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With the crypto industry’s continuous growth, it is more important than ever that you are using the best crypto wallet available to protect your assets. Choosing the best crypto wallets in Australia for your digital assets can be daunting at first.
When you buy cryptocurrency, it must be stored in a cryptocurrency wallet. Crypto wallets allow you to send, receive and store your digital assets.
This guide will compare a number of the best cryptocurrency and Bitcoin wallets in Australia and teach you how to store your cryptocurrency. We give you a breakdown of the different types of wallets and describe what cryptocurrency wallets work best for Australian cryptocurrency holders.
Sometimes what is considered ‘the best cryptocurrency wallet in Australia’ will come down to preference, however, it’s important to know what to look for. This crypto wallet guide will discuss the following topics:
- The best crypto wallets Australia
- History of cryptocurrency and Bitcoin wallets
- Types of wallets
- Pros and cons of cryptocurrency and Bitcoin wallets
- FAQs
If you’re interested in learning more about digital currency basics, then be sure to check out our Beginners Guide for Cryptocurrency Investing.
Hardware wallets
A hardware wallet is a small physical device, designed to store your private keys offline. Hardware wallets typically look like a USB stick but act as a small computer that stores and encrypts private keys.
Ledger Nano X Wallet
Price (AUD): $249.00
Supported cryptocurrencies: 1350+ cryptocurrencies
Ledger Nano X is the newest generation hardware wallet available from Ledger, one of the oldest and most reputable digital wallet companies in the industry. This hardware wallet supports a multitude of crypto assets. The Nano X has wired and wireless connections which means it can connect to mobile PC devices via Bluetooth. The Nano X has a LED screen displaying payment validation info and a PIN number for convenience and security. Other features include:
- USB type-C connector
- Wired + Wireless connections
- 100 mAh battery
- PIN Protected with a backup
Ledger Nano S Wallet
Price (AUD): $109.00
Supported cryptocurrencies: 1330+
The Nano S is the highest-selling hardware wallet in Australia. This is likely due to its ease of use, simple yet sleek design and good security reputation. Given that it is the older version of the Ledger Nano, the S may be more appealing for people on a budget. Setting up a Nano S is relatively simple. All you have to do is plug it into your laptop or computer using the chord that comes with it. Other features include:
- Support for up to 18 coins
- USB type-B connector
- Wire connection
- No battery
- Pin Protected with a backup
Trezor Model T
Price (AUD): $280.00
supported cryptocurrencies: 1280+
The Trezor Model T is the next-generation Crypto and Bitcoin wallet from Trezor available in Australia. It supports the main digital currencies like Bitcoin, Ethereum, XRP and many more. The biggest difference between the Model T and the previous Trezor One wallet is the colour touchscreen. Other features include:
- supports MicroSD card
- improved processing
KeepKey Wallet
Price (AUD): $149.00
Supported cryptocurrencies: 7
The Keepkey hardware wallet is one of the most popular wallets in the world. It is one of the cheaper hardware options on this list and has an array of handy features. Features include:
- PIN protection
- customisable transaction speeds
- limitless wallet address support
Software wallets
Software wallets refer to crypto wallets that are connected to the internet, making the trading and storing of crypto far more accessible and convenient. Often referred to as ‘hot wallets,’ software wallets are considered more susceptible to online dangers like cyber theft. These wallets are generally used for more active use and trading than hardware wallets.
Guarda Wallet
Price: Free to download and use
Supported cryptocurrencies: 1000+
Guarda Wallet is a multi-platform software wallet accessible via web interface, desktop, or mobile application. Guarda is available to Australians and supports over 1,000 of the most popular crypto assets. This app has a user-friendly interface and an easy setup process. Guarda Wallets are highly secure, Guarda gives users complete control over their private keys to ensure hackers would have no access to the user’s funds. Features include:
- Highly robust security system
- Face ID verifications
- fast transaction speeds
Electrum
Price: Free to download and use
Supported cryptocurrencies: 1 (Bitcoin)
Electrum is a Bitcoin-only wallet that is downloadable on Windows, Mac, Linux and Android (for mobile users). Electrum is quite popular in Australia because it is highly secure and has been providing Bitcoin storage solutions for 10+ years. Electrum wallet features include:
- Supports Bitcoin lightning network payments
- Fast and easy setup
- Hardware wallet integration
MetaMask wallet
Price: Free to download and use
Supported Cryptocurrencies: All ERC-20 tokens
MetaMask is a web browser wallet that can be used on Chrome, Firefox and Brave Browsers. This means it is used as a browser extension. It essentially works as a bridge between normal browsers and the Ethereum blockchain. MetaMask can now also be downloaded on Android and IOS. MetaMask has a number of advanced features such as:
- Built-in coin purchasing & NFT storage
- Customer support
- Simple, easy-to-use interface
What is the best crypto wallet in Australia 2022?
When it comes to the best crypto wallet in Australia, we at Swyftx believe the Ledger Nano S and X models are your best options. The strongest type of storage you can have is offline storage or ‘cold’ storage. We recommend that all of our users have an offline wallet like one of the Ledger Nano models.
A brief evolution & history of the crypto wallet
The blockchain wallet has transitioned greatly from where it started to where it is now. Although crypto exchanges have improved their security features to become more secure, offline wallet storage is still the most secure option available.
The first known Bitcoin wallet created was created by Satoshi Nakamoto, the creator of Bitcoin. It was called the Bitcoin-Qt wallet. Released in 2009, the private keys for the Qt wallet were stored on a user’s desktop. The wallet was developed by the Bitcoin Foundation and serves as the ‘official’ client on the Bitcoin network. The wallet can also be used as a server utility for merchant payment services.
The Qt wallet required downloading the entire blockchain and waiting for the history to be synchronized to a computer. This was obviously a lengthy process, however, it served its purpose(s), chiefly sending money and generating wallets.
In 2014, the Ledger Nano delivered its first model to Bitcoin users around the globe on a USB-drive product. In the following years, other wallets such as Trezor and Exodus became household names for cryptocurrency enthusiasts. Wallets were said to evolve even further with the creation of Mist, which allowed storage and sending of all ERC20 compliant tokens, but also other smart contract functions as well.
Crypto and Bitcoin wallets: The overall market
The number of crypto wallets has grown significantly from nearly 15 million wallets in July 2017, to over 80 million wallets in March 2022. This represents a 440% increase in just 5 years. This can be attributed to the continuous growth of Bitcoin and the global cryptocurrency market capitalisation.
As the number of people investing in digital currency increases, the number of wallets naturally increases too. Every cryptocurrency transaction requires a private key and a public key, a crypto wallet is merely a specific method of protecting your private keys.
There are a variety of means and methods to securing keys, and this article will explain these different types of wallets.
Public and private keys explained
Each wallet has both a public and private key.
The public key is an alphanumeric code that is required when another wallet is sending crypto assets to your wallet.
On the other hand, private keys are data snippets that are intended to be read by computers. Only the wallet owner should know this information. The account owner uses it to unlock a digital wallet. The private key is always different from the public key and is nearly statistically impossible to guess this key. Private keys are usually displayed in form like this:
EA57361F2013739A0FBBD59D26303DA3F442C6D87DC32667F333898A
Private keys can also be displayed as a seeded phrase, which is a series of words generated by your crypto wallet. Seed phrases are 12 to 24 words long and act as a master password for your wallet. An example of this would be:
Touch Book Top Case See Fast Lead Practice Small Wide Mouse
An easy way to think about this is to compare it to a post office box. The public key is like the address to the mailbox. Anyone with the address (public key) can send a letter (cryptocurrency), but only you with the key to the mailbox (private key) can retrieve the letters (cryptocurrency).
What is the best crypto wallet in Australia?
Whether you are choosing to store your crypto keys in a hot wallet or cold wallet, there are hundreds of secure wallet options.
The most common crypto storage option is a crypto exchange wallet. An exchange wallet integrates into your crypto account. When you purchase digital assets on an exchange, they will immediately be stored in your account’s wallet. However, just because something is popular doesn’t mean it’s the best or the safest. top
Even as a cryptocurrency exchange, Swyftx strongly encourages our users to have a hardware wallet in addition to their cryptocurrency account. Remember, a crypto exchange is where you buy, sell, and trade cryptocurrency. It’s not necessarily where you must hold your cryptocurrency.
Types of crypto wallets
There are dozens of different types of blockchain wallets that are available today. The ideal wallet for every user can vary depending on a user’s specific needs and preferences. In this next section, we discuss the wallet types to help you determine what the best one is for your specific needs.
Hot wallets (software wallets) vs Cold wallets (hardware wallets)
Hardware wallets are sometimes classified in the cryptocurrency wallet category as either “cold storage” (offline) or “hot storage” (internet-connected). Cold storage diminishes your exposure to the vulnerabilities that online asset storage is susceptible to.
A major benefit of cold storage is private key maintenance and ownership. While clicking around on a website may be easier for you to maintain than having to store the private keys yourself, the allowance of third-party key storage is not as safe for long-term holding.
Although Swyftx places a lot of time and effort into our security, we still recommend that you have an offline wallet like Ledger Nano or Trezor that compliments your Swyftx account.
Desktop wallets & mobile wallets
The major difference between desktop and mobile wallets is that desktop-based wallets cannot typically be taken on the go with the user. On the other hand, mobile wallets go with you wherever your smartphone goes.
Desktop wallets
Desktop wallets are the oldest form of hot wallets, and as a result, they are still quite popular. For some people, their first cryptocurrency was held in a desktop wallet, and for one reason or another, they have never moved it to another wallet.
For others, they prefer the added security of storing their private keys on their computer’s hard drive instead of relying on a crypto exchange for key hosting. Many of the organisations that created and maintain the code behind their cryptocurrencies have their own native desktop wallet.
Mobile wallets
As the smartphone market continues to evolve, similar to the crypto market, the demand for mobile wallets and apps is on the rise. Instead of having one native wallet for each cryptocurrency, many of these wallets can hold multiple cryptocurrencies at once.
A popular app for storing cryptocurrency is the Swyftx wallet, available for iOS and Android. Swyftx is an Australian-based crypto exchange that allows you to buy, sell and trade 300+ cryptocurrencies and securely store them in your personal Swyftx wallet. Download the app today to get access to Australia’s highest-rated cryptocurrency exchange, according to Trust Pilot.
Paper wallets
A 2019 New York Times article estimated that about 20% of all Bitcoin is lost or unrecoverable. A large number of these unrecoverable Bitcoin accounts were lost due to physical damage.
With that said, one of the original methods for cold storage of private keys was a paper wallet. A paper wallet is stored offline, essentially handwritten on a piece of paper or printed from a computer containing your private key. Paper wallets are completely offline and considered one of the least secure ways of storing your private key.
Paper is easily damaged, whether it be fire, water or even just crumpling. While it is not connected to the internet, paper wallet storage is risky because it’s susceptible to damage.
Benefits of blockchain wallets
The two largest benefits of a hardware cryptocurrency wallet compared to cryptocurrency exchange storage are that hardware wallets are not connected to the internet, and hardware wallets give you key ownership. An offline wallet that can safely store your Bitcoin away from hackers is the best place for long-term asset storage, whereas an online wallet will leave you more susceptible to hackers.
If you are looking to trade frequently, holding your crypto on a safe crypto exchange like Swyftx makes the most sense.
Pros and Cons of Crypto Wallets
As mentioned above, the biggest advantage of a private crypto wallet is the fact that you get to maintain ownership over your private keys, and that you can store those keys offline. Private key ownership delivers the utmost autonomy in controlling your cryptocurrency stash.
Another benefit of having a crypto wallet is the great convenience that comes with it. Depending on whether your preference is to take your crypto with you on the go, or leave it at home on your desktop, crypto wallets are convenient.
The biggest downside of a crypto wallet is arguably the fact that some wallets are ‘hot,’ meaning that the wallet is internet-connected. Hot wallets may leave your private key exposed.
Frequently asked questions
What is a crypto wallet?
A cryptocurrency wallet is a software program or device that stores your cryptocurrency. Crypto wallets can be offline, online, or on separate, physical USB devices. Some of the most popular choices for cryptocurrency wallets include the Ledger crypto wallet and Trezor. Learn more about how to set up a Ledger Nano S and X right here.
What is the best Bitcoin wallet in Australia?
At Swyftx, we recommend both the Ledger Nano S and X as the best Bitcoin wallets for Australians. If you’re looking for the best Bitcoin wallet, Electrum is one of the most popular storage options when you buy Bitcoin in Australia.
How to get a crypto wallet in Australia?
In order to get a crypto wallet in Australia, you may need to verify some basic information with an exchange. Typically, that includes a driver’s license, passport, and other identifiable information. Once you verify yourself with an exchange like Swyftx, then you’ll be all set to buy, sell, and trade cryptocurrency as you wish.
Are crypto wallets safe?
The safety of a crypto wallet depends heavily on the user. If you are using a hot wallet like Guarda Wallet, then you’re putting your assets at greater risk than you would be if you were to use cold wallet storage.
Can I have a multi-coin wallet?
The number of coins that any particular wallet may hold will vary depending on the type of blockchain wallet you have. Even within the same company, different wallet models will hold different coin amounts. For example, although the Ledger Nano S and the Ledger Nano X both contain multi-coin wallet features. The Electrum wallet, on the other hand, only supports 1 coin (Bitcoin) to be stored.
View this comparison of the best crypto exchanges in Australia
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