Navigating the world of cryptocurrency requires a secure and functional place to store your digital assets. For Australian investors, the choice of a wallet is critical, balancing ease of use, security, and access to features like staking and trading. This guide explores the top options available, from user-friendly apps for beginners to advanced hardware solutions for seasoned traders.
Top Crypto Wallet Picks for Australians
Based on extensive reviews and user feedback, here are the leading crypto wallets suited for the Australian market.
1. ZenGo: Overall Best Crypto Wallet
ZenGo is a multi-token wallet that supports buying, selling, and storing over 70 cryptocurrencies. It is a mobile-first platform, available for download on both Apple and Google Play stores. One of its standout features is the removal of seed phrases and private keys, instead utilizing facial biometrics for access.
The app supports three-factor recovery, reducing worries about lost passwords or hacking. It functions as a complete ecosystem, offering a portfolio tracker, knowledge hub, on-chain staking for Tezos, and 24/7 customer support. Users can connect to DeFi and NFT platforms like Uniswap and OpenSea via WalletConnect.
However, ZenGo does not support AUD deposits, meaning users must fund accounts via credit or debit cards, incurring a 5.99% fee. It also supports a relatively limited number of cryptocurrencies, excluding major coins like ADA, XRP, SOL, and DOT. Despite these drawbacks, its impressive functionality, security, and ease of use make it the best overall choice for Australians.
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2. Swyftx: Best Exchange Wallet for Beginners
Swyftx is a Brisbane-based exchange known for low spreads and fees. Its integrated wallet supports over 422 cryptocurrencies, making it one of the most versatile options for Australians. The wallet is accessible via website or mobile app, tailored to local users with support adhering to Australian time zones and AUD-friendly deposit methods.
The user interface is intuitive, featuring an earning hub that offers up to 101% APY on staked assets, with interest deposited daily. Fees are transparent, with a 0.6% charge for instant buys. Swyftx has a clean security record, never reporting a hack, and is pursuing ISO 27001 certification. Two-factor authentication (2FA) adds an extra layer of security.
The wallet cannot integrate with DeFi platforms, limiting its use for advanced decentralized applications. However, for beginners looking to buy, store, and sell crypto with minimal fuss, Swyftx is an excellent choice.
3. Ledger: Best Hardware Wallet
Ledger offers a range of hardware wallets, resembling USB sticks, that connect to computers for secure crypto storage. Priced from under AUD $100, these devices are ideal for advanced users seeking top-tier security. The Ledger Live software allows users to buy, trade, earn passive income, and manage NFTs.
Ledger supports over 1,800 cryptocurrencies and integrates with more than 20 DeFi apps, enabling borrowing, lending, and staking. Its security features include certification from French cybersecurity body ANSSI, an inbuilt certified chip, and a unique operating system.
The main drawback is inconvenience, as the device must be connected to a computer for use. Some models are expensive, exceeding AUD $300. However, for serious investors prioritizing security, Ledger is unbeatable.
4. MetaMask: Best for Ethereum Investors
MetaMask is a renowned wallet for decentralized finance (DeFi), with over 1 million monthly active users. Initially a browser extension, it now offers mobile apps for Android and iOS. It serves as a bridge to Ethereum-based applications like Uniswap and OpenSea, requiring a wallet connection for access.
The wallet is simple and secure, using an overarching password instead of managing keys and seed phrases. It supports integration with other blockchains like Binance Smart Chain, though this requires expertise. MetaMask Swap allows users to trade ERC-20 tokens with fees between 0.35% and 0.875%.
Its higher barrier to entry may confuse beginners, but for ETH investors exploring DeFi, MetaMask is indispensable.
5. Atomic Wallet: Best for Staking
Atomic Wallet is a non-custodial, multi-chain wallet supporting over 1,398 cryptocurrencies. It offers an integrated earning hub for on-chain staking, allowing users to unstake tokens at any time—ideal for active traders. Competitive rewards include approximately 7% APY on Solana, 5% on Cardano, and 10% on Cosmos.
The wallet features "Atomic Swaps" for trading with high liquidity and cashback rewards. Its interface is user-friendly, with guides available for beginners. While it supports only 13 staking coins, its combination of security and earning potential makes it a top choice for staking enthusiasts.
6. Exodus: Best Desktop Wallet
Exodus is a non-custodial desktop wallet for Mac, Windows, and Linux, with mobile versions available. It supports over 150 cryptocurrencies and integrates third-party plugins for enhanced functionality. Partners like ShapeShift enable buying, selling, and trading within the wallet.
Fees include a spread of 1–3% on trades, higher than many exchanges. Earning options like Exodus Earn and Compound Finance offer up to 8.36% APY on crypto. The interface is modern and sleek, with 24/7 customer support and backup systems for key recovery. Although it lacks 2FA, Exodus is a powerful desktop solution.
7. Mycelium: Best Bitcoin Wallet
Mycelium is a security-focused wallet primarily for Bitcoin, though it supports some ERC-20 and BEP-20 tokens. It is non-custodial and open-source, compatible with hardware wallets like Trezor and Ledger. Data is secured via the TOR network, ensuring privacy.
The wallet has a steeper learning curve and less polished interface, which may deter beginners. However, for Australians seeking a secure, no-frills Bitcoin storage solution, Mycelium is unmatched.
Understanding Crypto Wallets
A cryptocurrency wallet is software, hardware, or a combination designed to store digital assets. It secures data proving ownership on a blockchain, using public and private keys. Public keys interact with the blockchain for transactions, while private keys access the wallet. Seed phrases—12+ words in a specific order—act as a failsafe for recovery.
How to Choose a Wallet in Australia
When selecting a wallet, consider whether a custodial (managed by a third party) or non-custodial (user-controlled) option suits your needs. Key factors include:
- Buying/Trading: Some wallets support in-app trading, though exchanges often offer better fees.
- Earning: Look for staking or lending features for passive income.
- Supported Assets: Ensure the wallet accommodates your preferred cryptocurrencies.
- Type: Hardware wallets offer maximum security but less convenience; software and mobile wallets are user-friendly; browser extensions excel for DeFi integration.
Beginners should start with custodial wallets on exchanges, transitioning to non-custodial options as they gain experience. Large portfolios benefit from hardware wallets like Ledger.
Custodial vs. Non-Custodial Wallets
- Custodial Wallets: Managed by exchanges (e.g., Swyftx, CoinSpot), they custody assets and handle keys. Ideal for beginners, offering convenience and easy earning opportunities.
- Non-Custodial Wallets: User-controlled, they provide financial agency, enhanced security, and DeFi access. However, they require more technical knowledge and risk irreversible key loss.
Pros and Cons of Non-Custodial Wallets
Pros:
- Financial agency and control
- Enhanced security against exchange hacks
- Cold wallet compatibility
- Access to DeFi platforms
- Fewer requirements (no KYC)
- Lower transaction fees
Cons:
- Less convenient than exchange wallets
- Risk of permanent key loss
Frequently Asked Questions
What is the best crypto wallet in Australia?
ZenGo is our top pick for its balance of security and ease of use. Swyftx is a close second for its low fees and AUD support.
How do I get a crypto wallet?
Hardware wallets like Ledger can be purchased online. Software and mobile wallets are downloadable from official websites or app stores.
Which wallet is best for beginners?
Swyftx’s exchange wallet is ideal for beginners due to its intuitive interface and local support.
Are hardware wallets necessary?
For large portfolios, hardware wallets like Ledger provide unmatched security. Casual users may find software wallets sufficient.
Can I earn interest on my crypto?
Yes, wallets like Atomic and Swyftx offer staking with competitive APY rates.
What happens if I lose my keys?
For non-custodial wallets, key loss means permanent loss of access. Always backup seed phrases securely.
Choosing the right crypto wallet depends on your experience level, security needs, and desired features. By evaluating these factors, Australian investors can find a wallet that ensures both safety and functionality for their digital assets.