By now, we’ve all understood the significance of investing in cryptos, particularly for the massive returns! However, buying cryptos isn’t as easy as walking inside a bank and exchanging your fiat for cryptos.
When looking to invest in cryptos, you need access to a top-rated wallet to store your digital assets. However, it’s easier said than done! There are numerous crypto wallets in the market, and finding the best crypto wallet in Australia is a matter of the safety & security of your tokens.
Since these wallets also comprise numerous services and other added tools, you might need a proper guide to help you find the best exchange services.
But how do I find the best Australian crypto wallets?
If you have a similar question in mind, continue reading this blog. Here, we have discussed the top crypto wallets in Australia and discussed their different types & functionalities to help you get started. Let’s check them out.
Table of Contents
How Crypto Wallets Work
Now that you know that you can’t simply store your crypto funds over a bank account, your most obvious question would be ‘where do cryptos get stored?’. The answer is crypto wallets! These wallets are generally present in multiple forms (hardware, software, paper). The passwords to the accounts that store your cryptocurrencies are known as ’private keys,’ which are set by the investors.
In simpler terms, crypto wallets are gateways where investors have safe access to their cryptos and other digital assets.
However, the most crucial thing to understand is that your crypto funds are not stored in your wallets. Instead, these wallets are responsible for keeping all the information that gives you access to those funds.
So, why use a crypto wallet? What do they offer you?
Although it’s challenging to steal your cryptos, instances over the past have shown that crypto hacking is possible. This is where crypto wallets act as a safety net to your crypto funds, ensuring that your keys remain private even if a second person has access to them.
Adding to it, these wallets also have strong security measures like 2FA (2 Factor Authentication) and fingerprint scanners to ensure that you retain possession of your keys even if they are obtained by someone else.
A majority of individuals are used to traditional means of password storage. They rely on their brains to recall passwords. Besides, individuals who are very concerned about the security of their wallet funds will prefer writing it down on a piece of paper and keeping it near their computer.
However, this method can’t be trusted as that notebook will be accessible to everyone who looks at it. And memory, on the other hand, is unreliable, especially when it comes to remembering lengthy keys. This is where a crypto wallet steps in as a dedicated space where you know your keys are protected.
Another reason to use crypto wallets is their convenience to your everyday life. These wallets are accessible over a matter of clicks and can quickly help you trade, buy, or sell cryptos with utmost security.
Types Of Crypto Wallets
Now that you understand the purpose of crypto wallets, we’d like you to know more about the different types they’re available in. Yes, crypto wallets are available in more than just one form. And if you’re about to make your investment in the cryptos, here are some different types of wallets to help you determine which one is ideal for you?
Hot and Cold Wallets
First on our list are the hot and cold wallets. No, they don’t resemble their physical temperatures; instead, they’re differentiated via the presence of internet connectivity.
Hot wallets are digital wallets linked to the Internet, making them less secure and posing more significant hazards for users’ funds. These wallets are generally used for everyday operations and are more user-friendly as they can be accessed from multiple devices.
On the contrary, cold wallets are those with no access to the internet and are generally stored offline. As a result, they are more convenient in terms of security and possess fewer hacking risks. Additionally, cold wallets are preferred to store considerable funds over a long time.
As the name suggests, hardware wallets are simple hardware devices (more often in the shape of a USB drive) that manage keys and public addresses on their own. These wallets are sturdy and come with an OLED screen and side buttons. In addition, it is a battery-free gadget that can be connected to a computer and used with native desktop applications.
In terms of their safety, they’re more reliable than hot wallets and more convenient than paper wallets. However, they’re not as secure as desktop and web wallets as they come with the risks of getting stolen.
It’s a QR-coded form wallet that’s physically printed. These wallets are generally a paper where some of them allow you to download the QR and create a code to generate new addresses while there’s no internet connectivity. They aren’t hackable but come with numerous drawbacks, making them an unreliable wallets for users. Additionally, their use is limited to storage as they can’t transmit partial money.
As a result, paper wallets are limited and can only be used once. Initially, they were a reliable medium for cold storage, which later shifted to hardware wallets.
These wallets are more like software applications that can be installed on a computer. These wallets are straightforward and can be used for long-term investments if you’re an investor, making them a better option than holding cryptos on an exchange.
In terms of its security, desktop wallets stand as the third safest way to store cryptos and are the best option for cold storage in a secure environment. They come with a clean UI, making them simple to use, providing anonymity and privacy without the involvement of a third party. However, if you opt for using this wallet, you must ensure that you backup your computer regularly.
Similar to desktop wallets, mobile wallets are limited to mobile devices. Nevertheless, they are pretty convenient since they use QR codes to initiate transactions. Additionally, these wallets are also acceptable for everyday use as they’re handy and can transfer funds with a click.
However, they are susceptible to malware attacks due to their active connection to the internet. Since these wallets require encryption and are easy to use, they can be used on the go.
Web wallets are digital wallets that can be accessed via the internet. These wallets store your funds over an online wallet store, secured by private keys, which are vulnerable to DDOS attacks.
Given their nature against crypto attacks, these wallets are prone to cybercrimes and are not the desired method to store cryptos by many investors and traders.
With this, you now have an idea of the different crypto wallets that can be used to store your funds! And now that you have an idea of the types of crypto wallets to hold your funds let’s look at some of the best Australian bitcoin wallets in the section ahead.
Best Crypto Wallets In Australia
Given the abundance of crypto wallets that we currently have in the market, the chances are that you might get confused when looking for the best bitcoin wallet in Australia. Every wallet is unique and offers you a different functionality at different rates to help you store or trade your crypto funds.
Therefore to help you understand better, we have curated a list of the top crypto wallets in Australia in the section below. Let’s check them out:
When curating a list of the best crypto wallets in Australia, we came up with Kraken as our first choice. This crypto exchange stands out with its exceptional safety measures. It is also touted as one of the top-rated crypto wallets popular among beginner and seasoned traders alike.
The exchange is backed by advanced charting, educational tools, and margin facilities that make it convenient for users. Additionally, Australian traders can access 1:2 leverage as per ASIC regulations.
Talking of the wallet provided by the platform, users store their cryptos stored over the Kraken web wallet, which is considered an ideal wallet for active traders. Why? Because users of the Kraken wallet can access their funds by simply logging into their account via the mobile app available on both Android and iOS.
In terms of its safety, the platform offers a custodial wallet, signifying that the right to secure private keys stays with Kraken. Besides, the platform also stores up to 95% of its client’s digital assets over offline cold storage.
If you want to trade over the platform, Kraken provides you with over 65 digital currencies, comprising both large & small cap projects like Bitcoin, Shiba Inu, and Ethereum. Traders also accept a maker-taker commission of 0.26%, which is further reduced by increasing monthly volume. Deposit fees will vary depending on whether you wish to fund your account with crypto, a debit/credit card, or a bank transfer.
On the flip side, the leverage provided by this platform is at high risk, making the available tools limited to advanced traders.
Second on our list of the top Australian crypto wallets is Binance, touted as one of the most significant crypto ecosystems in the industry. The platform is home to thousands of active crypto wallets and attracts a daily volume of over $10 billion, making it easy for users to liquidate their funds.
Talking of the wallet provided by the platform, users get access to the Binance web wallet, often regarded as a reliable wallet for active traders. In addition, users can further access their wallets via the Binance trading app, accessible over both iOS and Android mobiles.
Users of the Binance platform can trade in hundreds of crypto pairs across 1000+ markets across the globe to diversify their folio. Moreover, you can easily choose between prominent to the new and latest crypto projects, ranging from Bitcoin, Litecoin, & Ethereum to Shiba Inu, AAVE, and Tether.
Another option for the users who don’t want to use the Binance’s wallet is downloading Trust Wallet, another reliable wallet backed by Binance. Additionally, before you access the platform, it’s essential to understand that it’s non-custodial, and only you’ll have access to its backup passphrase and private keys. Besides, Binance also follows traditional security measures like 2FA and face scans.
No matter the type of token you choose to invest in, the platform charges just 0.10% commission. Additionally, if you’re holding BNB tokens in your wallet, you can easily trade more significant amounts at a lower fee.
On the flip side, Binance is not regulated by ASIC or any financial body.
Third on our list of the top Australian crypto wallets is eToro, a crypto exchange running its operations since 2007. Currently used by millions of users due to its low fee and its backing by the ASIC, the platform comes with a clean and straightforward UI, making it a reliable platform for beginners and advanced traders alike.
In terms of the wallet provided by eToro, users get access to a custodial wallet for storing their crypto funds. Here, the platform ensures the safety of your wallet and its funds at all times. Being an investor, you can easily access your funds via the interactive mobile app compatible with both Android and iOS phones. Fund transfers using eToro are held over a wallet-to-wallet basis.
Investors of the platform get access to dozens of crypto assets, including Bitcoin, Cardano, and Dogecoin, to Neo, EOS, and Decentraland. In addition, the exchange services allow you to swap over 500+ pairs of tokens. So, for instance, you could easily swap your ETH to BTC and vice versa, simplifying transactions over the platform.
Once you sign up for the platform, you need a minimum investment of $10 to get started. In terms of the fee structure, both the web and mobile applications are free to access, with funding options that include credit and debit cards, bank transfers, Paypal, Skrill, and more. All of these funding options attract a 0.5% fee.
Security measures adopted by eToro are stringent as it operates following ASIC, FCA, and CySEC regulations. Besides, the platform also secures its funds with top-tiered banks where the information is backed under SSL encryption.
On the flip side, the platform might feel limited for advanced users as most of the features are only limited to beginner levels.
Moving ahead, we have the Atomic wallet, which was initially launched under the name Atomic Swap in 2017. This software wallet is available over both mobile and desktop and comes with the added functionality of investing in crypto, making it a great wallet.
Users can hold over 300+ tokens in this wallet, making it a reliable option for both investors and traders alike who like to invest in multiple crypto projects of different sizes. Besides being a digital wallet, Atomic also comes with its integrated exchange, allowing users to fund their wallets via credit card and initiate purchases at a fixed 2% fee per transaction.
However, what makes the Atomic wallet stand out among the other crypto wallet providers is its support for staking. Being a crypto investor, you could easily earn up to 20% APY interest rates off your funds by staking over a dozen coins on the AWC (Atomic Wallet Token). Interestingly, some of its coins also offer staking rewards within a day.
In terms of security, Atomic has two tiers of it. The first stage is a user-created password required to access their wallet. These passwords are also used for confirming transactions and accessing private keys. Additionally, the platform also backs its user-generated passwords via a 12-word backup phrase that is randomly generated and can be used to recover the wallet.
Additionally, users of the platform have a seamless 24/7 customer service portal that can be accessed via email, phone, or live chat.
On the flip side, the Atomic wallet is limited to software only. As a result, users cannot link their wallets to a hardware drive, which is generally the case with other wallets.
Next, we have Coinbase, another established cryptocurrency wallet in Australia. The platform stands out with its beginner-friendly approach, easy-to-navigate UI, and clean interface. As an exchange, Coinbase is also regulated by the US and is listed as a tradable stock under NASDAQ.
Talking of the Coinbase wallet, users access a custodial wallet service, accessible via your web account or a mobile app that can run over iOS and Android. This interactive wallet makes it easy for users to buy and sell their cryptos in a few clicks.
Users registered with Coinbase can access over 50+ supported cryptocurrencies that they can invest in or trade. In addition, they can quickly diversify their folios with small and large-scale token projects like Bitcoin, Litecoin, Shiba Inu, Ethereum, and Dogecoin.
The security feature of the Coinbase platform is what sets it apart from the rest on our list. The platform stores 98% of its client assets offline over a cold crypto wallet. Other added security measures over the platform include two-factor authentication, adding a significant layer of security to your digital assets.
Interestingly, the simplicity with which you can create your account over the platform sets it apart! You could begin your investment journey in just 10 minutes, including verification.
On the flip side, the fee structure of Coinbase is what makes it a less preferred option. Users are charged a standard trading commission of 1.49%, besides attracting a fee of around 4% for using Australian debit or credit cards. Moreover, the platform lacks advanced trading tools, limiting it to beginners.
Next up, we have Exodus, a reliable cryptocurrency wallet in Australia which is simple in its application. The wallet is simple to use and offers its users non-custodial wallet access, which can simplify everyday transactions without attracting much fee for transactions.
The wallet is relatively effortless in its operations as users don’t need to sign-up with the platform. Instead, the process is as simple as downloading the software to your desktop computer or laptop, giving you easy access to over 150 assets spread over seven different Blockchains.
What makes the wallet suitable for beginners is its easy operations, backed by various features like the payment system ‘Lightning Network’. This new payment integration allows users to process transactions outside the Blockchain network. Users can also buy, sell, or trade NFTs within the wallet’s network.
In terms of its safety and security, users have complete secrecy of their passwords and a 12-word recovery phrase if they want to reset their passwords. The platform also provides solutions for users who secure their assets offline. Here, they can link Exodus with a physical ‘Trezor’ wallet to manage their investments.
For payments, Exodus attracts a minimal transaction fee to send their assets. However, users don’t draw any fee if they want to receive assets over their Exodus wallets.
On the flip side, Exodus lacks in terms of custom fees. Currently, the platform is only limited to accepting Bitcoin and Ethereum transactions.
Seventh on our list is ZenGo, a simple and highly integrated crypto wallet. What sets the wallet apart from the rest of the offerings on our list is its functionality; the platform replaces the need for private keys with facial recognition, adding to the security of its users.
Such added features by ZenGo take up the security of its user’s funds by a notch as it eliminates any means of failure or chances to lose your coins under the circumstances of wallet loss or hacking.
Additionally, users can easily track their assets and verify historical transactions and the movement of their folio by comparing it to the market prices. The mobile-friendly app allows users to access their folios without needing updates from crypto sites or exchanges.
Users of ZenGo can start their journey by investing in over 30 different crypto assets, including the likes of ETH, BTC, and DOGE, while adding low cap projects like SHIB recently. Moreover, the platform allows seamless buying of these cryptos over a single click, thanks to the neat UI of the platform.
Besides allowing the users to purchase their cryptos, ZenGo provides its users with the opportunity to earn interest on their BTC deposits. In addition, the platform offers an APY of 4% to fund your account while providing users with some free Bitcoin when they create an account with them.
On the flip side, users are limited to only purchasing cryptos from the platform. Additionally, the option is currently limited to Bitcoin when it comes to selling, with news of ETH coming later this year.
Last on our list; we have Bitpay, formerly called Copay wallet. This crypto wallet is best known for its multiple maintenance feature! Yes, users of the Bitpay wallet can make the most of their crypto investment journey by maintaining multiple wallets over a single screen using this platform.
Users also get access to unlimited transactions, besides the added functionality of accepting crypto payments via online medium, in person, and email billing. If you’re an investor who’s just begun their journey, you get access to 13 crypto tokens, including the likes of Bitcoin Cash, Ethereum, Bitcoin, Shiba Inu, and Dogecoin.
On the security side, Bitpay provides its registered users with all the primary features, including multi-signature and two-factor authentication, to initiate transactions. In addition, the “self-custodial” wallet is further equipped with several crypto-security measures and multiple includes backed by numerous external software products.
The vendor charges you a flat 1% transaction fee on individual transactions in terms of its fee structure. In case of withdrawal, users can convert their withdrawals into cryptos, fiat currency, or a combination of both. Another unique feature of Bitpay is its crypto credit card linked to your wallet directly and integrates with numerous in-store credit programs.
However, unlike other crypto exchanges in Australia, Bitpay is limited to a mobile app that is only accessible via iOS users. Besides, the platform is also criticized for its high transaction fee.
Here’s a detailed chart comparison to help you understand better:
|Number of Cryptos||Fee Structure||Fee to Buy Bitcoin||Minimum Deposit
|15||Fixed commission structure||0.2% per slide (maximum)||$50
Security Tips Around Crypto Wallets
When using a crypto wallet in Australia or anywhere around the world, the chances are that you might end up in some confusion or a situation with your crypto wallets. Interestingly, it’s common among crypto users to miss out on some crucial details on their wallet usage.
To help you prepare better, we have listed two of the most common questions that users come across. Following that are the tips to help you out in such a situation.
What should I do if I lose my crypto wallet?
When you lose or simply forget your wallet’s password, you generally have to reset your password in case of a custodial or exchange-based wallet. All you need to do is merely visit the exchange’s website, click on the ‘forgot’ button, and follow the steps. Following that, most exchanges send you an email with instructions to reset your password.
On the contrary, non-custodial crypto wallets can only be accessed via your recovery seed phrase. Here, you’ll be locked out of your crypto wallet permanently if you forget the recovery/seed phrase. So always ensure that your seed phrase is saved in a secure place.
How to recover my seed phrase securely?
In case you’re determined to save your crypto funds over a non-custodial wallet, you might want to store your seed phrase in the correct sequence in a safe location. The best bet is to write it down rather than store it electronically.
Additionally, you could also consider making double copies of your handwritten recovery seed phrase. You should also double-check that you’ve typed everything down accurately and number each word, so you don’t lose track of the sequence.
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Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.