12 Best Crypto Wallets in Australia – Safest Wallets Revealed

Bitcoin wallets not only allow investors to safely store their digital assets, but send and receive crypto too.

This guide compares the best crypto wallets in Australia for 2023. Read on as we address the all the key metrics beginner’s should consider when picking a crypto wallet for the first time.

Best Bitcoin Wallets in Australia Reviewed

The best crypto wallets in Australia offer plenty of features in addition to solid security tools. This is in addition to low fees and the ability to buy and sell crypto from within the wallet itself.

Below, we review the 12 best crypto wallets for Australian investors in 2023.

1. eToro – Overall Best Crypto Wallet in Australia

Look no further than eToro when selecting the best crypto wallet in Australia. eToro is primarily an online broker that supports over 70 crypto assets, plus thousands of stocks, ETFs, currencies, and more. Moreover, eToro is heavily regulated. Not only by ASIC but the FCA (UK), FINRA (US), and CySEC (Cyprus) too.

Best of all, eToro offers a secure wallet service in addition to its brokerage platform. This consists of a web and mobile wallet – both of which are custodial. This means that Australian investors do not need to learn how crypto wallets function. Instead, eToro is responsible for keeping client crypto assets safe. It does this through a range of institutional-grade security controls. This includes keeping the vast majority of crypto assets in cold storage.

Furthermore, eToro offers two-factor authentication, which is a major account safeguard. This requires eToro clients to authorize a login attempt through an SMS code. We found that most eToro clients use the web wallet, as this is the most convenient option. With that said, the eToro wallet app comes with more features – such as being able to send and receive tokens.

Moreover, the app enables users to swap tokens from within the wallet interface. Both the web and mobile wallets offered by eToro are user-friendly and will appeal to beginners. eToro is also the best place to buy crypto in Australia. Across dozens of cryptocurrencies, the minimum trade size is just $10. Australians can even deposit funds with a debit card, POLi, PayPal, Neteller, and more. The minimum deposit is just $50.

As soon as a cryptocurrency is purchased, it is automatically transferred to the eToro web wallet. In addition to an ASIC license and top security features, we also like eToro for its smart portfolio service. This is a professionally managed service that enables Australias to diversify across over a dozen cryptocurrencies. eToro also allows clients to ‘copy’ other traders. This will appeal to investors that wish to actively trade crypto but have little experience.

For those looking for the best crypto wallet in Australia, eToro is a great option as it’s fully regulated by several financial authorities and it offers the best user experience on the market. 

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

2. OKX – Crypto Wallet App With Savings Accounts

OKX is one of the best crypto wallets in Australia for earning interest on idle tokens. This is because OKX offers crypto savings accounts from within its wallet app. Available on both Android and iOS, the OKX is a noncustodial wallet. This means that OKX does not have access to the wallet’s private keys. Rather, the investor has full control over their crypto tokens.

Back to the savings accounts, OKX supports a wide range of tokens with competitive APYs. Some of the best rates are offered on stablecoins like Tether and USD Coin, with APYs of 10%. Those looking to buy Bitcoin in Australia will earn an APY of 5% via the OKX wallet. The OKX wallet also supports dual investments and staking, but these earning tools are more suited for experienced traders.

OKX also offers one of the best crypto wallets in Australia for trading. It supports more than 370 crypto tokens and trading commissions start at just 0.1%. OKX also offers access to leveraged financial products, such as crypto futures, options, and perpetual swaps. This is in addition to bots, which support automated trading. Best of all, every feature hosted by OKX can be accessed via its wallet app.

3. Binance – Buy, Sell, and Store Crypto via the World’s Largest Exchange

Binance is the most popular crypto exchange globally. Most pairs can be traded at a commission of just 0.1%. Selected pairs, including BTC/AUD, are commission-free. Hundreds of pairs are supported across both large and small-cap tokens. In addition to low fees and huge levels of liquidity, Binance also offers the best crypto wallet for Australian traders.

Its web wallet offers custodial storage and connects directly to the Binance exchange. This prevents the need to download or install a wallet. The Binance web wallet is protected by two-factor authentication, device whitelisting, cold storage, and an internal insurance fund. Authorization needs to be confirmed when logging in as well as withdrawing tokens.

Binance also offers a mobile app that connects to the web wallet. This also comes with high-level security features and the ability to send and receive tokens. Binance also offers charting tools for technical traders alongside passive earning accounts. The latter includes savings accounts, staking, yield farming, and more. The main drawback with Binance is that, unlike eToro, its exchange is not regulated by ASIC. Finally, Binance supports AUD deposits with a debit/credit card and PayID.

4. Trust Wallet – Decentralized Wallet Supporting Over 65 Blockchain Networks

Trust Wallet is a noncustodial crypto wallet used by more than 25 million people. It was initially available as an iOS and Android app but has since extended support for Chrome browsers. Trust Wallet comes with plenty of features, including access to decentralized applications (dApps). This includes PancakeSwap, AAVE, Curve, and plenty more.

Trust Wallet also offers internal staking tools. This includes an APY of up to 16% on BNB. Trust Wallet supports over 65 blockchain networks, including Bitcoin, Ethereum, Binance Smart Chain, and Solana. This means that virtually all crypto tokens can be stored via a single wallet app. We also like that Trust Wallet enables users to swap tokens internally.

This avoids the need to transfer the tokens into a third-party exchange. Moreover, Trust Wallet enables users to buy, sell, and store NFTs across multiple blockchain standards. Trust Wallet also enables Australians to buy crypto with a debit/credit card. The minimum purchase is $50 but the process requires a quick KYC check. This means uploading some personal information and a copy of a government-issued ID.

5. MetaMask – Noncustodial Wallet for Web Browsers and Mobiles

Another popular option for Australians seeking a noncustodial wallet is MetaMask. This wallet comes as a mobile app for Android/iOS as well as a browser extension. The latter supports Chrome, Firefox, Brave, and Edge. It takes just seconds to set up a new MetaMask wallet and users are provided with a 12-word passphrase. Logging in to the wallet is simple too as just a password is required.

MetaMask supports tokens on the Ethereum, Binance Smart Chain, Optimism, Arbitum, Avalanche, and Polygon networks. It doesn’t, however, support Bitcoin. Nonetheless, we like that MetaMask enables users to swap tokens without leaving the wallet. It finds the best price available across multiple decentralized exchanges and charges a transparent fee of 0.875%.

6. Crypto.com – Low-Fee Crypto Exchange With a Secure DeFi Wallet

Crypto.com is a popular exchange that offers an entire ecosystem of services. All of which can be accessed via the Crypto.com DeFi wallet. Users can download the wallet as a mobile app, desktop software, or browser extension. This is a noncustodial wallet that gives users full control over their private keys. The wallet supports over 30 blockchain standards and over a thousand tokens. This is in addition to NFTs, including a marketplace for buyers and sellers.

The Crypto.com DeFi app also supports savings accounts with competitive APYs. It also connects to third-party dApps, including Uninswap, VVS Finance, and OpenSea. We also like that users can swap tokens from within the Crypto.com DeFi wallet across different blockchain networks. This is also one of the best Australian crypto wallets for trading. Across over 250 tokens, Australians can buy and sell crypto at a commission of just 0.075%.

7. Ledger Nano – Store Crypto on a Hardware Device

Launched in 2014, Ledger Nano is a Bitcoin hardware wallet that prioritizes security above anything else. Unlike the other crypto wallets discussed so far, Ledger Nano is a physical device that offers cold storage. This means that the wallet is always offline, meaning remote hacking attacks are nearly impossible. Security features are top-notch, with outgoing transfers requiring a PIN to be entered on the device.

If the device is stolen, users can recover the crypto tokens remotely via their backup phrase. The main drawback of Ledger Nano is that it is not suitable for active traders. For instance, if a trader wishes to sell a token, they won’t be able to do this until they have access to the Ledger Nano device. Moreover, although cheaper models exist, the most advanced Ledger Nano device costs over $400.

8. Trezor – Secure Hardware Wallet Supporting Thousands of Tokens

Trezor is another popular hardware wallet for long-term investors. It offers supreme security features and just like Ledger Nano, remains offline at all times. Furthermore, users will need to enter a PIN on the device to authorize outgoing transfers. Trezor supports multiple blockchain networks, including Bitcoin, Ethereum, XRP, Binance Smart Chain, Polygon, and Cronos.

This means that Trezor supports thousands of crypto tokens. In terms of pricing, the basic Model One costs $82. This comes with a two-button pad and support for A-type USBs. The Model T costs $262 and comes with a touchscreen, C-type USB, and ultra-premium security features. Although Trezor offers a desktop suite for Windows and Mac, there is no mobile app.

9. Coinspot – Australia-Based Exchange With a Multi-Currency Crypto Wallet 

Coinspot is a popular crypto exchange based in Australia. It supports over 360 crypto tokens and accepts AUD deposits across multiple payment types. This includes POLi, PayiD, and direct deposits on a fee-free basis. Debit/credit cards are supported too but attract a fee of 2.58%. Coinspot also offers a native crypto wallet that supports multiple blockchain networks.

The wallet comes via an app for iOS and Android and is protected by two-factor authentication. It is also possible to put a lock on withdrawals, which reduces the threat of being hacked remotely. The Coinspot wallet also supports trading, with commissions starting at just 0.1%. Users can also swap tokens from within the wallet app. This is in addition to buying and selling NFTs.

10. Coinbase – Secure Web Wallet With Multiple Safety Features

Coinbase is a leading crypto exchange that was launched in 2012. It enables complete beginners to buy crypto with a debit/credit card with small account minimums. Coinbase is regulated in the US and listed on the NASDAQ exchange. Moreover, Coinbase has institutional-grade security controls to keep client assets safe. This includes a 24/7 in-house security team and two-factor authentication.

Not to mention cold storage and device whitelisting. The Coinbase Vault is another top feature, enabling users to restrict wallet withdrawals. The Coinbase wallet can be accessed online or via an Android/iOS app. As a custodial wallet, Coinbase is responsible for keeping the tokens safe. Coinbase also enables users to trade over 250 crypto tokens. However, trading commissions cost 1.49%.

11. Electrum – Established Bitcoin Wallet for Desktop Devices 

Electrum is a Bitcoin wallet that was launched in 2011. While it also offers an Android app, most users opt for Electrum’s desktop software. This is supported across Linux, Windows, and Mac. While Electrum lacks core features – such as internal token swaps, it is one of the safest crypto wallets in the market. This noncustodial wallet encrypts private keys, so the user retains full control over their Bitcoin.

Plenty of optional security features are provided, such as offline ‘watch-only wallet’, multi-sig permissions, and proof checking. Moreover, as Electrum uses indexing servers, both incoming and outgoing transactions are speedy. Electrum won’t, however, be suitable for investors that wish to diversify. This is because it only supports Bitcoin.

12. Edge – Mobile Wallet With Peer-to-Peer Cloud Servers for Easy Recovery 

The final option to consider on this list of the best crypto wallets in Australia is Edge. This is a noncustodial wallet supported by both iOS and Android smartphones. After downloading the app, users will need to create a username and password. As Edge uses peer-to-peer cloud servers, it does not have access to client login details.

Interestingly, if the user loses their mobile device, they can reinstall the app on another phone and recover access by logging in. This will appeal to beginners that don’t feel comfortable safeguarding long private keys.  Edge also supports in-app features, such as token swaps and trading. More than 130 cryptocurrencies are supported, including Bitcoin, Ethereum, Dogecoin, and XRP.

What is a Cryptocurrency Wallet?

Crypto wallets primarily serve three functions. First, they enable investors to safely store their crypto tokens. Second, crypto wallets allow users to send tokens to another person. And third, crypto wallets are required to receive tokens.

Each wallet will have its own deposit address. This is known as a public address and is required to receive funds. Wallets also come with private keys. This provides access to the wallet remotely, just like a password.

Meaning, investors will need to keep their private keys safe. With that said, custodial wallets – such as those offered by exchanges, do not provide users with private keys. Instead, the exchange will safeguard the private keys on behalf of the investor.

This is ideal for beginners, as investors can access their tokens through a username and password. Most wallets are software-based and can be accessed through web browsers, mobile apps, and desktop software. Additionally, crypto hardware wallets are popular with long-term investors that seek ultra-high security.

How do Bitcoin Wallets Work?

When learning how crypto wallets work, consider the typical user experience discussed below.

Setting up a Crypto Wallet

When setting up the wallet for the first time, the user will need to create a password or PIN. This will be required each time access to the wallet is needed.

Next, the wallet will provide the user with a ‘backup phrase’. This is usually a string of 12-24 words. Users need to write the words down in the correct order and keep the sheet of paper somewhere private.

This is because the backup passphrase represents the wallet’s private keys – which we will discuss shortly.

Generating a Public Address

After creating a PIN and writing down the backup passphrase, the wallet will then generate a new public address.

• No two public addresses are the same, meaning they’re unique to the user
• The public address is required to receive crypto tokens in the wallet
• This is much the same as sending someone a bank account number
• Public addresses are long strings of numbers and letters – often at least 26 characters

Let’s suppose that an investor buys Bitcoin from an exchange and then wishes to transfer the tokens to a private wallet. In this instance, the investor would need to copy and paste their public address. The exchange will then transfer the tokens to the wallet.

The Role of Private Keys

It is crucial to understand how private keys work when getting started with a wallet. As noted above, private keys are essentially a password. This means that whoever has the private keys can access the wallet – even without access to the device.

As such, hackers are constantly looking to steal private keys. In doing so, they can access the wallet and transfer the crypto tokens to another location. This means that the investor will have their crypto tokens stolen.

To prevent this, investors should keep their private keys safe. Preferably, written down on a sheet of paper so the private keys are stored offline and away from the internet.

Those with concerns about being hacked might be more suited for a custodial wallet. This means allowing a regulated exchange like eToro to keep the private keys and crypto tokens safe. After all, eToro is regulated by ASIC and utilizes institutional-grade security controls.

Why You Need a Crypto Wallet

There is often a misconception that a wallet is mandatory to invest in crypto. This isn’t the case.

• For example, many Australians will invest in cryptocurrencies via a regulated exchange and leave the tokens in their account.
• As noted above, the exchange is responsible for keeping the tokens safe.
• This means that investors do not need to worry about wallet security practices.
• And, when it comes to selling the crypto for Australian dollars, this can be achieved directly from the exchange account.

With that said, some investors do not feel comfortable trusting an exchange to look after their tokens. In this regard, a private crypto wallet will need to be obtained.

The user will need to ensure that the wallet is safeguarded to avoid a hack. Moreover, the user will be able to transfer tokens to and from other wallets.

A great option for beginner crypto traders is the eToro Money crypto wallet app. Although the app is a custodial wallet, it still enables users to transfer tokens. Furthermore, the wallet offers a recoverable private key service. As such, if the user forgets their login credentials, eToro can assist.

Types of Crypto Wallets 

Before choosing a storage option, investors need to know what Australia crypto wallet types are available.

Beginners can read on to select the best crypto wallet in Australia for their needs.

Software Wallets

Software wallets remain the most popular option. In most cases, software wallets are free to download and connect to the blockchain remotely.

Various types of software wallets exist. For example, crypto exchanges offer web wallets that can be accessed simply by logging into the account.

Mobile wallets are also common. This enables users to download the wallet app onto a smartphone. This makes it seamless to send and receive tokens while on the move. Furthermore, mobile wallets usually come with a QR scanner. As such, instead of copying and pasting a long public address, the user can simply scan the QR code when sending funds.

Mobile wallets are also ideal for regular traders. For instance, the eToro mobile wallet enables traders to buy and sell crypto instantly. The app also supports in-wallet token swaps.

Software wallets can also be downloaded as desktop software. One of the best options in this regard is Electrum – which supports Windows, Linux, and Mac.

Many software wallet providers are now supporting browser extensions. MetaMask, for example, offers its noncustodial wallet for Chrome, Firefox, Brave, and Edge.

Hardware Wallets

A small percentage of crypto investors in Australia use a hardware wallet. This option will appeal to long-term investors and/or those with a huge portfolio of crypto assets. In contrast, hardware wallets will not appeal to active traders.

The reason for this is that hardware wallets come with enhanced security controls. For instance, to send crypto from a hardware wallet to another location, the user will need to physically enter a PIN. This means that transfers cannot be authorized when away from the device.

Nonetheless, the security offered by hardware wallets cannot be rivaled. The leading suppliers in this market are Ledger Nano and Trezor. Another thing to bear in mind is that hardware wallets must be purchased.

Considering that the best crypto hardware wallets cost over $400, this will not appeal to casual investors.

Paper Wallets

Paper wallets serve a similar function as hardware wallets. Crucially, this is because the private keys remain offline at all times.

As the name suggests, the private keys are printed on a sheet of paper. This is often printed as a QR code for convenience. The sheet of paper is then stored somewhere safe.

Things get a bit cumbersome when the investor wants to transfer the tokens from a paper wallet. This is because they will need to upload the private keys to another wallet remotely.

As such, paper wallets are suited for long-term investors that are happy to sit on their crypto tokens for several years.

How to Pick a Crypto Wallet 

To choose the best crypto wallet for Australian investors, be sure to make the following considerations:

Device Type

First, think about which device the wallet should be stored on. Many investors opt for a mobile wallet app, as this offers a great balance between convenience and security.

This is also the case with crypto wallets that are compatible with browser extensions. Other options include desktop software and a hardware wallet.

Private Key Custodianship

It is also important for investors to decide whether they wish to look after their private keys independently or use a custodianship.

• Beginners without any knowledge of crypto are more suited for a custodial wallet. Make sure the wallet is offered by an ASIC-regulated provider, like eToro.
• Intermediate and advanced crypto investors may prefer a noncustodial wallet. In this regard, OKX is the best Bitcoin wallet for Australian investors. The OKX wallet app is free to use on iOS/Android and comes with enhanced security tools.

Supported Tokens

Not all crypto wallets support multiple tokens. Instead, some wallets only support specific blockchains – such as Bitcoin or the Binance Smart Chain.

We prefer multi-currency wallets like eToro, which supports everything from Bitcoin, Ethereum, and Shiba Inu to Cardano, XRP, and BNB.

Exchange Services

The best crypto wallets in Australia offer more than just storage. eToro and OKX, for example, enable Australians to buy and sell crypto.

They also support deposits in AUD. This enables investors to buy crypto with a debit/credit card, POLi, BPAY, and more. Just be sure to check what commissions are charged by the wallet provider.

Moreover, some crypto wallets use third-party exchanges to process trades. This almost always results in above-average fees.

Token Swaps

We also like crypto wallets that support token swaps. This allows investors to swap one crypto token for another. For instance, swapping Bitcoin for Dogecoin.

When this is offered via the wallet itself, there is no requirement to complete the swap via a third-party exchange.

Security

Security is also an important consideration to make when choosing the best crypto wallet in Australia.

Once again, specific security features will depend on whether the user opts for a custodial or noncustodial wallet.

If opting for the former, it’s best to stick with a regulated custodian like eToro.

Those preferring a noncustodial wallet should look for two-factor authentication and encrypted private keys.

Convenience 

While security is hugely important – so is convenience. For example, investors looking to buy and sell crypto regularly should avoid a hardware wallet.

This is because transferring crypto tokens requires physical access to the device. Instead, a mobile wallet is a lot more convenient for active traders.

With that said, investing significant amounts in crypto will demand a hardware wallet. This is because hardware wallets offer unmatched security.

Fees 

The best Australian Bitcoin wallets are free to use. This is also the case when receiving funds into the wallet.

Charges will apply, however, when transferring funds out of the wallet to another location.

The fee is determined by the blockchain network and will vary depending on market conditions.

Nonetheless, avoid crypto wallet providers that charge above the network fee.

How to Get a Cryptocurrency Wallet in Australia 

The complexity of getting started will depend on the crypto wallet chosen.

In this section, we explain the process of setting up the eToro crypto wallet app. As discussed earlier, we found that this is the overall best crypto wallet in Australia for beginners.

Step 1: Open an eToro Account

Unlike other crypto platforms in Australia, eToro is authorized and regulated by ASIC. This ensures that Australians can buy, sell, and store crypto in a safe and licensed environment.

To comply with ASIC guidelines, eToro requires all wallet users to open a Bitcoin account. Head over to the eToro website and click on ‘Get Started’.

Choose a username and password, and enter an email address. Next, enter some personal information and confirm the registered mobile number.

Step 2: Download eToro Wallet App

After opening the account, download the eToro wallet app.

By clicking on the relevant Google Play/App Store logo, the app will download.

Then, open the app and sign in. This requires the username and password chosen when registering.

Step 3: Transfer or Buy Crypto

The eToro wallet is now ready to use. At this stage, the wallet will be empty.

Users have two options in this regard. First, if the user already owns crypto, they can transfer the tokens to the eToro wallet. Be sure to copy the wallet address for the correct crypto asset.

For example, sending Ethereum to a Bitcoin address will result in a loss of funds.

Users without crypto at this stage can buy some tokens directly from the eToro wallet. This ASIC-regulated platform accepts instant AUD deposits via debit/credit cards, e-wallets, and POLi.

eToro charges just 0.5% on AUD deposits, which is super-competitive when compared to Coinbase’s 3.99%. Moreover, the minimum AUD deposit is just $50.

After the deposit is made, users can then choose from over 70 cryptocurrencies. This includes everything from Bitcoin, Ethereum, and Dogecoin to Uniswap, Neo, and Cardano.

Finally, after buying some crypto, the tokens will be added to the eToro wallet automatically.

Are Bitcoin Wallets Safe?

In most cases, online Bitcoin wallets are safe. But they are not 100% secure from hackers. Moreover, the safety of the crypto wallet will depend on who is responsible for keeping the private keys safe.

Australia is paving the way for a new age of crypto-centric economics. The Australian Treasury is focused on developing a successful crypto ecosystem, encouraging responsible innovation, and protecting consumers by giving priority to public input. The token mapping consultation that was recently conducted is an essential measure aimed at ensuring the continued competitiveness and prosperity of Australia’s financial services and technology sectors, driven by a thoughtful approach.

As we have discussed, noncustodial wallets require investors to take full responsibility for their crypto tokens. While this ensures the investor has full control of the funds, there is nowhere to turn in the event of a hack.

This is because noncustodial wallets do not have access to the user’s private keys. Instead, they are encrypted on the respective device, such as a mobile phone or laptop.

On the one hand, there are many security features available when using a noncustodial wallet. This includes multi-sig permissions and watch-only wallets. However, this is likely to be too complex for a complete novice.

Therefore, beginners will likely prefer a custodial wallet. This means that the custodian is responsible for keeping the crypto tokens safe. This in itself presents a risk, as the investor needs to ensure that they are using a legitimate custodian.

Once again, this is why eToro is the overall best Bitcoin wallet in Australia for beginners. The broker is regulated by ASIC, as well as with licensing bodies in the US, UK, and Cyprus. Most importantly, eToro keeps the majority of investor tokens in cold storage. This removes the risk of the tokens being hacked remotely.

Finding a secure crypto wallet in Australia is vital if you want to keep your digital assets safe. Recently a family in Adelaide lost $93k of BTC savings after hackers ransacked their offline crypto wallet.

Conclusion

In summary, while crypto wallets come in various shapes and sizes – their primary function is to store, send, and receive tokens.

We have reviewed the top crypto wallets in Australia
for 2023 and found that eToro is a clear winner. This ASIC-regulated broker offers a web and mobile wallet that supports over 70 tokens. eToro is ideal for beginners too, as it offers a custodial service.

Best of all, the eToro wallet supports token swaps and the ability to buy and sell crypto with AUD. So follow the link below and get started with eToro today.

Cryptoassets are highly volatile and unregulated in most EU countries, Australia and the UK. No consumer protection. Tax on profits may apply. Your capital is at risk.

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