Most Popular Australia Bitcoin Wallets
First off, Bitcoin wallets in Australia come in a variety of formats and each one possesses its own strengths and weaknesses. To help you navigate through the different options, what follows is an overview of the various types of available crypto wallets in Australia.
Desktop wallets are arguably the most popular format of wallets because they are the ones that best balance security with convenience. A desktop wallet is a programme that is installed on your computer or laptop and allows you to securely store your crypto as well as to send and receive tokens online. Despite being connected to the web, desktop wallets are generally considered safer than web-based wallets.
Some of the best desktop bitcoin wallets in Australia include:
Online wallets, or web wallets, are easy to set up and highly accessible, but the latter quality means they also have a reputation for being less secure than other types of wallet. In fact, the general sentiment in the industry is to be wary of web wallets. However, some traders use them for their convenience when making transactions, but store the bulk of their crypto in another, more secure wallet. For this reason, you may find your crypto exchange in Australia offers its own proprietary wallet.
Hardware wallets, most notably the Ledger series and the Trezor range, are amongst the most secure ways to secure cryptocurrency. As the name suggests, these are physical devices – similar to a USB flash drive – that allows you to store your crypto offline, safely out of reach of cybercriminals. Whilst the offline nature of hardware wallets can make them less convenient than their hot wallet counterparts, many of the topline models can easily connect via Bluetooth – allowing you to send and receive crypto directly from the device.
Mobile wallets are apps that you can download onto your phone or tablet. These shouldn’t be confused with web-based wallets that are optimised for mobile devices, as mobile wallets have more in common with their desktop counterparts in that they are standalone apps that offer a greater degree of security than a web-based wallet. Mobile wallets are particularly relevant to people who need regular access to their crypto and need it on the move – perhaps for paying for goods with crypto or day traders needing to make frequent transactions.
Some leading mobile-based wallets include:
- Guarda Mobile
The final wallet format is effectively just a printed copy of your private wallet key. The key is usually generated via a special app, and can then be printed out and securely stored in a physical location. These wallets offer the ultimate security, however, they are not ideal for those who need to make regular transactions. What many security-conscious crypto traders do, is to use paper wallets to store the bulk of their tokens, whilst keeping a small amount in a hot wallet for making quick transactions.
Who Should Make Use of This Australia Bitcoin Wallets Comparison?
As you may have inferred from the title, this article is intended to provide information for crypto traders looking to find the best Bitcoin wallets in Australia. However, it should be noted that no review or comparison can definitively tell you what is the best option for you. What we can do, however, is drive you enough info to make an informed decision for yourself. What follows is a general overview of some key features to look out for, aimed at general users. Ultimately, several factors will affect your choice of wallet – not least which crypto you intend trading in. For example, you may find the conclusions drawn Ethereum wallet reviews, will differ from those of Ripple wallet reviews, which in turn will differ from Bitcoin Cash wallet reviews, and so on. Hopefully, after reading through this guide, you’ll have a clear idea of what’s important, based on your own trading requirements, and will be able to decide on the best Bitcoin wallets Australia for you personally.
Editor’s Recommendation – The Best Australia Bitcoin Wallets
There are many different Australia Bitcoin wallets on the market, each with its own advantages and disadvantages. However, we believe that the Ledger series of hardware wallets combine the best security and user features available. The device is a cold wallet – which means your crypto is stored offline and safe from cybercriminals. However, when it comes to making transactions, you can easily connect to an internet-enabled device via Bluetooth, to send and receive crypto directly from the Ledger wallet. Another great advantage of Ledger wallets is that they support a large number of tokens – meaning you can use the same wallet for all your cryptocurrency. This last point is important for those planning a diverse portfolio, however, if you are trading in a singular currency, then you should check out our token-specific posts, such as our Tether wallet reviews, Litecoin wallet reviews, or Binance Coin reviews.
This is How Our Experts Test Wallets
To ensure we provide balanced and informative reviews of Australia Bitcoin wallets, our experts review each one according to expansive criteria. Not only does this allow for a more comprehensive review, but it also allows you to decide for yourself which factors are the most important when making your own decision.
Reviews and reputation
The existing reputation and customer reviews of a given wallet can give an indication of how it is perceived in the industry and highlight advantages or issues that are not easy to deduce simply by appraising the wallet’s features. We look out for frequently cited features or complaints following a similar pattern to ensure nothing is overlooked in our own reviews. After all, the best Bitcoin wallet for Australia is hardly likely to have been kept a secret.
Most traders looking for the best Bitcoin wallet for Australia will have security as their number one priority. With this in mind, we take an in-depth look at the features and protocols offered by each wallet, such as two-factor authentication, multi-signature support, biometric authentication and more. For hardware wallets, we also look at how secure the chipsets are and if there are any risks involved in Bluetooth connectivity.
History and previous security breaches
When appraising a wallet’s security features, we also research its history to see if there have been any major security breaches in the past. Not only can this give us a better idea of the effectiveness of a wallet’s security features, but it will also tell us how the company has responded to any incidents that may have occurred – which in turn tells us how they may respond should anything happen in future. The best crypto wallet in Australia may be all the more stronger for having dealt with previous shortcomings.
Customer support is an important factor and the best Bitcoin wallets in Australia should all offer a responsive, accessible and effective service. As part of our reviews, we look at response times and how easy it is to speak to a human agent, as opposed to chatbots. We also check out any FAQ or information resources available on a given platform.
Practical tests: ease of use and practicality
Aside from security, arguably the next most important factor in choosing the best Bitcoin wallet for Australia is usability. After all, a crypto wallet should ideally be as simple to use as possible and any additional security protocols should be implemented in a way that has the least impact on making transactions. We also look at the user interface and how easy it is to navigate a wallet’s options and features.
Practical tests: What options are available?
Some wallet providers offer several options, depending on user requirements. For example, different models of hardware wallets are often available, with each having different features and functions. Exploring the options available for each wallet, therefore, forms a key part of our review.
Practical tests: Speed
People invest in crypto for different reasons but if you aren’t looking to ‘hodl’, then chances are you will need to send and receive crypto from your wallet on a regular basis. With this in mind, the speed at which you can access your wallet, as well as make transactions, could be the deciding factor for which is the best Bitcoin wallet for Australia.
Finally, we compare each respective wallet to its competitors. By doing so, we can get a better idea of which features are industry standard and which are innovations made by a particular company. It also allows us to present a more balanced view and consider the strengths and weaknesses of each wallet in context.
Finding the Right Wallet For You
Ultimately the best bitcoin wallet for Australia is the one that best suits you personally and your individual trading preferences. As such, you should consider which factors are most important to you and what features you may prioritise when making a decision on which wallet(s) to use. What follows are a few questions to consider, which should help you make a more informed choice.
Security or convenience?
As a general rule, the challenge for crypt wallets is to balance security with convenience. For example, a paper wallet may well be the best Bitcoin wallet for Australia in terms of security, but having to transfer your tokens back online every time you need to make a transaction is hardly convenient. Conversely, a web-based wallet will allow you to send and receive crypto at the touch of a button, but sacrifices the security offered by cold wallets. Before deciding on a wallet, you should consider which of these factors take priority for you.
Which cryptocurrencies will you be trading in?
If you look Bitcoin SV wallet reviews and compare them to, say, EOS wallet reviews, you may notice that different wallets sometimes perform better with certain tokens, or in some cases, such as Copay, only support a single currency. With this in mind, you should consider whether you would be happier with a wallet that is optimised for a single currency, or one that will allow you to store several cryptocurrencies in one place.
Check for compatibility
There are occasions when certain wallets are not supported by certain platforms and/or exchanges. For example, you might find you need a different wallet for gaming on Bitcoin Casinos in Australia than you would for crypto mining in Australia and vice-versa. It’s important to make sure that, whichever wallet you choose, it is suitable for the purpose of which you intend to use it.
Do you need more than one wallet?
As we have previously touched upon, sometimes the best solution is to use multiple wallets in conjunction with each other. The most common way of doing this is to store the bulk of your crypto offline in a hardware wallet, keeping it secure from hackers, whilst keeping a nominal amount in a hot wallet to facilitate quick transactions. Alternatively, some people prefer different wallets for different uses, ie one wallet for use with crypto exchanges and one for making retail transactions.
Trading Bitcoin in Australia is a great way to open up an additional income stream and choosing the right wallet is often the first step on an exciting journey into the world of blockchain technology. As we have seen, Australia Bitcoin wallets come in several formats, so be sure to research your options before making a decision. Ultimately, the best Bitcoin wallet for Australia is the one that suits your own investment or trading needs. As such, as much consideration should be given to choosing a wallet as you might give to finding which cryptocurrency to invest in.