If you’re looking for secure ways to store your crypto, Bitcoin and other digital assets, a crypto wallet is a great option. Here are some of the best crypto wallets in Australia that you can use.
CoinSpot is one of the best crypto wallets in Australia. Over the years, it has built a good reputation as the safest and most reliable platform. Nowadays, several crypto platforms, exchanges, and wallets are built. However, CoinSpot stays on top being the most well-known and the largest crypto wallet or exchange in Australia, which has more than 2.5 million users.
ZenGo is a non-custodial crypto wallet that eliminates the use of private keys. It uses two mathematical secret shares that are saved on a user’s mobile phone and the server by utilizing threshold signatures. This is to guarantee more security. And if your digital assets are lost or hacked, they can easily be retrieved.
Swyftx is a popular crypto wallet or trading platform in Australia in terms of the trading volume. With over 226 available cryptocurrencies, the platform can be used with a transparent and straightforward design feature to buy and sell. The platform aims to excel by addressing the issues found on other platforms such as manipulation, hyperinflation, high fees, and more.
Digital Surge was established in 2017 in Brisbane, Australia. The platform aims to offer easy-to-use features that are highly useful for many crypto traders and investors. This platform excels with its accessibility and offers a wide range of cryptocurrency services.
The platform’s user interface is easy to operate, making it suitable for beginners and experienced traders and investors in managing their crypto assets. Digital Surge crypto wallet or platform attracts various users in Australia for its two features that stand out. These features are:
The Ledger Nano X is one of the best crypto wallets that has numerous interesting features and functions. This platform is widely adopted across different areas in Australia. Its top-notch security and ability to send and receive digital assets make the platform popular.
No matter how small a digital currency you have, you need a wallet. Choosing the top-notch crypto & Bitcoin wallets can be quite overwhelming, given how many crypto wallets exist out there. Each one of them has its own unique features. However, not all of them are trustworthy and secure to use.
A Bitcoin wallet is used as money storage just like a traditional wallet. What makes them different is a Bitcoin wallet saves a collection of bitcoin private keys while a traditional wallet stores a collection of cards and bills. To keep your Bitcoin wallet safe from unauthorized access, it is encrypted with a password. The network of Bitcoin is administered and distributed in the blockchain. However, a Bitcoin wallet can only be controlled by the owner. To maintain your Bitcoin wallet’s security, you need to set a strong password, or you might become a target of a malicious cyberattack.
A Bitcoin wallet that is personally administered adds an extra level of security than keeping your digital assets in a custodial wallet. In a custodial wallet such as Venmo, PayPal, and Coinbase, these companies manage your Bitcoin holding.
They also have access to your private keys. Although your digital assets are secure in most cases, a potential collapse by hacks and scams can happen anytime like what happened to Mt. Gox, Cryptopia, Coincheck, and more.
The principal reason why it’s recommended to use a crypto wallet is security. If you examine it closely, every crypto wallet has its distinctive feature to different extents.
The service provider and the kind of wallet are two important factors in determining the crypto wallets’ security level. It’s quite riskier to store your crypto wallets in the online space compared to offline storage. Online wallets have a higher probability of hacks and scams due to accessing the internet, as many hackers are eyeing to compromise users’ private keys. However, offline wallets don’t use internet access, making them safer from cyberattacks.
The associated risks in using offline crypto wallets are their possibilities of being stolen or losing your digital assets and access to them. That’s why the most important thing to consider is choosing the most trusted and well-established crypto wallets.
It’s a reasonable thing to keep your digital assets in safe storage. If you are a beginner in cryptocurrency investing, you can use some of the free wallets as a startup and only invest an amount that you’re willing to risk. Familiarizing the platform’s features and functions is always recommended before risking your capital.