Best Crypto Wallets in Australia 2025
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Last Updated 15/01/2025
Quick Answer: What Is the Best Crypto Wallet in Australia?
eToro Wallet is the best crypto wallet in Australia for 2025. It provides excellent security, an intuitive interface, and versatile features, making it perfect for both beginners and experienced traders. Its seamless integration with the eToro platform and support for multiple cryptocurrencies make it a standout choice.
How Do Australia’s Leading Crypto Wallets Compare?
When I first started investing in cryptocurrency, I didn’t realise how important it was to have a secure wallet. Like many beginners, I left my funds on an exchange, thinking it was safe. That all changed when I read about exchanges being hacked, and I realised that if I didn’t take control of my crypto, I could lose it all. This guide is here to help Australians navigate the best crypto wallet options in 2025 so you can protect your investments and trade with confidence.
Below is a table summarising the features of the top wallets to help you decide which suits your needs:
| Rank | Wallet Type | Type | Security | User-Friendliness | Best For | Price (AUD) |
|---|---|---|---|---|---|---|
| #1 | eToro Wallet | Hot (Desktop/Mobile) | Medium | Very Easy | Beginners | Free |
| #2 | Kraken Wallet | Hot (Desktop/Mobile) | High | Easy | Active Traders | Free |
| #3 | Coinbase Wallet | Hot (Desktop/Mobile) | Medium | Easy | Beginners | Free |
| #4 | Trezor Model T | Cold (Hardware) | High | Moderate | Advanced Users | $300 |
| #5 | Cypherock | Cold (Hardware) | High | Moderate | Advanced Security | $400 |
| #6 | Ledger Nano S Plus | Cold (Hardware) | High | Easy | Budget-Conscious Investors | $140 |
| #7 | MetaMask | Hot (Browser/Mobile) | Medium | Very Easy | DeFi and NFT Enthusiasts | Free |
How Do You Choose the Right Crypto Wallet in 2025?
I have tried a fair share of wallets over the years—some fantastic, some downright frustrating. Here’s what I’ve learnt to be on the lookout for when picking the right one:
- Security First: If a wallet doesn’t offer strong encryption, two-factor authentication (2FA), and backup options, it’s a hard pass for me.
- Ease of Use: Some wallets are built for tech-savvy users, while others are much more beginner-friendly. If you’re just starting, you’ll want one with a clean and intuitive interface.
- Supported Cryptos: Not all wallets support every coin. If you are in Australia and want to buy Bitcoin and Ethereum, you’re good with most options. But if you hold altcoins, you need to double-check compatibility.
- Ownership & Control: Do you want complete control of your private keys, or are you okay with a third party managing them for you? I always prefer non-custodial wallets where I own my keys.
- Customer Support: If something goes wrong, having responsive support can be a lifesaver.
What Are the Top 7 Hot and Cold Wallets in Australia?
#1 eToro Wallet – Beginner-Friendly and Versatile
Pros & Cons
- Simple and intuitive design, perfect for beginners.
- Integrated with eToro trading platform for seamless asset management.
- Supports multiple cryptocurrencies.
- Limited advanced features for experienced users.
- Hot wallet risks due to its online connectivity.
What Makes eToro Wallet Stand Out?
eToro Wallet is ideal for Australians just starting with crypto. I’ve used it during my early trading days and appreciated how easily it connected with my eToro account. Its simple interface reduces the learning curve for beginners.
How Does It Compare to Other Wallets?
While it lacks the security of cold wallets like Ledger, its ease of use and integration with eToro’s platform make it a great first wallet. However, experienced users may find its features too basic.
What Is Its Price Point?
eToro Wallet is free to use, though fees may apply when transferring or trading assets on the eToro platform.
#2 Kraken Wallet – Secure, User-Friendly, and Versatile
Pros & Cons
- Top-tier security with robust encryption and 2FA.
- Beginner-friendly interface for smooth navigation.
- Advanced tools for experienced traders, including staking.
- Limited offline options as it is primarily a hot wallet.
- Higher fees for certain transactions.
What Makes Kraken Wallet Stand Out?
Kraken Wallet stands out for its seamless integration with the Kraken exchange. I’ve used it for staking and trading, and its intuitive design made these tasks easy. Australians will appreciate its advanced security measures, ensuring peace of mind for every transaction.
How Does It Compare to Other Wallets?
Compared to MetaMask, Kraken offers a more secure trading environment but lacks the decentralised app compatibility MetaMask provides. Its built-in exchange functionality also sets it apart from cold wallets like Trezor.
What Is Its Price Point?
Kraken Wallet is free to use, though some transaction fees apply when trading or transferring funds. For Australians looking for an all-in-one solution, it provides excellent value.
#3 Coinbase Wallet – Best for Beginners
Pros & Cons
- Intuitive design for easy use by beginners.
- Free to download and supports many assets.
- Seamless integration with the Coinbase exchange.
- Hot wallet risks as private keys are online.
- Limited advanced tools for experienced users.
What Features Does Coinbase Wallet Offer Australians?
Coinbase Wallet simplifies crypto management with features like easy asset transfers and fiat-to-crypto support through AUD. I found it helpful when starting out, as its guided setup process made crypto trading less daunting.
How Easy Is It to Use?
This wallet is designed for beginners, with a user-friendly interface that streamlines everything from setup to daily transactions.
What Is Its Pricing?
Coinbase Wallet is free to use, though some transaction fees apply when trading or transferring funds. For beginners this wallet offers a great solution for those wanting to increase their security while getting to grips with crypto trading and storage.
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#4 Trezor Model T – Advanced Security for Experienced Users
Pros & Cons
- Touchscreen interface for simpler navigation.
- Open-source firmware for transparent security.
- Supports a broad range of assets.
- Expensive at $300 AUD.
- Not beginner-friendly due to its technical setup.
What Is Trezor Model T’s Security Record?
The Trezor Model T is renowned for its open-source firmware, which undergoes frequent community audits. It’s my go-to wallet for safeguarding high-value crypto holdings.
How Does It Compare to Other Wallets?
While it lacks the portability of the Ledger Nano X, its touchscreen interface makes it more user-friendly. It’s also pricier than the Trezor Model One but offers more advanced features.
What Is Its Price Point?
Priced at $300 AUD, it’s a premium choice tailored for experienced investors.
#5 Cypherock X1 – Cutting-Edge Seedless Recovery System
Pros & Cons
- Seedless recovery system eliminates risks of lost phrases.
- High-end security for large crypto portfolios.
- Supports multiple assets.
- Expensive, costing approximately $400 AUD.
- Complex setup process may deter new users.
What Makes Cypherock Unique?
Cypherock’s seedless recovery system splits private keys across multiple devices. I tested it for secure storage and was impressed by its innovation, making it nearly impossible to lose access.
How Does It Compare to Other Wallets?
Unlike traditional wallets that rely on recovery phrases, Cypherock offers a unique solution. However, its high cost and learning curve make it less accessible to beginners.
What Is Its Price Point?
The Cypherock X1 is priced at approximately $300 AUD (around $192.42 USD). While it’s on the higher end, its advanced security features justify the cost for serious investors.
#6 Ledger Nano S Plus – Affordable and User-Friendly
Pros & Cons
- Affordable, priced at $140 AUD.
- Compact and secure.
- Supports 5,500+ assets.
- No Bluetooth, limiting mobile compatibility.
- Small screen can be cumbersome for navigation.
How Does It Compare to the Nano X?
The Nano S Plus provides the same security as the Nano X but lacks Bluetooth connectivity, making it a budget-friendly alternative.
What Is Its Price Point?
At $140 AUD, it’s an excellent option for Australians who prioritise security over advanced features.
#7 MetaMask – Ideal for DeFi and NFT Enthusiasts
Pros & Cons
- Free to use and easy to set up.
- Integrates with DeFi platforms and Ethereum dApps.
- Popular for NFTs.
- Online risks as a hot wallet.
- No direct Bitcoin support.
What Makes MetaMask Stand Out?
MetaMask is essential for anyone exploring DeFi or NFTs. I’ve used it to stake tokens on Australian DeFi platforms and access marketplaces like OpenSea.
How Does It Compare to Hardware Wallets?
While less secure than cold wallets, MetaMask offers unmatched convenience for interacting with decentralised applications. Pairing it with a cold wallet like Trezor can enhance security.
What Is Its Price Point?
Metamask is completely free to use, making it a highly accessible option for DeFi enthusiasts.
What Are the Different Types of Crypto Wallets?
I’ve used just about every type of wallet out there, and each one serves a different purpose. Here’s the breakdown:
| Wallet Type | Connection | Best For | Examples |
|---|---|---|---|
| Hot Wallets (Online) | Connected to the internet, fast access | Moderate | Daily transactions, active traders |
| Cold Wallets (Offline) | Not connected to the internet, highly secure | Very High | Long-term storage, significant holdings |
| Hardware Wallets | Physical devices storing private keys offline | Extremely High | Serious investors, maximum security |
| Software Wallets | Desktop or mobile applications | Varies | Everyday users, convenient access |
| Web Wallets | Browser-based wallets, easy to use | Low to Moderate | Quick access, beginners |
| Paper Wallets | Printed keys on paper for offline storage | High (if stored securely) | Cold storage with no digital trace |
| Custodial Wallets | Managed by exchanges or third parties | Low to High (depends on provider) | Users who prefer convenience over complete control |
| Non-Custodial Wallets | User holds private keys, full control | High | Those who prioritise security and ownership |
Key Takeaways from My Experience with Crypto Wallets
Hot wallets like MetaMask and Trust Wallet are great for quick transactions, but traders should avoid storing large amounts in them due to security risks.
For long-term storage, trust cold wallets like my Ledger Nano X. Keeping private keys offline provides unmatched security, but accessing funds takes extra steps, making it impractical for everyday use. Software wallets strike a balance between accessibility and security, while web wallets are easy to use but are more exposed to hacks.
Paper wallets, eliminate online risks but are easy to lose or damage—too risky for my taste. Custodial wallets offer convenience but require trusting a third party.
Hot vs. Cold Wallets: Which One Is Right for You?
The decision between hot and cold wallets depends on how you use crypto:
- Hot wallets are best for active traders who need fast transactions.
- Cold wallets provide superior security for storing large amounts of crypto long-term.
For optimal security, I use a combination—keeping a portion of my holdings in a hot wallet for daily use and the rest in a hardware wallet for safe storage.
What Are Cold Wallets and When Should You Use Them?
Cold wallets are offline storage solutions for cryptocurrencies, offering maximum security. Cold wallets are best used for:
- Long-term investments – Ideal for holding assets like Bitcoin for years.
- Large crypto holdings – Protect significant amounts from online threats.
- Backup security – Reduce the risk of hacks or phishing scams.
Common Cold Wallet Types
- Hardware Wallets – Physical devices like Trezor or Ledger Nano X.
- Paper Wallets – Printed QR codes containing private keys.
- Air-Gapped Devices – Dedicated offline computers for secure storage.
Benefits of Cold Wallets
- Offline storage – Immune to online hacking attempts.
- Enhanced privacy– No need for internet connectivity.
- Multi-asset support – Store multiple cryptocurrencies in one place.
Downsides of Cold Wallets
- Higher cost – Devices like hardware wallets can be expensive.
- Less convenient – Requires physical access for transactions.
- Loss risk – Misplacing a wallet can result in losing access to funds.
What Are Hot Wallets and How Are They Used?
Hot wallets are software-based solutions that connect to the internet, making them perfect for frequent trading or day-to-day crypto transactions.
Common Hot Wallet Types
- Mobile Wallets – Apps like Coinbase Wallet or Metamask.
- Web Wallets – Browser-based platforms like Kraken Wallet.
- Desktop Wallets – Software installed on computers.
Benefits of Hot Wallets
- Instant access – Quickly access funds for trading or payments.
- Free or low-cost – Many hot wallets are free to
- Integration-friendly – Connects easily with DeFi platforms.
Downsides of Hot Wallets
- Online vulnerabilities – More susceptible to hacking or phishing.
- Device dependency – Requires an active internet connection.
- Lower security – Not suitable for storing large amounts of crypto.
Market Overview: The State of Crypto Wallets in Australia
The crypto market in Australia has exploded in recent years. Regulations have also tightened, making security and compliance more crucial than ever.
Australia has a thriving cryptocurrency ecosystem with a significant rise in adoption among both retail and institutional investors. The Australian government and regulatory bodies, such as AUSTRAC and ASIC, have implemented strict measures to prevent fraud and improve transparency in crypto transactions.
Many Australians prefer hot wallets like MetaMask and Trust Wallet for day-to-day transactions, as these wallets integrate seamlessly with DeFi applications and allow for quick trades. However, due to growing concerns over cyberattacks and exchange breaches, the demand for cold storage solutions has skyrocketed.
Looking ahead, the trend in 2025 is leaning towards self-custody wallets, with more users realising the risks of keeping funds on centralised exchanges. As more users begin trading in cryptocurrencies, regulatory clarity will improve, and we can expect enhanced security features and user-friendly wallets.
What are the Pros and Cons of using Crypto Wallets?
Crypto wallets provide essential security and control over digital assets, but they also come with certain drawbacks. Understanding both sides can help you choose the right wallet for your needs.
Pros:
- Full Control Over Assets: With a non-custodial wallet, you own your private keys, ensuring complete control over your funds.
- Enhanced Security: Cold wallets keep assets safe from online threats and hacking attempts.
- Convenient Transactions: Hot wallets allow fast and easy access to funds, ideal for active traders and frequent transactions.
- Integration with DeFi and Web3: Many wallets support decentralised applications (dApps) and staking, allowing users to maximise their crypto holdings.
- Backup and Recovery Options: Secure seed phrases allow for wallet recovery if a device is lost or damaged.
Cons:
- Security Risks with Hot Wallets: Online wallets are more vulnerable to phishing scams, malware, and hacking attempts.
- Loss of Access Risk: If you lose your private key or seed phrase, you may permanently lose access to your funds.
- Hardware Wallet Costs: Cold wallets require an upfront investment, which may not be ideal for casual users.
Security Features: What to Look for in a Crypto Wallet
Having lost funds in a phishing scam early in my crypto journey, I’ve learned that security is everything. If a wallet doesn’t have these features, I don’t go near it:
What are the Essential Security Features for Crypto Wallets?
- Private Key Control: If you don’t own your keys, you don’t own your crypto. Private keys act as a digital signature, proving ownership and authorising transactions. A secure wallet ensures your private keys never leave your device.
- Public Key Infrastructure: A wallet also generates a public key, which functions as your wallet’s address. While the public key can be shared freely, it’s cryptographically linked to your private key, ensuring security.
- Backup and Recovery Options: A good seed phrase backup can save you from disaster. Always write it down and store it securely, as it’s the only way to restore your wallet if lost.
- Two-Factor Authentication (2FA): Adds an extra layer of security by requiring verification (e.g., a code sent to your mobile) before authorising transactions.
- Multi-Signature Support: More security by requiring multiple approvals for transactions. This is particularly useful for businesses or shared wallets.
- Cold Storage Options: Keeps your funds offline, away from hackers. The best hardware wallets, like Ledger and Trezor, store private keys in isolated environments.
- Encryption & Secure Authentication: Look for wallets that encrypt data locally and offer biometric or PIN authentication to prevent unauthorised access.
- Anti-phishing Protections: Many wallets now include anti-phishing security phrases and warning messages when interacting with potentially malicious sites.
Real-World Examples: Why Security Matters
- The Ronin Network Hack (2022) – $625 Million Lost Hackers compromised the private keys of a multi-signature wallet securing Axie Infinity’s Ronin Bridge, allowing them to drain $625 million worth of ETH and USDC.
- The Australian Investor Who Lost $100,000 to a Fake Wallet App (2021)
An Australian crypto investor downloaded a fake Ledger Live app from the Apple App Store. It looked legitimate, but it was a phishing scam that tricked users into entering their Ledger recovery phrases. The investor lost $100,000 within minutes. - The Mt. Gox Hack (2014) – Biggest Bitcoin Exchange Collapse
Mt. Gox, once the world’s largest Bitcoin exchange, lost 850,000 BTC (worth $450 million at the time) due to a hot wallet security breach. Hackers exploited security vulnerabilities over time, draining funds without detection.
What Are the Most Popular Cryptocurrencies Stored in Wallets in Australia?
Bitcoin remains the most held cryptocurrency, reflecting its status as a “digital gold.” Ethereum’s versatility in powering DeFi and NFTs makes it a favourite among Australian crypto users, while stablecoins like USDT are gaining traction for stability during market volatility.
| Cryptocurrency | Popularity | Primary Use Case | Trend in 2025 | |||
|---|---|---|---|---|---|---|
| Bitcoin (BTC) | High | Store of value | Dominates as a digital gold | |||
| Ethereum (ETH) | High | Smart contracts and DeFi | Growing with Ethereum 2.0 | |||
| Tether (USDT) | Medium | Stablecoin for trading | Rising due to stability | |||
| Cardano (ADA) | Medium | Sustainable smart contracts | Expanding with new projects | |||
| Solana (SOL) | Medium | High-speed transactions | Increasing use in NFTs |
Australians are increasingly investing in cryptocurrencies as a hedge against inflation and for portfolio diversification. Here’s a breakdown of the most popular cryptocurrencies:
How Can Australians Save on Fees When Using Crypto Wallets?
With fees varying significantly across platforms, here’s how Australians can minimise costs:
| Strategy | How It Saves | Best Wallets/Platforms | ||||
|---|---|---|---|---|---|---|
| Use low-fee platforms | Reduces trading and withdrawal fees | Swyftx, CoinSpot | ||||
| Batch transactions | Combines multiple transactions to lower costs | Ledger, Trezor | ||||
| Off-peak transactions | Avoids congestion-driven spikes in network fees | MetaMask | ||||
| Layer-2 solutions | Utilises networks like Polygon for lower fees | Wallets compatible with L2 |
How to Use a Crypto Wallet for Trading in Australia
Step 1: Set Up Your Wallet
Choose a wallet that fits your needs, such as a Ledger Nano X for secure long-term storage or MetaMask for trading. During setup, generate a recovery phrase and write it down to store offline. Personally, I keep mine in a fireproof safe for added security.
Step 2: Add Funds to Your Wallet
Transfer crypto to your wallet by sending it from an exchange. For AUD deposits, platforms like CoinSpot and Swyftx allow easy fiat-to-crypto conversions. Double-check wallet addresses to avoid sending funds to the wrong location—I always copy-paste to minimise errors.
Step 3: Pick an Australian-Friendly Trading Platform
Select a platform compatible with your wallet, such as Binance Australia for extensive trading options or Swyftx for low fees. Ensure the platform supports AUD deposits and withdrawals to simplify transactions.
Step 4: Connect Your Wallet to the Platform
Link your wallet to the trading platform via its app or desktop interface. For instance, MetaMask connects to DeFi platforms like Uniswap in just a few clicks. Be cautious and only connect through official websites or apps to avoid phishing attempts.
Step 5: Select a Trading Pair and Execute the Trade
Choose a trading pair, such as BTC/AUD, and review the current market price and fees. I recommend starting with small trades to familiarise yourself with the process and minimise risk.
Step 6: Manage Your Crypto Assets Safely
After trading, transfer funds back to your wallet for safekeeping. Regularly update your wallet’s software and enable two-factor authentication for added security. I’ve made it a habit to review my wallet holdings weekly to ensure everything is secure.
Step 7: Stay Up to Date with Crypto News
Follow credible sources like CoinDesk or the Australian Financial Review for updates on market trends and regulations. Staying informed has helped me adjust my strategies and avoid pitfalls like scams or regulatory changes.
Are Crypto Wallets Safe for Australians?
Crypto wallets are safe if used correctly. Cold wallets, such as Ledger and Trezor, offer the highest level of security by keeping your private keys offline. However, hot wallets like MetaMask and Coinbase Wallet are vulnerable to online threats, so extra precautions are necessary.
Here are some common safety concerns and tips to address them:
| Concern | Solution | |||||
|---|---|---|---|---|---|---|
| Phishing attacks | Verify website URLs before connecting your wallet. | |||||
| Fake wallet apps | Only download wallets from official app stores. | |||||
| Lost recovery phrases | Store your recovery phrase securely and offline. | |||||
| Outdated software | Regularly update wallet firmware and apps. |
By taking these precautions, Australians can significantly reduce the risk of losing their crypto assets.
Final Thoughts: Which Crypto Wallet Should You Choose?
After years in the space, my advice is to choose a wallet that balances security and convenience based on your needs. If you’re in it for the long haul, get a hardware wallet like Ledger Nano X. If you’re trading daily, a hot wallet like MetaMask might be more practical.
The crypto industry is evolving, and security threats aren’t going anywhere.
Stay informed, be cautious, and always control your own private keys.
FAQs
A crypto wallet stores private keys, allowing users to send, receive, and manage digital assets. It doesn’t hold crypto but provides access to funds recorded on the blockchain.
The safest crypto wallets are cold wallets like Ledger Nano X and Trezor Model T, as they store private keys offline, making them resistant to hacks.
You can recover your wallet using your seed phrase. Without it, access to funds is permanently lost, so store it securely offline.
If you hold large amounts of crypto or plan to store it long-term, a hardware wallet is the best choice for security. However, for daily transactions, a hot wallet like MetaMask or Trust Wallet is more convenient.
Custodial wallets (like exchange wallets) let a third party control your private keys, while non-custodial wallets give you full control, ensuring you own your assets outright.
Yes, Australia has strict crypto regulations. Many wallets comply with AUSTRAC’s anti-money laundering (AML) laws, and exchanges offering wallets must adhere to security and KYC (Know Your Customer) requirements.
No. Crypto transactions are irreversible, and stolen funds are usually lost. Prevention through strong security is key.
Absolutely! Many investors use a combination of hot and cold wallets—a hot wallet for trading and a cold wallet for secure storage. Diversifying storage reduces risks and enhances security.
References
- Australian Transaction Reports and Analysis Centre (AUSTRAC) – Regulations on crypto wallets & exchanges in Australia
- Australian Securities and Investments Commission (ASIC) – Guidelines on cryptocurrency investments
- ACSC (Australian Cyber Security Centre) – Protecting Digital Assets
- Ledger Official Site – Ledger Nano X & S Plus security features
- MetaMask Official Documentation – How MetaMask Ensures Private Key Security
- Binance Academy – Understanding hot vs. cold wallets.
- Finder Australia – Best Crypto Wallets for Australians
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