9 Best Crypto Wallets in South Africa 2023

Cryptocurrency ownership in South Africa continues to rise, but it’s important to have a secure and convenient wallet before getting started.

In this guide, we reveal the best crypto wallets in South Africa. Read on to discover which South Africa Bitcoin wallets are worth considering in 2023.

Best Bitcoin Wallets in South Africa Reviewed

Read on to discover more information about the 9 best crypto wallets in South Africa.

1. eToro – Overall Best Crypto Wallet for South African Investors  

Look no further than eToro when searching for the best crypto wallet for South African investors. Put simply, eToro offers investors everything they need to safely buy and store cryptos online. This includes two proprietary wallets for web and mobile storage. The latter comes as an app for iOS and Android.

Both eToro wallets are custodial, which will appeal to beginners. This is because eToro keeps the crypto tokens safe and away from remote hacking attempts. The vast majority of tokens are kept offline in cold storage. eToro wallets are also protected by two-factor authentication. Not to mention one of the strongest regulatory frameworks in the industry.

Not only is the wallet itself licensed by the GFSC, but the eToro brokerage platform is regulated by FINRA, FCA, ASIC, and CySEC. As such, eToro offers a safe place to store cryptos as well as make investments. Regarding the latter, eToro offers one of the best crypto exchanges for those on a budget. It supports over 90 cryptos that can be purchased from just $10. This makes diversification simple and cost-effective.

What’s more, eToro supports fiat money deposits. This enables South Africans to buy crypto with a debit/credit card, local bank transfer, and e-wallets like PayPal. Deposit fees are very competitive at just 0.5%. South African investors might also like the eToro copy trading feature. This enables investors to copy a successful crypto trader like-for-like.

For example, suppose the chosen trader buys Ethereum and Dogecoin. The same investments will be carried over to the eToro user’s portfolio. eToro also offers managed crypto portfolios at no additional fees. There are several to choose from, and each tracks a variety of crypto assets. For example, the DeFi portfolio focuses on crypto projects involved in decentralized finance.

When it comes to pricing, there are no fees to store cryptos in the eToro wallet. Buying and selling cryptos attracts a 1% commission per slide. Finally, we also should note that eToro is the best crypto wallet in South Africa for customer service. Its support team can be contacted via live chat 24 hours per day, 5 days per week.

Cryptoassets are a highly volatile unregulated investment product.

2. Binance – Seamless Wallet Storage on the World’s Largest Crypto Exchange   

Binance will appeal to South African traders that wish to actively buy, sell, and store cryptos in one convenient place. This is a custodial wallet, so Binance is responsible for keeping the funds secure. The Binance wallet can be accessed via a mobile app for iOS and Android, as well as through standard web browsers.

Investors simply need to log into their accounts to access their cryptos. Accounts are protected in various ways, including two-factor authentication and IP address whitelisting. Binance also ensures that the majority of client cryptos are kept offline in cold storage. That said, Binance was hacked in 2022, resulting in over $570 million worth of crypto being stolen.

On the flip side, investors were not directly impacted. Moreover, Binance has a safe asset fund for users (SAFU) for this very purpose. The most recent update suggested that SAFU has over $1 billion worth of Bitcoin. In terms of core features, the Binance wallet offers access to hundreds of cryptocurrencies. Trading on the Binance platform costs just 0.1% per slide.

Users can easily move their tokens from the Binance wallet over to the exchange. Furthermore, Binance also offers DeFi tools, enabling South Africans to earn passive income. This includes savings accounts, staking, yield farming, and dual investments. Finally, Binance offers top-rated support via live chat, 24/7.

3. Coinbase – Regulated Exchange Offering Cold Wallet Storage     

Based in the US and founded in 2012, Coinbase is a global crypto exchange that doubles up as a custodial wallet. Coinbase supports over 100 cryptocurrencies, and its wallet can be accessed via web browsers and a mobile app. The latter is compatible with Android and iOS. There are no fees to use the Coinbase wallet, and it comes packed with security features.

This includes keeping 98% of client funds in cold storage. Coinbase also implements mandatory two-factor authentication and device whitelisting. In addition to top-notch security, Coinbase is one of the best crypto wallets in South Africa for beginners. Its interface is user-friendly, so no prior experience is required. Moreover, the Coinbase wallet makes it simple to trade crypto.

That said, trading fees on Coinbase amount to 1.49% per slide. Orders below $200 will attract a flat fee that amounts to a higher percentage charge. Furthermore, those looking to deposit funds with a debit/credit card will be charged 3.99%. However, Coinbase remains one of the most popular crypto ecosystems, largely for its user-friendliness and watertight security.

Moreover, Coinbase makes it simple to earn interest on idle crypto assets. For example, Cosmos and Avalanche staking pools are currently yielding 6.1% and 7.5%. While Ethereum is also competitive at 6%. However, upon reading the fine print, investors will see that Coinbase takes up to 35% of any staking rewards generated.

4. MetaMask – Non-Custodial Wallet App and Browser Extension  

MetaMask is the first wallet on this list that offers non-custodial storage. This means that South African investors will have full control over their crypto funds and private keys. In other words, MetaMask cannot access the tokens stored in its wallets. We found that MetaMask is user-friendly, with wallets taking just seconds to create.

Moreover, MetaMask can be accessed via the iOS and Android app, as well as through web browsers. This includes support for Chrome, Firefox, and Edge. There are no fees to download and use MetaMask. But like all wallets, users will still need to cover GAS fees when making transfers.

MetaMask supports thousands of the best cryptos across multiple blockchains. This includes Ethereum, Binance Smart Chain, Arbitrum, and others. However, MetaMask does not support Bitcoin. On the flip side, we like that MetaMask supports third-party DeFi apps like OpenSea, Maker, and Aave. This enables users to buy, sell, and trade digital assets within MetaMask.

5. Trust Wallet – User-Friendly Mobile Wallet App for iOS and Android 

Trust Wallet is also one of the best crypto wallets for South African traders. It supports over 70 blockchain networks, meaning that millions of digital assets are compatible. This includes both cryptocurrencies and NFTs. Trust Wallet is free to use and offers non-custodial storage.

The private keys are displayed as a 12-word passphrase when setting the wallet up. Users can also safeguard their wallets via fingerprint ID. Trust Wallet does not have access to the user’s credentials, ensuring that storage is truly decentralized. We also like that Trust Wallet supports Web 3.0 dApps.

This includes everything from Uniswap and Aave to PancakeSwap and Compound. Moreover, Trust Wallet supports staking, providing a passive way to earn free crypto. Trust Wallet, which is backed by Binance, is also compatible with Chrome browsers. The main drawback with Trust Wallet is that debit/credit card payments are processed by third parties like MoonPay and Simplex. As such, payments can cost upwards of 5%.

6. Trezor – Bitcoin Hardware Wallet for Ultra-Secure Crypto Storage  

Trezor is one of the best crypto wallets for South African investors with long-term goals. While sending and receiving funds can be cumbersome, Trezor offers ultra-secure storage. The wallet is a hardware device that looks like a USB stick. The only way for funds to leave the wallet is if the PIN is entered directly on the device.

The PIN is created by the user after setting Trezor up. Moreover, Trezor will display the user’s backup passphrase. This enables users to recover their crypto funds if the device is lost or stolen. That said, Trezor is not a free wallet. Instead, users will need to pay $69 or $219, depending on their preferred model. Therefore, there needs to be enough crypto in the wallet to make the purchase worthwhile.

In terms of features, Trezor supports over 1,400 tokens across multiple networks. This includes Bitcoin, Ethereum, and Litecoin. Moreover, Trezor also comes as an app, making it seamless to view crypto balances on the move. The Trezor app also enables users to buy and sell crypto. However, this service is provided by Invity, which is known for its high transaction fees.

7. OKX – All-in-One Ecosystem for Crypto Storage, Trading, and Yields     

OKX offers a decentralized wallet app that comes with a variety of features. In addition to storing crypto, OKX also enables traders to buy and sell tokens at the click of a button. Moreover, OKX supports interest-bearing products, including staking and yield farming.

This means OKX users can trade and earn under one roof. Best of all, OKX operates as an aggregator. This means that it connects with over 200 decentralized exchanges to secure the cheapest rates in the market. Moreover, OKX will source the highest APYs based on the user’s preferred crypto.

We also like that the OKX wallet supports 11 blockchain networks. This includes Ethereum, Polygon, Arbitrum, and Binance Smart Chain. In turn, users can easily swap tokens on a cross-chain basis. Another feature of this wallet is that it supports an NFT marketplace. Some of the top NFT collections currently available include Bored Ape Yacht Club and DeGods. Finally, OKX is a non-custodial wallet, giving users full control of their crypto assets.

8. Electrum – Established Desktop Wallet for Securely Storing Bitcoin

Electrum is one of the best Bitcoin wallets in South Africa. It was launched in 2011 and has a great reputation for safety. Although Electrum also has an Android app, it is best known for its desktop software. This offers one of the safest ways to store Bitcoin. For example, private keys are stored directly on the user’s desktop device.

This means that Electrum does not have access to the wallet credentials. Moreover, Electrum enables users to keep their private keys in ‘offline mode’. This means that funds cannot leave the wallet until the user switches it back online. Another security feature is multi-sig permissions. This requires the wallet owner to confirm outgoing transactions on two separate devices.

Electrum is available on multiple operating systems, including Windows, Mac, and Linux. It is free to download and install, and there are no markups on blockchain fees. That said, those with multiple cryptocurrencies will likely not find Electrum suitable. This is because the wallet is only compatible with Bitcoin. What’s more, Electrum does not support exchange or yield services.

9. Exodus – Multi-Asset Wallet With a User-Friendly Portfolio Interface

Exodus is also one of the best crypto wallets for South African investors. It supports over 260 cryptocurrencies and is compatible with multiple devices. This includes a mobile app, desktop software, and a browser extension for Chrome and Brave. Exodus is a non-custodial wallet, so users are responsible for keeping their private keys safe.

Supported blockchain networks include Bitcoin, Ethereum, Binance Smart Chain, Solana, Tron, XRP, and many others. One of the best features of this wallet is its portfolio interface. Exodus clearly displays the user’s wallet balances in real-time, based on their preferred currency. This enables investors to keep tabs on the value of their crypto investments.

Another feature of Exodus is that it supports staking across multiple coins. This enables users to passively earn free crypto. Moreover, Exodus also supports token swaps, but this is provided by third-party dApps. Finally, Exodus also connects to the Trezor hardware wallet. This allows Trezor owners to view their token balances via the Exodus app without compromising on security.

What is a Cryptocurrency Wallet?

Cryptocurrency wallets store digital currencies like Bitcoin, XRP, and Dogecoin. Although some wallets come as hardware devices (e.g. Trezor), most are downloadable software for smartphones and laptops. Cryptocurrency wallets connect to the blockchain network, enabling users to send and receive tokens.

Transactions are processed on a wallet-to-wallet basis. This means that transactions do not reveal the identity of the sender or receiver. Instead, transactions are identified by wallet address, which are long strings of numbers and characters.

The best crypto wallets for South African traders also offer additional features. For example, the ability to track real-time cryptocurrency prices in ZAR. Moreover, many cryptocurrency wallets enable users to buy, sell, and swap tokens.

This makes it convenient to enter and exit trades without needing to leave the wallet interface. That said, the primary function of a crypto wallet is to keep the respective tokens safe. There are many security features available, such as two-factor authentication and cold storage. The latter keeps the crypto tokens offline and away from hacking attempts.

How do Bitcoin Wallets Work?

After choosing a suitable wallet, the user will download it to their preferred device and create a password. The user will then be given a unique ‘wallet address’. This enables the user to receive funds from another wallet.

Wallet addresses are similar to bank account numbers. They can be given to another person without compromising the security of the wallet. Do note that wallet addresses are long and complex. Sending crypto tokens to the wrong address will result in a loss of funds.

Here’s an example of an Ethereum wallet address:

0x71C7656EC7ab88b098defB751B7401B5f6d8976F

Wallet addresses are connected to the blockchain, meaning anyone can view what’s inside. For example, the wallet address above contains over 36 ETH, which is valued at over $68,000 based on current prices.

Put simply, if the wallet owner wishes to receive tokens from another person, they would provide the above address. After the transaction is sent, it would appear in the user’s wallet in 1-2 minutes. Transaction times vary depending on the network, with Bitcoin often taking 10 minutes.

Nonetheless, cryptocurrency wallets also come with unique private keys. Once again, this is a long and complex string of numbers or characters. Unlike wallet addresses, private keys should not be shared. They provide access to the wallet even without the device it is installed on. In other words, private keys should be viewed like an ATM PIN or online banking password – they should be kept safe.

Custodial vs Non-Custodial

Private keys are only provided by non-custodial wallet providers. This means that the user is the only person to have access to the private keys. In turn, if the private keys are lost or stolen, the non-custodial provider cannot help regain access.

Custodial wallets, on the other hand, safeguard the cryptocurrencies on behalf of the owner. This wallet type is offered by crypto exchanges and often comes with a variety of security features.

For example, we found that eToro is the best crypto wallet in South Africa for custodial storage. It is backed by a heavily regulated brokerage with over 30 million clients. Cryptocurrencies stored in the eToro wallet are kept offline in cold storage. Moreover, the user’s account is protected by two-factor authentication.

However, investors should remember that custodial wallets also come with additional risks. This is because investors need to trust that the custodian follows through on its promise of keeping the funds safe. If the exchange is hacked, the cryptocurrencies stored could be at risk of theft.

Why You Need a Crypto Wallet

The type of cryptocurrency wallet required by South African investors will depend on their goals. Nonetheless, a wallet is needed to keep the tokens safe. That said, investors will need to consider whether a custodial or non-custodial wallet is more suitable.

• For example, beginners that want to invest in cryptocurrencies long-term might prefer eToro’s web wallet.
• This is because there is no requirement to install a wallet or worry about security.
• Instead, after buying cryptocurrencies on eToro, the tokens are transferred to the platform’s in-built wallet.
• The tokens are then protected by eToro’s institutional-grade security controls, including cold storage.
• Moreover, investors can sell their tokens at any time, directly from the eToro web wallet
• The eToro web wallet also makes it simple to trade cryptocurrencies, as well as invest in smart portfolios and copy trading tools

However, custodial wallets like eToro won’t be suitable for all investor needs. For instance, those that wish to actively send and receive funds might prefer a non-custodial wallet. This offers more control over the funds and, ultimately, removes the need to rely on a custodian.

One of the best crypto wallets for non-custodial storage is MetaMask. This is free to download and comes as a mobile app and browser extension. MetaMask doesn’t support Bitcoin, though. As such, those looking for the best Bitcoin wallet for South Africans might prefer Trust Wallet or Electrum.

Then there are hardware wallets like Trezor. This option is best suited for those investing large amounts. Trezor keeps the tokens offline at all times, and outgoing transactions require users to enter a PIN on the device itself.

Types of Crypto Wallets

Leading on from the above section, let’s dig a little deeper into the different types of crypto wallets and who they are suitable for.

Software Wallets

Software wallets come with many benefits, including increased convenience and cost-effectiveness. In fact, the vast majority of software wallets are free to download and use.

There are four options when it comes to software wallets.

• Mobile: First, many software wallets can be downloaded as mobile apps. This enables the user to send and receive tokens with ease. Mobile wallets also make it seamless to view real-time balances. Security features often include a PIN and/or fingerprint ID.
• Desktop: It is also possible to download software wallets onto a desktop device. This often comes with additional security features, such as two-factor authentication. This means the user will need to confirm outgoing transactions from another device, such as a mobile phone.
• Browser Extensions: More and more wallet providers are releasing browser extensions, increasing convenience for their users. This means that users can access their crypto tokens via Chrome, Firefox, and other popular browsers. However, this also increases security risks, considering that the funds remain online at all times.
• Web: Web wallets are provided by custodians, such as crypto exchanges. This is the most convenient option, considering that users simply need to log into their accounts to access their crypto. However, if the custodian is hacked, users could lose their funds. In this regard, it’s best to stick with regulated custodians like eToro.

Hardware Wallets

While software wallets are the most convenient and cost-effective, hardware wallets are considerably safer.

One of the best crypto hardware wallets is Trezor. The wallet’s private keys are stored directly on the device, which is kept offline at all times. Moreover, the only way to send crypto from the wallet is by entering a PIN. This needs to be entered directly onto the device.

Hardware wallets like Trezor are suitable for long-term investors with a large amount of crypto. While transferring funds is inconvenient, hardware wallets ensure the crypto tokens are secure.

Hardware wallets can be expensive, but this varies depending on the provider. For example, while Trezor’s advanced wallet costs $219, it also offers a standard model at just $69.

Paper Wallets

Long-term investors in South Africa that do not want to purchase a hardware device have another option – paper wallets. These are just as secure as hardware wallets but are free to operate.

Here’s how paper wallets work:

• First, the investor will obtain a software wallet on their preferred device.
• After creating a wallet, the private keys and public address are printed onto a sheet of paper.
• It’s best to use a wallet provider that offers simplified private keys, such as MetaMask. This is because the private keys are displayed as 12 English words.
• After the private keys have been printed, delete the software wallet from the device.
• Then, store the piece of paper somewhere safe.

In the above example, the user now has a cold storage wallet that remains offline at all times. The user can transfer more crypto into the paper wallet by transferring the funds to the public address.

When the user wants to transfer the tokens out of the paper wallet, they would need to install the private keys into a software wallet, like MetaMask. Naturally, this is inconvenient, so paper wallets are only suitable for long-term investors.

How to Pick the Best Crypto Wallet for You

Still not sure how to choose the best crypto wallet in South Africa?

Here are the most important factors to focus on when choosing a provider:

• Supported Coins: First, consider which cryptocurrencies the wallet provider supports. This is often determined by the blockchain network. For example, wallets compatible with the Ethereum blockchain will also support ERC20 tokens. While wallets supporting Binance Smart Chain will support BEP20 tokens.
• Security: Explore what security features are offered by the wallet provider. Examples include cold storage, two-factor authentication, multi-sig permissions, and IP address whitelisting.
• Device: Consider which device to store the wallet on. Options include mobile apps, desktop software, and web browser extensions. Web, paper, and hardware wallets are also an option.
• Custodianship: Investors should also consider whether they prefer a custodial or non-custodial wallet. The latter will be suitable for those wanting full control of their private keys. While custodial wallets are aimed at beginners that favor convenience.
• Features: The best South Africa crypto wallets come with additional features, such as being able to buy, sell, and trade tokens. Moreover, wallet providers like eToro and Trust Wallet support staking. This enables users to earn passive income without leaving the wallet interface.

How to Get a Cryptocurrency Wallet in South Africa

Now let’s explore how to get a crypto wallet in South Africa.

We will explain the steps with eToro’s custodial mobile wallet, which offers the perfect blend between security and convenience.

Step 1: Open an eToro Account

Unlike most wallet providers, eToro is backed by a heavily regulated brokerage. This means that users will need to open a Bitcoin account before having access to the wallet.

We found that eToro accounts take minutes to open, as the platform simply needs some basic personal information. So, visit the eToro website, click on ‘Sign Up’, and fill out the registration form.

To complete the registration process, upload a copy of a government-issued ID. eToro also needs a recently-issued bank statement or utility bill.

Step 2: Download eToro Wallet App

Now that the eToro account has been verified, full functionality is available.

As such, proceed to download the eToro mobile app for iOS or Android.

Open the wallet app and log in. The username and password were created in the previous step.

Step 3: Transfer or Buy Crypto

And that’s it – users now have access to the eToro mobile wallet. But at this stage, the wallet will not have any cryptocurrency tokens.

The first option is to transfer tokens from another wallet. Simply send the tokens to the eToro wallet address and wait for them to arrive.

Alternatively, eToro also enables users to buy cryptocurrencies directly from the wallet app. As the account has already been verified, users can deposit funds with a debit/credit card or e-wallet.

Then, choose which cryptocurrency to buy and complete the purchase. The minimum purchase amount is just $10 and over 90 cryptocurrencies are supported, including Bitcoin, Ethereum, and Dogecoin.

Cryptoassets are a highly volatile unregulated investment product.

Are Bitcoin Wallets Safe? How to Stay Secure with Crypto Wallets

When choosing the best crypto wallet in South Africa, safety should be a key priority. After all, the crypto tokens will have real-world value, so the funds should be protected from scams and remote hacks.

So how safe is a South Africa crypto wallet? Well, the level of security depends on the chosen wallet provider.

• For example, those opting for a custodial wallet like eToro will be protected by two-factor authentication.
• This means nobody can access the wallet unless they have the user’s password and mobile device.
• eToro sends an SMS on each login attempt, which the user needs to enter to access the wallet.
• Furthermore, eToro keeps the majority of client funds in cold storage.
• Users also have peace of mind that eToro is regulated by FINRA, FCA, ASIC, and CySEC.

In terms of non-custodial wallets, users are responsible for keeping their tokens safe. That said, the top crypto wallets in South Africa for non-custodial storage offer plenty of security tools.

For example, the Trust Wallet app offers the choice of a PIN or fingerprint ID. While the Electrum desktop software comes with multi-sig permissions, This means outgoing transactions need to be confirmed on two separate devices.

For even greater security, hardware wallets require users to type in their PIN onto the device itself. This means that transactions cannot be authorized without access to the hardware device

Ultimately, the level of security offered by crypto wallets will vary widely. Investors in South Africa need to assess their goals, including how actively they wish to send, receive, or trade crypto.

Conclusion

In conclusion, the best crypto wallets in South Africa have been ranked and reviewed. Overall, the best option for long-term crypto investors is eToro.

eToro is a regulated wallet and exchange, enabling South Africans to safely store and trade crypto under one regulated roof. Investors can choose between the web wallet and mobile app – both of which connect to the same account.

Moreover, not only is the eToro wallet free to use, but it also supports staking. This means that South Africans will earn a yield on the tokens stored in their eToro wallet.

Cryptoassets are a highly volatile unregulated investment product.

References 

• https://brokercheck.finra.org/firm/summary/298361
• https://www.nytimes.com/2022/10/07/business/binance-hack.html
• https://academy.binance.com/en/glossary/secure-asset-fund-for-users
• https://coinmarketcap.com/rankings/exchanges/
• https://help.coinbase.com/en/coinbase/trading-and-funding/pricing-and-fees/fees
• https://www.businessinsider.com/personal-finance/what-is-apy
• https://boredapeyachtclub.com/
• https://www.simplex.com/
• https://etherscan.io/address/0x71c7656ec7ab88b098defb751b7401b5f6d8976f
• https://coinmarketcap.com/

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Kane Pepi

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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…

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