Top Cryptocurrency Wallets for an Australian Investor
Trading in cryptocurrency is often challenging. Knowing when to sell, buy or hold your position requires a lot of expertise & knowledge and is dependent on various market factors.
It is not uncommon for crypto traders to lose their investments, sometimes amounting to millions of dollars. Hackers and other cybercriminals are increasingly targeting unprotected digital wallets, stealing from investors that do not have protective measures in place. This is why you need to choose a reliable and secure wallet.
Some of the best cryptocurrency wallets offer protection to your online money in various ways, which mostly include implementing access restrictions and transaction verification processes.
Here’s a comprehensive guide into some of the best crypto wallets in Australia.
The Top Crypto Online Wallets Australian Investors Should Consider
Swyftx is easily one of the most progressive wallet choices in the market. It has over 30,000 users and is quickly growing into one of the best crypto applications. All new users get 10 dollars worth of free Bitcoin once their account is verified, so if you’re new at crypto trading, this can be a great way to jumpstart your trading process.
Every time you login into your Swyftx account, a two-factor authentication (2FA) protocol is activated. This enhances the security of your funds by preventing access by unauthorized parties. 2FA is also required to complete some processes like withdrawals, changing account details, and high-value trades.
The FIAT currency of choice within Swyftx is the Australian Dollar (AUD). This means that as a local investor, you won’t have to convert your money to USD or EUR to trade, as is required in most international exchange sites.
Swyftx has a wide range of payment options available to traders. These include; bank transfers, credit cards, POLI, and PayID. This gives you multiple choices to pick from, enhancing the convenience of making deposits and withdrawals.
The platform also provides one of the best user experiences in the market. Their website and mobile app have user-friendly interfaces that can easily be navigated by both novice and expert traders. ID verification on the application is also fast and efficient.
Investors on Swyftx have access to over 226 crypto coins, tokens, and digital currencies to trade with. These include all the frequently traded choices like BitCoin, Ethereum, and LiteCoin and lesser-known coins like UniCoin, Sushi, and Yearn Finance.
If your crypto decisions are cost-dependent, then Swyftx is the wallet for you. With all the trades happening at market value, the platform offers the lowest trading fees in Australia. FIAT deposits and withdrawals below USD 200 are charged a fee of USD 2, while large transactions are free. There are also no trading limits imposed on investors, and it has spread as low as 0.45% to 0.6%.
Swyftx has a responsive and helpful customer care team that is available to help whenever you need assistance.or
2. Crypto.com Wallet
Crypto.com is one of the fastest-growing platforms in the world and has over 10 million users. This wallet is an all-in-one crypto base that allows users to buy, sell, store and spend digital currency.
One of the platform’s biggest selling points is the ease at which users can convert fiat money into crypto and back to fiat currency. This is often a huge concern for amateur traders that do not want to keep a lot of digital currency.
Crypto.com has up to 60 cryptocurrencies available for trade, including the commonly used digital money like BitCoin, Ethereum, and Z-Cash. A further 20 FIAT currencies, the Australian dollar included, can be paired on the platform, increasing trading options for users.
This wallet has a saving platform that adds to its appeal. As an account-holder, you can earn interest rates higher than most financial institution’s account yields, sometimes going up to 14%.
It is also one of the safest platforms to trade with. The solid foundation of security and privacy from which the wallet is built made it the first crypto company to be certified by ISO/IEC 27701:2019, CCSS Level 3, ISO/IEC 27001:2013, and PCI-DSS v3.
Amateur traders, however, find the platform’s website very hard to navigate through at first, especially due to the expert-specific jargon used.
The company’s customer support system is also not reliable, even though they’re available 24/7 through chat and email. Over time, this has led to frequent customer complaints online, ruining the platform’s reputation.
CoinJar is one of the most popular crypto wallets and has more than 400,000 users in Australia.
This platform is easy to use for both novice and experienced traders and has a simplistic design that enables traders to navigate through the processes without the need for external assistance.
CoinJar stores over 90% of the digital currencies offline to ensure only a small amount is vulnerable in case of a cyber attack. Strict security measures are implemented on the remaining 10% of online crypto resources, reducing the risk of loss through hacking.
Customers use passwords protected logins to limit access to their accounts. Two-factor verification strategies are also implemented for specific transactions, limiting unauthorized access by external parties.
The platform’s main downside is its limited currency offerings, as they only have 15 cryptos available for trading. These include popular client choices like BitCoin, Ethereum, and Z-Cash. You can also trade in some other lesser-used cryptocurrencies like 0x, Basic Attention, and Stella Lumens.
Coinjar charges a flat fee of 1% on every trade making it one of the most expensive platforms among the main wallets in Australia. This is why traders that perform frequent short-term trades prefer other sites.
Users can only deposit and withdraw through the 15 accepted cryptocurrencies, GBP or AUD, which heavily limits investor choices. This is especially true if you frequently trade outside Australia.
Coinjar provides customer support from Mondays to Fridays, 8 am to 6 pm, Melbourne time only. A detailed how-to guide is, however, available on their website in case you face standard challenges that don’t require specialized assistance.
The Top Crypto Physical Wallets Australian Investors Should Consider
1. Ledger Nano S
The Ledger Nano S is one of the most affordable options for investors looking to secure their crypto investments.
This offline wallet protects your investment from online hacking and allows you to store a variety of cryptocurrencies, including BitCoin.
Trezor devices offer some of the best cold storage services available in the market. In addition to being offline, this wallet offers many top-of-the-line restrictive access and transaction verification features.
It is, however, a premium product and is more expensive than its competitors.
3. SecuX W10 Crypto-Asset Hardware Wallet
The SecuX W10 Crypto-Asset Hardware Wallet is another great cold storage option that stores more than 1,000 digital currencies, including Bitcoin, Dogecoin, Ethereum.
You can connect this device to your computer or mobile through Bluetooth or USB.
A Quick Guide to Cryptocurrency Wallets
What is a Cryptocurrency Wallet?
Crypto wallets are 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 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.
Classifications 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 Wallets
This is the most common type of crypto and bitcoin wallets 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
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, 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.
2. User Friendliness
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.
3. Available 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.
4. 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.
5. 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 are 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.