18 Best Crypto Wallets in South Africa 2024

Cryptocurrency ownership in South Africa continues to rise, but it’s important to have a secure and convenient wallet before getting started.

In this guide, we reveal the best crypto wallets in South Africa. Read on to discover which South Africa Bitcoin wallets are worth considering in 2024.

Best Bitcoin Wallets in South Africa Reviewed

Read on to discover more information about the best crypto wallets in South Africa.

1. Best Wallet – Overall Best Crypto Wallet for South African Investors with AI-Driven Assistant and Staking Rewards

Best Wallet is more than just a crypto wallet. It’s a fully-fledged Web3 ecosystem offering cutting-edge tools and features – including a decentralized exchange, market insights on trending and upcoming tokens and airdrops, and a portfolio management tool – to ensure users never need to use another platform to manage their assets.

One of Best Wallet’s main features is its support of various blockchains. This is crucial since it means users can interact with DeFi applications on multiple networks – simplifying the process of buying, selling, or staking cryptos.

Another feature that catches the eye is Best Wallet’s AI chatbot, which provides personalized guidance to users of all experience levels. The chatbot can help with users’ questions, yet it can also provide objective insights on the latest crypto trends and opportunities.

Best Wallet, which has a dedicated app on iOS and Android will also allow users to receive early access to crypto presale projects. As if that wasn’t enough, Best Wallet even has its own native token, called $BEST. There is also a token airdrop for power users of the DEX over the coming months.

Join the Telegram community for the latest news on the project.

2. Zengo – South Africa’s Best Non-Custodial Mobile Wallet, Absolutely Brimming with Features

The Zengo mobile wallet is feature-packed, offering support for over 120 cryptocurrencies along with NFTs and a dApp marketplace with seamless connections through WalletConnect). It supports buying, selling, and trading cryptocurrencies through dApps and 24/7 support.

The standout feature of the Zengo wallet, and the one that makes it one of the top picks for the best crypto wallet in South Africa, is its use of multi-party computation (MPC) cryptography instead of seed phrases.

Seed phrases are a barrier to crypto adoption and a risk for all those keeping their digital assets in self-custody. MPC cryptography replaces the wallet’s private key, and removes the wallet’s single source of failure. 

The aforementioned features are all available in the free version of the Zengo wallet app—including MPC cryptography. The Pro version adds even more features to this list, including legacy transfer, theft protection, a Web3 firewall, and more.

3. Binance – Seamless Wallet Storage on the World’s Largest Crypto Exchange   

Binance will appeal to South African traders that wish to actively buy, sell, and store cryptos in one convenient place. This is a custodial wallet, so Binance is responsible for keeping the funds secure. The Binance wallet can be accessed via a mobile app for iOS and Android, as well as through standard web browsers.

Investors simply need to log into their accounts to access their cryptos. Accounts are protected in various ways, including two-factor authentication and IP address whitelisting. Binance also ensures that the majority of client cryptos are kept offline in cold storage. That said, Binance was hacked in 2022, resulting in over $570 million worth of crypto being stolen.

On the flip side, investors were not directly impacted. Moreover, Binance has a safe asset fund for users (SAFU) for this very purpose.

In terms of core features, the Binance wallet offers access to hundreds of cryptocurrencies. Trading on the Binance platform costs just 0.1% per slide.

Users can easily move their tokens from the Binance wallet over to the exchange. Furthermore, Binance also offers DeFi tools, enabling South Africans to earn passive income.

4. Ledger Wallet – South Africa’s Go-to Hardware Wallet for Unparalleled Cold Storage

Ledger is one of the best hardware wallet choices not only for South African investors but for everyone. Through its app ‘Ledger Live’, the wallet provider gives you access to more than 5,500 cryptocurrencies as well as the ability to crypto swap and portfolio tracking.

It is compatible with Windows, Mac, Linux, Android, and iOS. From this single, user-friendly interface, you can manage all your crypto needs on your mobile and desktop.

For security, Ledger devices contain a component known as a Secure Element. This is complemented by a special EAL5+ Certified secure computer chip, similar to those used in bank cards, passports, and credit cards. Additionally, Ledger devices feature a Trusted Display, which is a tamper-proof screen that allows you to verify the full details of your transactions. Further bolstering its security, these devices also offer PIN-protected transactions and a 25-word passphrase. 

For customer support, you can either browse through their extensive educational resources or get help via live chat. Ledger also incentivizes learning through the ‘learn crypto, earn NFT’ option, where you can choose based on the topic or reward.

5. Trezor Model T – Intuitive Touchscreen Interface, a Redefining User Experience for South Africans

This one is another hardware wallet that is among the best in South Africa for long-term investors. Created by Prague-based company Satoshi Labs, Trezor was launched in 2013, a few years before Ledger. The wallet, which means ‘vault’ in Czech, has been acknowledged as one of the safest crypto wallets available in the market.

To get your hands on the Trezor Model T, you have to shell out $219, but it will give you access to a whopping 8,000 plus crypto tokens. Trezor Model T is Treazo’s advanced and expensive wallet that not only offers broader cryptocurrency compatibility but also a touchscreen, on-device transaction confirmation, and enhanced security features, including PIN & passphrase. 

It is particularly known for offering privacy features, including Coinjoin to anonymize Bitcoin transactions, Tor to protect your identity, and coin control through which you can select specific UTXOs for spending.

This open-source wallet allows you to set up multi-signature security, which is a great choice for businesses that manage a single wallet together. For seed recovery, Trezor offers metal Shamir backup, metal recovery seed, and Cryptotag Zeus.

6. Trezor Model One – The Affordable and Simple Hardware Wallet for South Africans

If you have basic crypto needs, Trezor offers a budget-friendly option with the Trezor Model One. Priced at only $69, this hardware wallet secures your crypto offline effectively. It features physical buttons, a micro USB, and a bright OLED screen for high-definition display quality, complete with a standard backup.

Trezor’s original hardware wallet has been in the market for over a decade now and has proven to be a secure one. Instead of a touchscreen like its advanced wallet, the Trezor Model One has a smaller 0.96″ Monochromatic OLED screen.

To get started, you can simply connect your wallet to the Trezor Suite app to send, receive, trade, and manage your coins in a secure environment. Here, every transaction that you make on the application has to be confirmed on your device first, allowing you to check and verify each of your transactions so as to not make any costly mistakes or make a guess. 

The wallet supports over 1,000 crypto assets, including Bitcoin, Ethereum, Lido Staked Ether (stETH), Tether, BNB, USDC, Dogecoin, Polygon, Uniswap, Shiba Inu, and many more. And when it comes to third-party crypto wallets, Trezor works with Electrum, Exodus, MetaMask, My Crypto, and MyEtherWallet.

7. Ngrave – South Africa’s Preferred EAL7-Certified Security Provider to Fortify Crypto Assets 

South African investors seeking the utmost protection from online hackers will find the 100% offline Ngrave wallet extremely beneficial. However, it is important to note that Ngrave is the most expensive hardware wallet on this list, priced at €398, and for good reason. This wallet is completely air-gapped, boasting its own private and patented key creation process, and is devoid of WiFi, Bluetooth, NFC, or USB connections.

Most importantly, Ngrave’s flagship hardware wallet, the Ngrave ZERO, is claimed to be the only one with EAL7 security certification, representing the highest level of security for cryptographic devices. Additionally, the ZERO wallet also boasts ROHS and CE certifications. Included in its combo pack is an indestructible steel system — the Graphene unit — designed for the safe backup of your private key.

In terms of the device’s design, the wallet offers a slick touchscreen experience for easy swiping and tapping. It features a 640 x 480 camera, equipped with a built-in light sensor, and includes a biometric fingerprint sensor for additional security. Moreover, the device is designed to be tamperproof, dustproof, and waterproof, further ensuring safety.

8. Blockstream Jade – Bitcoin-focused Hardware Wallet, Gaining Rapid Popularity Among South Africans

This device is particularly for Bitcoin lovers to securely store their BTC in cold storage. What this means is that the product is affordable at just $64.99, but you can not use it for any of the vast number of altcoins available in the market. 

The Blockstream Jade, a hardware wallet, boasts a 1.14-inch IPS LCD display and a camera for enabling air-gapped transactions. Eliminating the need for USB or Bluetooth connections, this device allows you to simply scan QR codes for verifying addresses or signing transactions, thereby facilitating the sending of your assets.

The wallet’s QR camera functionality serves many other essential functions, including scanning a SeedQR for use with Recovery Phrase Login and enabling the restoration of a wallet to the Blockstream Jade.

The wallet is a good choice for those looking for a compact hardware wallet that specifically caters to Bitcoin and Liquid Network assets while being affordable. However, the limited crypto support and additional features may not appeal to those who want to explore the broader crypto sector. 

9. Bitbox – A Compact Crypto Vault with Air-Gapped Security, a Top Pick in South Africa 

When it comes to Bitbox’s hardware wallet, it offers access to a wide range of crypto assets, including popular altcoins, but it is a bit on the expensive side at €115.83. Interestingly, this wallet provider also offers a Bitcoin-only edition, priced the same. 

The BitBox02 wallet is fully open source and features a dual-chip design with a secure chip. It supports easy backup and restores with a microSD card while offering a minimalist and discreet design. 

Additionally, the wallet enables connection to any dApp within the Ethereum ecosystem, encompassing NFTs, DEXs, and various other DeFi applications. This multi-asset support wallet also doubles as a second-factor authenticator for securing accounts on platforms like GitHub, Google, Facebook, and Dropbox.

At the center of the BitBox ecosystem is its app, which is pretty simple and provides a one-stop solution to manage your coins. The app is multilingual, with support for over 15 languages. It is also compatible with third-party wallets like Electrum, Specter, Sparrow, and  MyEtherWallet.

10. Ellipal – Mobile-focused Cold Wallet Bringing Safety to South African Fingertips

This cold wallet is also priced at the higher end, though not as much as Ngrave’s hardware wallet. Priced at $169.00, the ELLIPAL Titan 2.0 Cold Wallet offers a dual-layer defense.

Additionally, there’s an affordable option, the ELLIPAL Titan Mini Cold Wallet, available for just $99. It is air-gapped, includes a micro SD card, and features unlimited coin store memory. Similar to Ledger, Ellipal wallets also boast EAL 5+ certification, complemented by a 24-Word Seed Phrase and Passphrase.

ELLIPAL Titan 2.0 is touted as ‘the world’s first fully metal sealed hardware wallet,’ offering anti-disassembly and anti-tamper features. These devices feature a 4-inch full-lamination display, ensuring a smooth user response experience. They also support up to 10 accounts and include 2FA functionality. 

ELLIPAL’s wallet is equipped with an auto-self-destruct feature, whereby any detected tampering with the device results in the automatic deletion of your private information.

An all-in-one app for Titan, Titan 2.0, and Titan Mini is primarily mobile-friendly and is available for both Android and iOS, but no desktop support. The Ellipal mobile app provides access to more than 10,000 coins and tokens thanks to support for 40 plus blockchains. 

11. SafePal – South Africa’s Leading Dual Chip Architecture Crypto Wallet for Mobile Security

Backed by Binance Labs, SafePal, a hardware wallet, presents three options: the SafePal S1 at $49.99, the SafePal X1 for $69.99, and the SafePal S1 Pro priced at $89.99.

These devices are fully decentralized, featuring an EAL 5+ independent secure element. This wallet provider further makes use of a true random number generator and an anti-tampering self-destruct mechanism in addition to security sensors to protect your crypto holdings.

Being a fully offline cold-storage device, they offer support for a 100% air-gapped signing mechanism, eliminating the need for Bluetooth, WiFi, NFC, or USB connections. The device includes a camera for high-speed QR code scanning and features a colored screen. With the QR code, you can instantly connect your SafePal, ensuring your keys remain encrypted. Additionally, SafePal devices are compatible with iOS, Android, Windows, and MacOS.

This wallet provider gives you access to a wide range of crypto assets by supporting 100+ blockchains in addition to unlimited storage for cryptocurrencies. You can buy, sell, swap, trade, and manage different cryptos and NFTs, all in the SafePal app.

Moreover, setting itself apart from most other wallets on this list, SafePal has its own utility token, SFP, which is issued on the Binance Smart Chain and Ethereum.

12. SecuX – Multi-Asset & Platform Accessibility, Elevating Crypto Management in South Africa

Much like other hardware wallet providers, South African investors also have different options to choose from when it comes to SecuX.

This crypto wallet has three models, starting with the cheapest at $69 is SecuX W10, then at $119 comes SecuX W20, and its most expensive wallet, SecuX V20, will cost you $139.

The W20 hardware wallet, notable for its lightweight design, offers military-level security standards. It features a USB Micro-B connection, which, unlike V20, uses USB Type-C and has a long battery life.

Both SecuX V20 and W20 have a full-color large touchscreen display and Bluetooth connectivity, which W10 doesn’t have, but you can sync it with the supported platforms through a USB Micro-B Connection. These devices are compatible with multiple platforms, including Windows, macOS, Linux, Chromebook, Android, and iOS in addition to having QR code support.

Each one of these wallets supports more than 5,000 cryptocurrencies and up to 500 accounts. These assets can be easily accessed and managed via its web-based and mobile apps. And to reach out to the Taiwan-based SecuX, you can use the online contact form from Monday to Friday (9:00 am – 18:00 pm HKT) or via email.

13. Coinbase – Regulated Exchange Offering Cold Wallet Storage     

Based in the US and founded in 2012, Coinbase is a global crypto exchange that doubles up as a custodial wallet. Coinbase supports over 100 cryptocurrencies, and its wallet can be accessed via web browsers and a mobile app. The latter is compatible with Android and iOS. There are no fees to use the Coinbase wallet, and it comes packed with security features.

This includes keeping 98% of client funds in cold storage. Coinbase also implements mandatory two-factor authentication and device whitelisting. In addition to top-notch security, Coinbase is one of the best crypto wallets in South Africa for beginners. Its interface is user-friendly, so no prior experience is required. Moreover, the Coinbase wallet makes it simple to trade crypto.

That said, trading fees on Coinbase amount to 1.49% per slide. Orders below $200 will attract a flat fee that amounts to a higher percentage charge. Furthermore, those looking to deposit funds with a debit/credit card will be charged 3.99%. However, Coinbase remains one of the most popular crypto ecosystems, largely for its user-friendliness and watertight security.

14. OKX – All-in-One Ecosystem for Crypto Storage, Trading, and Yields     

OKX offers a decentralized wallet app that comes with a variety of features. In addition to storing crypto, OKX also enables traders to buy and sell tokens at the click of a button. Moreover, OKX supports interest-bearing products, including staking and yield farming.

This means OKX users can trade and earn under one roof. Best of all, OKX operates as an aggregator. This means that it connects with over 200 decentralized exchanges to secure the cheapest rates in the market. Moreover, OKX will source the highest APYs based on the user’s preferred crypto.

We also like that the OKX wallet supports 11 blockchain networks. This includes Ethereum, Polygon, Arbitrum, and Binance Smart Chain. In turn, users can easily swap tokens on a cross-chain basis. Another feature of this wallet is that it supports an NFT marketplace. Some of the top NFT collections currently available include Bored Ape Yacht Club and DeGods. Finally, OKX is a non-custodial wallet, giving users full control of their crypto assets.

15. MetaMask – Non-Custodial Wallet App and Browser Extension  

MetaMask is the first wallet on this list that offers non-custodial storage. This means that South African investors will have full control over their crypto funds and private keys. In other words, MetaMask cannot access the tokens stored in its wallets. We found that MetaMask is user-friendly, with wallets taking just seconds to create.

Moreover, MetaMask can be accessed via the iOS and Android app, as well as through web browsers. This includes support for Chrome, Firefox, and Edge. There are no fees to download and use MetaMask. But like all wallets, users will still need to cover GAS fees when making transfers.

MetaMask supports thousands of the best cryptos across multiple blockchains. This includes Ethereum, Binance Smart Chain, Arbitrum, and others. However, MetaMask does not support Bitcoin. On the flip side, we like that MetaMask supports third-party DeFi apps like OpenSea, Maker, and Aave. This enables users to buy, sell, and trade digital assets within MetaMask.

16. Trust Wallet – User-Friendly Mobile Wallet App for iOS and Android 

Trust Wallet is also one of the best crypto wallets for South African traders. It supports over 70 blockchain networks, meaning that millions of digital assets are compatible. This includes both cryptocurrencies and NFTs. Trust Wallet is free to use and offers non-custodial storage.

The private keys are displayed as a 12-word passphrase when setting the wallet up. Users can also safeguard their wallets via fingerprint ID. Trust Wallet does not have access to the user’s credentials, ensuring that storage is truly decentralized. We also like that Trust Wallet supports Web 3.0 dApps.

This includes everything from Uniswap and Aave to PancakeSwap and Compound. Moreover, Trust Wallet supports staking, providing a passive way to earn free crypto. Trust Wallet, which is backed by Binance, is also compatible with Chrome browsers. The main drawback with Trust Wallet is that debit/credit card payments are processed by third parties like MoonPay and Simplex. As such, payments can cost upwards of 5%.

17. Electrum – Established Desktop Wallet for Securely Storing Bitcoin

Electrum is one of the best Bitcoin wallets in South Africa. It was launched in 2011 and has a great reputation for safety. Although Electrum also has an Android app, it is best known for its desktop software. This offers one of the safest ways to store Bitcoin. For example, private keys are stored directly on the user’s desktop device.

This means that Electrum does not have access to the wallet credentials. Moreover, Electrum enables users to keep their private keys in ‘offline mode’. This means that funds cannot leave the wallet until the user switches it back online. Another security feature is multi-sig permissions. This requires the wallet owner to confirm outgoing transactions on two separate devices.

Electrum is available on multiple operating systems, including Windows, Mac, and Linux. It is free to download and install, and there are no markups on blockchain fees. That said, those with multiple cryptocurrencies will likely not find Electrum suitable. This is because the wallet is only compatible with Bitcoin. What’s more, Electrum does not support exchange or yield services.

18. Exodus – Multi-Asset Wallet With a User-Friendly Portfolio Interface

Exodus is also one of the best crypto wallets for South African investors. It supports over 260 cryptocurrencies and is compatible with multiple devices. This includes a mobile app, desktop software, and a browser extension for Chrome and Brave. Exodus is a non-custodial wallet, so users are responsible for keeping their private keys safe.

Supported blockchain networks include Bitcoin, Ethereum, Binance Smart Chain, Solana, Tron, XRP, and many others. One of the best features of this wallet is its portfolio interface. Exodus clearly displays the user’s wallet balances in real-time, based on their preferred currency. This enables investors to keep tabs on the value of their crypto investments.

Another feature of Exodus is that it supports staking across multiple coins. This enables users to passively earn free crypto. Moreover, Exodus also supports token swaps, but this is provided by third-party dApps. Finally, Exodus also connects to the Trezor hardware wallet. This allows Trezor owners to view their token balances via the Exodus app without compromising on security.

What is a Cryptocurrency Wallet?

Cryptocurrency wallets store digital currencies like Bitcoin, XRP, and Dogecoin. Although some wallets come as hardware devices (e.g. Trezor), most are downloadable software for smartphones and laptops. Cryptocurrency wallets connect to the blockchain network, enabling users to send and receive tokens.

Transactions are processed on a wallet-to-wallet basis. This means that transactions do not reveal the identity of the sender or receiver. Instead, transactions are identified by wallet address, which are long strings of numbers and characters.

The best crypto wallets for South African traders also offer additional features. For example, the ability to track real-time cryptocurrency prices in ZAR. Moreover, many cryptocurrency wallets enable users to buy, sell, and swap tokens.

This makes it convenient to enter and exit trades without needing to leave the wallet interface. That said, the primary function of a crypto wallet is to keep the respective tokens safe. There are many security features available, such as two-factor authentication and cold storage. The latter keeps the crypto tokens offline and away from hacking attempts.

How do Bitcoin Wallets Work?

After choosing a suitable wallet, the user will download it to their preferred device and create a password. The user will then be given a unique ‘wallet address’. This enables the user to receive funds from another wallet.

Wallet addresses are similar to bank account numbers. They can be given to another person without compromising the security of the wallet. Do note that wallet addresses are long and complex. Sending crypto tokens to the wrong address will result in a loss of funds.

Here’s an example of an Ethereum wallet address:

0x71C7656EC7ab88b098defB751B7401B5f6d8976F

Wallet addresses are connected to the blockchain, meaning anyone can view what’s inside. For example, the wallet address above contains over 37 ETH, which is valued at over $58,000 based on current prices.

Put simply, if the wallet owner wishes to receive tokens from another person, they would provide the above address. After the transaction is sent, it would appear in the user’s wallet in 1-2 minutes. Transaction times vary depending on the network, with Bitcoin often taking 10 minutes.

Nonetheless, cryptocurrency wallets also come with unique private keys. Once again, this is a long and complex string of numbers or characters. Unlike wallet addresses, private keys should not be shared. They provide access to the wallet even without the device it is installed on. In other words, private keys should be viewed like an ATM PIN or online banking password – they should be kept safe.

Custodial vs Non-Custodial

Private keys are only provided by non-custodial wallet providers. This means that the user is the only person to have access to the private keys. In turn, if the private keys are lost or stolen, the non-custodial provider cannot help regain access.

Custodial wallets, on the other hand, safeguard the cryptocurrencies on behalf of the owner. This wallet type is typically offered by crypto exchanges and often comes with a variety of security features.

However, investors should remember that custodial wallets also come with additional risks. This is because investors need to trust that the custodian follows through on its promise of keeping the funds safe. If the exchange is hacked, the cryptocurrencies stored could be at risk of theft.

Why You Need a Crypto Wallet

The type of cryptocurrency wallet required by South African investors will depend on their goals. Nonetheless, a wallet is needed to keep the tokens safe. That said, investors will need to consider whether a custodial or non-custodial wallet is more suitable.

• For example, beginners that want to invest in cryptocurrencies long-term might prefer to use their preferred trading platform’s web wallet to start with.
• This is because there is no requirement to install a wallet or worry about security.
• Instead, after buying cryptocurrencies on the platform, the tokens are transferred to the platform’s in-built web wallet.
• The tokens are then protected by the security controls of the platform, including, if used, cold storage.
• Moreover, investors can sell their tokens at any time, directly from the platform’s web wallet as it is connected to their trading platform.

However, custodial wallets like web wallets won’t be suitable for all investor needs. For instance, those that wish to actively send and receive funds might prefer a non-custodial wallet. This offers more control over the funds and, ultimately, removes the need to rely on a custodian.

One of the best crypto wallets for non-custodial storage is MetaMask. This is free to download and comes as a mobile app and browser extension. MetaMask doesn’t support Bitcoin, though. As such, those looking for the best Bitcoin wallet for South Africans might prefer Trust Wallet or Electrum.

Then there are hardware wallets like Trezor. This option is best suited for those investing large amounts. Trezor keeps the tokens offline at all times, and outgoing transactions require users to enter a PIN on the device itself.

Types of Crypto Wallets

Leading on from the above section, let’s dig a little deeper into the different types of crypto wallets and who they are suitable for.

Software Wallets

Software wallets come with many benefits, including increased convenience and cost-effectiveness. In fact, the vast majority of software wallets are free to download and use.

There are four options when it comes to software wallets.

• Mobile: First, many software wallets can be downloaded as mobile apps. This enables the user to send and receive tokens with ease. Mobile wallets also make it seamless to view real-time balances. Security features often include a PIN and/or fingerprint ID.
• Desktop: It is also possible to download software wallets onto a desktop device. This often comes with additional security features, such as two-factor authentication. This means the user will need to confirm outgoing transactions from another device, such as a mobile phone.
• Browser Extensions: More and more wallet providers are releasing browser extensions, increasing convenience for their users. This means that users can access their crypto tokens via Chrome, Firefox, and other popular browsers. However, this also increases security risks, considering that the funds remain online at all times.
• Web: Web wallets are provided by custodians, such as crypto exchanges. This is the most convenient option, considering that users simply need to log into their accounts to access their crypto. However, if the custodian is hacked, users could lose their funds. In this regard, it’s best to stick with regulated custodians.

Hardware Wallets

While software wallets are the most convenient and cost-effective, hardware wallets are considerably safer.

One of the best crypto hardware wallets is Trezor. The wallet’s private keys are stored directly on the device, which is kept offline at all times. Moreover, the only way to send crypto from the wallet is by entering a PIN. This needs to be entered directly onto the device.

Hardware wallets like Trezor are suitable for long-term investors with a large amount of crypto. While transferring funds is inconvenient, hardware wallets ensure the crypto tokens are secure.

Hardware wallets can be expensive, but this varies depending on the provider. For example, while Trezor’s advanced wallet costs $219, it also offers a standard model at just $69.

Paper Wallets

Long-term investors in South Africa that do not want to purchase a hardware device have another option – paper wallets. These are just as secure as hardware wallets but are free to operate.

Here’s how paper wallets work:

• First, the investor will obtain a software wallet on their preferred device.
• After creating a wallet, the private keys and public address are printed onto a sheet of paper.
• It’s best to use a wallet provider that offers simplified private keys, such as MetaMask. This is because the private keys are displayed as 12 English words.
• After the private keys have been printed, delete the software wallet from the device.
• Then, store the piece of paper somewhere safe.

In the above example, the user now has a cold storage wallet that remains offline at all times. The user can transfer more crypto into the paper wallet by transferring the funds to the public address.

When the user wants to transfer the tokens out of the paper wallet, they would need to install the private keys into a software wallet, like MetaMask. Naturally, this is inconvenient, so paper wallets are only suitable for long-term investors.

The Importance of Storing Seed Phrases Safely

Non-custodial wallet holders will be able to access their private keys and wallet holdings through a seed phrase – which consists of a sequence of random words. It is important to properly store your seed phrase, as losing it may lead to the permanent loss of your stored assets. 

Therefore, users can purchase an effective seed phrase storage device like Cryptotag. With a starting price of €129, Cryptotag stores a minimum of 24 seed phrases on titanium-bound plates. The device boasts an unparalleled finish, with laser-etched details. 

How to Pick the Best Crypto Wallet for You

Still not sure how to choose the best crypto wallet in South Africa?

Here are the most important factors to focus on when choosing a provider:

• Supported Coins: First, consider which cryptocurrencies the wallet provider supports. This is often determined by the blockchain network. For example, wallets compatible with the Ethereum blockchain will also support ERC20 tokens. While wallets supporting Binance Smart Chain will support BEP20 tokens.
• Security: Explore what security features are offered by the wallet provider. Examples include cold storage, two-factor authentication, multi-sig permissions, and IP address whitelisting.
• Device: Consider which device to store the wallet on. Options include mobile apps, desktop software, and web browser extensions. Web, paper, and hardware wallets are also an option.
• Custodianship: Investors should also consider whether they prefer a custodial or non-custodial wallet. The latter will be suitable for those wanting full control of their private keys. While custodial wallets are aimed at beginners that favor convenience.
• Features: The best South Africa crypto wallets come with additional features, such as being able to buy, sell, and trade tokens. Moreover, some wallet providers, like Trust Wallet, support staking. This enables users to earn passive income without leaving the wallet interface.

How to Get a Cryptocurrency Wallet in South Africa

Now let’s explore how to get a crypto wallet in South Africa.

We will explain the steps with Best Wallet’s non-custodial mobile app, which offers the perfect blend of security and convenience and offers unique features for users.

Step 1: Download Best Wallet App

Best Wallet is available as a mobile app on both Android and iOS so step one is to visit the App or Play Store and download the app, which should take less than a minute.

A desktop browser extension is launching in the coming months.

Step 2: Create Account

Once downloaded, simply create an account using an existing account.

This can either be done by inputting an email address or, if you have a Google or Apple account, selecting ‘Continue with Apple/Google’ and picking a related email address.

Step 3: Choose Security Settings

Best Wallet has enhanced security features but the minimum amount needed to create an account is a four-digit password, that needs to be confirmed as a next step.

However, users can also choose to add two-factor authentication and/or fingerprint ID should they so wish.

Once the security features have been selected and confirmed, users will be redirected to the homepage where they will be able to manage their portfolio, purchase tokens, use the built-in DEX or access insights on trending tokens.

Are Bitcoin Wallets Safe? How to Stay Secure with Crypto Wallets

When choosing the best crypto wallet in South Africa, safety should be a key priority. After all, the crypto tokens will have real-world value, so the funds should be protected from scams and remote hacks.

So how safe is a South Africa crypto wallet? Well, the level of security depends on the chosen wallet provider.

• For example, those opting for a custodial wallet will be protected by two-factor authentication.
• This means nobody can access the wallet unless they have the user’s password and mobile device.
• These wallet typically send an SMS or require a code from an authenticator app on each login attempt, which the user needs to enter to access the wallet.
• Some wallets keep the majority of client funds in cold storage, other do not. It is best to go with one that keeps a majority of funds in cold storage.
• Some custodial wallet providers are also regulated by the country’s financial regulator. It is best to chose a wallet provider who is regulated.

In terms of non-custodial wallets, users are responsible for keeping their tokens safe. That said, the top crypto wallets in South Africa for non-custodial storage offer plenty of security tools.

For example, the Best Wallet and Trust Wallet apps offer the choice of a PIN or fingerprint ID – and Best Wallet also has two-factor authentication, though it is optional. While the Electrum desktop software comes with multi-sig permissions, This means outgoing transactions need to be confirmed on two separate devices.

For even greater security, hardware wallets require users to type in their PIN onto the device itself. This means that transactions cannot be authorized without access to the hardware device

Ultimately, the level of security offered by crypto wallets will vary widely. Investors in South Africa need to assess their goals, including how actively they wish to send, receive, or trade crypto.

Conclusion

In conclusion, the best crypto wallets in South Africa have been ranked and reviewed. Overall, the best option for long-term crypto investors is Best Wallet.

It is a non-custodial wallet that has multi-chain functionality and a whole host of unique features such as unique and custom market insights on trending tokens and upcoming airdrops and its own built-in decentralized exchange – as well as a portfolio management tool and enhanced security.

Available on Android and iOS as a mobile app, Best Wallet also has its own native token, $BEST, with those who use the wallet in the coming months set to earn a huge airdrop of tokens.

References 

• https://brokercheck.finra.org/firm/summary/298361
• https://www.nytimes.com/2022/10/07/business/binance-hack.html
• https://academy.binance.com/en/glossary/secure-asset-fund-for-users
• https://coinmarketcap.com/rankings/exchanges/
• https://help.coinbase.com/en/coinbase/investing-and-funding/pricing-and-fees/fees
• https://www.businessinsider.com/personal-finance/what-is-apy
• https://boredapeyachtclub.com/
• https://www.simplex.com/
• https://etherscan.io/address/0x71c7656ec7ab88b098defb751b7401b5f6d8976f
• https://coinmarketcap.com/

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Kane Pepi

Editor

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Kane Pepi

Editor

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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