If you own any amount of cryptocurrency, then you need a crypto wallet. It does not matter if you are trading in pennies or mining hundreds of thousands of dollars a day.

A crypto wallet is the best method of keeping the keys to your crypto trove safe. But what are the best wallets?

That is the question I am here to answer. Through extensive research, I have narrowed down the best crypto wallets in Australia, what they do for you, and how they keep your cryptocurrency safe.

Table of Contents:

• What is a Crypto Wallet
• 11 Best Crypto Wallets in Australia

What is a Crypto Wallet?

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To get started, let’s talk about what a crypto wallet actually is. Crypto wallets are storage systems for your private keys. “Private keys” are the passwords to the accounts that hold your cryptocurrency.

These accounts can be social media accounts or bank accounts, and the crypto wallets can be both digital and physical. You can have a crypto wallet that is cloud-based, or if you prefer you can have a crypto wallet that lives on a physical USB memory stick that loads a password storing application.

The most important thing to remember is that the crypto wallet does not technically store your cryptocurrency. What it does is store the information that entitles you to that currency. It is not a suitcase full of money, it is a suitcase full of bonds that are worth a lot of money.

So, why make use of a crypto wallet? What do crypto wallets offer you?

Security 🔒️

It is difficult for someone to steal a crypto key, but not impossible. Crypto wallets help your crypto keys stay yours. This is because a crypto wallet ensures that you are entitled to ownership over your keys, even if someone else manages to get a hold of them.

Certainty 🛡️

Most people have an archaic idea of password storage. Usually, they store their passwords in their head, relying on their memory to recall them. If they really want to be secure, they will write it down on a notepad that they keep near their computer.

But that notepad is not loyal to you. Anyone who looks at it will have access to your passwords and potentially cryptocurrency. Plus, memory is an unreliable thing, especially with the long keys that most cryptocurrencies use to stay secure. A crypto wallet gives you peace of mind, as you know exactly where your keys are at all times.

Convenience

At this point in time, it can still be a headache to spend your cryptocurrency, as very few retailers will have a point of sale that is compatible with it. Crypto wallets seek to balance security with convenience, allowing you to keep your currency safe while using it readily.

11 Best Crypto Wallets in Australia

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1. Zengo
2. Coinbase
3. Binance
4. Trezor
5. Trust Wallet
6. Exodus
7. SwyftX
8. CoinSpot
9. Easy Crypto
10. Mycelium
11. Coinomi

1. Zengo – Best Overall Crypto Wallet

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To the first point, Zengo is a highly integrated cryptocurrency wallet. That means that it trades in tons of different currencies. But that would mean nothing if not for the second point: Tracking and analysing.

Most trading apps come with a knowledge base, but rarely do crypto wallets come with such things in any substantial amount. Rather than being a simple glossary like most are, Zengo’s knowledge base is focused on both trading crypto and understanding how it works.

This is complemented by the analytics available to you. This is more common among crypto wallets, but it being adjacent to such a wealth of knowledge means that what you are shown is never confusing or intimidating. It also means the knowledge base has some real data from which you can learn.

Unlike other wallets, Zengo is powered by MPC and has no private key vulnerability. This means that there is no private key that can be lost or stolen. Zengo enables guaranteed wallet recovery with a biometric face lock.

Zengo’s industry-leading security model makes it more trustworthy than an exchange (on-chain wallet) and more secure than a hardware wallet (with no private key vulnerability and guaranteed account recovery). It is fully audited and committed to open source, now securing over 900,000 accounts.

While Zengo Essentials continues to be the most secure crypto wallet to self-custody your assets for free, upgrading to Zengo Pro unlocks a suite of premium industry-first security features. Protect your assets from unauthorised withdrawals with Multi-Factor Authentication, a built-in Web3 Firewall, 24/7 Priority Support. Also ensure your assets never get lost with Legacy Transfer, the industry’s first inheritance-inspired feature available to all Pro customers for as low as $20 a month.

2. Coinbase – Best Wallet for Exchanging Currency

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Today, it incorporates basically every cryptocurrency you can think of into it and allows you to exchange them easily.

Of course, just because it trades every cryptocurrency does not mean Coinbase does not have its favourites. The site has a separate wallet for Bitcoin to make it easy to track and manage your holdings. 

It is worth noting for the Australian market that Coinbase does not currently allow Australian users to withdraw Bitcoin. This is one of the main factors holding it back from being the best wallet in Australia but, while you cannot withdraw Bitcoin, you can still exchange and sell it.

Coinbase even has integration with eToro to make selling your holdings for Australian currency easier. That means that while direct withdrawals are impossible, getting your money is not that hard. 

In addition to trading in just about every cryptocurrency that has ever existed, Coinbase also puts itself ahead of the competition by allowing you to trade NFTs. 

The value of NFTs has seen much discussion around it in recent months. An NFT is essentially a value-holding mechanism. Think of it as a digital dollar bill. A dollar bill is just a piece of paper. There are lots of pieces of paper, but a dollar bill is unique for the fact that people assign value to that particular size, shape, colour, and texture of paper. An NFT is that, but for cryptocurrency.

Being able to trade in NFTs means that Coinbase allows for a much more streamlined and unregulated trading market. If you run into a situation where you and another person cannot trade currencies, NFTs allow you to bridge that gap by exchanging something that is equally valuable in both currencies.

Whether you have a need to convert one currency into another, or to do away with your currency through NFTs in order to reconfigure your holdings, Coinbase offers a little bit of everything.

3. Binance – Best for Expanding Your Holdings

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But in addition to that, you know that you are never too far away from other people’s money.

What that means is that it is not hard to exchange currency and grow your assets on Binance. Being a focus of the crypto economy means that it is easier to buy and sell on Binance than it is with any other crypto wallet. Of course, this is reliant on the fact that you are holding a currency other people want.

Binance does not hold your hand through trades, nor does it promise endless options for trading, like Coinbase does. What it does promise is that whatever you trade is in your control, and the size of the trade has a far higher upper limit. This makes it the premier wallet for big money traders.

Naturally, this comes with high-end tracking tools. Facilitating the trades is up to you, but Binance does provide plenty of ways to get insight into which trades are good to make and which are a bad idea.

Binance is browser-based, but there is an app that you can use to access your keys as well. This is good for keeping your keys behind a wall of triple authentication, whereas most browser-based crypto wallet solutions only allow for a double authentication security system.

4. Trezor – Best Hardware Wallet

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For the moment, cryptocurrency has some inconveniences. One is that it requires a stable, secure internet connection and a computer to access it. If you want to buy, exchange and spend cryptocurrency, then you need a computer with reliable internet access. Unless you have a Trezor hardware wallet.

Hardware wallets are immune to computer viruses, do not connect to the internet unless you explicitly tell them to do so, and do not make use of location services like a phone does. This means that you can use your cryptocurrency with the utmost discretion. 

This comes with the risk of you losing the physical hardware, but even then there are security measures in place. To begin with, losing a hardware wallet is not like losing a debit card. If a debit card is a stack of dollar bills, a hardware wallet is the metal bank vault that contains it. 

It is a strange image to imagine walking around with a bank vault in your pocket, but the two-factor authentication built into the hardware wallet makes it nearly impenetrable. Even if your hardware wallet is lost or stolen, its security features mean that it is still yours. It can also be replaced in that case.

One of the biggest advantages of Trezor’s hardware wallet is that it can take any form of crypto in the world. This is because it does not hold the crypto itself, but the keys to the crypto. That means that as long as the crypto is protected by a key, your Trezor hardware wallet can keep it safe.

Because the wallet in question is a physical object and not just a desktop app, it is worth noting a few of the qualities of the object. For instance, its size: The Trezor hardware wallet is a thin device that is about half the size of a smartphone. It has a USB plug for connecting to computers.

This means that it can easily fit into your pocket, or even inside your phone case if you have a wallet/phone case hybrid. The Trezor device even has a screen, though its functionality is limited. The screen is mainly for checking your currencies and the processes they are undergoing. It is not connected to the internet and does not have trade functionality.

This is both its greatest strength and its greatest weakness. The Trezor hardware wallet not being connected to the internet means that you are reliant on other devices in order to actually transfer your cryptocurrency anywhere. Whether it is a trade, an exchange, or a purchase, Trezor needs to be connected to a computer in order to execute those kinds of functions.

The positive side of this is that a lack of internet connection actually makes it one of the safest wallets around. It means that you can change the access to your crypto keys without sending any information over a means that might compromise that exchange of information.

Trezor is fast and reliable, with one big inconvenience that also makes it one of the safest wallets.

5. Trust Wallet – Best Mobile App

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For those consumers there is the Trust Wallet. This is a mobile app that stores your crypto keys and allows you to use your cryptocurrency in much the same manner as an Apple Pay device. 

That means that as long as a retailer has a mobile-app-compatible point of sale then you can use the Trust Wallet for everyday transactions. There are still restrictions on this, but those restrictions come from the nature of cryptocurrency rather than anything to do with Trust Wallet.

When you use cryptocurrency, the whole blockchain that the cryptocurrency has passed through must confirm your transaction. That means that from where the cryptocurrency originated to where it is now, everyone who has ever held it must confirm the transaction.

This is known to make some high-security currencies, such as Bitcoin, take up to ten minutes to approve a transaction. This is the biggest issue with cryptocurrency at the moment: The speed of transactions is limited by the technology of the time. Trust Wallet is beholden to that fact, but it also negotiates with it.

Trust Wallet will allow you to use your currency for smaller, faster transactions for a fee. This means that you can use your crypto wallet conveniently and only need to spend a little extra money to do so.

Granted, not every currency has the level of security of Bitcoin. There are plenty of cryptocurrencies that make use of a similar system as Trust Wallet, where confirmation of payments comes from people “staking” their money on the payment rather than a rigid system of confirmations.

In this case, Trust Wallet will not have a fee. This does not mean there will not be a fee at all, but only that the fee will be native to the currency instead. This method is most commonly associated with Ethereum, the pioneer cryptocurrency of “proof of stake” transactions.

How it works is that whenever you spend your money, you are actually spending the money of someone else who is pre-approved to make a transaction in that amount. 

Imagine you are at a vending machine. You pay $1 to get your candy. With Bitcoin you would have to wait for the whole system to confirm that you have and can spend that $1. This can take up to ten minutes. With Ethereum, the system will instead let someone else pay that $1. That “someone else” is someone that the Ethereum blockchain already knows has $1 to spend. This is called “staking”.

In this case, you will end up paying a little more than $1 since you have to pay the person who put forward their $1 stake. They essentially “bet” $1 that you had $1. You then have to cover that bet with a tiny amount of interest (usually no more than a few cents). 

Trust Wallet allows you to use this method of payment to make quick and efficient transactions.

6. Exodus – Best Desktop/Mobile Integration

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The mobile app does everything that a mobile crypto wallet should do: it enables easy spending for a small fee anywhere that a retailer allows for transactions through mobile apps.

The desktop app, on the other hand, does more than just hold your money and let you spend it. Exodus Wallet also lets you monitor market and currency trends on your phone, while the desktop app is where you capitalise on those trends with trades and exchanges. 

Exodus can exchange up to 150 different currencies. It also has tools for integrating into hardware wallets like Trezor. In short, one of the biggest selling points of Exodus is its ability to communicate with multiple platforms at once.

This makes it a viable hub through which you can exchange and manage all kinds of currency. 

The downside of this is its security, at least in theory. In practice, Exodus has never seen a breach over the course of the company’s young life. However, desktop and mobile apps are known for being far less secure than websites and hardware wallets. That means there might still be vulnerabilities.

One of the things that people rarely talk about when they talk about cyber security is that some situations are riskier than others. If you want the integration of platforms that Exodus provides but are concerned about the security risks, there are steps you can take to make sure that your desktop and mobile apps are secure. To begin with, let’s talk about packet sniffers.

Packet sniffers are the most common way for people to compromise the security of a wireless internet network. If you are accessing your crypto keys in a coffee shop on the coffee shop’s wireless internet, for instance, then your computer is sending signals through the air to the coffee shop’s internet.

A packet sniffer can intercept these signals and look at them. If the packet is not encrypted well enough, then they can see what information is being sent over that signal. The encryption Exodus uses is pretty good, but no encryption is infallible. And coffee shops are not the only place you have to watch out for.

If you want to use Exodus (or any desktop or mobile crypto wallet) securely, then start by turning off the Bluetooth functionality of your device whenever you can. Some packet sniffers access your computer by identifying themselves as Bluetooth devices. Turning Bluetooth off will halt all access of that kind.

The next step you can take is making sure you do not log into anything in a public space. This is a tall order and if you are on a business trip then you cannot avoid it forever, but avoiding it when you can (or at least making sure no one else is around when you do) reduces the chances of someone sniffing out your passwords for their own use.

The last way to boost the security of your crypto wallet is by frequently changing your password. Not a lot of people understand just how frequently you need to change it though.

To answer that, consider that most government officials have an assistant who changes the passwords on their accounts at least once every hour. This makes sure that by the time a packet sniffer sniffs out a password, it is an old one.

Exodus is a competent software, but it comes with some risks. Be sure to manage those.

7. SwyftX – Best Australia-Based Wallet

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In so many ways, that is not the case, and the pandemic proves that.

Let us imagine for a moment that all cryptocurrency is perfectly decentralised. That is part of the appeal of cryptocurrency: Bitcoin’s value cannot be moved by the actions of the United States Federal Reserve printing more money. Nor can it have its value depleted by one contrary voice in the blockchain. 

Imagine that this is perfectly true. Just because it is, that does not mean that the nationality of your crypto wallet is meaningless. It is easier, both legally and physically, to hold fraudsters and bad faith actors accountable if they are closer at hand. That is why wallets like SwyftX exist for Australia.

SwyftX is a crypto wallet based in Australia with a slightly higher barrier to entry than other wallets. It is not that high of a barrier, all things considered, but it is worth noting because it is high enough to keep auto-trading bots out.

The process of getting a SwyftX account involves making the account, verifying your identity, and then depositing at least $30 of currency into the account. Only then can you trade.

As a result, Swyft provides an incredibly stable trading experience. Obviously, it pulls from a rather small pond due to being Australian-based and having these restrictions, but that is by no means a bad thing. 

Trading in a small environment means that you are more likely to trade with the same people multiple times. Tons of studies on game theory have been done that conclude that repeated interactions are the foundation of trust.

If someone knows they will be doing business with someone again later, they will be more likely to extend that person charity, as charity becomes more rewarding in every way.

SwyftX also has great trading tools. They are not the most expansive, but it does have a unique “demo mode” that allows you to simulate future market trends. Given how much of investment and exchanges is similar to gambling, having a concrete view of possible futures can be tremendously beneficial.

Its infrastructure is also well maintained due to its size, meaning that transfers, exchanges, and trades are always fast and up to date. You will never have to compete with anyone on a millisecond basis.

SwyftX is great if you prefer a crypto wallet that is based in Australia and has stable trading options.

8. CoinSpot – Best Paid Option

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This can make people wary of these kinds of crypto wallets; who knows when a crypto wallet is going to tank, scam its customers, or in some other way hurt you?

Reliability is everything, and a crypto wallet has to go out of its way to keep you secure when it is demanding payment for use. That is why CoinSpot is such a great crypto wallet. 

It is a desktop app, meaning that it is easy to access and use with a variety of tools at your disposal. It has also been around for a long while—since 2013 in fact, just shy of Coinbase’s 2012 birthday. That means what it does, it has done well for a long time. Ten years is an eternity in the crypto economy.

CoinSpot does a few things to justify its cost. For one, while it has an initial price tag, it has little to no fees, minimums, or maximums. That means that after you buy the application, you can trade as much or as little as you want. The price tag is the beginning and end of your collateral. 

The price tag is not, however, the end of your verification process. You have to confirm your identity every time you make an external deposit. Most people make only a few deposits into their crypto wallets over their entire lifetimes, so this does not come up much. Also worth noting is the fact that while you need verification during a deposit, you do not need it while trading or exchanging.

In short, the verification process is unobstrusive. Every verification process has the upside of making things more secure, with the downside of being less convenient and less private. Since you only need to verify your identity when you are depositing, rarely does the verification become that inconvenient.

However, requiring verification at exactly that point of all possible points means that you are not going to have bots auto-trade the platform into the ground. Essentially, this maximises the security relative to the inconvenience of the verification process.

CoinSpot covers a good number of cryptocurrencies, more than 100, but it hardly covers them all. It is another Australian-based crypto wallet, and to that end it focuses on the currencies that are most common to that market. Namely, Bitcoin, Ethereum, and Litecoin.

CoinSpot is top of the line among crypto wallets that require a purchase of software.

9. Easy Crypto – Best Non-Custodial Wallet

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The reason has to do with the nature of custodial wallets. They are wallets for cryptocurrency where someone else is authorised to use the keys. This can range from situations where the platform administrators are authorised to use the keys alongside you, to everything, including specifically the CEO of the wallet’s company, having a master key whose authority supersedes your own.

The reason these exist is the same reason that people do not like them: This is a method of control created by old banks. Essentially, the main incentive of old banks is that the bank will grow your money while it is stored. This, of course, means that they will use your money while it is entrusted to them to try and make more money, through lending as well as stocks and bonds trading. Crypto bankers hate this idea.

This idea relies on the bank to know how to handle your money better than you do. It allows the bank to spend your money however they want. All normal banks have a “master key” that allows them to plunder other people’s money to make themselves rich, with little liability to the people trusting them.

Easy Crypto is a “non-custodial wallet” to avoid exactly that. While some platforms get bigger and bigger and take more and more custodial actions to ensure control over their burgeoning economies, Easy Crypto has long held to the financial independence of the people trusting them with their money.

That means that Easy Crypto is fast, mostly anonymous, and reliable. It also means it comes with the drawback of trading and holding fewer types of currency. It currently handles more than 40 cryptocurrencies, though this is by no means the end of its plans.

One of the first things you notice when you go to Easy Crypto’s site is its currency tracker. Easy Crypto is a low-fee browser-based option that earns the word “easy” being in its name. While it does not provide any less information than other trading platforms, it tailors its interface to be far more easy to handle.

On top of that, if you want to access a higher level of trading, then Easy Crypto also has tools for learning. These are tutorials in both text and video form that teach you everything you need to know about cryptocurrency. From how crypto works, to how it is traded, and even how to predict exchange rates.

This all comes together to make a great package for anyone, but an especially good one for someone looking to get their first start in crypto storage, trading, and exchanges.

10. Mycelium – Best iOS Crypto Wallet

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Mycelium does not have any social media accounts, nor does it have any social media integration in its app. As a matter of fact, its only verification systems come from the blockchain of the currency you are using. This means that using Mycelium is completely anonymous, especially when using a VPN.

The benefit of this is that your transactions become disembodied. You will not have your transactions scrutinised by a bank with a monopoly on your region, and your purchases, trades, and exchanges will not affect your credit score. Technically, they will not be subject to taxes either.

These are all the benefits that cryptocurrencies were created to reap, though since their explosion in popularity they have seen it more and more difficult to actually make use of them. Mycelium specialises in that kind of trading, exchanging, and encrypting. 

Along with this, the platform also comes with a knowledge base for its users. This is not necessarily a knowledge base for learning the fundamentals, although the fundamentals of cryptocurrencies are certainly there. But it does not have any lesson plans or learning structures besides the base itself.

This is not necessarily a bad thing. It means that the information in the knowledge base is not biased towards newcomers. Instead, the knowledge base exists to serve the people who are doing the trading and exchanging. That means it is accountable to the people who will use it the most, including those who use it to gather information on the specific functions of currencies they are not familiar with.

Mycelium also has access to a large number of different currencies—more than 150 at the time of writing. That makes it versatile. It is also much faster than most platforms which deal in the same diversity. The drawback, however, is that it can make things slightly hard to navigate on a practical level.

Obviously, the anonymity of the platform can be its own drawback at times as well. This is not a platform for the beginner cryptocurrency holder, nor is it a healthy place for a highly trusting individual. Instead, it rewards people who know how trading works on both a practical and theoretical level.

Mycelium is an app-based crypto wallet with lots of tools to help you trade effectively and anonymously.

11. Coinomi – Best Android OS Crypto Wallet

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This is not just cryptocurrency although, obviously, the majority of it is. It is also NFTs and multichain currencies that you will not see represented on other platforms. This can make Coinomi labyrinthine, but it also makes it the only place where you can trade in the most obscure currencies easily.

On top of this, it also features some of the best anonymity features of any crypto platform. There is no KYC oversight, no IP tracking, and no transaction records.

If you are truly concerned with anonymity, then all you need is a VPN to make it, so your IP address is not even registered on the Coinomi side of the server. After that, there is nothing concrete linking you to your Coinomi holdings besides your keys.

Coinomi also has an extremely good interface, especially considering the complexity of what it sets out to organise. This is another platform that is not meant for beginners, but that is because it rewards every bit of external knowledge you bring to the table for it.

Of course, this means that while its trading and exchanging tools are perfectly functional, actually finding trades and exchanges can be a bit of a hassle. Because of the anonymity tools and the preponderance of different currencies, Coinomi opens itself up to bots. At least in theory.

In practice, users do not report a botting issue on Coinomi. This is likely because it is not a huge platform. Its options are huge, but the active user base (while undisclosed for obvious reasons) does not seem to be that of Coinbase.

One thing that Coinomi provides that rarely comes up with other platforms is its translation tools. It supports the languages of the three major superpowers (English, Russian, and Mandarin Chinese), as well as Spanish, French, and German. More translations are being added every day.

While there is a veil of secrecy around much of Coinomi’s inner workings, one can at least infer the passion that the developers and the community both have for the platform. That alone is worth checking out, though be warned that it is no place for someone who is just getting started.

Conclusion ➡️

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There are as many crypto wallets as there are cryptocurrencies, and there are a lot of cryptocurrencies. Choosing the right one is mostly a matter of knowing what you are trying to do.

Platforms like Zengo and Coinbase can solve the problems of almost any consumer or trader. But no platform is perfect, and despite the many advantages of both of those, they are far from totally comprehensive.

The three things you should consider when choosing a crypto wallet platform are: What you plan to do with your cryptocurrency, how anonymous you wish to be, and how fast you want to do it. 

If you just need a wallet and nothing more, then the decision is easy. Almost any wallet will work then.

But if you want a convenient way of spending your currency, look into a hardware or phone app wallet. If you are looking for not only a wallet, but also a trading platform, then look into what kind of market you are interested in getting into as well as your experience level. And as always, watch out for bots.

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