Finding a good crypto wallet is important. This is because it not only makes it easier to access your funds but also keeps the funds as safe as possible. Whether you’re in the market for a software or hardware solution, you want to make sure you Trade Bitcoin safely with the best crypto wallet on the market.
When it comes to using a crypto wallet in Australia, it’s important to know that we have more strict regulations in place than other countries, making choosing a suitable wallet more important.
Here, we’re going to go through all of the best crypto wallets available and explain the aspects of each one, and help you make an educated decision.
To do this, however, we need to overview the concept of public and private keys.
Public Keys are an alphanumeric code needed to send crypto to your wallet.
Private Keys are computer-readable codes used to unlock the wallet and access funds.
It’s important to know that private keys are designed to be impossible to guess and are often converted into a human-readable format known as a seed phrase, typically 12-24 words in length. To put it simply, a public key is a locked mailbox, and a private key is what’s used to unlock it.
Free/multiple blockchains: best for Coinbase users
Coinbase, the popular crypto exchange, has well over 90 million users actively using the platform to undertake actions such as buying, selling and staking coins. Funds can be held in trust by Coinbase themselves, but they also offer a wallet that is used by users in over 100 countries, including Australia.
The Coinbase wallet seamlessly ties into the Coinbase platform, meaning if you already use the platform or want to use the platform down the line, you can check this wallet out first. It’s important to know, however, that only 2% of your funds are considered ‘hot’ when stored in a Coinbase wallet, meaning 98% of your funds are held safely in cold storage.
Free/Ethereum: best for ERC-20 tokens
MetaMask is the most popular software wallet and supports all ERC-20 tokens and NFTs. Accessible via a browser or mobile app, MetaMask bridges regular internet access to the Ethereum blockchain and has over 10 million active users monthly.
MetaMask is a great choice for Australians interacting with Ethereum as it has built-in customer support and gas fee customization. All you have to do is install the app or browser extension, create a wallet and securely note your seed phrase. You can even connect Metamask to one of the many exchanges and protocols offered.
Ledger Nano X
Multiple Blockchains/$$$: Best for security
The Ledger Nano X is a hardware wallet that stores your private keys offline by using a device that resembles a USB drive. One of the strengths of the Ledger Nano is that it has support for over 1800 cryptocurrencies, with more being added daily. All you have to do is plug your device into your PC or connect it to your phone and allow a secure connection to be established. From here, your Ledger Nano X will act as a secure proxy for initiating trades using wallets, exchanges, and other crypto platforms.
Technically speaking, this is the most secure wallet option for Australian crypto as it’s constantly updated and has an active community overlooking it. The device itself features open-source software and is very much hackproof.
Although the Ledger Nano X is the most secure wallet on this list, it is less convenient for regular traders and can be quite expensive.
Free/Multiple Blockchains: Best for beginners
A safe, and convenient way to send, buy, receive and swap over 100 different types of crypto, Exodus is a great beginner choice and allows for learning about types of bitcoin tokens. We recommend it highly for Australians new to the crypto scene as it has a very simple user interface, geared towards ease of use. On top of that, it has 24/7 customer support, which allows beginners to get help quickly if they need it.
Exodus is a self-custodial software wallet, and this means that your private keys are stored on your own device. It also has built-in access to the Exodus crypto exchange, meaning it’s easy to start trading the cryptocurrencies available.
As the crypto scene becomes more and more decentralized, the best crypto wallet for Australian audiences depends on what your experience with crypto is, and what activities you are engaging in with it. In our opinion, experienced users will enjoy participating in DeFi and MetaMask, as they have more advanced features. For those who are new to the space, Coinbase or Exodus offer a user-friendly experience and constant customer support available. For those who are holding crypto for longer time periods, the Ledger Nano X is still a great cold storage, hardware wallet on the market.