3 Best Crypto Wallets In Australia (May 2022)

March 9, 2022
Blog

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 considering they’ve served me well throughout all my experiences with their services.

Get $10 cashback, only available using my referral link.

What Is The Best Crypto Wallet In Australia?

1. ZenGo

ZenGo Crypto Wallet Canada

ZenGo is a non-custodial, keyless crypto wallet that’s significantly more secure than traditional wallets while still being extremely easy to use. It supports more than 70 crypto assets, and it takes less than 30 seconds to open your free ZenGo wallet.

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 cease operations.

ZenGo is a free software wallet, which means you don’t need to buy an expensive piece of hardware like the others on this list. Sending and receiving crypto to and from your ZenGo wallet is also free, and they offer 24/7 customer support, answering most support queries in 5 minutes or less

Overall, ZenGo represents the next generation of crypto wallets: with top-level security inside an easy to use app, it truly is the best of both worlds. I can’t recommend ZenGo highly enough.

Features

  • Supports 70+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.6/5 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
  • Earn 5% APY interest on your Bitcoin
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Free

Promotion

$10 cashback after your first transaction when signing up with my referral link and promo code ZENX0B4G

Best For

Crypto investors looking for a safe, secure wallet with support for as many cryptocurrencies as possible.

Get $10 cashback, only available using my referral link.

2. Trezor Model One

The Trezor Model One is a hardware wallet designed and created by SatoshiLabs.

It supports 1,000+ cryptocurrencies including BitcoinEthereumLitecoinDogecoinBitcoin CashZcash, 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 89,38

Best For

Crypto investors looking for an extremely secure hardware wallet.

3. Binance

Binance is an international cryptocurrency exchange that currently serves as the world’s largest crypto trading platform by volume of daily trading. It began operations in 2017 and is now headquartered in the Cayman Islands.

Binance was founded in Hong Kong but later moved its headquarters overseas due to increased government intervention in cryptocurrencies. It has several notable characteristics, including powerful charting tools and access to the Binance Earn feature, as well as a Binance Visa Card.

Features

  • The largest array of supported cryptocurrencies (300+)
  • Wide array of supported fiat currencies (50+)
  • Binance Earn feature
  • Binance Visa Card
  • Advanced charting tools
  • Earn lower fees by using the exchange’s native currency (Binance Coin)

Cost

  • Crypto deposit fees: Free
  • Fiat deposit fees: From 0% to 3.5%
  • Crypto withdrawal fees: From 0% to 2,5%
  • Taker fees: From 0.04 to 0.1%
  • Maker fees: From 0.02 to 0.1%
  • Futures trading maker fees: 0.02%
  • Futures trading taker fees: 0.04%
  • Instant buy/sell trade fees: 0.5%
  • Debit/credit card purchases: 4.5%

Best For

International cryptocurrency investors that are interested in investing in rare or relatively unknown altcoins.

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.

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.

What Types Of Crypto Wallets Exist?

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 mould, however.

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

Which Bitcoin Wallet Is Best 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 CoinSmart and Crypto.com.

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 either CoinSmart or Crypto.com 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 such as CoinSmart or Crypto.com. Each platform has its own set of features and benefits, but these are some 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.

Even more essential than choosing the proper wallet is trading on an exchange that stores its coins in cold storage. CoinSmart is a popular choice among seasoned Australian cryptocurrency investors, and I can’t recommend them highly enough.

CLAIM MY $50 BONUS
Offer ends May 19.

The Best Crypto Exchanges In Canada

Best Overall

Supports: 16 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.2%

$50 bonus ends May 19.

★★★★★

Rated 4.9/5

Lowest Fees

Supports: 17 cryptocurrencies
Security: 95% cold storage
Trading fees: 0.1% - 0.2%

Free account, instant verification

★★★★★

Rated 4.8/5

Best For Altcoins

Trading fees: 0.4%
Security: 95% cold storage
Signup bonus: $10

Trade with 10x leverage.

★★★★

Rated 4.2/5