The crypto industry is growing exponentially and it has become the need of the hour to protect digital assets securely. Due to the highly unregulated nature of the sector, it is not uncommon to witness security breaches and hacks happen from time to time. It is imperative that you use the best crypto wallet available to protect your invaluable digital assets from being compromised.
If you are looking for the best Bitcoin and crypto wallet, you must already know that when you buy cryptocurrency, you should store it in a cryptocurrency wallet. Crypto wallets facilitate us to send, receive, and store our digital assets. However since there are many options available in the market, it can be a daunting task to select the best crypto wallet in Australia for your digital assets.
Not to worry, in this guide, we will compare a few of the best cryptocurrency and Bitcoin wallets in Australia so that you can decide how to best store your valuable digital assets. We will break down the different types of wallets that are available for cryptocurrency holders in Australia.
Here we have categorized the wallets into hardware and software wallets. Let’s get started.
Hardware Wallets
A hardware wallet is a small physical device that allows you to store your digital assets and private keys offline, disconnected from the world of the internet. It usually looks similar to a USB dongle and is in essence a small computer that stores and encrypts private keys. These are considered to have an extra layer of security since they are not connected to any network and are safer from online attacks. Let us have a look at some of the popular hardware wallets:
- Ledger Nano X Wallet
Price: (AUD): $259.00
Ledger Nano X is a popular hardware wallet provided by one of the oldest and most well-established digital wallet companies in the crypto industry, Ledger. This wallet supports a multitude of crypto assets across several blockchains, compatible with 5,500+ cryptocurrencies. The Nano X supports wired and wireless connections and can be connected to mobile and PC devices through Bluetooth. The device has an LED screen that displays payment validation info and a PIN number to ensure security and convenience. The wallet has other features like: USB type-C connector, wired + wireless connection, 100 mAh battery that can be idle for months, PIN protected with backup, integration with Ledger Live, and both iOS and Android compatibility. - Trezor Safe 3
Price (AUD):$178.00
The TrezorSafe 3 is a next-generation crypto and Bitcoin wallet available in Australia and developed by Trezor. The device supports popular digital currencies like Bitcoin, Soalan, Ethereum, XRP, and many more. The Safe 3 boasts an EAL-6+ Secure Element chip and provides PIN and passphrase protection. This wallet can be linked with a hot wallet to access DeFi apps. It also supports NFT storage and is built with USB-C connectivity feature. - KeepKey Wallet
Price (AUD): $128 AUD
One of the most reliable wallets in the world, KeepKey wallet is compatible with PC, Mac, and Linux computers. It supports assets from over 350 blockchains and more than 7,000 cryptocurrencies. The wallet is designed to have features like PIN protection, customizable transaction speeds, Limitless wallet address support, and KeepKey desktop application.
Software Wallets
Software wallets are crypto wallets that are connected to the internet and are more convenient for trading and storing crypto. It is also known as ‘hot wallets’ and is more prone to online dangers like cyberattacks. These wallets are mostly used for more active use, like trading or browsing DeFi, rather than for long-term holding. Let us take a look at some popular wallets:
- Guarda Wallet
Price: Free
Guarda Wallet is a multi-platform wallet that can be accessed through a web interface, desktop, or mobile application. The wallet is available in Australia and supports over 400,000 of the most popular crypto assets and over 70 significant blockchains. The app has an easy setup process and is very user-friendly, which makes it a suitable recommendation for beginners in the sector. The wallets are said to be highly secure, and users have complete control over their private keys to protect their funds from attackers. - Phantom Wallet
Price: Free
Phantom is a non-custodial wallet that is known for its interoperability feature. It can be used as a browser extension for browsers like Chrome, Brave, Edge, and Firefox. Phantom Wallet supports more than 400,000 tokens across the Solana, Ethereum, Polygon, and Bitcoin blockchains. It is also usually integrated with Solana Decentralized Apps (dApps) to get a smooth Web3 experience and supports staking Solana across numerous validators. - Electrum
Price: Free
Electrum is a Bitcoin-only wallet that is quite popular in Australia because of its high security and well-established reputation of more than 10 years. It can be downloaded on Windows, Linux, Mac, and Android and can be set up quickly and with ease. It also supports hardware wallet integration and has decentralized servers. - MetaMask Wallet
Price: Free
What started out as a browser extension for Chrome, Firefox, and Brave has grown to become one of the most popular hot wallets all over the world. The platform has evolved to support Android and iOS mobile devices. It mostly operates as a bridge between normal browsers and the Ethereum blockchain, while it can also be used to store NFTs and to purchase crypto in-app. The wallet has a simple and easy-to-use interface which makes it suitable for beginners.
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Conclusion
Most of the time, the best cryptocurrency wallet will depend on personal preference, but it is important to know what constitutes a good crypto wallet. The strongest type of storage wallet you can have is an offline wallet or cold wallet as they rank higher in terms of security. Whether you prefer to store your crypto in a hot wallet or cold wallet, there are a number of options at your disposal. Most exchanges encourage users to use a hardware wallet in addition to their exchange account. On the other hand, if you are someone who is looking to trade frequently, holding your crypto in a hot wallet will be more convenient.
You might need to verify your identity and basic information while getting a crypto wallet in Australia. Once the verification is completed, you can quickly get started with buying, trading, and selling cryptocurrency. It is important to keep in mind that the safety of a crypto wallet heavily depends on the user. Always be mindful of the risks associated while storing your digital assets.
Disclaimer: This is not financial advice. Please DYOR before you commit your assets.