Crypto investors from Australia have a wealth of options when it comes to choosing a cryptocurrency wallet. To help you decide which wallet is the best for you, we’re featuring a diverse selection of the best crypto wallets for Australia-based users.
To provide a suitable wallet for every type of crypto investor, we’re featuring two hardware cryptocurrency wallets, two crypto exchanges with a reputation for strong security, and four non-custodial software crypto wallets.
The best crypto wallets in Australia
Due to regulations, some cryptocurrency-related services are unfortunately not available to users from Australia. Therefore, it’s important to ensure that the crypto wallet solution you’re looking to use actually caters to Australian users.
We’ve selected 8 high-quality crypto wallets that are available to Australians and are excellent choices for storing, sending and receiving cryptocurrencies.
Before we reveal our list of the best crypto and Bitcoin wallets for Australia-based users, let’s first quickly touch on which wallets are the best for which type of crypto investor.
If your cryptocurrency investment has substantial value and you are willing to put in the effort to securely back up your recovery phrase, we strongly recommend using a hardware cryptocurrency wallet. When used right, a hardware crypto wallet is the safest way to protect your cryptocurrency holdings.
A common practice among cryptocurrency investors is keeping a small portion of their crypto holdings in a hot wallet for day-to-day transactions, while the majority is securely stored in cold storage using a hardware wallet. To explore more about the different wallet types, you can refer to our article comparing hot wallets vs. cold wallets.
For those who have a relatively small cryptocurrency investment or simply aren’t comfortable with taking on the responsibility to keep their private keys and recovery phrases safe, storing cryptocurrency on a crypto exchange might be a more suitable option. This is why our list of the best crypto wallets in Australia also includes two exchanges.
While this perspective may not align with the views of hardcore cryptocurrency fans, we think that individuals who are new to crypto or aren’t very technically savvy could actually benefit from keeping their cryptocurrency on a reputable exchange like Kraken or Coinbase rather than opting for self-custody.
Without further ado, let’s get right into our list of the best crypto wallets for Australian users:
- Ledger Nano S Plus — Affordable hardware wallet with strong security
- Ledger Nano X — A hardware wallet with Bluetooth connectivity
- Kraken — A rock-solid crypto exchange with a stellar track record on security
- Coinbase — A safe crypto exchange with a large selection of listed coins
- MetaMask — The gold standard for Ethereum wallets
- Rabby — An Ethereum wallet with extra security features
- Trust Wallet — A software wallet that supports a huge selection of cryptocurrencies
- Electrum — A popular and easy to use software wallet for Bitcoin
1. Ledger Nano S Plus — Affordable hardware wallet with strong security
The Ledger Nano S Plus is a hardware cryptocurrency wallet that supports over 5,500 different crypto assets, which means it will most likely be able to do the job regardless of which cryptocurrencies you’re looking to invest in.
This wallet offers an excellent value for money, as it protects your cryptocurrency with a highly secure EAL5+ certified Secure Element while only costing A$139. If you’d like to give your crypto the best portfolio from cyber threats without breaking the bank, the Ledger Nano S Plus is probably the best option on the market.
The reason why hardware wallets such as the Ledger Nano S Plus offer better security than hot wallets is because they generate and store private keys without exposing them to devices that are connected to the internet.
Even though you need to connect your hardware wallet to your desktop PC or mobile phone to approve transactions, the hardware wallet will only sign transactions but won’t leak the private keys to the device it’s connected to. So, even if your PC or phone is affected with a virus, your private keys will remain safe.
During the setup of your Ledger Nano S Plus (or any other hardware wallet), the device will provide a recovery phrase—an ordered list of 12 words. This recovery phrase serves as a fail-safe, providing access to your cryptocurrencyeven if you lose your hardware wallet or it gets stolen. It is crucial to securely back up this recovery phrase and never share it with anyone.
For added security, consider backing up your recovery phrase with a metal recovery phrase backup. This method provides protection even against extreme conditions such as house fires or flooding.
Get the Ledger Nano S Plus
2. Ledger Nano X — A hardware wallet with Bluetooth connectivity
The Ledger Nano X is a slightly more sophisticated option compared to the Ledger Nano S Plus. Functionally, these two devices are nearly identical features, but the Ledger Nano X can establish connect to other devices via Bluetooth and is compatible with the Ledger Live app on both iOS and Android.
In contrast, the Nano S Plus can only be connected to other devices with a cable. While the Nano S Plus does support Ledger Live on mobile devices, it’s limited to Android. Both the Nano X and Nano S Plus are compatible with desktop computers.
Although the Bluetooth capability of the Ledger Nano X is a valuable perk for those primarily making their crypto transactions on mobile devices, it does come at a premium — the Nano X (A$259) is priced at almost double the cost of the Nano S Plus.
Get the Ledger Nano X
3. Kraken — A rock-solid crypto exchange with a stellar track record on security
Kraken is a cryptocurrency exchange that started its operations in 2013, making it one of the most established players in the crypto industry.
Despite operating for over a decade, Kraken’s high security standards have kept the exchange’s cryptocurrency wallets safe from hackers. This is unfortunately a noteworthy accomplishment in the context of the cryptocurrency exchange industry, where exchange wallets being compromised is a somewhat regular occurrence.
Widely recognized as one of the safest crypto exchanges available, Kraken prioritizes user security by offering features like 2-factor authentication and additional measures to safeguard user accounts against unauthorized access.
While Kraken may have a slightly smaller selection of listed cryptocurrencies compared to some competitors, it still provides a solid selection of crypto assets which should satisfy the majority of crypto investors.
A notable advantage of Kraken for Australian users is that Kraken provides trading pairs denominated in the Australian dollar. For instance, users can directly trade BTC against AUD on Kraken without having to rely on stablecoins or other crypto tokens. This simplifies the crypto investment and trading process, and makes it easy to cash out profits.
Create an account on Kraken
4. Coinbase — A safe crypto exchange with a large selection of listed coins
Coinbase is a crypto industry trailblazer that has been providing crypto trading services since 2012. The popular exchange reached a significant milestone in 2021, when it went public via a listing on the NASDAQ stock exchange.
The shift to becoming a publicly-traded company means that Coinbase needs to be more transparent about its internal operations, which provides additional reassurance to its customers. Meanwhile, privately held exchanges can be more opaque about their operations, making it difficult for customers to spot potential risks.
Coinbase is very popular as an on-ramp for investors entering the crypto space thanks to its user-friendly interface that simplifies the process of depositing funds via wire transfer or card for cryptocurrency purchases. The exchange has been active in the Australian market since 2016.
Despite having been in operation since 2012, Coinbase’s crypto wallets have never suffered a security breach. If you want to store your cryptocurrency on an exchange instead of using your own wallet, Coinbase is arguably the best choice on the market alongside Kraken.
Create an account on Coinbase
5. MetaMask — The gold standard for Ethereum wallets
MetaMask is a wallet designed for Ethereum and blockchains compatible with the Ethereum Virtual Machine, including examples such as BNB Chain, Polygon, and Avalanche. While it’s most often used as a web browser extension, MetaMask is also available for download as a mobile app.
This versatile wallet allows users to store ETH and any tokens issued on the Ethereum blockchain. Beyond the basic features of sending and receiving Ethereum-based crypto assets, MetaMask also has additional features such as on-chain token swaps, cryptocurrency trading through various crypto onramps, and a portfolio tracking feature.
For those actively involved in blockchain-based applications, particularly decentralized finance protocols and NFT marketplaces, MetaMask is a fantastic option. You can use MetaMask as a standalone hot wallet or pair it with a hardware wallet like the Ledger Nano S Plus for enhanced security.
Get MetaMask
6. Rabby — An Ethereum wallet with extra security features
Rabby is a relative newcomer to the Ethereum wallet market, but it offers a very compelling proposition with its strong focus on security.
The Rabby wallet takes a proactive approach to security. Before the user confirms a transaction, the wallet conducts a scan to identify potential risks. For instance, if you’re trying to interact with a DeFi protocol that has a history of hacks, Rabby will quickly notify you of the potential exploit.
Rabby also sets itself apart from the competition with its transaction simulation mechanism, which informs users of what the transaction they’re trying to approve will result in. This proactive security feature protects investors from losing funds by unknowingly interacting with malicious smart contracts.
The Rabby team is transparent about placing security above user experience. This makes the wallet an attractive option for advanced Ethereum users. However, it might not be the optimal choice for beginners who are looking for a more user-friendly interface.
The wallet is currently available as a web browser extension or as a standalone desktop app. However, Rabby’s developers say they’re also working on introducing a mobile app version.
Get Rabby
7. Trust Wallet — A software wallet that supports a huge selection of cryptocurrencies
Trust Wallet is a multi-chain crypto wallet, allowing users to store and transact with cryptocurrencies across various blockchain platforms. It’s especially useful for users who like to invest in many different cryptocurrencies, as they can manage all of their crypto holdings in a single wallet without having to hop between different applications.
Trust Wallet is compatible with Bitcoin, Ethereum (including EVM-compatible blockchains), XRP, and many other popular cryptocurrencies.
A key feature of Trust Wallet is its ease of use, as the wallet sports an interface designed to accommodate both beginners and advanced crypto investors. With Trust Wallet, you can monitor the value of your entire crypto portfolio in AUD, check your history of transactions on the blockchain, as well as send and receive various types of cryptocurrency.
Trust Wallet also provides an integrated DApp (decentralized application) browser, making it possible for you to interact with decentralized applications from within the wallet. The wallet also offers cryptocurrency buying and selling services, token swaps, and a staking feature.
Get Trust Wallet
8. Electrum — A popular and easy to use software wallet for Bitcoin
Electrum is a high-quality software wallet designed specifically for Bitcoin. It’s available both as a standalone desktop application or as a mobile application. Like the other software wallets featured in this article, Electrum employs a non-custodial design, meaning that the user retains control over their own private keys.
Beyond serving as a standard Bitcoin wallet, Electrum can also be used as a multisig wallet, which is a great feature for businesses that accept Bitcoin or individuals who want additional security for their BTC.
The Electrum wallet functions through a decentralized network of servers, which ensures high resilience and minimal downtime. If you wish to do so, you can even run an Electrum server yourself.
If you’re someone who is exclusively investing in Bitcoin and would like to use a software wallet, Electrum might just be the best Bitcoin wallet for Australia-based users. If you also want to invest in other cryptocurrencies, however, consider storing your Bitcoin using a multi-chain wallet for more convenience.
Get Electrum
The bottom line — What’s the best crypto wallet in Australia?
Before we conclude, let’s quickly recap the best crypto wallets for Australia-based users with a comparison chart.
| Type | Custodial? | Recommended for | Price | |
|---|---|---|---|---|
| Ledger Nano S Plus | Hardware wallet | No | Long-term cryptocurrency storage | A$139 |
| Ledger Nano X | Hardware wallet | No | Long-term cryptocurrency storage, use with mobile devices | A$259 |
| Kraken | Crypto exchange | Yes | Users who have smaller amounts of crypto or aren’t comfortable with self-custodying their coins | Storing crypto is free (fees are charged for trading and other services) |
| Coinbase | Crypto exchange | Yes | Users who have smaller amounts of crypto or aren’t comfortable with self-custodying their coins | Storing crypto is free (fees are charged for trading and other services) |
| MetaMask | Software wallet (browser extension or mobile app) | No | Active Ethereum users | Storing crypto is free (offers additional services that might incur a fee) |
| Rabby | Software wallet (browser extension or desktop app) | No | Active Ethereum users who want additional security features | Free |
| Trust Wallet | Software wallet (browser extension or mobile app) | No | Users who have many different types of cryptocurrency and like to transact frequently | Storing crypto is free (offers additional services that might incur a fee) |
| Electrum | Software wallet (desktop app and Android app) | No | Bitcoin users that make transactions frequently | Free |
If you’re interested in more tips related to crypto investing, make sure to check out our ultimate guide to investing in crypto.
Source: https://coincodex.com/article/36040/crypto-wallet-australia/