Given the many crypto wallets available right now and all of the individual features each of them have, separating the wheat from the chaff can be difficult when it comes to choosing the best crypto wallet in Australia. In this post, we'll take a look at some of the top cryptocurrency wallets accessible to crypto investors in Australia and compare them side by side.
ZenGo is a free, open-source software wallet that uses blockchain technology to be far more secure and user-friendly than conventional crypto wallets. ZenGo is the de facto wallet of experienced Australian crypto investors, and I can't recommend them highly enough.
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1. ZenGo – Best Overall
Good All-Around
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Account Opening: Free |
★★★★ Rated 4.4/5 |
ZenGo is free to use, which means you get the industry's best security for no cost. Sending and receiving crypto to and from ZenGo is also free, and their 24/7 support team answers most queries in 5 minutes or less.
ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to go bankrupt, commit fraud, or cease operations for any other reason.
ZenGo supports more than 75 crypto assets, and it takes less than 30 seconds to open your free account.
Overall, ZenGo represents the next generation of crypto: with top-level security inside an easy to use app, ZenGo offers the best of both worlds.
Features
- Supports 75+ crypto assets
- 24/7 customer support
- Extremely well-rated mobile app (4.7/5 on the App Store)
- Face scanning technology for even greater security
- Up to 8% APY in crypto savings
- Cancel or speed up your sent transactions with one tap
- Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)
Cost
- Account Opening: Free
Best For
Crypto investors looking for the most secure trading experience + low fees.
2. Ledger Nano X
Top Hardware Wallet
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Supports: 1,800+ crypto assets |
★★★★ Rated 4.3/5 |
The Ledger Nano X is an upgraded version of the Ledger Nano S, and it’s one of the best cold storage crypto wallets on the market today. It uses a certified Secure Element chip (known as the CC EAL5+) to add a layer of countermeasures to known hacking and theft methods on top of protecting your private keys, and it supports more than 1,800 cryptocurrencies, including tokens like Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), and many more.
The Ledger Nano X has received excellent reviews from customers around the world, and it has consistently been named the top Bitcoin hardware wallet around.
Features
- Hardware wallet
- Supports 1,800+ crypto assets
- Can store up to 100 types of crypto assets at any given time
- Capable of buying and selling cryptocurrencies
- Capable of exchanging cryptocurrencies
- View account balances
- Capable of completing and verifying transactions
- Stake and lend digital currencies
- Well-rated mobile app
Cost
- AUD $199
Best For
Crypto investors looking for a safe, secure cold storage wallet with support for as many cryptocurrencies as possible.
3. Trezor Model One
Best For Altcoins
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Supports: 1,000+ crypto assets |
★★★★ Rated 4.1/5 |
The Trezor Model One is a hardware wallet designed and created by SatoshiLabs.
It supports 1,000+ cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Zcash, and many others.
The Trezor Model One is a slimmed-down, less expensive version of the Trezor Model T. It comes in both black and white and features the Trezor Trusted Display, allowing you to see details on every transaction before you confirm it.
Overall, the Trezor Model One is a well-designed, affordable hardware wallet that’s great for most crypto investors seeking cold storage.
Features
- Hardware wallet
- Supports 1,000+ cryptocurrencies
- Super secure offline cold storage
- Trusted Display for more secure transactions
Cost
- AUD $89
Best For
Crypto investors looking for an extremely secure hardware wallet.
What Is A Crypto Wallet?
A crypto wallet is a digital wallet that keeps track of your public and private keys, allowing you to send and receive cryptocurrencies. Crypto wallets function similarly to real wallets, but instead of storing money, they store the public and private keys that give you access to your virtual currency.
Public keys are used to receive Bitcoin and other cryptocurrencies. You may distribute your public key to others so they may send you Bitcoin or another cryptocurrency. They're usually used in conjunction with crypto exchanges like VirgoCX, Binance and Coinbase, but some of them, like Zengo, act as both a wallet and an exchange.
Private keys are for spending your cryptocurrency holdings; you'll need access to your private keys if you want to send or spend them. Never give your private keys to anybody, since that would give them access to your money. Consider your private keys to be the password for your online banking account, and don't share them with anyone.
The Different Types Of Crypto Wallets
Here are the three most popular kinds of crypto wallets:
#1 Paper Wallets
A paper wallet is a method of keeping your digital currency offline and simply refers to a piece of paper with your public and private keys printed on it. Paper wallets are thought to be one of the most secure ways to store Bitcoin, but losing the paper or having it destroyed removes access to your funds as well.
Taking that into consideration, you should always produce multiple copies of your paper wallet and store them in various locations. You may also scan your paper wallet into a digital format so you can keep it on your computer or phone, but this might be unsafe.
#2 Software Wallets
The most popular type of crypto wallet is probably a software wallet, and they come in a variety of shapes and sizes. Desktop software wallets need you to download the program to your PC, whereas mobile software wallets are apps that may be installed on your phone.
I recommend using Zengo as a software wallet, which adds several layers of security to ensure that your cryptocurrency is safe.
#3 Hardware Wallets
Hardware wallets are hardware devices that store your cryptocurrency remotely. They generally resemble USB memory sticks, and they make it easy to access your money without any software or network connection.
One of the most secure and user-friendly ways to store cryptocurrencies is with a hardware wallet. They are, however, somewhat pricey, so they may not be appropriate for everyone.
Are Crypto Wallets Safe?
The safety of crypto wallets will depend entirely on the type of wallet and how you're using it.
Hardware wallets (also known as cold storage) are extremely safe since they keep your private keys offline, keeping everyone who doesn't have your wallet in front of them at bay.
Software wallets, unlike physical wallets, are somewhat more practical and less secure since they're online and susceptible to assaults. Zengo is the only software wallet that breaks this mold.
Paper wallets are also quite safe, but be aware that the risk of losing your private keys is never zero and you have no means of retrieving them if you do.
Best Crypto Wallets In Australia FAQs
What Is The Best Bitcoin Wallet In Australia?
The Zengo Bitcoin wallet is the top choice in Australia for its bank-level protection, simplicity of use, and 24/7 customer service. It can store a lot of different cryptocurrencies at once and has no problems working with platforms like Capital.
What Is The Safest Crypto Wallet In Australia?
Zengo is the most secure cryptocurrency wallet in Australia. Even if your phone is lost, stolen, or destroyed, its keyless technology ensures that your cryptocurrency is safe.
Which Crypto Wallet Has The Lowest Fees?
Aside from the expense of buying a Bitcoin wallet itself, most Bitcoin wallets do not charge fees. For example, many of the wallets I discuss in this post do not have any fees to worry about.
On the other hand, several other Australian crypto exchanges charge fees, and some of these charges are far more than others. I recommend using Capital if you're looking for a trustworthy and well-respected exchange with minimal trading fees.
How Do I Buy Cryptocurrency In Australia?
In Australia, you can trade cryptocurrencies on a cryptocurrency exchange like Capital. Each platform has its own set of features and benefits, but Capital is one of the most popular exchanges in Australia for buying and selling digital currency.
In Summary
Choosing the best cryptocurrency wallet in Australia can be tough, given the numerous wallets accessible and all of the various features each of them offers. I've spent years keeping up with the most recent and greatest wallets as a seasoned crypto enthusiast, so I'm comfortable suggesting Zengo for its high level of security as well as its simplicity of use.
ZenGo is the de facto wallet of experienced Australian crypto investors, and I can't recommend them highly enough.
