Hi everyone, today in this article we will be talking about the 10 best Bitcoin wallets Australia that ensure total protection for your Bitcoins.
Bitcoin is undoubtedly the father of all cryptocurrencies. Presently, thousands of cryptocurrencies are making the rounds in the digital world; however, Bitcoin’s influence is still unmatched.
Although bitcoin has been riddled with considerable fluctuations in price since its inception, its popularity doesn’t seem to fade.
Most, if not all, begin their crypto journey with Bitcoin. However, you need a reliable Bitcoin wallet to securely store the king of cryptocurrencies.
- 1 Best Bitcoin Wallets Australia– For Your Bitcoins In 2022
- 2 Key Points On Best Bitcoin Wallets Australia
- 3 How To Sign Up For A Bitcoin Wallet Australia
- 4 Top 10 Best Bitcoin Wallets Australia List 2022
- 5 Best Bitcoin Wallets Australia Reviewed
- 5.1 Ledger Bitcoin Wallet Australia
- 5.2 Coinbase Bitcoin Wallet Australia
- 5.3 KeepKey Bitcoin Wallet Australia
- 5.4 CoinTree Bitcoin Wallet Australia
- 5.5 Exodus Bitcoin Wallet Australia
- 5.6 Trezor Bitcoin Wallet Australia
- 5.7 Coinjar Bitcoin Wallet Australia
- 5.8 Trust Bitcoin Wallet Australia
- 5.9 Binance Bitcoin Wallet Australia
- 5.10 OKEX Bitcoin Wallet Australia
- 6 What Is A Bitcoin Wallet And How Does It Work?
- 7 Best Bitcoin Wallets Australia Compared
- 8 Types Of Bitcoin Wallets In Australia
- 9 Bitcoin Paper Wallet vs. Bitcoin Hardware Wallet
- 10 Why Do You Need a Crypto Wallet?
- 11 How To Choose The Best Bitcoin Wallets Australia For Yourself?
- 12 How To Get Started With Bitcoin Wallets – Step by Step Guide
- 13 Best Bitcoin Wallets Australia – Final Thoughts
- 14 Frequently Asked Questions
- 15 What is the best Bitcoin wallet for iOS?
- 16 How do I check my Bitcoin wallet address?
- 17 What is the safest Bitcoin wallet?
- 18 Can you store Bitcoin and Ethereum in the same wallet?
- 19 Which is better – a hot wallet or a cold wallet?
- 20 How do I keep my private wallet keys safe?
Best Bitcoin Wallets Australia– For Your Bitcoins In 2022
If you reside in Australia and hope to own Bitcoin, you will need a sturdy Bitcoin wallet for its safekeeping.
Accordingly, it is essential that you use a trustworthy Bitcoin wallet. But the market is full of several different options and choosing one amongst many is a bit tedious.
You have to be aware of several different aspects of the Bitcoin wallet app to make the right decision.
Therefore, we are here with a detailed post on the best Bitcoin wallets Australia to simplify the process.
Key Points On Best Bitcoin Wallets Australia
It’s essential to know how to keep your Bitcoin safe before you begin exchanging your real money for Bitcoins. This involves setting up a Bitcoin wallet.
A Bitcoin wallet, in most cases, is software that allows you to interact with the Bitcoin blockchain. This interaction allows the users to send, exchange, trade, or sell Bitcoins.
A Bitcoin wallet can be a web app, desktop software, a mobile app, or an actual physical device. Each has different functionalities but the same purpose
When we talk about storing Bitcoins in a wallet, it doesn’t actually mean stuffing Bitcoins in the wallet.
Apart from keeping your private keys safe, some Bitcoin wallet also allows you to trade and exchange Bitcoins.
How To Sign Up For A Bitcoin Wallet Australia
Signing up for a Bitcoin wallet Australia is pretty simple, and a few simple steps will suffice. Here is the process to follow;
Step 1: Choose a wallet -Numerous Bitcoin wallets with different characteristics and features are available. We have also mentioned below the most robust BTC wallets in Australia. You can choose the one that fits your requirements.
Step 2: Download the wallet – Once your search for the top Bitcoin wallets Australia is over, you will need to download the app related to that Bitcoin wallet on your desktop or mobile device.
Step 3: Create a wallet account – Search for the signup process and follow the instructions to complete the wallet account registration process.
Top 10 Best Bitcoin Wallets Australia List 2022
- Coinbase Wallet Australia
- KeepKey Wallet Australia
- CoinTree Wallet Australia
- Ledger Wallet Australia
- Exodus Wallet Australia
- Trezor Wallet Australia
- Coinjar Wallet Australia
- Trust Wallet Australia
- Binance Bitcoin Wallet Australia
- OKEX Wallet Australia
Best Bitcoin Wallets Australia Reviewed
Choices are many, but only a few Bitcoin wallets offer outstanding features, robust security, and effortless functionality.
This section will summarize the top Bitcoins wallets currently available in Australia. Choose the one according to your goals and your level of familiarity with the crypto world.
Ledger Bitcoin Wallet Australia
Ledger Nano is arguably the greatest wallet among the best Bitcoin wallets Australia. You will find it to be frequently quoted as the best wallet to store Bitcoin by crypto enthusiasts.
Ledger Nano S, the first product developed by the company, was already a huge success; however, its successor, the Ledger Nano X, takes the legacy further and adds several attractive features to the already feature-packed Ledger wallet.
The most significant improvement is perhaps the quality of Bluetooth. Additionally, it also comes with an improved battery which further enhances the wireless capabilities of Ledger Nano X.
Bluetooth integration opens a whole host of opportunities for the users
Apart from a desktop device, users can also use the Ledger device with mobile phones to trade or manage Bitcoin and other cryptocurrencies.
Another significant feature of Nano X is its extensive coin support. Incidentally, Ledger can hold around 1800 coins, including Bitcoin, Litecoin, Ethereum, Ripple, etc.
Besides, the device also incorporates an updated screen, improved security features, and enhanced functionality.
However, you have to shell out around $59 for the basic amount. That is perhaps the only drawback of the Ledger wallet.
- Hardware wallet, so security is top-notch
- Extensive cryptocurrency support
- Improve functionality and enhanced compatibility with mobile and desktop devices
- Pricey as compared to other Bitcoin wallets
Coinbase Bitcoin Wallet Australia
When it comes to the Coinbase Bitcoin wallet, many users, especially beginners, consider it a crypto exchange. While Coinbase is certainly a top-notch crypto exchange, it has its software wallet, mainly a web wallet to secure cryptocurrencies.
Coinbase is a reliable Bitcoin wallet and is available via desktops, tablets, and smartphones.
In addition to Bitcoin, Coinbase also allows you to store Ethereum and Litecoin.
Moreover, the Coinbase Bitcoin wallet also supports operations on about 28 more coins. Being a web wallet, Coinbase allows quick execution of trades and exchanging of cryptocurrencies.
Although Coinbase is a web wallet and therefore, users are not in control of their private keys, it ensures that in case of loss of assets in the event of hacking, Coinbase will offer a full return.
Moreover, Coinbase also offers its users the facility to buy Bitcoin with credit card payment; although a 3% commission applies, the transaction will be instant.
On the other hand, purchasing through a bank transfer is also possible without any charge; However, the transaction will take 4-5 days to complete.
Additionally, CoinBase gives away $ 10 worth of free Bitcoins for new users.
- Reputable and trustworthy platform with a considerable user base.
- Quick execution of trades.
- Compulsory deposit insurance makes sure that funds are safe in the event of hacking.
- Technical support is a big issue, while restrictive protocols limit the deposit and withdrawal amounts.
KeepKey Bitcoin Wallet Australia
KeepKey is another well-known and widely trusted Bitcoin Hardware wallet in Australia.
Additionally, KeepKey is an HD wallet and uses a hierarchical deterministic method, attaching particular importance to new addresses for each transaction.
In addition, it also supports multiple currencies and employs powerful security features to prevent unauthorized access to your digital assets.
Besides, it falls in the affordable range of hardware solutions with features at par with leading hardware wallets from other vendors.
KeepKey packs innovation and security and provides a robust hardware storage solution for storing the world’s leading cryptocurrencies.
The device incorporates a large screen to clearly display transaction details and buttons to manage wallet-only operations easily.
Moreover, similar to Exodus wallet, KeepKey has its own trading platform allowing users to deal in cryptocurrencies directly from the wallet.
Another key feature of KeepKey is its integration with Shapeshift, which allows users to exchange their crypto assets from the crypto wallet itself.
Additionally, since the KeepKey wallet does not run on an inbuilt operating system, it is technically more adept at stalling viruses or malware.
However, one major drawback that may put off some users is its support for only 40 coins, significantly less than its counterparts.
Besides that, KeepKey is the best bitcoin wallet in Australia for those looking for solid security at affordable prices and only interested in more established cryptocurrencies like Bitcoin and Ethereum.
- More affordable solution than other hardware wallets.
- Integrated trading platform for easy buying and selling of cryptocurrencies.
- More robust security features.
- Support only about 40 coins which are significantly less as compared to other platforms.
CoinTree Bitcoin Wallet Australia
For Australian residents, one of the most simple and easy-to-use Bitcoin wallets is surely the CoinTree wallet.
In fact, for beginners, it’s a highly recommended Bitcoin exchange wallet due to its simple functionality and ease of use.
CoinTree is an exchange wallet; therefore, you can manage your trade and secure your Bitcoins directly on the CoinTree exchange. Simple registration on the CoinTree crypto exchange entitles you to a free Bitcoin wallet. No hassle, no fee, and you have your own wallet in no time.
Moreover, CoinTree is registered with AUSTRAC, a financial regulatory authority in Australia, which further ensures the reliability of CoinTree and ensures the fund’s safety.
Additionally, you have around 160 coins at your disposal for trading. Coin-to-Coin trading is also available, not found on other exchanges.
Moreover, an instant deposit and trading facility is also available. Users can quickly deposit funds using PayID and proceed with trading opportunities whenever they arise.
Besides its relative ease of use, the CoinTree exchange Bitcoin wallet is further backed by its robust customer support for a seamless experience.
The efficient customer support team quickly resolves users’ queries so that they can continue managing their assets without any bumps.
- AUSTRAC registration makes CoinTree a reliable exchange wallet.
- Its Straightforward dashboard is particularly appealing to newbies.
- Instant trade is available directly from the wallet.
- Exchange fees are high, and there is no CoinTree mobile app for trading on the go.
Exodus Bitcoin Wallet Australia
If you are particularly interested in a software wallet with an intuitive interface, extensive cryptocurrency support, cross-platform functionality, and regular updates, then look no further than Exodus wallet.
Initially, the wallet was only available for desktop devices; however, Exodus expanded its compatibility to mobile devices due to rising popularity.
Perhaps the most attractive feature of the Exodus Bitcoin wallet is the crisp and easy-to-use interface.
It is designed keeping in mind first-time users who have no experience in the crypto world. Indeed, the developers have done a great job polishing the interface to be as intuitive and easy-going as it can be.
Another possible attraction of Exodus is its support for several altcoins apart from Bitcoin.
Moreover, Exodus also includes the feature to swap one cryptocurrency with another without any additional registration.
All these features make Exodus wallet enter the list of best bitcoin wallets Australia for beginner and small-time traders dealing and managing a small number of cryptocurrencies who don’t want to trouble themselves with the complex processes going in the backend.
- Marvelous interface, particularly attractive to beginners and crypto novices.
- Multiplatform availability makes trading and managing crypto assets a hassle-free experience.
- No registration is required to swap one cryptocurrency with another.
- Not suitable for hardened crypto traders.
Trezor Bitcoin Wallet Australia
Trezor, like the Ledger, is a hardware wallet and, similar to its counterpart, is well adept at providing robust security, top-notch features, and a simple interface.
Developed by SatoshiLabs, Trezor is one of the oldest hardware wallets in the market.
Model T which was launched in 2014 was the company’s premium product designed to serve traders and HODLers alike.
For those willing to spend extra dollars, Trezor provides offline storage of Bitcoins and other 1000 other different cryptocurrencies.
Moreover, unlike Ledger, Trezor is equipped with a large color screen which allows easy management of cryptos stored in the wallet.
This feature is particularly beneficial to beginners just starting in the crypto space.
Besides, the Trezor T model also incorporates password management capabilities within the user interface.
Moreover, the dynamic interface of the Trezor wallet allows managing different cryptocurrencies with relative ease.
For example, you can switch to Bitcoin-only firmware for managing all the operations exclusively related to Bitcoins.
Similar to Ledger, Trezor also comes with USB-C connectivity; however, many consider that the Bluetooth functionality in Trezor is more refined than the Ledger wallet hence making it the best Bitcoin wallet in Australia.
- Interactive and open source
- Touch screen availability simplifies the whole process of managing cryptocurrencies.
- Support over 1600 coins, which allow making profits from several trading opportunities.
- Expensive and withdrawing in fiat money is a lousy and overly complicated process.
Coinjar Bitcoin Wallet Australia
The Coinjar exchange comes next on the list of best bitcoin wallets Australia. The Coinjar exchange is one of the oldest crypto exchanges in Australia; therefore, it enjoys a solid position in the market, with thousands trusting their crypto assets.
It also integrates a BTC wallet to trade, exchange, and store BTCs. The Coinjar exchange seamlessly integrates wallet and facilitates easy buying, selling, and securing of cryptocurrencies.
Additionally, the simple user interface allows effortless registration, hassle-free buying and selling, and a secure environment for the safekeeping of digital assets.
Its versatile feature offers greater functionality, while its compatibility with laptops, PCs, and mobile allows enhanced accessibility and easy management of cryptocurrencies.
Moreover, the multi-currency Coinjar wallet allows trading of several established crypto coins, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), etc., while it also supports around 50 tokens.
Furthermore, Coinjar also offers hedge accounts to mitigate risk and manage fluctuations in the market.
Recently Coinjar has also partnered with Mastercard and launched its own payment card.
Coinjar now facilitates users to use their crypto assets similar to fiat money with its payment card. Coinjar cards work for both in-store and online purchases.
- Wallet and exchange integration allows users easy management, buying, and selling of their digital assets.
- A hedge account is available to store digital assets in the form of fiat money to mitigate risks.
- Mobile device availability greatly improves accessibility.
- Not open-source, also several users have reported issues during funds withdrawal.
Trust Bitcoin Wallet Australia
If you love to trade cryptos on the go, there is no better Bitcoin software wallet than the Trust wallet.
Trust is owned by Binance, the world’s largest cryptocurrency exchange. It works in favor of Trust wallets as the users have access to more than one million tokens available on Binance.
On the one hand, Trust offers a massive range of tokens for trading, while on the other hand, it is free except for transaction fees.
Trust wallet also collaborated with web3 and Kuber network and therefore seamlessly integrates decentralized exchanges and allows smoother interaction with dApps.
Its Binance ownership allows the Trust wallet to offer increased compatibility with the Binance exchange.
Users have the option to trade cryptocurrencies directly from their wallets.
Moreover, they also have the feature of staking specific cryptocurrencies to earn extra profits by completing transactions on their respective networks.
Its possible disadvantage compared to other software wallets is that it is only available for mobile platforms.
Therefore, there is no way of using Trust wallet on a desktop device, possibly limiting the ease of use.
- Supports Binance exchanges, which simplify trading cryptocurrencies.
- It’s a decentralized wallet; therefore, users are in total control of their keys.
- Allows staking several cryptocurrencies, which allows earning passive rewards on crypto assets.
- Being a Mobile-only platform limits its functionality, as it can’t be used on desktop devices.
Binance Bitcoin Wallet Australia
Binance, born in China in 2017 and now manages its operations from Japan, is a highly reputed digital exchange company that allows depositing and holding Bitcoins and other cryptos.
Its 200 million active users base is proof of its reliability and top-notch functionality.
Besides Bitcoins, the Binance wallet also allows managing and storing other currencies like Ethereum and Litecoin.
Binance, like other exchanges, does not have any built-in digital wallet; however, it now owns a Trust wallet: a software wallet with enhanced security and functionality.
Trust wallets completely work in sync with Binance exchange and offer effortless storage services for all your cryptos that you buy on the Binance platform.
Moreover, Binance also has its own native token: the BNB, which actively trades on the Binance platform.
Users have the option to pay trading fees in the form of BNBs. Moreover, they can also spend BNBs to buy other cryptocurrencies directly on the platform.
- Both for instant and normal buying, trading fees are comparatively lower than other platforms.
- Binance is an exchange; therefore, there is a vast selection of coins available to buy and sell.
- Trust wallet integration simplifies storing cryptos.
- The registration and account verification process is not smooth.
OKEX Bitcoin Wallet Australia
OKEX is another top pick in our list of best bitcoin wallets Australia those searching for a crypto exchange and wallet with a global presence and multiple cryptocurrency support should consider the OKEX Bitcoin wallet.
Similar to CoinTree and Coinjar, OKEX also integrates a crypto exchange and a Bitcoin wallet for smooth trading and crypto storage.
All-in-all, OKEX is a well-known multi-currency storage solution and functions through OKEX apps allowing a single interface to manage all cryptocurrencies you own.
OKEX has a reputation for its unflinching attitude toward security and, therefore, incorporates several tools on its platform to ensure that users’ assets are safe all the time.
Besides, in recent years OKEX has expanded its already attractive list of interactive features and now also has the facility to make a purchase via credit card.
OKEX is a global platform and particularly suitable for those residing in Australia to buy and sell Bitcoins at low fees.
Moreover, it can also be a good choice for bigger Australian crypto investors who deal in large amounts and often stake and trade a large number of crypto assets.
- Trading fees are considerably lower than other platforms.
- App-based Bitcoin wallets allow easy, on-the-go crypto operations.
- OKEX also allows staking opportunities and offers attractive returns on the staked assets.
- Transparency is a big issue, and many previous users have mixed reviews about the platform.
What Is A Bitcoin Wallet And How Does It Work?
Like a physical wallet, a Bitcoin wallet is a digital purse. Same as the purse in your pocket that holds Fiat money, an online Bitcoin wallet stores information related to cryptocurrencies you own.
Multiple exchanges that offer Bitcoin trading also offer BTC wallets. Similarly, many third-party providers also provide their own propriety Bitcoin wallet app or desktop software.
Moreover, some BTC wallets only support a particular coin, while others offer support for multiple cryptocurrencies.
Essentially a BTC wallet lets you perform the following actions;
👉To Send and receive Bitcoins
👉To Trade Bitcoins
👉To Keep Bitcoins safe
Typically, a BTC Wallet presents users with an interface to interact with the Bitcoin blockchain.
Additionally, it allows management of addresses, private and public keys, and also to utilize private keys for signing outgoing transactions.
Whenever a user purchases a Bitcoin or any other cryptocurrency, you receive information that links to that Bitcoin address on the blockchain and tie its ownership to you.
The information is in the form of exceedingly complex and extra-long code that is extremely difficult to remember.
You need to store this information, also called private keys, somewhere safe and where a Bitcoin wallet helps you.
Therefore, technically, a Bitcoin wallet is not actually holding any BTC, rather information related to that BTC is also called digital keys.
With these digital keys, one can easily access the public Bitcoin address, interact with the blockchain, sign a transaction or send and receive BTC.
Private keys are yours for safekeeping; however, you can share public keys for exchanging BTCs. Additionally, never share your private keys with anyone.
It proves that you are the owner of individual Bitcoins. Once someone has access to your private keys, they have access to your Bitcoin, and that person can easily steal your BTCs.
Best Bitcoin Wallets Australia Compared
We have compiled a simple comparison table to summarise our findings on the best crypto wallets Australia, which complements our comprehensive reviews above.
|Bitcoin Wallet||Number of Coins||Trading Fee||Fee For Sending Bitcoin||Wallet App?||Price|
|Coinbase||1,000+||1.50%||Network fee||Yes||Free download|
|KeepKey||40+||No exchange||Network fee||Yes||$49.00|
|CoinTree||160||0.5% – 0.9%||0.2181%||No||–|
|Ledger||1000+||No exchange||Network fee||Yes||$249|
|Exodus||150+||Spread only||Network fee||Yes||Free download|
|Trezor||1,000+||No exchange||Network fee||Yes||$388|
|Trust||1 million+||1%||Network fee||Yes||Free download|
|Binance||500+||Commission, from 0.1%||0.001 BTC||Yes||Free download|
|OKEX||50+||0.1%||0.0002 BTC||Yes||Free download|
Types Of Bitcoin Wallets In Australia
Depending upon the characteristics, a Bitcoin wallet can be of different types: we are talking about hardware wallets, software wallets, paper wallets, etc.
Each wallet has different features and varying levels of security.
We will briefly explain each type of BTC wallet for a more precise understanding.
Bitcoin Paper Wallet
Similar to writing things down, a Bitcoin paper wallet allows writing down digital keys on a piece of paper.
However, you have to guard the paper day and night to keep your cryptos safe. Several websites convert details of your crypto assets into readable information.
You can simply take the printouts and keep that paper locked up and secure. It may be apparent to you that paper wallets are not reliable to save your precious Bitcoins.
Bitcoin Desktop Wallet
Bitcoin desktop wallets (hot wallets) are similar to other desktop software. You install it on your PCs or laptop and can manage your cryptos through it.
Those already familiar with Bitcoin trading may be well aware of the original Bitcoin client or the Bitcoin core wallet – a desktop software designed to manage Bitcoins.
Desktop wallets offer enhanced functionality, and an easy-to-use interface and are mostly free to install.
Additionally, you can route transactions and create addresses to send or receive cryptocurrencies in a jiffy.
In most cases, if you choose a reputable name with a particular emphasis on security, desktop wallets are the most beginner-friendly solutions to secure Bitcoin.
Bitcoin Mobile Wallet
Similar to desktop wallets, mobile wallets are also hot wallets and run on mobile devices.
Mobile wallets are installed on a smartphone as an app and allow transactions on the go.
Moreover, they also store private keys directly on the device they are installed on. Thus, you can easily send or receive BTCs even if you are on the move.
However, mobile wallets are also prone to hacking due to their content connectivity with the internet; therefore, choose a mobile wallet app with robust security features.
Bitcoin Web Wallet
Bitcoin web wallet acts as a browser extension and allows easy dealing with cryptocurrencies.
Unlike desktop or mobile wallets, web wallets are platform-independent. You can access them on both mobile and desktop devices, provided the device is capable of running a browser.
Incidentally, the private keys are not stored on the device. Instead, they are stored on an external server managed by a third-party service provider.
Bitcoin Hardware Wallet
Hardware wallets or Bitcoin cold wallets are actually physical devices similar to USBs that store private keys offline.
You have to buy a Bitcoin hardware wallet to store your BTCs. Hardware wallets significantly limit unauthorized access to your crypto assets because, most of the time, they remain detached from the system.
You only need to connect a hardware wallet to a device when you wish to trade Bitcoins. Incidentally, hardware wallets offer the highest security possible to secure Bitcoins and other cryptocurrencies.
Bitcoin Paper Wallet vs. Bitcoin Hardware Wallet
In this section of this best bitcoin wallets Australia article, we will discuss the major difference between the bitcoin paper wallet and the bitcoin hardware wallet.
Cryptocurrencies live in a digital world ridden with unscrupulous characters ready to snatch away these precious assets.
While software wallets provide enough security to keep Bitcoins and other cryptos safe, many people prefer cold storage solutions; that is, somewhere offline, with no connection to the internet.
Two offline Bitcoin wallet solutions are currently popular: Hardware wallets and paper wallets. But, between hardware wallets and paper wallets, which one is better? Let’s take a look.
As mentioned earlier, paper wallets are just pieces of paper with your private keys written on them. You can put them in a locker and forget if you intend to hold Bitcoin for a longer duration.
Many crypto experts also support the idea that if you have significant Bitcoin holdings, paper wallets are the safest.
They are simple, free, easily accessible, and contain information in the most straightforward, written form.
However, they are also easy to lose, and any error during the printing of information may result in huge losses.
Moreover, you have to create another wallet every time you spend your Bitcoins.
Unlike paper wallets, hardware wallets keep your private keys safe in a physical device.
Most hardware wallets act as mini-computers with a small screen and a few buttons to manage cryptos stored in them.
Hardware wallets offer more robust security due to their limited access. Besides, most hardware wallets come with associated management software to further simplify the operation.
So, between the Bitcoin hardware wallet and the Bitcoin paper wallet, which one is better? We will say either is good, depending upon the use case.
However, a paper wallet is not for you if you are a beginner. Choose a more user-friendly hardware wallet with solid security features.
Similarly, if you like things fast and love to make several deals per day or week, a hardware wallet is a better option.
But, if you are a true lover of long-term investment, a paper wallet locked up somewhere safe will surely suit you.
Why Do You Need a Crypto Wallet?
Cryptocurrencies and wallets often go hand in hand. Therefore, if you want to delve deeper into the crypto world and try your hand at Bitcoin, you need a wallet.
Bitcoins or any crypto coin don’t exist in a physical sense. It is a part of the digital world, and to lay claim that you own it, you have to prove its digital possession.
A wallet holds the private keys – in a sense, it tells the blockchain that a particular coin belongs to you.
Similarly, the digital keys a wallet holds also allow you to make transactions and thus use cryptos in their actual sense as a currency.
Moreover, keeping the Bitcoin on exchange and not in a wallet is quite risky. On an exchange, users don’t have access to the keys associated with the wallet.
This means you have to log in to the exchange every time you access your assets. It’s a potential security vulnerability and poses a risk of your wallet being hacked.
In such a scenario, you risk losing all your digital assets.
That’s why crypto wallets take a more central role in managing your digital assets. They provide complete control of the digital keys associated with your crypto assets.
It translates into a more secure environment for making trades in the crypto world.
Moreover, most crypto wallets come enabled with advanced security measures to fend off cyberattacks and keep your digital assets safe.
How To Choose The Best Bitcoin Wallets Australia For Yourself?
This section will summarize the criteria to choose the best Bitcoin wallets Australia for yourself.
Security and features are undoubtedly the most critical points to consider and must be the top priority; there are a few other aspects too that shouldn’t be overlooked.
Custodian or Non-Custodian
Bitcoins wallets differ in one critical aspect: who holds the private key. Some vendors hold the private keys for you, so they have custody over your information, while others store information directly on your device, giving you full access.
They are known as non-custodian wallets. Each has its advantages and disadvantages. Which one to choose depends on your goals and needs.
Custodial wallets give you ease of use. You can access your assets from any device that allows login into your account.
But crypto exchanges hold your keys, and if your account is hacked, you risk losing all your funds.
In non-custodian wallets, you control your private keys, which translates to more security.
Security & Features
Not every Bitcoin wallet is made equal. You may find some with attractive features, while others with vigorous security measures.
You must choose the one that perfectly blends security with cutting-edge features. Apparently, hardware wallets are the best for security; however, they come with hefty price tags.
Moreover, software wallets are primarily free and provide an easy-to-use interface, but they are more prone to attacks given their continuous connection with the internet.
Our recommendation is to choose hardware wallets if you have some experience in cryptos or have large Bitcoin holdings.
For beginners, software or mobile wallets with powerful security features will be more suitable.
Similar investment principles apply to the cryptocurrency market too. You should have a diverse portfolio to mitigate the risks involved and also to squeeze higher returns.
In the beginning, Bitcoin may be a good option; however, once you have a higher level of familiarity with cryptocurrencies, you may want to expand your portfolio and include more coins in it.
In that case, a Bitcoin wallet with multiple cryptocurrencies support will be the best option. Instead of creating a separate wallet, you can manage all your coins from a single dashboard.
Crypto space is full of technicalities and hard to understand concepts that take time for proper grasping.
If you are just beginning in the crypto space, technical jargon could be overwhelming. An overly complex wallet interface will only complicate things and will require more effort to understand individual features and functionalities.
That’s why you need a wallet that provides a simple and easy-to-navigate interface.
Therefore, User-Friendliness is an essential criterion you must not overlook while choosing a Bitcoin wallet.
How To Get Started With Bitcoin Wallets – Step by Step Guide
In this section, we will briefly explain the process of getting started with Bitcoin. Also, we will give you precise steps to easily register yourself with a safe and secure Bitcoin wallet.
Step 1: Open an Account With eToro
eToro is one of the simplest and most popular Bitcoin wallets available to date. The process of registering an account on eToro is quite simple.
You can complete the account registration process from the Join Now section on the eToro official website.
Head to the eToro page and find and click on the Join Now button. Fill up the form as instructed and click the Signup button on the following screen.
The screen will then prompt you to complete the KYC process. Once it’s complete, you can access your newly created eToro account.
Step 2: Download the eToro Wallet to Your Phone
The next step involves downloading the eToro money app on your mobile. If you are an Android user, head to Google Play Store, search the eToro app, and install it on the phone.
Similarly, iOS users can find eToro on the Apple App Store and install it on their iPhones.
Step 3: Add Bitcoin to Your eToro Wallet
Once you have the eToro app, you can send several supported cryptocurrencies to your wallet.
Sign in on the eToro app with your login credentials. To transfer Bitcoin, open the portfolio tab and choose Bitcoin.
The screen will show you all the open trade for Bitcoin. Choose the one you wish to send to your wallet.
When the edit trade screen opens, press the ‘Transfer to Wallet’ button. The screen will ask for confirmation; just tap the ‘Transfer’ button.
Step 4: Keep or Sell Your Bitcoin
You can simply hold Bitcoins in your eToro wallets for as long as you want. However, if you wish to sell your coins, there is a simple process for that.
Head to the portfolio section and choose the currency you want to sell( Bitcoin in this case). Just tap the big red cross mark next to the position to conclude the selling of your Bitcoins.
Best Bitcoin Wallets Australia – Final Thoughts
There are ways to trade Bitcoins without wallets, but if you are absolutely serious about investing in Bitcoin and don’t see it as a brief stint, there is no replacement for a trustworthy Bitcoin wallet.
Once you dabble into the crypto world, you will find Bitcoin similar to digital money, and it needs to be secured just like any other digital asset.
Likewise, there is no shortage of BTC wallets in the market, but choosing the most suitable one for yourself is the real trouble.
In our assessment of the best Bitcoin wallets Australia, we found hardware wallets like Trazer and Ledger NanoX to be the most secure.
So, if you are particularly sensitive about security, a hardware wallet is the way to go.
In case you want to test the water first, a software wallet with a good security profile and a clean interface will be better for you.
Frequently Asked Questions
What is the best Bitcoin wallet for iOS?
You will find the eToro mobile app a perfect combination of security Functionality and security. A sleek interface facilitates beginners just starting, while stringent security ensures that your crypto assets are safe. There, we consider eToro to be the best Bitcoin wallet for iOS.
How do I check my Bitcoin wallet address?
Steps to find Bitcoin wallet addresses may differ with different wallets, Here we will take the example of the Trust wallet app. On the main screen of the Trust wallet app, you find and tap the token tab. Choose any cryptocurrency from the list and tap the receive button. The app will display a QR code, and under that code, you will find your Bitcoin wallet address.
What is the safest Bitcoin wallet?
Anyone who values maximum security will surely go with hardware wallets, If you wish to secure your Bitcoins for an extended period, there is no better alternative to hardware wallets.
Can you store Bitcoin and Ethereum in the same wallet?
You can only store Bitcoin and Ethereum on the same wallets if the wallet supports both cryptocurrencies. A few wallets only support one or two coins; however, most crypto wallets come with multiple cryptocurrency support; therefore, they allow storing Bitcoin and Ethereum on the same wallet.
Which is better – a hot wallet or a cold wallet?
If you are particularly a novice in the crypto space and only want to test the waters with a small amount, a hot wallet with a simple user interface like Exodus will be appropriate for you. However, if you think of yourself as a crypto pro and you have significant crypto holding, it’s better to ensure robust security. In that case, a cold wallet such as Trazer or Ledger Nano X might be more suitable for you.
How do I keep my private wallet keys safe?
In most cases, opt for hardware wallets for the safekeeping of your private keys. Another option can be cryptosteel. Cryptosteel lets you store 96 characters long confidential information. You can store your private keys in it; however, cryptosteel is expensive and, therefore, not for everyone.