seed phrase). This is the ONLY way to recover your funds if you lose your device.
- DO: Write it on paper (or metal backup). Store in a safe place. Consider a fireproof safe or bank safety deposit box.
- NEVER: Store digitally (no photos, no cloud, no notes app). Share with anyone. Enter it on any website.
FAQ
Do I need a wallet if I use Easy Crypto NZ?
Yes! Easy Crypto sends crypto directly to your wallet — they don't hold it for you. You need to provide a wallet address when you make a purchase. This is actually one of Easy Crypto's advantages, as it means they never custody your funds.
Can I use the same wallet for Bitcoin and Ethereum?
Some wallets (Exodus, Ledger, Trezor) support multiple cryptocurrencies. However, Bitcoin-only wallets like BlueWallet and Electrum cannot hold Ethereum. If you hold both, a multi-coin wallet or hardware wallet is the best option.
What happens if my hardware wallet breaks?
Your crypto is not stored on the device — it's on the blockchain. The device holds your private keys. If your hardware wallet breaks, you can recover your funds on a new device using your 12/24-word seed phrase. This is why protecting that phrase is absolutely critical.
