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Ethereum is an open source blockchain platform designed to host decentralised applications (dApps) and execute smart contracts. The platform was launched in 2015 by computer programmer, Vitalik Buterin and a number of other co-founders.
The Ethereum blockchain features its own digital known as Ether (ETH). Ether is used to power dApps and as a method of payment for computing services.
The popularity of Ethereum has seen the asset grow to be the second-largest cryptocurrency in the world, behind Bitcoin, making it a very popular investment option for Australians. However, after you buy Ethereum (ETH) in Australia, it’s important that you find a secure place to store it. This guide has been put together to provide insight on the best Ethereum wallets In Australia in 2022.
What is an Ethereum wallet?
An Ethereum wallet is a cryptocurrency wallet used to store ETH. Unlike a physical wallet, a digital wallet, or blockchain wallet, is software program or device designed for storing, receiving and sending cryptocurrencies. There are two types of wallets: online wallets and offline wallets, commonly referred to as hot and cold wallets. Within these two categories of wallets, there are several different varieties such as:
- Mobile wallets (hot)
- Exchange wallets (hot)
- Browser wallets (hot)
- Desktop wallets (hot)
- Hardware wallet (cold)
- Paper wallet (cold)
An Ethereum wallet allows you to manage the Ethereum you own by checking your balance and performing transactions. Below we have listed the 6 best Ethereum wallets available in Australia.
Hardware wallets and cold storage options
Hardware wallets are considered the most secure form of cryptocurrency storage. A hardware wallet is a USB-like device that stores and encrypts your private keys offline. Hardware wallets mitigate your Ethereum’s vulnerably to cyber-attacks.
Ledger Nano X
Price (AUD): $249.00
Supported Cryptocurrencies: 1350+
The Nano X is the newest generation of Ethereum hardware wallets from Ledger, one of the most reputable companies in the blockchain wallet space. This hardware wallet supports 1350+ different digital assets including Ethereum, Bitcoin, XRP, Cardano and Dogecoin.
The Nano X has wired and wireless connections which means it can connect to mobile PC devices via Bluetooth. Additionally, the device has an LED screen that displays payment validation information and requires a PIN for access, which adds an extra layer of security.
Other features include:
- USB type-C connector
- Wired + Wireless connections
- 100 mAh battery
- PIN Protected with a backup
Ledger Nano S
Price (AUD): $109.00
Supported Cryptocurrencies: 1330+
The Nano S is the older version, but still an incredibly popular, hardware wallet in Australia from Ledger. The Nano S relatively cheaper than the newer Nano X, which means it may be more suitable for Australians on a budget. It is also incredibly convenient as it plugs straight into your computer through a USB type-B connector. 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
The Model T is the next generation of crypto wallet from Trezor that is designed to suit both active traders and HODL’s. The Trezor hardware wallet, Model T is one of the most reputable hardware wallets for securely storing ETH. The device features a built-in LED touch screen, allowing users to access the wallet via a PIN or passphrase which is very convenient. Other features include:
- Improved processing
- Easy setup and use
Software wallets and hot storage wallets
Software wallets often referred to as “hot wallets” are digital wallets that store crypto while remaining connected to the internet. There are several different types of hot wallets including desktop wallets, mobile wallets, and exchange wallets.
Guarda Wallet
Price: Free to download and use
Supported cryptocurrencies: 1000+
Guarda Wallet is software wallet with multi-platform accessibility. Guarda is available to Australians and supports over 1,000 of the most popular crypto assets. The Guarda app has a user-friendly interface and simple 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 users’ funds. Features include:
- Highly robust security system
- Face ID verifications
- fast transaction speeds
MetaMask
Price: Free to download and use
Supported Cryptocurrencies: All ERC-20 Tokens
MetaMask is a web browser wallet that supports Ethereum and all other Ethereum based tokens (ERC20 tokens). MetaMask can be added as a browser extension on Google Chrome, Firefox or Brave and then allows users to interact with decentralised applications.
Useful MetaMask features include:
- User-friendly interface
- In-built customer support
- Securely connect to decentralised applications
Exodus Wallet
Price: Free to download and use
Supported Cryptocurrencies: +165
Exodus is one of the most popular wallets Ethereum wallets in Australia. Launched in 2015, Exodus is a desktop wallet that is supported by all major software programs, the digital wallet supports over 165 crypto assets. Users have full control over their owned cryptocurrencies and private keys. Features include:
- Portfolio tracking
- Built in trading feature
- Multi-currency wallet
Swyftx
Price: Free when you sign up to Swyftx
Supported Cryptocurrencies: +300
Swyftx is an exchange wallet, automatically integrated to your account, when you sign up to the trading platform. Creating a Swyftx trading account is free and one of the easiest places to buy Ethereum in Australia. Swyftx’s exchange wallets are highly secure and allow for easy access and trading of your assets.
- Industry-leading security features
- Live chat and phone support
- TradingView digital tracking
- Mobile and web platform
If you’re interested in learning more about investing digital currency with Swyftx, be sure to check out our Beginners Guide for Cryptocurrency Investing.
What is the best Ethereum wallet in Australia?
Given Ledger’s reputation in the cryptocurrency industry, the Ledger Nano S and Ledger Nano X are widely considered to be some of the best hardware Ethereum wallets available to Australians. Though these can be quite expensive compared to that of a free downloadable wallet, the added security offered by Ethereum hardware wallets is worth the extra cost. Exchange wallets, like Swyftx, are another secure way to store Ethereum. Swyftx has established industry-leading security technologies to protect our users’ assets from cyber theft. Storing your ETH with Swyftx also means you can trade your Ethereum at any time.
If you are wanting to store your Ether for an extended period of time, we do recommend that all our users utilise cold wallet storage for storying public and private keys.
Hot and cold wallets Explained
Although there are dozens of different types of blockchain wallets available, When storing cryptocurrency, hot and cold wallets are the two main types of cryptocurrency wallets. The main difference between the storage types is whether the storage method is connected to the internet. If a storage device is connected to the internet, it’s hot. Cold storage refers to when a storage device is not connected to the internet.
Private key management and ownership is one of the biggest advantages of cold storage. Although hot wallets are considered more convenient, the extra security and privacy of hardware wallets must not be overlooked.
Cold Storage
When using a cold wallet, cryptocurrencies are stored in a hardware device or are printed on a paper document. The method of transaction helps in protecting the wallet from unauthorized access and vulnerabilities.
The only issue with an offline wallet is they can easily be misplaced or destroyed, so it’s important to keep them in a secure location where they can’t be compromised.
Hardware wallets and paper wallets are two of the main types of cold storage.
Hardware wallets
A hardware wallet is a USB-like device that stores your encrypted private keys and crypto assets offline. These wallets are similar to portable devices that can be plugged into your computer.
They are less prone to malicious attacks, malware, hackers, and anything else that could prove to be detrimental for your cryptocurrencies.
Great examples of Hardware wallets are Ledger Nano (both X and S) and Trezor. These are considered to be some of the best hardware wallets in Australia in 2022.
Paper wallets
one of the original methods for cold storage of private keys was a paper wallet. Paper wallets refer to storing your private key or a QR code, or a public wallet address on a piece of paper.
Examples of paper wallets are Bitcoin paper wallets and My Ether wallets. Paper wallets are completely offline and considered one of the least secure ways of storing your private key, as they can be easily damaged or misplaced.
Paper wallets work with software wallets to allows for transactions and fund transfers to be made.
Hot storage
Hot wallets are connected to the internet, meaning digital assets can be transferred quickly and conveniently. Though hot wallets are easier to interact with, it is less secure than cold storage wallet, being more vulnerable to cyber theft.
The most popular type of hot wallets are desktop wallets, online wallets and mobile wallets.
Desktop wallets
Desktop wallets are similar to cold wallets as they are designed to store private keys on cold servers. You can unplug them from the internet and conduct all transactions offline.
In case the main server goes down or gets lost, you can use the cold server as a backup. You can download this wallet on any computer. But to access it, you must use it in the system you first installed on it.
The great thing about these wallets is that they’re cost-efficient. Guarda is one of the most popular desktop wallets and it is free to use.
Mobile wallets
A mobile wallet is similar to an online wallet except it’s designed and built specifically for mobile usage or mobile accessibility on Android or IOS devices.
Mobile wallets are user-friendly crypto wallets in that the user interface for making transactions is made easy.
Web wallets
A web wallet an extension to an internet browser like Google Chrome or Firefox.
This wallet can then be used to interact with decentralised exchanges. Web wallets are typically easy to use and have sleek interfaces. MetaMask is a popular web wallet that allows users to interact with decentralised applications on the Ethereum network.
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