Best Bitcoin Wallets South Africa 2020

Since its inception in 2008, cryptocurrency has become one of the most popular trading options around the world. Savvy traders have been quick to see the potential profits to be had from blockchain technology and web-based crypto exchanges have made it easier than ever to enter the market.

However, many traders keen to start Bitcoin trading in South Africa often overlook one of the key considerations in getting started – choosing a suitable crypt wallet. The following guide should give you an idea of why it’s important to find a suitable place to store your crypto, as well as give you an overview of the different kinds of Bitcoin wallets in South Africa.

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Most Popular South Africa Bitcoin Wallets

If you are new to the world of crypto, it may surprise you to find that the best Bitcoin wallets in South Africa come in several different formats, with each presenting different advantages and disadvantages. What follows is a brief overview of the types of wallet currently available. Readers should note at this stage that traders often utilise more than one wallet, to combine the best features of each format.

Desktop wallets

Desktop wallets are amongst the most popular South Africa Bitcoin wallets as they provide a good balance of security and convenience. Desktop wallets are safer than web-based equivalents because they offer a greater degree of malware protection and the chances of a cyber attack are greatly reduced. Desktop apps come in the form of a programme that is downloaded to your PC or Mac. Some of the leading providers also offer a companion mobile app, so you can still access crypto on the go.

Popular desktop bitcoin wallets in South Africa include:

  • Exodus
  • Guarda
  • Electrum
  • Coinbase

Online wallets

Online wallets have declined in popularity as they only offer marginally more convenience than desktop wallets, yet sacrifice security considerably. The most common use for web-wallets is as a secondary wallet, with traders using them to execute quick transactions whilst storing the bulk of their crypto either offline or in their desktop wallet. Alternatively, you may find your crypto exchange in South Africa has its own web-wallet that users need to carry out trades from.

Hardware wallets

Hardware wallets are popular crypto wallets in South Africa as they offer a high degree of security and can easily be connected to internet-enabled devices to send crypto directly. Leading brands like Trezor and Ledger offer their own proprietary operating systems and chipsets, which are incredibly secure and largely impervious to cyber attacks. Whilst they are more expensive than their software equivalents, many traders prefer the option to store their crypto offline without having to sacrifice much in the way of convenience.

Mobile wallets

Mobile wallets, as the name suggests, offer a way for you to store crypto on your phone or tablet. These are particularly popular with day traders and those who intend to use their crypto to make retail transactions, as they offer the most convenient way of accessing your crypto funds on the move. It should be noted that mobile wallets are a standalone app that is downloaded and installed on your device, not to be confused with web-based wallets that have been optimised for mobile use.

Some leading mobile-based wallets include:

  • Copay
  • Electrum
  • Guarda Mobile
  • Exodus
  • Jaxx

Paper wallets

Paper wallets are the most secure way to store crypto as they are completely offline and well out of reach for cybercriminals and would-be hackers. Of course, storing your bitcoin on a physical document severely impacts convenience, so most traders will only use paper wallets in tandem with either web or desktop wallets. Funds can then be transferred between the two to balance security and usability.

Who Should Make Use of this South Africa Bitcoin Wallets Comparison?

Anyone looking to find the best Bitcoin wallets in South Africa will find this article extremely useful. Whilst we cannot tell you specifically which wallet to go for – as this is a personal choice – we can furnish you with all the information you need to make a decision based on your own preferences. It should be noted that here we are providing an overview of the general types of wallet available. If you have specific requirements, then you might find the information contained in our token-specific pages, such as our Ethereum wallet reviewsRipple wallet reviews, or Bitcoin Cash wallet reviews, for example, offers a little more depth on which wallets are better suited to certain cryptocurrencies.

Editor’s Recommendation – The Best South Africa Bitcoin Wallets

As we have already seen, there are quite a few options when it comes to Bitcoin wallets in South Africa. As such, choosing one can seem a little overwhelming. With this in mind, we have chosen the Ledger series of hardware wallets as our editor’s recommendation. These devices, which are similar to USB flash drives, store all of your crypto offline for maximum security. However, when it comes to making transactions, users can make use of integrated Bluetooth to easily connect to an internet-enabled device and send/receive crypto directly from the unit via its proprietary operating system.

Ledger wallets are also perfect for those with a diverse crypto portfolio, as they support several tokens. However, if you prefer a separate wallet for each of your currencies, why not check out our Tether wallet reviews, Litecoin wallet reviewsBinance Coin reviews, or whichever is your preferred crypto.

This is How Our Experts Test Wallets

Our reviews aim to provide you with accurate and impartial information on the various South Africa Bitcoin wallets.  To achieve this, our experts run each wallet through a series of stringent checks and appraise each one according to the extensive criteria outlined below. This process then allows you to make a much more informed choice on the best Bitcoin wallet for South Africa.

Reviews and reputation

The best Bitcoin wallet for South Africa is likely to be widely acknowledged with a great reputation. On the other hand, a wallet with numerous claims and features that fails to deliver is also likely to be exposed by the crypto community. As such, we start our reviews with a thorough researching of a wallet’s reputation and try to find common themes in customer reviews.

Security features

More often than not,  the best Bitcoin wallet for South Africa will be the one that offers the most robust security features.  Industry standards include two-factor authentication, data encryption and multi-signature support, but some platforms offer enhancements such as biometric authentication and other innovations. Hardware wallets also offer their own operating systems, which have in-built security features, as well as highly secure chipsets.

History and previous security breaches

South Africa Bitcoin wallets have been around for a few years now and some have been known to experience security issues. This may sound like a major red flag, but in some instances, firms have dealt well with potential shortcomings and emerged from security issues all the stronger. As such, we take a look at each wallet’s track record.

Customer Support

The best crypto wallets in South Africa should also offer the best customer service. Our review team takes a closer look at the options available for those needing help or information, including communication channels, response times and the effectiveness of customer service agents.  We also check to see if a given wallet has a FAQ section – as these are often the first port of call when users run into difficulties.

Practical tests: ease of use and practicality

The aforementioned factors are all important boxes for Bitcoin wallets in South Africa to tick, but no review would be complete without in-depth practical testing of each one’s usability, look and feel. Our experts test out the different features of each wallet and see how innovative the user interface is, as well as considering how straightforward they are to use.

Practical tests: What options are available?

The best Bitcoin wallets for South Africa usually feature a host of different options to cater to both newbies and more advanced users. Often security features can be changed to suit the preferences of the individual trader, whilst some platforms offer more than one version of their wallet. With this in mind, our team looks at the options available and how suitable they are for different kinds of crypto investors.

Practical tests: Speed

Some traders need quick and reliable access to their crypto – especially day traders who need to make fast transactions. A good Bitcoin wallet should implement security features in a way that has minimal impact on the speed of access to funds. Similarly, the wallet itself should operate at a respectable speed, with no slowdown or lag for hot wallets.

Comparison

To ensure we provide balanced reviews of South Africa Bitcoin wallets, we not only check out the features of each individual provider but also compare it to its competitors to see how it measures up on the wider market. By doing this we can identify which features are industry standard and which are innovations unique to a particular wallet or platform.

Finding the Right Wallet for You

The best bitcoin wallet for South Africa will differ from person to person. Day traders, for example, will not have the same demands as long-term investors and vice versa.  Establishing what kind of crypto trader you are and how you are likely to use your crypto wallet is a key step in making the right choice. With this in mind, what follows are a few considerations to make when looking for Bitcoin wallets in South Africa.

How often do you need to make transactions?

The main challenge for crypto wallet providers is balancing security with convenience. For example, having a web-based wallet makes it quick and easy to make transactions, but leaves wallets open to cyber attacks, whereas a hardware wallet is much more secure but requires extra steps be taken to send or receive crypto. It’s important to consider how frequently you will make transactions and whether you’d prefer the convenience of hot wallets over the higher security of storing your crypto offline.

Which cryptocurrencies will you be trading in?

Another important factor to consider is how divers you intend your crypto portfolio to be, as different wallets are often better suited to particular tokens. For example,  Bitcoin SV wallet reviews may draw completely different conclusions compared to EOS wallet reviews, based on subtle differences between how the respective blockchains work.

Some traders prefer the convenience of a single wallet, whereas others opt to have a different wallet for each cryptocurrency.

Check for compatibility

Some desktop and/or web wallets are designed to be used in conjunction with hardware wallets for enhanced security. If this is something you’ll be looking to do, then its advisable to check that a particular wallet offers such compatibility – as there are some that don’t. Similarly, some wallets are designed for particular purposes, such as day trading or crypto mining in South Africa. You need to choose a wallet that is suitable for its intended purpose.

Do you need to trade on the go?

As we have seen, wallets come in a variety of formats. Some are better suited to mobile use than others. If you’re a day trader who will be making regular transactions, then opting for a mobile wallet might be a good idea, to allow you to trade on the go. Alternatively, if you have access to numerous trusted devices, then a Bluetooth hardware wallet can easily be connected to make transactions wherever you are. Alternatively, if you do not need to send or receive crypt when out and about, it’s a better idea to store all your crypto offline.

Conclusion

Most would-be traders will be prepared to conduct plenty of research when choosing a crypto exchange or which cryptocurrency to invest in, but hopefully, this guide has highlighted the importance of finding a good wallet to keep cryptocurrency secure. As we have seen, there are numerous types available and the subtle differences between each one lend themselves to particular investment and trading styles. Spending a little time researching the best Bitcoin wallet for South Africa at the start of your investment can save time and hassle having to switch further down the line.

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