24 Best Crypto Wallets in Australia – Safest Wallets Revealed

Bitcoin wallets not only allow investors to safely store their digital assets, but send and receive crypto too.

This guide compares the best crypto wallets in Australia for 2024. Read on as we address all the key metrics beginner’s should consider when picking a crypto wallet for the first time.

Best Bitcoin Wallets in Australia Reviewed

The best crypto wallets in Australia offer plenty of features in addition to solid security tools. This is in addition to low fees and the ability to buy and sell crypto from within the wallet itself.

Below, we review the 23 best crypto wallets for Australian investors in 2024.

1. Best Wallet – Mobile Wallet With Built-In DEX

Best Wallet is a brand-new mobile wallet that allows users to securely store, send, and receive cryptocurrencies while offering several features that target those interested in Web3 technologies.

Best Wallet supports several blockchains, including Ethereum, Polygon, and BNB Smart Chain. This means these users can interact with all of the DeFi protocols built on these chains – providing limitless options for yield generation.

Best Wallet plans to integrate full support for NFTs, making it ideal for those with a diversified digital asset portfolio. It also deploys advanced cryptographic techniques to protect user holdings while implementing biometric identification and 2FA to prevent bad actors.

Holders of the native token, $BEST, will receive various perks, such as early access to presales and NFT drops, although those who opt to stake their tokens will also benefit from zero gas fees and exclusive voting rights.

Follow Best Wallet on X and on the Best Wallet Telegram channel to stay up-to-date with new information and releases.

2. Exodus Wallet – Crypto Wallet With Built-in Swap and Multi-Chain Support

Exodus Wallet is a popular Web3 option in Australia, which is available as a desktop app, a mobile app, or a browser extension. Because of that, users can access their crypto assets with ease no mater which device they use.

This crypto wallet supports over 50 networks, allowing users to store their cryptocurrencies in one place, including Bitcoin, Ethereum, Solana, and all cryptocurrencies built on these blockchains.

Thanks to a built-in swap, users can seamlessly exchange their cryptocurrencies with one tap regardless of the blockchain. By using third-party providers like ApplePay, users can directly buy cryptocurrencies with supported fiat currencies.

Aside from cryptocurrencies, Exodus Wallet also supports NFTs and DeFi apps. Users can connect to supported DeFi apps on Ethereum or Solana and engage in activities like yield farming or staking.

Follow Exodus Wallet on X and join their Discord channel to get the latest updates.

3. ByBit Wallet – Popular Crypto Wallet in Australia in 2024 With Multi-Chain and DeFi Support 

Another one of the top crypto wallets for Australian investors is Bybit. Bybit – one of the largest derivatives trading exchanges – offers its own custodial Web3 wallet, the Bybit Wallet, for its users.

This opens up a whole new dimension as users can now interact with third-party DeFi apps on Ethereum and BNB Chain, like Uniswap, Lido to swap tokens, and OpenSea to trade NFTs.

Even Web3 games are supported with the Bybit wallet. Connect to a play-to-earn game, like Axie Infinity, Decentraland, or Illuvium and get your earnings directly into your wallet.

Another rewarding feature is staking. This lets you earn passive income on your holdings. For example, lock your stablecoins like USDC and USDT to earn over 18% APY.

The only downside to a custodial wallet is that you don’t own the private keys. If you’re looking for cold storage, non-custodial wallets are often the way to go. But if you’re looking to interact with dApps daily with the ability to recover your keys easily, Bybit is a great choice.

4. Zengo – Highly Rated Mobile Wallet with 24/7 Customer Support

The Zengo mobile wallet is available on both iOS and Android and has received a combined rating of 4.78/5 from thousands of customers using the Apple App Store and Google Play Store.

These high ratings for Zengo wallet are not surprising when you consider the number of features this wallet offers users. It supports over 120 cryptocurrencies and NFTs, includes 24/7 customer support, and has its own dApp marketplace with WalletConnect support.

One standout feature of the Zengo mobile wallet is its use of multi-party computation (MPC) cryptography to offer users seed-phrase-less recovery. Instead of a seed phrase, users use 3-factor authentication, which combines a 3D face scan, a recovery file, and an email address, to recover their wallet on a new device. Zengo has been operating for 5 years, has over 1 million customers, and has never once received a report of a hacked wallet.

All of these features, and this top-level security are available for everyone in the free version of the Zengo mobile wallet. An even more feature-rich version, Zengo Pro, is available to users for a monthly price of $9.99.

5. Binance – Buy, Sell, and Store Crypto via the World’s Largest Exchange

Binance is the most popular crypto exchange globally. Most pairs can be traded at a commission of just 0.1%. Selected pairs, including BTC/AUD, are commission-free. Hundreds of pairs are supported across both large and small-cap tokens. In addition to low fees and huge levels of liquidity, Binance also offers the best crypto wallet for Australian traders.

Its web wallet offers custodial storage and connects directly to the Binance exchange. This prevents the need to download or install a wallet. The Binance web wallet is protected by two-factor authentication, device whitelisting, cold storage, and an internal insurance fund. Authorization needs to be confirmed when logging in as well as withdrawing tokens.

Binance also offers a mobile app that connects to the web wallet. This also comes with high-level security features and the ability to send and receive tokens.

Binance also offers charting tools for technical traders alongside passive earning accounts. The latter includes savings accounts, staking, yield farming, and more. The main drawback with Binance is that is not regulated by ASIC.

6. Ellipal – 100% Offline Wallet Comes with Auto Destruct Security Protocols 

Ellipal Titan 2.0 is a cold wallet offered by Ellipal. This is an air-gapped wallet that offers 100% offline storage of all your cryptocurrency assets. Private transactions can be scanned and verified by a QR code using the built-in camera device on the wallet. 

Ellipal Titan 2.0 comprises a CC EAL5+ secure element, ensuring complete security of the wallet. The physical wallet comes with a 4” full-lamination IPS display and supports touch responses. The setup takes no longer than 5 minutes. 

Ellipal Titan 2.0 offers anti-disassembly and anti-tampering elements, making it a physically indestructible wallet. In fact, Ellipal Titan 2.0 is the world’s first fully metal-seared hardware wallet. 

One of the unique features of this cryptocurrency wallet is an auto-destruct mechanism. If the device detects any abnormal activity or tampering, the private information stored is automatically deleted. 

A top wallet for those looking to diversify their investments – Ellipal Titan 2.0 gives trading access to more than 10,000 coins. All these features can be accessed for a total cost of $169. 

7. Ledger Nano – Store Crypto on a Hardware Device

Launched in 2014, Ledger Nano is a Bitcoin hardware wallet that prioritizes security above anything else. Unlike the other crypto wallets discussed so far, Ledger Nano is a physical device that offers cold storage.

This means that the wallet is always offline, meaning remote hacking attacks are nearly impossible. Security features are top-notch, with outgoing transfers requiring a PIN to be entered on the device.

If the device is stolen, users can recover the crypto tokens remotely via their backup phrase. The main drawback of Ledger Nano is that it is not suitable for active traders. For instance, if a trader wishes to sell a token, they won’t be able to do this until they have access to the Ledger Nano device.

Moreover, although cheaper models exist, the most advanced Ledger Nano device costs over $400.

8. Trezor – Secure Hardware Wallet Supporting Thousands of Tokens

Trezor is another popular hardware wallet for long-term investors. It offers supreme security features and just like Ledger Nano, remains offline at all times. Furthermore, users will need to enter a PIN on the device to authorize outgoing transfers.

Trezor supports multiple blockchain networks, including Bitcoin, Ethereum, XRP, Binance Smart Chain, Polygon, and Cronos.

This means that Trezor supports thousands of crypto tokens. In terms of pricing, the basic Model One costs $69. This comes with a two-button pad and support for A-type USBs. The Model One can also be connected with the Trezor Suite mobile app, and used to purchase cryptos directly with fiat.

The more advanced cold wallet that Trezor offers is the Model T – which retails at $219. This hardware wallet comes with a 1.54″ inch LED touchscreen.

This wallet type uses the Shamir Backup – a backup option through which your funds can be recovered by entering a 12-word phrase.

9. Ngrave – Trade Cryptos 100% Offline with this Impenetrable Hardware Wallet

The next cryptocurrency wallet to get in Australia is Ngrave’s ZERO wallet. The Ngrave ZERO wallet has a 4” touchscreen, allowing you to complete transactions with a tap and a swipe.

Transactions are completed 100% offline on Ngrave, as it does not rely on Bluetooth or Wifi-based devices. The ZERO wallet uses biometric and light sensors, offering enhanced security through fingerprint and QR scanning. 

The platform has also created a custom operating system which uses a fingerprint to create a Perfect Key, which is used to unlock the hardware device. An 8-digit PIN code also needs to be entered to access this hardware wallet.

The Ngrave ZERO wallet is EAL7 certified, which is the highest level of security given in the blockchain industry. Impenetrable by design, the wallet offers anti-tampering protection against any physical attacks. 

This state-of-the-art wallet retails at $398. In total, you can trade more than 3,700 cryptos with the Ngrave ZERO wallet. 

10. Blockstream Jade – Powerful Hardware Wallet Priced at Only $64.99

Blockstream Jade is Blockstream’s flagship crypto wallet and a leading developer of Bitcoin-based technologies. This hardware wallet is easy-to-use and allows users to start buying BTC and other cryptos instantly. 

Blockstream Jade can be accessed with a PIN and can be connected to Blockstream Green, the wallet companion app. Through this multi-use platform, you can trade Bitcoin through a desktop or mobile app. The wallet can be connected with a USB-C charger. 

The wallet uses multi-shield technology and provides users with a recovery phase to access their funds. 

This is a 100% air-gapped operation, ensuring the wallet is secure against online hacks. The transactions are verified through QR codes without the need for any Bluetooth connection.

Along with Bitcoin, investors can trade liquid versions of assets – such as Tether Dollar (USD-T) and Bitcoin Liquid (L-BTC). The Blockstream Jade wallet retails at just $64.99 – making it one of the cheaper wallets we have reviewed in this guide.   

11. BitBox – Secure Crypto Wallet Comes with Invisible Touch Sensors

BitBox is a Swiss-engineered cryptocurrency wallet that comes with robust security protocols, invisible touch sensors, and instant backup options. 

The hardware wallet offers a 128×64 OLED Display through which you can verify all your transactions. BitBox02, the main wallet of BitBox, comes with invisible touch sensors that make it easier to interact with the device. You can navigate the different cryptos with just a tap on the wallet.

In total, BitBox02 lets you invest in more than 1,500 cryptos – ranging from Bitcoin to Ethereum and Cardano. The wallet comes with a microSD card, which offers easy backup options.

A secure wallet, BitBox02 offers a three-step security process to avoid hackers from stealing your funds. Firstly, a random secret is stored on a secure chip, which also protects the wallet against any physical tampering. There is also a secret stored on a microcontroller and the main device password, through which you can access the wallet. 

This wallet is priced at $115.84. BitBox02 is USB-C compatible and can be connected to a computer and an Android device. 

12. SafePal – Super Lightweight Cold Wallet Offers 100% Asset Ownership

SafePal S1 is the flagship cold wallet of SafePal. This is a popular crypto wallet option in Australia – due to its sleek design, affordability, and security measures. 

This lightweight wallet is shaped similar to a credit card, and can be used on the move. The wallet comes with a 1.4” full color screen, connecting you to over 100+ blockchains and all the available cryptos. 

A fully decentralized wallet wallet, SafePal S1, lets users retain 100% ownership of their assets. Instead of connecting online, one can set up the SafePal S1 app or browser extension. The wallet is compatible with iOS, Android, Firefox, and Chrome. 

To safely verify transactions offline, SafePal S1 provides a completely air-gapped wallet. You can confirm transactions through QR codes, without using any internet. To create your private keys, SafePal S1 uses a random number generator. SafePal S1 also boasts an EAL5 secure element. 

Priced at just $49.99, SafePal S1 is one of the most affordable hardware crypto wallets in Australia. 

13. SecuX – Credit Card Shaped Wallet Uses a Military-Grade Chip 

SecuX’s Shield BIO hardware wallet offers advanced biometric recognition, micro-scam alerts, and fingerprint authentications to protect users’ funds. This wallet retails at $149, which may be slightly higher than some other wallets we reviewed. 

However, the Shield BIO wallet’s security mechanisms make it a top choice in Australia. By integrating biometric fingerprint authentication, SecuX Shield BIO ensures that only the rightful owner can access the wallet. 

Furthermore, its slim and credit-card-sized design makes it portable and simple to use. Possessing touch configuration, you can verify transactions in a few seconds. Your crypto assets can also be managed by accessing the SecuX mobile application or a desktop browser. 

Shield BIO uses a military-grade secure element chip, isolating your private keys and offering the highest security protocols. Boasting the EAL5+ status, the Shield BIO wallet’s chip meets the highest security standards. 

With the SecuX Shield BIO, you can access over 10,000 cryptos and tokens. 

14. CoolWallet – Bendable and Water Resistant Hardware Wallet 

CoolWallet offers CoolWallet S – a slim, sleek and durable hardware wallet that can be used to access several cryptos, DApps (Decentralized Applications), and DeFi (Decentralized Finance) tools. 

This ultra-thin cryptocurrency wallet is highly durable. It is heat resistant up to 60 degrees and water resistant for up to an hour. Notably, users can download the CoolWallet app on iOS and Android and connect it with their wallet.

CoolWallet possesses an EAL5+ secure element chip, allowing it to secure users’ confidential data. The wallet also uses advanced cold pressing technology – making CoolWallet inoperable after disassembling. However, since the wallet connects to smartphones via Bluetooth, a compromised smartphone may get access to the private key.

Not only can you access many DeFi elements and DApps, you can get access to more than 10,000 coins by using the CoolWallet. The CoolWallet S is priced at $99. 

15. ColdCard – Secure Bitcoin Wallet Comes with a Numeric Keypad and Unlimited Transaction Size Limits

The ColdCard Mk4 comes with a 128×64 pixel bright OLED screen and a numeric keypad. This makes entering your PIN and confirming the transactions very simple. The ColdCard code is completely editable, viewable, and verifiable – making it a secure wallet to use in Australia. 

Providing top physical security, ColdCard Mk4 stores your seed words in specialized chips, which have been designed solely to keep your secrets safe. For backup and data storage purposes, the ColdCard Mk4 wallet comes with a microSD card. 

The wallet possesses unlimited memory and supports only Bitcoin transactions. Notably, there are no maximum Bitcoin transaction size limits. A USB-C connector can be used to connect the wallet with an Android device. 

Users can opt to avoid ever connecting their wallet to a computer – making it completely offline. Due to the cold wallet storage facilities it offers, the transactions can be completed without accessing the internet. 

This hardware wallet retails at $157.94. 

16. OpenDime – ‘Bitcoin Stick’ with a Simple Design Created for One-Time Usage

Known as the ‘Bitcoin Stick,’ OpenDime is a unique hardware wallet that is simple in design and supports Bitcoin transactions. OpenDime V4, the latest version of this wallet, comes in a pack of 3, retailing at $69. 

This small and portable wallet can be carried on the go and is compatible with any USB device. Once you plug-in the wallet to your device, you can trade Bitcoin anonymously like cash. 

The wallet supports off-chain transactions and automatically starts generating a private key after 256 KB of data is backed up on the device. However, the private key is not visible to anyone, not even the owner. 

Meant for one-time usage, users can make a transaction and then dispose of the device. Thus, OpenDime provides a completely secure and decentralized way of trading Bitcoin. The wallet’s price and convenience make it one of the top wallets to use in Australia. 

17. OKX – Crypto Wallet App With Savings Accounts

OKX is one of the best crypto wallets in Australia for earning interest on idle tokens. This is because OKX offers crypto savings accounts from within its wallet app.

Available on both Android and iOS, the OKX is a noncustodial wallet. This means that OKX does not have access to the wallet’s private keys. Rather, the investor has full control over their crypto tokens.

OKX supports savings accounts for a wide range of tokens with competitive APYs. Some of the best rates are offered on stablecoins like Tether and USD Coin, with APYs of 10%. Those looking to buy Bitcoin in Australia will earn an APY of 5% via the OKX wallet.

OKX also offers one of the best crypto wallets in Australia for trading. It supports more than 370 crypto tokens and trading commissions start at just 0.1%. OKX also offers access to leveraged financial products, such as crypto futures, options, and perpetual swaps.

18. Coinspot – Australia-Based Exchange With a Multi-Currency Crypto Wallet 

Coinspot is a popular crypto exchange based in Australia. It supports over 360 crypto tokens and accepts AUD deposits across multiple payment types. This includes POLi, PayiD, and direct deposits on a fee-free basis. Debit/credit cards are supported too but attract a fee of 2.58%.

Coinspot also offers a native crypto wallet that supports multiple blockchain networks. The wallet comes via an app for iOS and Android and is protected by two-factor authentication. It is also possible to put a lock on withdrawals, which reduces the threat of being hacked remotely.

The Coinspot wallet also supports trading, with commissions starting at just 0.1%. Users can also swap tokens from within the wallet app. This is in addition to buying and selling NFTs.

19. Trust Wallet – Decentralized Wallet Supporting Over 65 Blockchain Networks

Trust Wallet is a noncustodial crypto wallet used by more than 25 million people. It was initially available as an iOS and Android app but has since extended support for Chrome browsers.

Trust Wallet comes with plenty of features, including access to decentralized applications (dApps). This includes PancakeSwap, AAVE, Curve, and plenty more.

Trust Wallet also offers internal staking tools. This includes an APY of up to 16% on BNB. Trust Wallet supports over 65 blockchain networks, including Bitcoin, Ethereum, Binance Smart Chain, and Solana.

We also like that Trust Wallet enables users to swap tokens internally. This avoids the need to transfer the tokens into a third-party exchange. Moreover, Trust Wallet enables users to buy, sell, and store NFTs across multiple blockchain standards.

20. MetaMask – Noncustodial Wallet for Web Browsers and Mobiles

Another popular option for Australians seeking a noncustodial wallet is MetaMask. This wallet comes as a mobile app for Android/iOS as well as a browser extension. The latter supports Chrome, Firefox, Brave, and Edge.

It takes just seconds to set up a new MetaMask wallet and users are provided with a 12-word passphrase. Logging in to the wallet is simple too as just a password is required.

MetaMask supports tokens on the Ethereum, Binance Smart Chain, Optimism, Arbitum, Avalanche, and Polygon networks. It doesn’t, however, support Bitcoin.

Nonetheless, we like that MetaMask enables users to swap tokens without leaving the wallet. It finds the best price available across multiple decentralized exchanges and charges a transparent fee of 0.875%.

21. Crypto.com – Low-Fee Crypto Exchange With a Secure DeFi Wallet

Crypto.com is a popular exchange that offers an entire ecosystem of services. All of which can be accessed via the Crypto.com DeFi wallet.

Users can download the wallet as a mobile app, desktop software, or browser extension. This is a noncustodial wallet that gives users full control over their private keys. The wallet supports over 30 blockchain standards and over a thousand tokens in addition to NFTs.

The Crypto.com DeFi app also supports savings accounts with competitive APYs. It also connects to third-party dApps, including Uninswap, VVS Finance, and OpenSea. We also like that users can swap tokens from within the Crypto.com DeFi wallet across different blockchain networks.

This is also one of the best Australian crypto wallets for trading. Across over 250 tokens, Australians can buy and sell crypto at a commission of just 0.075%.

22. Coinbase – Secure Web Wallet With Multiple Safety Features

Coinbase is a leading crypto exchange that was launched in 2012. It enables complete beginners to buy crypto with a debit/credit card with small account minimums.

Coinbase is regulated in the US and listed on the NASDAQ exchange. Moreover, Coinbase has institutional-grade security controls to keep client assets safe. This includes a 24/7 in-house security team and two-factor authentication.

Not to mention cold storage and device whitelisting. The Coinbase Vault is another top feature, enabling users to restrict wallet withdrawals.

The Coinbase wallet can be accessed online or via an Android/iOS app. As a custodial wallet, Coinbase is responsible for keeping the tokens safe. Coinbase also enables users to trade over 250 crypto tokens. However, trading commissions cost 1.49%.

23. Electrum – Established Bitcoin Wallet for Desktop Devices 

Electrum is a Bitcoin wallet that was launched in 2011. While it also offers an Android app, most users opt for Electrum’s desktop software. This is supported across Linux, Windows, and Mac.

While Electrum lacks core features – such as internal token swaps, it is one of the safest crypto wallets in the market. This noncustodial wallet encrypts private keys, so the user retains full control over their Bitcoin.

Plenty of optional security features are provided, such as offline ‘watch-only wallet’, multi-sig permissions, and proof checking. Moreover, as Electrum uses indexing servers, both incoming and outgoing transactions are speedy.

Electrum won’t, however, be suitable for investors that wish to diversify. This is because it only supports Bitcoin.

24. Edge – Mobile Wallet With Peer-to-Peer Cloud Servers for Easy Recovery 

The final option to consider on this list of the best crypto wallets in Australia is Edge. This is a noncustodial wallet supported by both iOS and Android smartphones.

After downloading the app, users will need to create a username and password. As Edge uses peer-to-peer cloud servers, it does not have access to client login details.

Interestingly, if the user loses their mobile device, they can reinstall the app on another phone and recover access by logging in. This will appeal to beginners that don’t feel comfortable safeguarding long private keys.

Edge also supports in-app features, such as token swaps and trading. More than 130 cryptocurrencies are supported, including Bitcoin, Ethereum, Dogecoin, and XRP.

What is a Cryptocurrency Wallet?

Crypto wallets primarily serve three functions. First, they enable investors to safely store their crypto tokens. Second, crypto wallets allow users to send tokens to another person. And third, crypto wallets are required to receive tokens.

Each wallet will have its own deposit address. This is known as a public address and is required to receive funds. Wallets also come with private keys. This provides access to the wallet remotely, just like a password.

Meaning, investors will need to keep their private keys safe. With that said, custodial wallets – such as those offered by exchanges, do not provide users with private keys. Instead, the exchange will safeguard the private keys on behalf of the investor.

This is ideal for beginners, as investors can access their tokens through a username and password. Most wallets are software-based and can be accessed through web browsers, mobile apps, and desktop software. Additionally, crypto hardware wallets are popular with long-term investors that seek ultra-high security.

How do Bitcoin Wallets Work?

When learning how crypto wallets work, consider the typical user experience discussed below.

Setting up a Crypto Wallet

When setting up the wallet for the first time, the user will need to create a password or PIN. This will be required each time access to the wallet is needed.

Next, the wallet will provide the user with a ‘backup phrase’. This is usually a string of 12-24 words. Users need to write the words down in the correct order and keep the sheet of paper somewhere private.

This is because the backup passphrase represents the wallet’s private keys – which we will discuss shortly.

Generating a Public Address

After creating a PIN and writing down the backup passphrase, the wallet will then generate a new public address.

• No two public addresses are the same, meaning they’re unique to the user
• The public address is required to receive crypto tokens in the wallet
• This is much the same as sending someone a bank account number
• Public addresses are long strings of numbers and letters – often at least 26 characters

Let’s suppose that an investor buys Bitcoin from an exchange and then wishes to transfer the tokens to a private wallet. In this instance, the investor would need to copy and paste their public address. The exchange will then transfer the tokens to the wallet.

The Role of Private Keys

It is crucial to understand how private keys work when getting started with a wallet. As noted above, private keys are essentially a password. This means that whoever has the private keys can access the wallet – even without access to the device.

As such, hackers are constantly looking to steal private keys. In doing so, they can access the wallet and transfer the crypto tokens to another location. This means that the investor will have their crypto tokens stolen.

To prevent this, investors should keep their private keys safe. Preferably, written down on a sheet of paper so the private keys are stored offline and away from the internet.

How to Store Seed Phrases Securely

Crypto wallets provide users with a seed phrase, which stores all their private keys and crypto assets. The seed phrase consists of a sequence of words, which needs to be securely stored. 

Since writing the seed phrase on a piece of paper or storing it on the cloud provides chances of potential theft or tampering, we recommend investing in a storage device such as Cryptotag. This device stores your seed phrases on aerospace-grade titanium plates, which are heat and water-resistant. The device can store a minimum of 24 seed phrases. 

Why You Need a Crypto Wallet

There is often a misconception that a wallet is mandatory to invest in crypto. This isn’t the case.

• For example, many Australians will invest in cryptocurrencies via a regulated exchange and leave the tokens in their account.
• As noted above, the exchange is responsible for keeping the tokens safe.
• This means that investors do not need to worry about wallet security practices.
• And, when it comes to selling the crypto for Australian dollars, this can be achieved directly from the exchange account.

With that said, some investors do not feel comfortable trusting an exchange to look after their tokens. In this regard, a private crypto wallet will need to be obtained.

The user will need to ensure that the wallet is safeguarded to avoid a hack. Moreover, the user will be able to transfer tokens to and from other wallets.

Types of Crypto Wallets 

Before choosing a storage option, investors need to know what Australia crypto wallet types are available.

Beginners can read on to select the best crypto wallet in Australia for their needs.

Software Wallets

Software wallets remain the most popular option. In most cases, software wallets are free to download and connect to the blockchain remotely.

Various types of software wallets exist. For example, crypto exchanges offer web wallets that can be accessed simply by logging into the account.

Mobile wallets are also common. This enables users to download the wallet app onto a smartphone. This makes it seamless to send and receive tokens while on the move. Furthermore, mobile wallets usually come with a QR scanner. As such, instead of copying and pasting a long public address, the user can simply scan the QR code when sending funds.

Mobile wallets are also ideal for regular traders. For instance, the ByBit mobile wallet enables traders to buy and sell crypto instantly. The app also supports in-wallet token swaps.

Software wallets can also be downloaded as desktop software. One of the best options in this regard is Electrum – which supports Windows, Linux, and Mac.

Many software wallet providers are now supporting browser extensions. MetaMask, for example, offers its noncustodial wallet for Chrome, Firefox, Brave, and Edge.

Hardware Wallets

A small percentage of crypto investors in Australia use a hardware wallet. This option will appeal to long-term investors and/or those with a huge portfolio of crypto assets. In contrast, hardware wallets will not appeal to active traders.

The reason for this is that hardware wallets come with enhanced security controls. For instance, to send crypto from a hardware wallet to another location, the user will need to physically enter a PIN. This means that transfers cannot be authorized when away from the device.

Nonetheless, the security offered by hardware wallets cannot be rivaled. The leading suppliers in this market are Ledger Nano and Trezor. Another thing to bear in mind is that hardware wallets must be purchased.

Considering that the best crypto hardware wallets cost over $400, this will not appeal to casual investors.

Paper Wallets

Paper wallets serve a similar function as hardware wallets. Crucially, this is because the private keys remain offline at all times.

As the name suggests, the private keys are printed on a sheet of paper. This is often printed as a QR code for convenience. The sheet of paper is then stored somewhere safe.

Things get a bit cumbersome when the investor wants to transfer the tokens from a paper wallet. This is because they will need to upload the private keys to another wallet remotely.

As such, paper wallets are suited for long-term investors who are happy to sit on their crypto tokens for several years.

How to Pick a Crypto Wallet 

To choose the best crypto wallet for Australian investors, be sure to make the following considerations:

Device Type

First, think about which device the wallet should be stored on. Many investors opt for a mobile wallet app, as this offers a great balance between convenience and security.

This is also the case with crypto wallets that are compatible with browser extensions. Other options include desktop software and a hardware wallet.

Private Key Custodianship

It is also important for investors to decide whether they wish to look after their private keys independently or use a custodianship.

• Beginners without any knowledge of crypto are more suited for a custodial wallet. In this regard, ByBit is the best Bitcoin wallet for Australian investors. It is free to use on iOS/Android and comes with enhanced security tools.
• Intermediate and advanced crypto investors may prefer a non-custodial wallet.

Supported Tokens

Not all crypto wallets support multiple tokens. Instead, some wallets only support specific blockchains – such as Bitcoin or the Binance Smart Chain.

We prefer multi-currency wallets like ByBit, which supports everything from Ethereum to Mantle to BNB.

Exchange Services

The best crypto wallets in Australia offer more than just storage. ByBit, for example, enables Australians to buy and sell crypto through their platform.

Moreover, some crypto wallets use third-party exchanges to process trades. This almost always results in above-average fees.

Token Swaps

We also like crypto wallets that support token swaps. This allows investors to swap one crypto token for another. For instance, swapping Bitcoin for Dogecoin.

When this is offered via the wallet itself, there is no requirement to complete the swap via a third-party exchange.

Security

Security is also an important consideration to make when choosing the best crypto wallet in Australia.

Once again, specific security features will depend on whether the user opts for a custodial or noncustodial wallet.

Those preferring a noncustodial wallet should look for two-factor authentication and encrypted private keys like ByBit.

Convenience 

While security is hugely important – so is convenience. For example, investors looking to buy and sell crypto regularly should avoid a hardware wallet.

This is because transferring crypto tokens requires physical access to the device. Instead, a mobile wallet is a lot more convenient for active traders.

With that said, investing significant amounts in crypto will demand a hardware wallet. This is because hardware wallets offer unmatched security.

Fees 

The best Australian Bitcoin wallets are free to use. This is also the case when receiving funds into the wallet.

Charges will apply, however, when transferring funds out of the wallet to another location.

The fee is determined by the blockchain network and will vary depending on market conditions.

Nonetheless, avoid crypto wallet providers that charge above the network fee.

Are Bitcoin Wallets Safe?

In most cases, online Bitcoin wallets are safe. But they are not 100% secure from hackers. Moreover, the safety of the crypto wallet will depend on who is responsible for keeping the private keys safe.

Australia is paving the way for a new age of crypto-centric economics. The Australian Treasury is focused on developing a successful crypto ecosystem, encouraging responsible innovation, and protecting consumers by giving priority to public input. The token mapping consultation that was recently conducted is an essential measure aimed at ensuring the continued competitiveness and prosperity of Australia’s financial services and technology sectors, driven by a thoughtful approach.

As we have discussed, noncustodial wallets require investors to take full responsibility for their crypto tokens. While this ensures the investor has full control of the funds, there is nowhere to turn in the event of a hack.

This is because noncustodial wallets do not have access to the user’s private keys. Instead, they are encrypted on the respective device, such as a mobile phone or laptop.

On the one hand, there are many security features available when using a noncustodial wallet. This includes multi-sig permissions and watch-only wallets. However, this is likely to be too complex for a complete novice.

Finding a secure crypto wallet in Australia is vital if you want to keep your digital assets safe. Recently a family in Adelaide lost $93k of BTC savings after hackers ransacked their offline crypto wallet.

Conclusion

In summary, while crypto wallets come in various shapes and sizes – their primary function is to store, send, and receive tokens.

We have reviewed the top crypto wallets in Australia for 2024 and found that Best Wallet is a clear winner.

This mobile wallet supports multiple blockchains and swaps between them, as an easy entry point into the world of Web3. The platform also offers a suite of trading features that you can use your wallet to access.

FAQs

How does a crypto wallet work?

Crypto wallets store digital assets, like Bitcoin. They also allow users to send and receive funds via the blockchain. Some crypto wallets also support token swaps, exchange services, and even savings accounts.