4 Best Crypto Wallets In Australia (Oct 2022)

August 1, 2022
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Choosing the best cryptocurrency wallet in Australia is far from straightforward, given how many wallets are out there and all of the different features each of them offers. And over the past 8+ years of investing in crypto, I've learned that crypto wallets are actually less secure and more expensive than simply keeping your crypto on a reputable, trustworthy exchange.

All of the exchanges I recommend below have at least a 95% cold storage policy, are regulated by top Australian authorities, and undergo external audits at least once per year. With that said, Capital is the perennial favourite of knowledgeable Australian crypto investors, and in all my time trading with them, I can't recommend them highly enough.

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What Is The Best Crypto Wallet In Australia?

1. Capital – Best Overall

Zero Fees

Trading fees: 0%
Supports: 100+ coins
Customer support: Excellent

Trusted by millions.

★★★★★

Rated 4.9/5

Capital allows users to trade crypto alongside stockscommodities, forex, market indices, ETFs and more—all without any trading fees. It supports 100+ cryptocurrencies, and users can trade with 2x leverage on crypto (up to 500x leverage on other assets).

Capital charges a tight spread ranging from 0.1% – 0.3% (depending on the asset), making the overall cost of using the platform (0% trading commissions + 0.1% – 0.3% spreads) very low. It has a fully functional desktop platform, a well-rated mobile app (4.7/5 on Android and iOS), and an excellent demo account where you can practice trading with real assets in real-time.

Capital’s desktop platform and mobile app are well-designed and easy to use by beginners and advanced traders alike.

Capital is licensed by the Australian Securities and Investments Commission (ASIC) and the Financial Conduct Authority (FCA) in the UK, which means it’s a safe, secure platform. Every user receives a dedicated account manager they can reach by email or phone anytime, which is part of the reason Capital’s customer support team receives such positive reviews.

Deposits and withdrawals are always free with Capital, and you’ll never pay trading commissions regardless of whether you place spot orders or limit orders. Capital is ISO 27001 certified for meeting robust information security standards, making it an extremely safe platform to trade with.

The biggest drawback of Capital is that it can take several days to have your account verified since their verifications team is overwhelmed with signups right now. If you sign up using my referral link, though, you can skip the waitlist and start trading immediately.

I’ve personally used Capital for more than 4 years, and based on my experiences and those of millions of other users, I can’t recommend it highly enough. 

Features

  • Zero trading commissions
  • Tight spreads (0.1% – 0.3%) 
  • Supports 100+ cryptocurrencies
  • Allows up to 500x leverage (2x leverage on crypto)
  • Fully functional demo account for paper trading
  • Free deposits and withdrawals via debit/credit cards, bank transfer, POLi, PayPal, Apple Pay, etc.
  • Dedicated account manager you can reach at any time
  • Excellent desktop trading platform
  • Well-rated mobile app (4.7/5 on both Apple and Google)
  • Licensed by the Australian Securities and Investments Commission (ASIC)
  • ISO 27001 certified for meeting extremely high information security standards

Cost

  • Trading fees: 0%
  • Spreads: 0.1% – 0.3%
  • Deposits & Withdrawals: Free

Signup Bonus

Skip the waitlist and have your account approved immediately by using my referral link.

Best For

Investors looking for the best overall crypto trading experience with no trading commissions.

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Zero trading fees

2. eToro

eToro is one of the largest crypto trading platforms in the world. In 2010, it released its innovative CopyTrader feature, which enables users to copy the positions of successful traders automatically.

Since then, eToro continued to expand and is now available worldwide, with over 25 million users in over 150 countries. eToro’s primary offering is its crypto exchange, but it also provides services as a brokerage and forex trading platform.

eToro offers 17 cryptocurrencies, including some of the biggest like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. eToro trading fees start at 1% per trade, and fees are always shown when you open or close a position.

Features

  • CopyTrader, automatically copy a traders’ positions
  • Forex and equity trading
  • Crypto-to-crypto conversion
  • Supports 17 cryptocurrencies
  • Free digital wallet for your crypto
  • Highly rated mobile app
  • Free Demo account with $100,000

Cost

  • Account Opening: $10
  • Trading Fees: From 0.75% to 2.90%
  • Spreads: From 0.75% to 5.00% 
  • CopyTrader: Min. investment $200, max $500,000

Best For

Investors looking to invest in crypto, forex, or equities, and who want access to crypto-to-crypto-conversion.

3. Ledger Nano X

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $159 CAD

Rated 4.6/5 on Amazon.

★★★★

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.

4. Trezor Model One

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

★★★★

Rated 4.1/5

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

Best For

Crypto investors looking for an extremely secure hardware wallet.

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3 Reasons Crypto Exchanges Are Better Than Crypto Wallets

#1 Crypto Wallets Aren't As Secure As Exchanges

In 2021, The New York Times ran an article on investors who have lost large amounts of crypto in their wallets:

  • Gabriel Abed lost 800 Bitcoin after reformatting the laptop containing his wallet's private keys
  • Brad Yasar lost 800 Bitcoin after forgetting the password to his wallets
  • Stefan Thomas lost 7,000 Bitcoin after forgetting the password to his IronKey wallet

There are hundreds of other stories of people losing their crypto in old, inaccessible wallets, including James Howells, who lost 7,500 Bitcoin when he threw out the hard drive with his wallets on it.

3.7 million Bitcoin lost - Best Crypto Wallet Canada

In fact, according to a June 2020 report by the blockchain forensics firm Chainalysis, 3.7 million Bitcoins have been lost, about 20% of the total in circulation today. That's an incredibly high number, and most of that amount was lost because it was held in a wallet that the owner can no longer access, either because they lost the wallet itself, the device became corrupted due to misuse or old age, the owner lost their secret keys, or for some other reason. When you use a crypto wallet, there truly is no getting your coins back once they're gone.

Contrast this with a crypto exchange, where even if you lose your account password and can't log in, you can always reset your password or reach out to their customer support team to regain access to your account. This is one big reason why exchanges are safer than wallets, though there are others as well.

#2 Crypto Wallets Are Expensive To Buy And Use

Crypto wallets are expensive in a number of different ways:

  1. Expensive To Buy: Most crypto wallets cost at least $75 – $100, and they can get much more expensive than that (up to $500+ or more for top-of-the-line wallets). This means that if you invest $10,000 and buy a wallet for $100, you're losing 1% of your total funds for your wallet.
  2. Expensive To Use: Every time you move cryptocurrency in or out of your wallet, you need to pay transaction fees, and those fees can get very expensive. When gas prices are high, sending even a small amount of Ethereum (eg. $20) can cost $50 or more, making it completely infeasible to regularly move crypto between a wallet and an exchange when you want to make a transaction. Some wallets also charge you fees of their own, which means you can easily lose an additional 5% just for using a wallet outside of your exchange.
  3. Expensive To Lose: As you saw in the security section above, losing access to your wallet is the most expensive of all, costing you 100% of your crypto holdings. The best way to avoid this is to hold your crypto on an exchange, not in an external wallet.

#3 Crypto Wallets Don’t Offer Customer Support

Suppose you had the secret keys to your crypto wallet saved in a note in your phone—but then your phone kicks the bucket and you lose that note. Unfortunately for you, the only way to access your funds in a crypto wallet is with those secret keys, so if you can't get them back, all of your crypto will be lost, too. There's no one to reach out to, and no way of getting those coins back.

If the same thing happened and you lost your crypto exchange password, though, it wouldn't be an issue; you could just reset your password, and if that didn't work, reach out to customer support for help.

As much as crypto enthusiasts love the idea of decentralization, we also all value the ability to get help when things go wrong. There's nothing fun about losing your entire crypto portfolio over a silly little mistake.

What Is A Crypto Wallet?

A cryptocurrency (or Bitcoin) wallet is a piece of software or hardware that stores your crypto assets. Crypto wallets can be thought of as digital bank accounts: they both store your cryptocurrencies and also send and receive your crypto when you make transactions.

Crypto wallets have two types of keys for storage: public keys and private keys.

Public keys are for receiving crypto: if you want to receive Bitcoin or another digital currency from someone, you can share your public key with them so they can make the transaction.

A private key is for spending crypto: if you want to send your crypto assets to a crypto exchange or spend your crypto assets, you'll need access to your private keys. You should never share your private keys with anyone, since that would allow them to access your funds. Think of your private keys like the password to your online banking. If they fall into the wrong hands, all of your money could quickly disappear.

There are three main types of crypto wallets:

#1 Paper Wallets

A paper wallet is the most basic type of Bitcoin wallet: it's just a piece of paper with your private keys written on it.

There's an obvious downside to paper wallets, of course, which is that you might lose them, kissing your digital assets goodbye. That's why you should always, always keep multiple copies of a paper wallet in places you know are safe. For example, you might place them in several difficult-to-access locations around your house.

#2 Software Wallets

Software wallets can generally be installed on any computer or smartphone with Internet access. They're highly convenient, but because they're online, they're susceptible to being, which is why they're also known as “hot wallets.”

#3 Hardware Wallets

Hardware wallets are generally the most secure way to store large amounts of cryptocurrency, since they cannot be hacked or used at all without access to the physical device. In recent years, security-minded crypto platforms have turned to hardware wallets for storing their coins. For example, each of the exchanges in the table below store at least 95% of their coins offline in cold storage, ensuring their safety.

Best Overall

Trading fees: 0%
Supports: 100+ coins
Customer support: Excellent

Trusted by millions.

★★★★★

Rated 4.9/5

#1 Social Trading

Trading fees: 1%
Supports: 50+ coins
Customer support: Excellent

Best for social/copy trading.

★★★★★

Rated 4.9/5

Best For Altcoins

Trading fees: 0.1% – 0.5%
Supports: 250+ coins
Customer support: Good

Instant account verification.

★★★★

Rated 4.2/5

Are Crypto Wallets Safe?

It depends on the type of wallet you choose to use.

Hardware wallets are extremely safe, since they store your private keys offline, cutting off access to anyone who doesn't have your wallet physically in front of them. That's why crypto exchanges use hardware wallets to secure their coins.

Software wallets sacrifice security for convenience, since they're online and susceptible to being hacked.

Paper wallets are also quite secure, but the risk of losing your private keys is never zero, and if you do, there's no way for you to reclaim your assets.

Overall, a highly secure crypto exchange offers the best combination of safety and convenience. Whether you have $1 or $1 million in crypto, you can rest easy knowing it's stored safely on a reputable exchange like Capital or eToro.

Best Crypto Wallets In Australia FAQs

What Is The Best Bitcoin Wallet In Australia?

The best place to buy and sell cryptocurrency in Australia is Capital for its bank-level protection, simplicity of use, and excellent customer service. It supports hundreds of different cryptocurrencies and provides a top-notch trading experience, too.

What Is The Safest Crypto Wallet In Australia?

eToro is the most secure cryptocurrency wallet in Australia. Even if your phone is lost, stolen, or destroyed, its next-generation security technology ensures that your cryptocurrency is safe.

Which Crypto Wallet Has The Lowest Fees?

The crypto wallet with the lowest fees is Capital, which doesn't charge any trading fees.

If you were to use a hardware wallet or software wallet instead, you'd need to pay for the wallet itself ($100 or more) plus all of the transaction fees involved with moving money onto and off of the wallet, which can easily add up to 1% – 5% of your total crypto holdings.

How Do I Buy Cryptocurrency In Australia?

In Australia, you can trade cryptocurrencies on platforms like Capital and eToro. 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 is far from straightforward, given how many wallets are out there and all of the different features each of them offers. And over the past 8+ years of investing in crypto, I've learned that crypto wallets are actually less secure and more expensive than simply keeping your crypto on a reputable, trustworthy exchange.

All of the exchanges I recommend above have at least a 95% cold storage policy, are regulated by top Australian authorities, and undergo external audits at least once per year. With that said, Capital is the perennial favourite of knowledgeable Australian crypto investors, and in all my time trading with them, I can't recommend them highly enough.

OPEN FREE ACCOUNT
Zero trading fees
Want to earn $50 in the next 6 minutes?

CoinSmart is a highly-rated, fully regulated Canadian crypto platform that’s giving new users $50 for depositing $200 or more. Trade with low fees and withdraw your money at any time.

Click below to claim your $50 bonus today. Offer ends October 4, 2022.
CLAIM MY $50 BONUS
Offer ends October 4, 2022.