Having a good, reliable wallet is one of the most important things in the crypto space. A bitcoin wallet is pretty much equal to having a bank account for you to store, receive and send bitcoins to other parties. Hence, it is important to find one that not only comes with great features, but is reliable in performance.
How To Choose The Best Bitcoin Wallet
When it comes to choosing a bitcoin wallet, you will definitely want to go for the best. However, you will need to first define what makes a bitcoin wallet the best. There are a couple of factors that you should take into consideration in deciding which is the best bitcoin wallet in Australia for you.
User Experience/ Ease of Use
An important factor to consider is how easy the wallet is to use. This is because you do not want to be wasting time trying to navigate around the wallet without being able to get things done efficiently. How much weight you give to this factor will also be influenced by your experience.
For example, if you are new to the crypto space, it will be good to try out something more basic for you to get a grip on how bitcoin wallets work. Whereas more experienced users may want something more comprehensive to maximize their investments.
Anonymity is another thing you may want to give thought to. Things to bear in mind include, is there a user verification process (know your customer)? Does the wallet accept minimal registration information such as email only?
It is important that the wallet provider is transparent with regards to how they operate. This is so that you know you are using a wallet with trustworthy providers. More importantly, is the wallet code open source?
This is because open source code is allowed to be peer reviewed and checked for any vulnerabilities to ensure that your bitcoin is secured. The source code also should be kept up to date.
This is the most important factor you should be paying attention to when choosing your bitcoin wallet. Some things to research on include how the security history of the company is like, what security features the wallet has in place, whether the particular wallet has been effective at blocking hackers and have there been any high profile thefts in the past?
Another factor we give a good amount of weight to is the reputation of the bitcoin wallet. A wallet with a good reputation is essentially a reliable one. It is important to do your research and read up on reviews and forums which openly review the bitcoin wallet.
This way, you can make a gauge for yourself whether it is worth using. You can also always post on forums to get feedback from different users regarding what their experience using the wallet was like.
9 Best Bitcoin Wallets in Australia
In choosing these 9 bitcoin wallets as the best ones to use in Australia, we have put together the wallets that have many positive user reviews. Although there will be no perfect wallet because there are always pros and cons, it is important to find the one which meets your needs the best.
Locally based in Australia
Helpful 24/7 customer support
Requires ID verification for depositing AUD
CoinSpot is a famous bitcoin exchange which is based in Melbourne, Australia. CoinSpot company is a member of the Australian Digital Commerce Association, showing their commitment to blockchain technology.
Apart from bitcoin, CoinSpot offers a wide range of cryptocurrencies and Australian dollar support. The currency exchange is a peer-to-peer one, designed for all types of consumers and to provide them ease of use. CoinSpot allows their users to easily send, receive and store all their cryptocurrency in the wallet called Multicoin Wallet.
You can easily deposit in AUD with free deposit options including POLi and PAYID. The depositing fees are also low when you choose CoinSpot. The ease of use of this bitcoin wallet is also especially helpful for those who are new to the crypto space. The user-friendly interface, intuitive navigation and design of the wallet makes bitcoin trading simple for a new trader.
Besides, the support team of CoinSpot is known to be helpful, offering efficient customer service. They are also available 24/7 so if you are facing any issue, do not hesitate to reach out to them for assistance. All of these factors make it really easy for anyone to buy bitcoin in Australia.
Furthermore, this Australian bitcoin wallet has proven to be reliable over the years. Since it was founded in 2013, no major issues have been reported with regards to this platform. Instead, plenty of positive customer reviews have been shared. By this, the founder has been able to achieve his purpose of CoinSpot to enable people to enter the digital currency market by offering a trusting and easy-to-use service.
Low trading fees
Swyftx is one of the best cryptocurrency exchanges in Australia. It is AUSTRAC registered, offering a simple and transparent way for their customers to invest in cryptocurrency in Australia. The vision of Swyftx is to bring exchanges, charts, funding, portfolio monitoring and risk management into a simple end-to-end solution.
Swyftx works like a broker to find the best crypto prices in AUD and USD. This can be done by Swyftx searching through the top crypto exchanges in the world. Therefore, when you place an order for bitcoin on Swyftx, it will help you search for an exchange which provides the highest liquidity of bitcoin.
Besides, Swyftx offers lower trading fees at a flat rate of 0.6%. Thanks to its global liquidity providers such as Binance, Swyftx is able to obtain the best market rates and lowest spreads for Australian crypto traders as well as investors. Spreads offered are as low as 0.2% between buyers and sellers with reduced slippage. Swyftx will optimize your order to deliver the best prices and liquidity through using a single platform, hence making it one of the most liquid crypto exchanges in Australia.
Based on positive customer reviews, both new users and experienced ones have good things to say about Swyftx. Newcomers especially find the customer support team helpful with prompt responses, helping them to feel more confident dealing with crypto trade on the platform. The team uses intercom to help people personally with a live chat feature that replies in about 2 minutes. Furthermore, the user interface is also clean and easy for navigation.
Furthermore, Swyftx provides its users with safety through its multiple security layers. They have a partnership with Auth0 which specializes in cloud platform security in order to maintain the greatest level of password and account safety. Your account with Swyftx will also have a 2-factor authentication which provides additional security.
High user traffic can lead to longer transaction times
Coinbase is one of the largest online platforms for buying and selling digital currency, including bitcoin. Although it is headquartered in San Francisco, it is one of the most popular bitcoin wallets to use in Australia.
Coinbase has built its reputation since crypto exchanges started becoming popular. It was the first major bitcoin exchange to be granted the e-money license. This was a huge deal back at that time because no other major exchanges were offering GBP deposits through Faster Payments. Since then, Coinbase has continued to serve their customers with great reliability.
This wallet comes with a user-friendly interface, making it suitable for new users. It is also easy to download and set up. Furthermore, Coinbase is a flexible platform that supports not only digital currencies but also digital collectibles and tokens, allowing you to even access initial coin offerings.
Anybody can buy bitcoin through Coinbase at the best possible rate, without incurring any high fees. This is because Coinbase will charge a flat 3.99% fee for all purchases done through debit cards which is among the lowest for US and European customers.
Additionally, Coinbase is known for being one of the safest digital currency wallets which has firm security. This is one of the most important factors in choosing your bitcoin wallet. This bitcoin wallet is designed well to protect your bitcoin with its multiple security features.
The only thing we think can be improved in this wallet is the speed of transactions. This is because you may experience longer transaction times during peak usage times. This is due to the high volumes which can lead to system lags or crash which could interfere with your trading.
Intuitive to navigate
Unique CoinJar Bundles feature
Helpful customer support
Anonymity can be improved
CoinJar is Australia’s longest running cryptocurrency exchange which allows users to buy, sell and send bitcoin alongside other cryptocurrencies. While the CoinJar Digital Currency and Exchange Services are operated by CoinJar UK Limited, CoinJar utilizes local settlement services by NPS Payment Services, a related entity within the CoinJar group of companies registered in Australia, to process AUD payments, deposits and withdrawals for Australian customers.
CoinJar wallet can be accessed on both desktop and mobile. This bitcoin wallet has received many positive reviews from users. From it being an intuitive and well-designed app, to its supportive customer support team. These are extremely helpful for new users.
Generally, the mobile wallet is easy to navigate and understand. Users are able to sign up, verify documents and transfer money then buy bitcoin – all under 5 minutes! If this is your first time using a crypto wallet, we recommend trying this one out. The interface is simple with no hidden buttons, making it easy to navigate. The support team is also ready to assist if you face any issues.
Furthermore, this wallet offers an exciting feature known as the CoinJar Bundles. This feature allows users to purchase collections of popular cryptocurrencies so that they can diversify their portfolio in a simple transaction. The performance of each bundle will automatically be tracked, and users can grow their bundle by either adding funds or through setting up recurring payments.
Intuitive to navigate
Electrum is a desktop wallet. It is one of the few Bitcoin wallets which does a great job in balancing user-friendliness and functionality. With its expanding customer base, Electrum has received plenty of positive reviews on buying bitcoin from both experienced users and new ones. It caters to experienced users through offering the right amount of features that they need, while also maintaining its simplicity and intuitiveness which attracts the new wallet users.
The installation of Electrum is quick and easy. You can use the wallets on different PCs to have more security than online wallets. However, it is important to make sure that you download the latest version of the wallet for optimal functionality and security.
One of the best features about Electrum is that it does not download the whole Blockchain, thus making it lightweight. Electrum uses servers to collect information, thus saving a lot of memory. Besides, it is end-to-end protected and encrypted with high security.
If you are someone who prefers a mobile wallet, do not worry because there is an Electrum mobile version too for Android users. The mobile version has pretty much all the features of the desktop version and has been given just as much thought into the user experience for customers to enjoy.
Compact and lightweight
May be a little complicated
The Trezor wallet is a hardware wallet for storing, receiving, and sending cryptocurrencies including bitcoin. Being a hardware wallet means that it provides greater security compared to the traditional software wallets. Because the wallet is not connected to the internet server, you do not need to worry about hackers or malware gaining access to your assets.
To increase its security, the Trezor team releases regular firmware updates which are designed to protect your device. This ensures improved security and protection against new threats. However, make sure to check out these updates yourself because they are not automatic. The instructions can be found on the official website under “updating the Trezor device firmware”.
The wallet is also a compact and lightweight one. This makes it easily portable. It weighs less than half an ounce which is perfect for carrying in a backpack, briefcase or even your pocket. Furthermore, it has universal compatibility with Windows, macOS and Linux.
This bitcoin wallet will need to be purchased at $99. If you plan to get a significant amount of bitcoin, we find this wallet to definitely be worth the investment. However, if you would only like to hold a small number of coins, we would suggest that you think about how worth it the investment is.
However, hardware wallets like Trezor may be a little complicated for beginners to the crypto space. Therefore, it is important to go through the instruction manual thoroughly before using the hardware wallet to avoid making mistakes.
7. Ledger Nano
Ledger Nano has one of the best models for a physical hardware wallet. With the launch of the Ledger Nano X, the product is built around a new hardware architecture which takes advantage of the versatile security Operating System known as BOLOS. The hardware wallet by Ledger Nano is the only device in the market which uses a Secure Element combined with a custom Operating System.
This makes it extremely secure because BOLOS enables all crypto applications to be isolated from each other, communicating only through BOLOS. This eliminates the possibilities of malicious users or developers. Ledger Nano also offers optimal security for your private key through the protection of a certified secure chip.
Apart from that, the Ledger Nano X comes in a super sleek design which caught our eye. If you have not seen it yet, you should check it out on their official website. If you are someone who values aesthetics, this physical hardware wallet definitely has it.
If you are more for a mobile or desktop wallet rather than a physical hardware one, not to worry because you can utilize the Ledger Live mobile wallet. You will be able to buy, exchange and securely manage 26 coins apart from bitcoin. You just need to connect your Ledger Nano X to your smartphone in order to manage your bitcoin on-the-go with Ledger Live.
Low transaction fees
Blockchain wallet is a digital wallet developed by Blockchain, a Luxembourg-based software company with a strong team of experienced professionals across tech and financial sectors. You can access the wallet from both web and iOS and Android mobile devices. With its clean and intuitive user-interface, the Blockchain wallet is easily used by anyone to transact bitcoin securely.
The wallet is completely free to use. A small transaction fee will be charged, of course, whenever you move bitcoin in and out of your wallet. However, the transaction fees are considered to be low. The Blockchain company guarantees that they offer the lowest buying, selling and trading fees in the industry. In fact, you have an option to specify transaction fee under the “Customise Fee” setting of the wallet.
Besides, Blockchain wallet provides safety to users through their security features such as the 2-factor authentication and recovery phrase. The phone version of the wallet also integrates a finger touch ID to increase the security. If you opt for the mobile version, you do not need to worry about what happens if you lose your phone or if it gets stolen.
This is because the wallet app is protected by pin code. Even if you delete the mobile app, your crypto coins will still be stored on the Blockchain online database.
Being a centralized wallet means that the Blockchain wallet is governed exclusively by that designated company. However, this has its own pros and cons. A centralized wallet can be better in terms of optimization and features, but it may provide less anonymity.
Swap crypto feature
ZenGo is a keyless mobile wallet which is available for both iOS and Android. Being a keyless wallet means that you do not need to worry about any private keys! You will not even need a password for signing in. This is the solution to the headache that many users face about creating passwords or the hassle of storing seed phrases.
ZenGo solves this without losing control of your crypto and its security. The security will be shared between your device and servers by ZenGo, ensuring that hackers cannot access your funds by hacking your device. Furthermore, for backing up your wallet, your account will be linked to your iCloud or Google Drive and it will be secured with face-mapping.
You even have the option to add the face map of someone else – a trusted person – so that they can secure your bitcoin should anything happen to you.
This wallet also comes with some unique features. For example, the swap feature which allows users to switch between supported coins for just a 0.125% fee. Another feature is that users can grow their crypto by earning compound interest and rewards on their funds.
This article serves as a starting point for you by introducing and identifying the pros and cons of the bitcoin wallets above. They have made it to the list because they have shown great reliability and performance. However, we recommend that you research as much as possible on the wallets and think about what you are looking for, so that you can choose the one that best suits your needs.
With over 10 years of experience working as a financial analyst, Eric is highly aware of the potential of cryptocurrency, particularly Bitcoin, and the impact it will bring towards the global economy. He is committed to share everything he knows about crypto here at Crypto Digest News.