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Cryptocurrency wallets have become a must-have for Australian cryptocurrency investors. They help users securely store digital tokens, avoiding the risks of having them stolen. With many crypto wallets in Australia, investors find it challenging to select the best for their needs. Fortunately, we help you streamline your research process by listing the best options in the region. Note that the wallets we recommend here have undergone multiple tests and comparisons. Our guide also sheds light on tips for choosing the right wallet and more.
In a Nutshell
- Cryptocurrency wallets in Australia allow crypto investors to securely buy, send, and store digital tokens.
- Cryptocurrency wallets come in two different forms, including hardware and software.
- In Australia, cryptocurrency exchanges and wallets must comply with anti-money laundering regulations. They must also engage clients in the Know Your Customer (KYC) procedure to secure the online investing environment.
- Prioritise security when choosing a crypto wallet. Consider one that is highly encrypted. It must also have additional security features, including two-factor authentication, secure backup phrases, strong passwords, and more.
- Cryptocurrency investment in Australia is considered a business venture. Therefore, all profits from investing in digital tokens are subjected to capital gains tax.
- Besides security, consider a crypto wallet in Australia with additional features that align with your investment needs. For instance, confirm the charges, reliability, and more.
List of the Best Crypto Wallets in Australia
- Coinbase – Top crypto wallet with numerous digital tokens
- Crypto.com – Best DeFi wallet in Australia
- Exodus – Best wallet for beginner crypto investors in Australia
- Kraken – Best wallet for mobile crypto investors in Australia
- Ledger Nano S Plus – Overall best crypto wallet in Australia
In This Guide
Compare Crypto Wallets in Australia
As professional cryptocurrency traders and researchers, we have evaluated numerous crypto wallets in Australia and selected the top options below. To help you make the best choice, we share a comparison table below highlighting some of the features that make these wallets stand out.
| Best Crypto Wallet Australia | Wallet Type | Support Service | Price | Supported Coins | Hardware Wallet |
|---|---|---|---|---|---|
| Coinbase | Self-custody wallet | Phone, Email, and Twitter | Free | 2,000+ | Yes |
| Crypto.com | Non-custodial wallet | Email, live chat | Free | 1,000+ | Yes |
| Exodus | Self-custody crypto wallet | Chat, Twitter, Facebook, Email, Zoom | Free | 1,000+ | Yes |
| Kraken | Non-custodial wallet | Email, phone, live chat | Free | 2,000+ | Yes |
| Ledger Nano S Plus | Self-custody wallet | Email, phone, live chat | A$139 | 5,500+ | Yes |
Fees
| Best Crypto Wallet Australia | Fees | Minimum Deposit Requirement |
|---|---|---|
| Coinbase | 1% on all swaps | None |
| Crypto.com | From $5 to $50 for a single transaction | None |
| Exodus | Does not charge fees for sending | None |
| Kraken | Trnsaction costs range from 0% to 0.26% of the total cost | None |
| Ledger Nano S Plus | Yes | None |
Supported Assets
| Best Crypto Wallet Australia | Bitcoin | Ethereum | Litecoin | Ripple | Tether | Solana |
|---|---|---|---|---|---|---|
| Coinbase | Yes | Yes | Yes | Yes | Yes | Yes |
| Crypto.com | Yes | Yes | Yes | Yes | Yes | Yes |
| Exodus | Yes | Yes | Yes | Yes | Yes | Yes |
| Kraken | Yes | Yes | Yes | Yes | Yes | Yes |
| Ledger Nano S Plus | Yes | Yes | Yes | Yes | Yes | Yes |
Our Opinion about the Best Crypto Wallets in Australia
We conducted thorough market research to come up with the list below of the best crypto wallets in Australia. Through multiple tests and comparisons, we could easily identify the best options for our readers.
Our research also involved analysing user testimonials on Google Play, the App Store, and Trustpilot. We strive to remain unbiased in our research. Therefore, combining our findings with test results will help us achieve our goal.
Below, we share our opinions and reviews on the best crypto wallets in Australia based on our hands-on experience. Since every crypto investor has their own investment requirements, ensure you compare the wallets’ features to make a suitable choice.
1. Coinbase – Top Crypto Wallet With Numerous Digital Tokens
Coinbase is among the most user-friendly software wallets in Australia. We explored it via its downloadable app and noticed that it supports hundreds of thousands of tokens and dApps. Note that Coinbase is a self-custody wallet, which gives you full control of private keys to your digital tokens on a blockchain. In addition to supporting cryptos, this Web3 wallet allows users to efficiently manage their NFT collection and more.
The best element about the Coinbase wallet is that you can easily integrate it with the Coinbase crypto exchange. This allows you to explore the exchange and enjoy advanced features. Plus, Coinbase can be integrated with Ledger hardware wallets, thus providing an added layer of security and peace of mind.
Coinbase Wallet
✔Available in 100+ countries
✔No hidden fees
Pros & Cons
Fees
Trading Assets
Pros
- Supports multiple addresses
- A user-friendly self-custody Web3 wallet, giving you full access to your private keys
- It has its own crypto exchange, making it easier for users to trade, buy, and sell digital currencies while enjoying advanced features.
- Highly encrypted with advanced security measures like passwords, biometrics, etc
Cons
- Many users wish to have its support service improved
- No desktop application
The Coinbase wallet costs nothing—it’s free to acquire and set up. That said, we encounter some charges while using the Coinbase wallet, including gas fees. These are transaction costs that involve the Ethereum blockchain. Gas fees act as remuneration for validators, who are professionals who secure and maintain the network. Gas fees can increase or decrease depending on network capacity, demand, and supply. Significant spikes often happen when the network is congested.
With that in mind, the Coinbase wallet doesn’t have transfer charges. So, you can transfer cryptoassets from your Coinbase wallet to another wallet without paying a dime. Moreover, Coinbase offers free storage services. You can keep crypto in this wallet for as long as possible without fretting over spiking charges.
2. Crypto.com – Best DeFi Wallet in Australia
If you are looking for a secure DeFi wallet, Crypto.com is a considerable choice. From our analysis, the wallet is user-friendly, with all features easily accessible. It allows users to access 1000+ tokens across 30+ blockchains, including Cronos, Crypto.org Chain, and Ethereum. We also noticed that the wallet allows you to import your existing wallet with a secure 12/18/24-word recovery phrase.
The best element about this DeFi wallet is that you can seamlessly connect its app to your desktop browser. As a result, you can easily explore the most popular DApps and swap tokens across multiple chains. With high-security measures for your private keys, including biometric and two-factor authentication, this non-custodial wallet is worth a try.
Crypto.com DeFi Wallet
✔Available in 100+ countries
✔Supported 34+ blockchains
Pros & Cons
Fees
Trading Assets
Pros
- Supports over 1,000 cryptocurrencies
- Available for mobile, desktop, and browser-based devices
- A user-friendly and modern design platform
- Highly secured and reputable among global users
Cons
- DeFi rewards come with additional charges
- High transaction charges compared to its peers
The Crypto.com DeFi wallet is free. You can get this product and start using it without paying a dime. Furthermore, you don’t need a Crypto.com account to enjoy the perks of using this wallet. Not to forget, the wallet charges zero network fees.
With that in mind, we used this wallet and noticed a few things you should be aware of. For starters, any transaction you initiate using the Crypto.com DeFi wallet is submitted on-chain directly. As such, you have to cover a network fee whose sole purpose is to provide the incentive that the corresponding blockchain network needs to validate and confirm transaction requests. The fee goes to miners and validators who use their computational resources to process and secure network transactions.
The network fee you’ll incur at any given period will depend on various factors, including the involved blockchain network’s consensus mechanism. Additionally, charges may rise or dip depending on how much traffic a network is receiving. Network fees often increase when the corresponding network is congested.
Not to forget, if you trade with the Crypto.com DeFi wallet, you will be exposed to numerous charges. For starters, you will incur protocol and bridge service fees which are charged by the underlying protocol and the Crypto.com App, respectively. The Crypto.com DeFi wallet also charges service fees to traders.
3. Exodus – Best Wallet For Beginner Crypto Investors in Australia
The Exodus wallet has proven reliable based on the features we encountered while analysing it. For instance, it is user-friendly and supports more than 50 networks, including Ethereum, Solana, Binance Smart Chain (BSC), and more. Plus, it allows users to buy cryptocurrencies using their local fiats, like AUD, via debit/credit cards, bank transfers, Apple Pay, or Google Pay. We also like that this multichain Web3 wallet offers access to DeFi apps and NFTs in a single platform.
Besides offering a digital wallet, Exodus has its own cryptocurrency exchange with added features for crypto investments. Plus, it is integrated with the Trezor hardware wallet to ensure you manage all tokens on Exodus securely. With a supportive customer care team via X, Facebook, and live chat, we highly recommend Exodus wallet to newbies and professional crypto investors alike.
Exodus
✔Allows you to connect to over 50 networks
✔Regular update schedules
Pros & Cons
Fees
Trading Assets
Pros
- User-friendly with modern design perfect for newbies
- Has an integrated exchange with advanced features
- Available for desktop and mobile devices
- Offers users an opportunity to earn crypto rewards by staking their digital tokens
Cons
- Supports a limited number of tokens compared to its peers
- Higher charges on debit/credit card transactions
Exodus is among the digital wallets that have no fees for downloading and setting up accounts. From our exploitation, the wallet does not charge any fees when you receive and store cryptocurrencies. However, expect to incur network or gas fees when you send cryptocurrencies. The best part is that this Exodus wallet fee can be customized, although this option is limited to Bitcoin, Ethereum, and ERC20 transactions.
Cryptocurrency sending charges vary based on the blockchain network you use. Therefore, always understand applicable charges to plan accordingly. Exodus automatically checks all addresses to ensure seamless transactions with no errors.
4. Kraken – Best Wallet For Mobile Crypto Investors in Australia
Mobile traders should consider Kraken for managing their cryptos while on the move. It is a powerful self-custody wallet that allows users to buy, sell, or store their cryptos and NFTs on a single platform. Like the other opinions we recommend here, we find Kraken user-friendly and like its software, which is based on the latest biometric authentication and encryption technology.
We also like Kraken because it has its own crypto exchange. As a multi-chain wallet, users can seamlessly transact across multiple networks, including Bitcoin, Ethereum, Dogecoin, Solana, Polygon, and more. The wallet supports over 2,000 cryptocurrencies, and it is available for free on Android and iOS devices.
Kraken
✔Over 200 cryptocurrencies
✔24/7 support service
Pros & Cons
Fees
Trading Assets
Pros
- Low transaction charges across all networks
- Supports over 2,000 cryptocurrencies
- Highly secured with SSL encryption, two-factor authentication, and more
- Opportunity to buy cryptos with as little as A$10
Cons
- Its advanced features can inconvenience newbies
- Limited support for fiat currencies
Based on our experience, Kraken is one of the most affordable cryptocurrency exchanges. We signed up for trading and investment accounts and incurred no registration fees. Plus, the exchange’s minimum deposit requirement is $10, which we believe is among the lowest in the financial investment industry.
When it comes to instant buy and sell services, Kraken imposes spreads, which are included in an asset’s price. The spreads may vary, depending on the payment method and platform you use. For instance, the exchange applies a 3% fee for converting balances less than the minimum order size using the “Convert small balances” feature.
For investors using the Kraken Pro platform, expect a maker-taker fee schedule. This comes with volume incentives based on investors’ activities in the past 30 days. On average, you will incur a 0.25% maker fee and a 0.40% taker fee for transactions between $0 and $10,000. Overall, Kraken Pro fees are charged on a per-trade basis.
When it comes to transactions, Kraken supports a variety of deposit methods. Most deposits are free, but expect to incur withdrawal charges, depending on the payment method you transat with. You may also pay a currency conversion fee. This of course will depend on the fiat currency you are converting to.
5. Ledger Nano S Plus – Overall Best Crypto Wallet in Australia
Ledger Nano S Plus has robust security measures, making it one of Australia’s most preferred crypto wallets. We tested it and discovered that it allows users to manage more than 5,500 coins and tokens, including popular ones like Bitcoin, Litecoin, Ethereum, and more. It is a hardware wallet available to users at a price point of A$139.
Note that this wallet also has an accompanying Ledger Live app, tailored for desktop and mobile devices. We swapped and bought cryptocurrencies using debit/credit cards and bank transfers. For investors who like to stake, Ledger Live offers rewards when you stake your tokens. And the best part is that Ledger Nano S Plus can easily integrate over 50 software wallets.
Pros & Cons
Fees
Trading Assets
Pros
- Offers one of the most secure way to store cryptocurrencies
- Has robust security measures to ensure your tokens remain protected from unauthorised access
- Supports over 5,500 cryptocurrencies
- Can be integrated with numerous software wallets
Cons
- Acquiring it can be costly for beginners and low-budget crypto investors
- Transferring tokens from the device can be challenging, especially for newbies with little or no experience
Cryptocurrency Trading in Australia
Cryptocurrency trading in Australia continues to attract many due to its growth potential. Investors need crypto exchanges to buy, sell, and trade digital tokens like Bitcoin, Ethereum, Litecoin, and more. It is also crucial that you find a suitable crypto wallet, like the ones we recommend above, to securely store your cryptos once purchased.
Crypto wallets are the best options for those looking to store their cryptos for a longer period. They are more secure than exchanges, considering that they give users control of their tokens through private and public keys. This doesn’t mean that you can’t store your tokens in exchanges. Simply ensure it doesn’t remain there for an extended period.
Note that cryptocurrencies are not physical but digital. When you buy and store cryptos in your wallet, the wallet doesn’t hold any of the coins. Instead, your transactions are recorded and stored on a blockchain.
It is also important to note that cryptocurrencies come with different types of addresses. For this reason, investors can only send digital tokens between the same wallet addresses. For instance, you can send Bitcoin to a Bitcoin wallet address, Ethereum to its own wallet address, and more.
There are two types of cryptocurrency wallets, including hardware and software wallets. Hardware/cold wallets are physical devices that secure your private keys offline for use in managing your cryptocurrencies. Many investors find it a more secure option as they are not prone to online hacking. However, you may need to pay a fee of between $100-$270 to own the hardware wallet.
When it comes to the hot or software wallet, they are online devices like apps, browser extensions, or websites used to secure your private keys for managing your cryptos. The best element about hot wallets is that many are integrated with Web3 software, which allows clients to use their cryptos with apps made for crypto games like NFTs.
Since software/hot wallets are connected to the internet, they are prone to phishing attempts, hacking, or malware. However, with the best options like the one above, your digital tokens are secured. Besides, they are cheaper than hardware wallets, making them suitable for newbies and low-budget investors.
How to Choose the Right Crypto Wallet in AU
Investing in cryptocurrency requires the best crypto wallet in Australia for an exciting experience. As an investor in this space, you must compare various elements in a range of digital wallets for the best selection. Some of the factors to consider include:
Type of Wallet
Security
Performance
Token Availability
Support Service
Charges
User Testimonials
As mentioned earlier, cryptocurrency wallets come in different forms, including hardware and software wallets. Some investors prefer hardware wallets, while others go for software. Depending on your preference, choose an option that best suits your needs. For instance, if you are looking to store your digital tokens for a long time, we advise the hardware wallet. However, for those looking to quickly and frequently access their cryptos, software wallets are viable choices.
The best cryptocurrency wallet in Australia should be highly encrypted to prevent unauthorised access. Check whether the wallet employs additional features like two-factor authentication, multi-signature functionality, and more. It is also crucial to confirm whether the wallet has a hacking history and whether your private key will be stored online or offline.
Choose an Australian cryptocurrency wallet that is user-friendly and easily navigable. Whether you are a beginner or an expert cryptocurrency investor, sending, receiving, and storing your digital tokens shouldn’t be complicated. The wallet must fit your tech knowledge and experience level. Some investors will opt for digital wallets hosted by exchanges, while others will prefer those operating independently. The wallet you select must also be easily integrated with your mobile device, whether via an app or the web, especially if you are always on the move.
Every cryptocurrency wallet in Australia supports a certain number of tokens to store, buy, and send. As an investor, consider your preference. Are you opting for the one that stores only one token or the one supporting multiple cryptocurrencies? The wallet should be able to store your preferred tokens and more. This way, it will be easier for you to explore the ones you are not fully familiar with and diversify your portfolio without seeking another wallet or exchange.
Trading cryptocurrencies in Australia is challenging, and while there is potential for profits, losses are inevitable. Moreover, you will encounter challenges that must be resolved for you to continue enjoying your experience. A wallet with a reliable and responsive support service is worth choosing. Your concerns and questions will easily be handled, thus allowing you to quickly return to managing your activities. So, before choosing a wallet, contact its team and gauge its response rate via supported channels. It is also crucial to settle with a wallet whose team’s availability aligns with your investment schedule.
Many wallets in Australia charge a fee for transacting cryptocurrencies. As an investor, compare these charges and choose an option you can afford. For those opting for hardware wallets, note that owning them comes with a price, including purchasing and shipping charges. The fee varies depending on the wallet. Therefore, investors should compare the top options before making a final choice.
Check the reputation of the wallet you are considering by analysing user reviews on platforms like Trustpilot, Google Play, and the App Store. Gauge how users rate a wallet and decide whether it is worth investing with.
How To Register an Account with a Crypto Wallet AU
Registering an account with a crypto wallet in Australia is straightforward and takes minutes to complete. Based on our hands-on experience, we share below the simple steps to ensure you are fully prepared to embark on your cryptocurrency investment venture.
Step 1: Visit the crypto wallet’s website
Step 2: Download or purchase the wallet
Step 3: Set up Your wallet
Step 4: Fund your wallet
Step 5: Start trading
Start by visiting a crypto wallet’s website to fully understand its features and prices, if any. Check the supported payment methods, support service reliability, asset offerings, and more to ensure the wallet aligns with your investment needs.
If you are investing with a software wallet, download it on your desktop or Android/iOS mobile device. Some wallets are also web-based, meaning that you can easily set them up via their websites. For those who prefer hardware wallets, make a purchase via the wallet’s official website.
Once you have downloaded your crypto wallet, follow the instructions provided to set it up. The provider will send you a private key for managing your cryptos. It is crucial that you keep the key secure and private, only accessible to you. You may also be required to secure your wallet with a username and strong password or two-factor authentication. Other wallets may engage you in KYC procedures to ensure you are what you preach.
To start enjoying the features of a crypto wallet, you will have to fund it with crypto tokens. Fortunately, most crypto wallets, like the ones we recommend, allow you to fund them by purchasing tokens from an exchange or transferring them from another crypto wallet.
With your crypto-funded wallet, you are free to trade them for other tokens of your choice. You can opt to send your cryptos to your exchange account to benefit from additional features on the exchange. For beginners, start with small investments since the cryptocurrency market is highly volatile. Plus, consider portfolio diversification to mitigate the risks of losing money invested in a single digital token.
Conclusion
From our guide above, you now know that there are numerous cryptocurrency wallets with varying features. This means that the best should suit your investment requirements. Prioritise security in your choices, as there are many fraudulent individuals looking to take off with your hard-earned money. You can also choose a wallet from our recommendations list above to save time in research that can be lengthy and overwhelming.
Note that having the best wallet doesn’t guarantee successful cryptocurrency investments. The crypto market is highly volatile, so always conduct extensive market research for solid strategies. Most importantly, track your open position and apply risk management controls to avoid making huge losses in case an investment works out against you.
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