Best Crypto Wallets In Australia

Last Updated on December 24, 2023 by Kevin Groves

There is an abundance of wallets available to Australians. There are different types of wallets depending on whether you want to keep your crypto within an exchange or prefer to be the sole custodian and retain full responsibility and control. In addition, different wallets have strengths and weaknesses that you be aware of.

In this article, we break down some of the most popular wallets that Australians have access to. Key factors that we have considered include their level of integration with other crypto services, compatibility with devices, the coins they support, and security.

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Our Reviews of the Top Crypto Wallets for Australians

1. Binance Australia – Best overall crypto wallet for Australians

Binance Australia is one of the premium crypto exchanges for Australians for its trading volume, liquidity, and traffic. But it also provides one of the most robust cryptocurrency ecosystems that integrates a multitude of basic and advanced trading features and markets. Since Binance is a world leader in cryptocurrencies, it comes as no surprise that its storage wallet is one of the best going around in Australia.

The Binance Australia wallet is a multi-blockchain storage solution that integrates with the Binance Smart Chain (BSC), BNB Beacon Chain, and Ethereum networks. This means you have access to numerous blockchain projects and store thousands of digital currencies in a secure location. One of the greatest features that will appeal to serious traders and investors is the ability to connect the Binance wallet to DeFi trading platforms such as UniSwap and PancakeSwap. This combability allows you to buy and trade cryptocurrencies that are facilitated on the BSC.

Binance Australia breaks its wallets into several sub-wallets for each trading market or feature. Wallets include fiat and spot, futures, margin, options, and Earn. For example, if you’re participating in margin trading then an overview of those assets will be seen in the margin wallet. This goes a long way to maintaining a high level of organisation, functionality, and clarity. Furthermore, you can easily download transaction histories and account statements for each wallet. For most Australian traders, the fiat and spot wallet (refer to the image below), as well as Earn will be the most commonly used wallets.

As you might expect, the Binance Wallet is seamlessly integrated with all of its other features. For example, actively buying, selling, or swapping Binance’s huge list of supported cryptocurrencies is done through the respective wallet. The fee structure is incredibly easy to digest for a global crypto exchange where a maximum 0.1% fee will apply to all trades.

In terms of funding your Binance wallet, you have a couple of options to choose from including transfers of AUD from a bank (OSKO) and PayID, both of which don’t incur any fees or charges. Alternatively, you can use your credit/debit card to directly purchase digital currencies. Keep in mind, that a 2% fee will apply, however, this is on the lower end of typical credit card fees in Australia. Overall, wallet deposit methods are lacking compared to local trading platforms that are more Australian-centric.

One of the drawbacks of the Binance wallet is its useability for beginners. Compared to a novice-friendly wallet such as Swyftx, Binance takes a lot more time to get used to and is more suited for the experienced user. During our exploration and conducting activities such as depositing AUD funds and buying Bitcoin, our appreciation for its design and functionality increased. The more you get into it, the more you realise how practical and professional the wallet is.

Overall, Binance Australia is easily the best crypto wallet due to the number of cryptocurrencies it can support and its integration with numerous blockchain projects to increase your trading horizons. Its professional and modern design provides a high degree of functionality without sacrificing on visual intuitiveness. And since Binance has not been hacked, you can be sure that’s a safe place to keep your crypto.

2. Swyftx – Best crypto wallet for beginners

Swyftx is the leading cryptocurrency exchange that is 100% Australian-owned and operated. The Brisbane-based company provides over 600,000 customers with a simple platform on which to quickly exchange cash for a huge range of digital currencies such as Bitcoin, Ethereum, and Cardano.

One of the reasons why Swyftx is the easiest Australian crypto wallet to use is its integration with the exchange and the other features the platform offers. Since the wallet is connected to the exchange, AUD funds that you deposit from your bank account will be instantly accessible to buy cryptocurrencies. If you need to move funds or digital assets around, then you can easily sell BTC for cash and withdraw it back to your nominated bank account.

As seen in the image below, an overview of your wallet and what assets and funds it stores can be seen under the “Wallets” tab. Swyftx will provide a breakdown of your assets along with useful performance metrics such as:

• A graphical plot of your asset allocations is helpful in understanding the makeup of your portfolio.
• The net growth of individual cryptos and the entire portfolio (expressed as percentages).
• A time-series plot of the value of your portfolio.

The design of the Swyftx interface including its Trading Wallet makes for an easy and enjoyable experience. Beginners who prefer a more visual way of navigating and trading will appreciate the clean and modern look that is served well by the navigational sidebar on the left. To further substantiate itself as a beginner-friendly wallet option, the Swyftx wallet can be accessed through its mobile app as well as on a desktop computer.

Based on our research, the Swyftx wallet has not been hacked or breached since its inception in 2019. Whilst this track record is admittingly short by comparison to platforms such as CoinSpot that have been around for nearly a decade, Swyftx places a strong emphasis on security. Swyftx is one of the few crypto exchanges that has demonstrated that it holds Proof of Reserves in a 1:1 ratio. Moreover, it also holds the internationally recognised ISO 27001 accreditation which means the company is held to a higher standard of information security.

Despite being one of the top crypto wallets available to Australians, it does come with its downsides. Firstly, there is no way to use an API to connect Swyftx to any Decentralised Exchanges (DEX) which means that you are trading in isolation. Secondly, it doesn’t have the advanced features or capabilities that the other wallets in this list offer. having said this, the Swyftx wallet is perfectly suited for Australians who want an easy way of buying crypto and holding them over the long term.

3. Ledger Nano X – Best hardware wallet for crypto

The Ledger Nano X is one of the best-known hardware wallets in the cryptocurrency industry. Released in 2014, the Ledger Nano X has been around for some time. Its sterling reputation has been built on the back of its highly advanced and robust security, the ability to hold over 5,000 digital assets including NFTs, and great functionality.

The Nano X has supreme functionality with its Bluetooth connectivity and USB-C port, so you have two choices when it comes to linking it with your computer or laptop. Additionally, you can install up to 100 applications such as Ledger Live and Ledger Electron Cash which provide a gateway to additional cryptocurrency options. Depending on the app you install, you can also:

• Staking cryptocurrencies such as Polkadot (DOT), Tezos (XTZ), Cardano (ADA), Tron (TRX), and Cosmos (ATOM).
• Lend Aave and Compound to passively generate interest payments.
• Directly buy Tether (USDT) and Stellar through Ledger Live, or sell Bitcoin for a fiat currency.
• Use the Ledger Live app to exchange one crypto asset for another.
• Manage your stored digital assets by checking your balances and transactions.

The relatively high price tag of $249 (with free shipping) may mean that its sister product, the Ledger Nano S, may be more favourable. The Nano S Plus costs less at $149 but you get what you pay for. The Nano S Plus can also hold 5,000 assets as well as NFTs, and be able to install up to 100 apps.

In terms of security, the Ledger Nano X is protected by the military-grade CC EAL5+ chip. Whilst EAL5+ is not the highest level of protection you can get, it is industry-leading in the cryptocurrency world.

4. ZenGo – The most secure mobile wallet for crypto

ZenGo is a comprehensive multi-token wallet that provides you with a simple and secure way to buy, sell, store, and earn interest on over 70 crypto assets such as Bitcoin, Ethereum, and Tezos. It is a mobile-first platform and is available via the Apple and Google Play stores. ZenGo removes the complexity of traditional wallet solutions and bridges the gap between crypto novices and veterans, offering an all-in-one solution to manage crypto assets with ease.

The self-custodial wallet features facial biometrics, three-factor recovery, a portfolio tracker, a knowledge hub, staking (Tezos only), 24/7 customer support, and WalletConnect compatibility for connecting to DeFi and NFT platforms such as Uniswap and OpenSea.

It is also possible to buy digital currencies directly to your ZenGo wallet. Noting that AUD deposits are not supported, payment methods include Apple Pay, credit/debit cards, and bank transfers via SWIFT. Purchases of crypto assets via credit cards will incur a range of third-party fees since the payment is facilitated by Banxa, Moonpay, or the crypto exchange Coinmama. Credit card fees may range between 1.5% to a hefty 7% and should be avoided by buying crypto on cheap crypto exchanges and transferring them to your ZenGo wallet.

Apart from the diverse features ZenGo offers, its security is its distinguishing asset and the key reason why no ZenGo wallet has ever been hacked. Its Multi-Party Computation (MPC) is the primary security feature that ensures zero vulnerabilities to your crypto. Other security features include open-source cryptography, annual penetration audits, and a built-in Web3 firewall.

Despite its advantageous features, the wallet does have a few shortcomings. First of all, it only supports around 70 cryptocurrencies where popular coins including ADA, XRP, SOL, and DOT are excluded. Staking is only possible for Tezos and the credit card fees are in the Australian market.

Despite these drawbacks, ZenGo provides a great platform for beginners and experienced investors alike, with its user-friendly interface and comprehensive services. All in all, ZenGo is tailored to the needs of all crypto users and is worth the download.

5. MetaMask – Best software wallet for ERC-20 tokens

With over 30 million downloads, MetaMask is one of the most popular software wallets for storing ERC-20 tokens. MetaMask was initially created in 2016 to provide people with an interactive place to manage their Ethereum-based crypto assets. It was later made into apps for Android and iOS mobile devices and has since remained the top wallet for ERC-20 tokens.

The features offered by MetaMask have increased over time to ensure it stays ahead of its competition. MetaMask allows you to buy, swap, and sell Ethereum and other cryptocurrencies as long as you have added the relevant blockchain network. Deposit methods range from Coinbase Pay to MoonPay.

One important thing to note is that you are unable to add the Bitcoin network, and therefore, you cannot store Bitcoin in your MetaMask wallet. The ability to add networks such as Optimisim, Polygon Mainnet, and BNB Smart Chain means that you have access to their applications. You can also interact with popular applications such as UniSwap, Axie Infinity, OpenSea and SushiSwap and manage your ERC-20 assets.

The simplicity with which you can use MetaMask is astounding. There are also no fees charged by MetaMask but you will incur standard network fees which are unavoidable no matter what crypto wallet you decide to use.

One of the more useful features is its Swap function which will prove advantageous if you need to balance out your portfolio. Since MetaMask is a Decentralised Exchange (DEX), you can exchange one crypto for another quickly.

6. Trust Wallet – Best for people who use Binance

The free-to-use Trust Wallet is the top choice for mobile wallets due to its ability to store coins and tokens from 65 different blockchains which eliminates the need to download multiple wallets. Import popular coins and tokens, track market prices, and receive notifications directly to your iOS or Android mobile device with ease. If you prefer, Trust Wallet is also available as a Chrome extension on your desktop.

Plus, you can connect to dApps and DEXs that use Wallet Connect and even buy cryptos with fiat from third-party providers like Moonpay. If you want to add custom coins and tokens, Trust Wallet lets you do that too, just be sure to verify the contract address before proceeding.

Trust Wallet is one of the few crypto wallets to stake digital currencies. At the time of writing, 12 digital assets can be staked on Proof-of-Stake networks to earn rewards including BNB, ATOM, TRX, KAVA, ALGO, and XTZ. Ethereum is a notable ommission from its staking list.

Trust Wallet, created by Binance, provides you with a secure and straightforward way to manage your digital assets. This makes Trust Wallet an excellent storage option for coins and tokens that are facilitated on the Binance Smart Chain (BSC) network.

What is a Cryptocurrency Wallet?

Crypto wallets are the hardware that interacts with blockchain technology, enabling users to trade and store various cryptocurrencies. They facilitate the movement of digital coins and give users the ability to monitor their balances and other crypto security features.

How Do Cryptocurrency Wallets Work?

Digital currencies do not exist anywhere in any physical form. They only appear as records of transactions on a ledger in blockchain technology. Cryptocurrency wallets, therefore, do not store money as traditional wallets do. They store public & private keys plus the interface that helps pass information. This allows you to transfer the currency and monitor your bitcoin balances. When you sell Bitcoin and other crypto assets, you essentially transfer the ownership of the coins to the other party’s digital storage.

Are Cryptocurrency Wallets Secure?

Cryptocurrency wallets offer varying levels of security for your digital coins based on the type of wallet and the safety features input by the manufacturer. Online currency storages, for example, are more vulnerable to hacker and cyber attacks than those based offline. The physical platforms can, however, be easily misplaced or stolen.

Types of Crypto Wallets

All wallets vary and are different based on where they are stored. Here are the top types of crypto wallets that every trader should know about.

1. Hot Wallets: These wallets are created and stored in devices with access to the internet. They are usually of high utility and are mostly used by frequent, small-volume traders in the crypto market. These wallets need strong cryptographic key protection as they are very vulnerable to hacker attacks.
2. Cold Wallets: Cold wallet applications are created on devices that have access to the internet but can be stored offline. This increases your coin’s protection from cybercriminals.
3. Desktop (software) wallets: This is the most common type of crypto and bitcoin wallet and is downloaded directly to your computer’s desktop. It does not connect to the internet and is safe from hacking. Computer crashes and malware exposure could, however, cause losses in the saved cryptocurrency. This is why you should keep a copy of the private key and other related data on a separate device.
4. Hosted Wallets: Hosted wallets are stored in servers the owner of the cryptocurrency has no control over. The organizations running the wallets implement various protection features to ensure the safety of your coins. Some even insure your investments so that you are compensated in case of a hack.
5. Hardware Wallets: These are crypto storage in physical items like USB drives. They are considered very safe, as they are mostly offline. Hardware wallets are very useful for traders that do not frequently trade, especially those who hold large amounts of crypto assets at a time.

Factors You Should Consider Before Selecting A Cryptocurrency Wallet

Security

Digital currencies are a major target for cybercriminals, and the rate of crypto scams is expected to rise in 2021. If you have a wallet with lax security features, the risk of losing your investments increases significantly.

Security features vary for wallets, but most of them have safety measures such as biometric authentication, a multi-signature approach, and password-protected access.

Always choose a platform that at least offers two-factor authentication and verification. This form of protection ensures that you are notified in case any other outside party tries to transact on your account.

Ease of use

Having a wallet that’s easy to use conveniently saves you a lot of time when performing crypto transactions. A good interface allows you to interact with the program effectively, without the need for a manual or finding tutorials.

User-friendly wallets also help you avoid erroneous transactions. This usually happens when the ‘buy’ or ‘sell’ tabs are not well labelled or are placed very close to other frequently used buttons.

Supported cryptocurrencies

Most platforms only hold a number of specified fiat and cryptocurrencies, so your trading options are limited to the money options your wallet can hold. This is an important consideration because increased options help you diversify your portfolio.

You should research the cryptocurrencies you are planning to deal with beforehand and ensure the wallet you select can hold and transact in them.

Geographical restrictions

When trading in specific countries and jurisdictions around the world, various trading restrictions are enforced. You should find a wallet that does not limit the performance of your crypto transactions in areas that you frequently visit.

Australian traders should also consider having locally run Aussie crypto wallets. These applications are specifically made for them and have some features that other international apps lack. For example, most Australian wallets allow buying of crypto in AUD.

Customer support

96% of customers base purchases on the supplier’s customer support.
New traders, especially, are bound to need assistance as they learn to trade in the complex crypto market. They are also prone to making frequent mistakes and may constantly need customer support.

Go for a crypto-wallet provider whose customer care service is reliable and readily available, especially during high-volume trading hours.

Find the Best Cryptocurrency Wallet for Trading in Australia

Cybercrimes involving cryptocurrency is on the rise, which is why choosing the right wallet to store your digital assets is an important decision. In addition to high-security protocols, you should also look into the platform’s user-friendliness, customer support, and geographical restrictions.

Choosing the best cryptocurrency wallet eases the trading process and improves your profitability. We have tested several wallets and think that Swyftx has it all. It’s convenient and safe; perfect for anyone who wants the best possible start in Crypto trading.

Related:

• How to transfer from Swyftx to Metamask
• How to transfer from CoinSpot to Metamask