Best Bitcoin Wallet Australia – Pros & Cons

We will examine the best Bitcoin wallets Australia, explain what a Bitcoin wallet is, and show you how to use one.

According to billionaire investors and business magnates such as the Winklevoss twins, Bitcoin is predicted to be worth seven figures one day when it reaches the level of Gold (which has a market capitalization of $11 trillion).

After investing in Bitcoin’s top asset of the decade, the next step is to learn how to secure every Satoshi safely for long-term holding until you decide to sell it back into AUD. Of course, you will need a Bitcoin wallet to do that.

How to Sign Up for a Bitcoin Wallet Australia – Quick Guide

• Choose a Wallet: It’s recommended that you use eToro‘s crypto wallet. eToro’s exchange service allows you to exchange between over 150 currencies.
• Download the Wallet: Get eToro Wallet on your mobile device by searching the Apple App Store or Google Play.
• Create a Wallet Account: Create an eToro wallet account using your email address. Having set up your wallet, you can begin storing and sending cryptocurrency.

Best Bitcoin Wallet Australia – List 2023

1. eToro – Overall Best Bitcoin Wallet Australia
2. Coinbase – Best Bitcoin Wallet Australia for iPhone
3. Binance – Best Bitcoin Wallet Australia for Android Devices
4. Kraken – Among the Most Reliable Exchanges In Australia
5. Coinjar – Best Bitcoin Wallet Australia for Long-Term Investors 
6. Luno – Best Australia Custodial Bitcoin Wallet
7. Wirex- Bitcoin Wallet with Zero Fees

1. eToro – Overall Best Bitcoin Wallet Australia

eToro is one of the most highly regarded and established brokers in Australia and worldwide – it accepts users from Australia, New Zealand, the United States, Canada, the United Kingdom, and Europe.

A user-friendly interface allows beginners to buy and sell 120+ cryptocurrencies, along with stocks, forex, commodities, ETFs, and other asset classes.

In contrast to Binance, it uses a spread system and has fewer advanced trading features, such as technical analysis chart indicators. Therefore, experienced day traders may prefer to open an account on both.

eToro has a unique advantage – it allows you to copy trades from investors with a proven record of profitability. Or match your portfolio allocation to theirs.

The platform also offers a social media-style feed where every user can post their insights on the markets and any coin or token price action and network with other traders to bounce ideas off of them.

eToro Money wallets provide all users with an unbreakable private key and free account recovery if their login credentials are lost. In addition, you cannot lose your funds.

Typically, you will be asked to provide official government-issued identification, such as a passport or driving license, to verify your account. The company has been regulated by the ASIC, FCA, and CySEC since 2006, with a history of protecting clients’ personal information.

The eToro Money wallet also has high-level security features to protect against unauthorized access and DDoS attacks.

Additionally, you can invest in other cryptocurrencies such as Ethereum (ETH), Cardano (ADA), or Tron (TRX). At the same time, your Bitcoin is held on the exchange to diversify your portfolio and earn staking rewards – all of these cryptos can be staked on eToro to earn passive income while holding. All this makes eToro the best bitcoin wallet Australia.

eToro fees

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. Coinbase - Best Bitcoin Wallet Australia for iPhone

Coinbase is one of the best and trusted exchange services with the largest number of registered users on any cryptocurrency exchange. However, its trading volume is lower than that of Binance.

There is no withdrawal option for Australian bank accounts yet, but you can use Coinbase in Australia to buy Bitcoin, store it, and then transfer it to another exchange such as eToro to sell your holdings.

The Coinbase wallet is the name given to its separate Bitcoin wallet. Additionally, you can use it without opening a Coinbase account if you wish, or have both and be able to transfer between them easily.

Coinbase wallets allow you to store cryptos as well as ERC721 tokens (ERC 721 tokens), and industry-leading security protocols protect your assets. Over 4000 tokens are supported by Coinbase Wallet, more than can be bought and sold on the service itself.

Through DeFi liquidity pools, you can also earn yield and borrow crypto from Coinbase wallet.

Wallets from Coinbase offer a range of high-security features, such as Secure Enclave, biometric authentication, and optional cloud backup. In addition, this is a self-custody wallet, so you have total control over your crypto holdings.

In addition to not having TA indicators and margin trading, Coinbase Pro (the Coinbase-affiliated exchange) does not have copy trading capabilities like Binance or eToro. As a result, this is more suitable for holding coins as long-term investments.

Coinbase fees

Your Money Is At Risk.

3. Binance - Best Bitcoin Wallet Australia for Android Devices

Binance has the highest trading volume of any cryptocurrency exchange, so most traders go for short-term market movements.

The reason for this is that it has far more advanced TA indicators than eToro or Coinbase, and offers margin trading, also called futures - where traders can leverage to increase their profits from price movements and riskless to hold a larger position size. If you try that, be sure to use a stop loss.

Additionally, Binance offers the widest selection of altcoins, the smaller cryptocurrencies other than Bitcoin. While eToro and Coinbase offer around 100 different coins, Binance offers over 500.

DeFi staking is also supported on Binance so that some DeFi tokens can be staked, along with other types of crypto staking, yield farming, and mining. There are currently 76 different types of locked stake products on Binance Earn, a part of the exchange entirely dedicated to that.

Binance offers a cryptocurrency wallet with 10 million users worldwide, including Australians, so that you can safely store all of these cryptocurrencies. In addition, the wallet can be used for Bitcoins and other types of cryptocurrency.

A Binance account can be accessed in-browser, with a desktop client downloaded, or via a mobile app.

It is a disadvantage of Binance that it is not regulated and does not provide copy trading, so it would be better to open accounts at eToro and Binance to split your funds across both Bitcoin wallets and enjoy the unique features each one offers.

Binance Fees

Your Money Is At Risk.

4. Kraken - Among the Most Reliable Exchanges In Australia

Kraken is a cryptocurrency exchange that specializes in security and accessibility. 95% of the platform's customers' funds are stored in cold storage wallets disconnected from the global internet. In addition, it uses authentication to prevent unauthorized access to your funds when you sign in. To allow for easy management of private keys, Kraken does not offer a crypto wallet for traders.

There are 56 digital currencies offered by Kraken, all traded in pairs against USD and EUR. In addition, it is possible to trade crypto futures and on margin (the amount varies depending on the coin). By doing so, you can speculate on the timing of price movements and add a great deal of leverage to your positions.

Traders with advanced cryptocurrency knowledge can use Kraken's trading platform. It provides an in-depth look at a coin's order book and trade history with dozens of customizable indicators. For example, coins can be grouped into watchlists, price alerts can be set, and stop-loss orders can be used to manage risk. Also, we appreciate that the Kraken Platform has an extremely flexible layout, so you can find a configuration that works for you.

Kraken's fee structure is, unfortunately, quite pricey. For stablecoin purchases, the exchange charges 0.9%, and for all other crypto transactions, it charges 1.5%. The exchange also charges 3.75% for credit card purchases and 1.7% for debit card purchases. Spreads start at 0.16% per transaction when trading with Kraken Pro.

A US banking exchange license enables Kraken to operate in the US. Due to its intensive security measures, the platform is among Australia's most reliable exchanges.

Kraken Fees

Your Money Is At Risk.

5. Coinjar - Best Bitcoin Wallet Australia for Long-Term Investors

The cryptocurrency platform Coinjar is one of the best in the world. Despite entering the Australian market, it is the largest digital currency broker in Australia. Coinjar can be used for various purposes, including buying and selling Bitcoin.

Additionally, it offers a 24/7 digital Bitcoin exchange to trade cryptocurrencies. In addition to providing a full-featured mobile Bitcoin wallet Australia, Coinjar lets you buy cryptocurrencies on the platform. Users of both iOS and Android devices can download the app.

The Coinjar wallet is one of the easiest to use we've seen so far. Each aspect of the app is laid out and optimized for your particular operating system. Your Bitcoin will be sent to your unique wallet address once the application is installed.

Coinjar Fees

Your Money Is At Risk.

6. Luno - Best Australia Custodial Bitcoin Wallet

Popular cryptocurrency exchange for Australian investors is Luno. This platform makes the buying and selling of digital currencies easy, not least because it allows you to transfer funds from an Australian bank account to your account.

The Luno wallet is available as a mobile app via Google Play and Apple App Store. The wallet supports Bitcoin Cash, Ethereum, Ripple, and Litecoin in addition to Bitcoin.

A particular advantage of Luno is its 'custodial' wallet, which may be either a positive or negative choice based on your needs. You do not have access to your private keys if you use a custodial wallet. Luno is entrusted with protecting your Bitcoin.

However, if you lost your login credentials or your wallet was hacked by malware, you should be able to receive access by contacting Luno. Like any other mobile wallet, the Luno app allows you to send and receive coins with the click of a button.

Luno Fees

Your Money Is At Risk.

7. Wirex- Bitcoin Wallet That Allows You to Manage Fiat and Crypto Together

Wirex is a multicurrency exchange wallet that allows users to exchange 18 different crypto tokens. The biggest advantage of Wirex is that it allows you to manage fiat and crypto all in one place, making it a popular option for beginners.

Furthermore, Wirex offers exclusive over-the-counter (OTC) rates for all major cryptocurrencies and zero fees for fiat to fiat transactions.

Wirex offers a crypto debit card which can be used to spend crypto just like money. Plus, those who store crypto on the card will be rewarded with high interest rates.

The main drawback of the wallet is that the cryptocurrencies available are limited. This may be a problem for investors who want to build a large portfolio of assets. The platform is also disconnected from the DeFi space and is largely a centralized system.

It is completely free to open a Wirex wallet in Australia. Users can also access an easy-to-use mobile app that allows you to view your tokens on the go. This is an excellent way to track what you spend.

Wirex Fees

Australian Bitcoin Wallets with the Best Rates

What is a Bitcoin Wallet Australia?

To summarize, if you plan to invest in Bitcoin, you need to consider keeping your coins safe. Unlike traditional cash, bitcoin funds will not be kept in a bank account. Digital wallets are used to store Bitcoin instead.

There are a variety of Bitcoin wallets available. Australian investors, for example, prefer mobile wallets for their convenience. However, some investors prefer to use a desktop wallet. A physical hardware wallet can also be used to store Bitcoin funds.

However, you decide to use the Bitcoin wallet; the primary purpose is to send, receive, and store your digital currency. Every wallet comes with a unique 'public address, which looks like this:

1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN

That shows how much longer and more complex a Bitcoin address is compared to a bank account number and sort code. Both wallet addresses and bank account numbers have the same concept. When you send money to your Bitcoin wallet, you must provide your public address.

A 'private key' protects your Bitcoin wallet from hackers. As with your bank account login information, this is similar to your password and Pincode. Yet again, the private key of a Bitcoin wallet contains a lot more characters and resembles something like this:

5Kb8kLf9zgWQnogidDA76MzPL6TsZZY36hWXMssSzNydYXYB9KF

Fortunately, many of the best Bitcoin wallets in Australia can be accessed with a PIN or passport you can easily remember. Therefore, you should never give a third-party access to your private key. Therefore, they will have access to your Bitcoin wallet, which will allow them to steal your coins.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Bitcoin Paper Wallet vs. Bitcoin Hardware Wallet

Listed below are important factors you need to consider when choosing a Bitcoin wallet.

Bitcoin Paper Wallet

Using a Bitcoin paper wallet, you return to old-school methods of storing your cryptocurrencies. You will be given a sheet of paper with your bitcoin wallet address (QR Code) and private key printed on it.

• To accomplish this, you will need a platform that provides the option to generate a free Bitcoin wallet address online.
• Once the Bitcoin is transferred to the respective address, the credentials must be printed.

Bitcoin paper wallets cannot be hacked theoretically. Since the funds are always kept offline, they cannot be compromised. One disadvantage is the difficulty of transferring Bitcoin to another wallet (for example, if you wanted to cash out your coins).

Bitcoin Hardware Wallet

Your Bitcoins are stored on a physical device using a Bitcoin hardware wallet. The most popular hardware wallets are Ledger Nano and Trezor. In both of these cases, securing your Bitcoin funds is top-notch.

The process works as follows:

• You purchase a Bitcoin hardware wallet from your chosen provider
• The wallet must be set up with a PIN once it arrives
• After that, the device will display a passphrase, which is a set of English words
• The Bitcoin is then transferred to your unique hardware wallet address

When it comes to storing Bitcoins, a hardware wallet is one of the safest options. It is required that your PIN be entered to authorize the transfer of funds, for example. However, for those who have forgotten their pin or whose devices have been stolen, the previously mentioned passphrase allows them remotely access their Bitcoin wallets.

How to Choose the Right Bitcoin Wallet for You

You know that there are a lot of factors to consider when choosing a Bitcoin wallet when you've read our Best Bitcoin Wallet Australia Guide up to this point. Taking the plunge can be a complicated process, as there are various things to consider.

Wallet Type

You will need to review the different types of cryptocurrency wallets available to you before you begin cryptocurrency trading in Australia. To protect their crypto holdings, traders can choose from the following five types of crypto wallets:

Paper Wallet

There is no hardware or software here, so it's not like other types. Instead, paper wallets provide you with access to your cryptocurrency through public and private keys found on a piece of paper. Even though these keys are technically stored 'offline,' paper wallets are a thing of the past as thieves are more likely to steal the paper or take note of the keys within.

Desktop Wallet

In Australia, many of the best crypto wallets are desktop wallets downloaded to your computer and may be used on Mac OS, Windows, or Linux. Several desktop wallets can be considered among the best, such as Exodus and Electrum, which have advanced security features to protect your funds. However, because these applications require internet access, they aren't as secure as a 'cold wallet.'

Mobile Wallet

A mobile wallet is like a desktop wallet, except it's accessible through your phone. As with desktop-based wallets, most of these apps will be available for iOS and Android devices and offer many of the same tools and concepts. In addition, as part of their service, many brokers (such as eToro) offer mobile crypto wallets, including buying and selling BTC from the app.

Web Wallet

Web wallets are crypto wallets that can only be accessed through a web browser and are online-only. You're essentially trusting web wallets with your crypto holdings by retaining control of your private key. Some of the best crypto exchanges offer Web wallets, but they are less secure than other wallet types on this list.

Hardware Wallet

Consider hardware wallets when searching for the best crypto wallet Australia has to offer. Wallet companies offer physical devices that can be purchased to store crypto holdings offline. Trezor and Ledger, two of the most popular companies, provide hardware wallets that connect to your computer via USB. Even though they don't have the same functionality as mobile or desktop wallets, this type of wallet is deemed the safest of all the options - since you can store your private key offline.

Custodian or Non-Custodian

Australian investors often avoid Bitcoin because wallets can appear too complicated. In particular, this is true when discussing private keys, public addresses, and blockchain ledgers. However, it might be worth considering a custodian wallet from a trusted provider.

As we explained earlier, the wallet provider is responsible for keeping your Bitcoin safe. However, the entity behind the wallet is responsible for storage, so you don't need to worry about this. In particular, if you decide to use a custodian, you should use an FCA-regulated broker such as eToro.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Features

A few free Bitcoin wallets offer little more than a skin and bones service. As a result, the wallet only offers the option of storing Bitcoins. Alternatively, the best Bitcoin wallets in Australia offer a host of useful tools and features.

The eToro wallet, for example, allows you to buy and sell cryptocurrencies without paying commissions. The provider also offers shares, ETFs, and other assets. In addition, one of the features offered by eToro is the ability to exchange one cryptocurrency for another.

Supported Coins

Even though your main concern might be storing Bitcoin now, there may come a time when you decide to invest in other cryptocurrencies. Some online wallets only support Bitcoin are an important factor to consider when selecting the best crypto wallet in Australia. Consequently, if you decide to buy Ethereum or Litecoin, you will need to obtain a secondary wallet.

For this reason, the best Bitcoin wallets in Australia support a variety of digital coins. eToro, one of our top-rated Australian wallet providers, lets you store over 120 different cryptocurrencies. By utilizing this service, you can build a diverse portfolio of digital assets while keeping all of your coins in one wallet simultaneously.

Best Bitcoin Wallet for iPhone and Android

Apple and Android devices are compatible with most Bitcoin wallets. However, slight differences in wallet design may make one operating system preferable to another. You can check reviews in the App Store and Google Play for the best Android Bitcoin wallet and iPhone Bitcoin wallet. Coinbase is optimized for iPhones, while Binance is optimized for Androids. According to us, eToro is the best Bitcoin wallet overall in Australia.

How to Get a Bitcoin Wallet Australia - eToro

The next step will be to walk you through the setup process with top-rated provider eToro once we have covered the ins and outs of how Australia's best Bitcoin wallets work

Step 1: Open an Account With eToro

The FCA in the UK regulates eToro, which means that it is legally obliged to verify all account users following anti-money laundering regulations. eToro's automated verification technology lets you complete the process in just a few minutes.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Here's what you need to do:

• Join now by clicking 'Join Now' on the eToro website
• Please enter your personal information, including your full name, address, and birthday
• Enter the code eToro sends you via SMS to verify your mobile number
• Your passport or driver's license must be uploaded
• Provide a copy of your most recent bank statement or utility bill

Once again, if you have the required documents on hand, you can complete the steps above within minutes.

Step 2: Download the eToro Wallet to Your Phone

After opening an account, you must download the eToro wallet app. Then, by clicking on the respective links, you will be redirected to either the Google Play or Apple Store.

You'll need your eToro login credentials to log into the app after it has been downloaded.

Step 3: Add Bitcoin to Your eToro Wallet

You need to transfer your bitcoin into your eToro wallet now that you have access to it. Currently, you can buy Bitcoin directly from the eToro app if you do not have any.

There is a minimum investment requirement of $50; however, you can start investing with just $25 (about £18). Payment methods that are immediately processed include debit/credit cards, PayPal, Skrill, and Neteller.

However, you need to find their unique wallet address through the app for those who already own Bitcoin. So, first, make a copy of it and then head over to the wallet in which the Bitcoin is stored. Following that, it is only a matter of pasting the wallet address and selecting how much Bitcoin you wish to transfer.

In less than 20 minutes, the funds should appear in your eToro Bitcoin wallet.

Step 4: Sell Your Bitcoin

Whether you plan to cash out your Bitcoin in a few weeks, a few months, or a few years from now, you will need to do that. With eToro, you can do this by clicking a button.

Once the sale is confirmed, the sale amount will be credited to your eToro account. Once the funds are available, you can withdraw them to your bank account, debit/credit card, or e-wallet.

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Conclusion

In 2023, cryptocurrency markets will be more mature and secure than ever before, and beginning investors can feel comfortable simply storing their cryptocurrencies on exchanges, taking advantage of the best Bitcoin wallets developed by the major exchanges.

Today's exchange wallets provide state-of-the-art security, staking capabilities, as well as mobile apps. You can also sell your assets instantly through the exchange trading platform if you wish.

There is every chance that you will feel somewhat overwhelmed if this is your first time learning about Bitcoin wallets. Additionally, it is essential to understand key metrics such as private keys and public addresses and choose the Bitcoin wallet that best suits your needs.

Because of this, we think eToro is the best crypto wallet for Australians. The wallet is easy to use and functions as an exchange and brokerage service. The site offers commission-free trading of 16 digital currencies and access to 500 crypto pairs. In addition, the FCA regulates eToro, which is important.

eToro - Best Bitcoin Wallet in Australia

67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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