Best Crypto Wallets in Australia 2025

Author: Thomas Drury

Thomas Drury

Co-Founder

Seasoned finance professional with 10+ years’ experience. Chartered status holder. Proficient in CFDs, ISAs, and crypto investing. Passionate about helping others achieve financial goals.
Reviewed by:
Thomas Drury
Thomas Drury

Thomas Drury

Co-Founder

Seasoned finance professional with 10+ years' experience. Chartered status holder. Proficient in CFDs, ISAs, and crypto investing. Passionate about helping others achieve financial goals.

Twitter Profile
Author Bio

Fact Checked

How we test

At The Investors Centre, we pride ourselves on our rigorous fact-checking process. To delve deeper into our meticulous testing procedures and discover how we ensure accuracy and reliability, visit our dedicated page on how we test.

Risk Warning

General Disclaimer

Cryptocurrency trading involves significant risks, including the potential loss of your entire investment. Prices can be highly volatile, and past performance is not indicative of future results. Please consider your financial situation, risk tolerance, and seek independent financial advice before engaging in cryptocurrency trading.

Affiliate Disclosure

This page contains affiliate links, meaning we may earn a commission if you click through and sign up with one of our partners. This does not influence our reviews or rankings, which are based on our honest opinions and thorough research.

Take 2 mins to learn more.

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:

RankWalletTypeSecurityUser-FriendlinessBest ForPrice (AUD)
#1eToro WalletHotMediumVery EasyBeginnersFree
#2Kraken WalletHotHighEasyActive TradersFree
#3Coinbase WalletHotMediumEasyBeginnersFree
#4Trezor Model TColdHighModerateAdvanced Users$300
#5CypherockColdHighModerateAdvanced Security$400
#6Ledger Nano S PlusColdHighEasyBudget-Conscious Investors$140
#7MetaMaskHotMediumVery EasyDeFi and NFT EnthusiastsFree

What Are the Top 7 Hot and Cold Wallets in Australia?

#1 eToro Wallet – Beginner-Friendly and Versatile

Pros & Cons

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.

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.

eToro Wallet is free to use, though fees may apply when transferring or trading assets on the eToro platform.

Kraken Wallet Logo

#2 Kraken Wallet – Secure, User-Friendly, and Versatile

Pros & Cons

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.

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.

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.

coinbase logo

#3 Coinbase Wallet – Best for Beginners

Pros & Cons

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.

This wallet is designed for beginners, with a user-friendly interface that streamlines everything from setup to daily transactions.

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.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Trezor Logo Black with clear background linking to homepage

#4 Trezor Model T – Advanced Security for Experienced Users

Pros & Cons

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.

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.

Priced at $300 AUD, it’s a premium choice tailored for experienced investors.

#5 Cypherock X1 – Cutting-Edge Seedless Recovery System

Pros & Cons

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.

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.

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

The Nano S Plus provides the same security as the Nano X but lacks Bluetooth connectivity, making it a budget-friendly alternative.

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

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.

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.

Metamask is completely free to use, making it a highly accessible option for DeFi enthusiasts.

What’s the Difference Between Cold and Hot Crypto Wallets?

Cold and hot wallets differ primarily in their connection to the internet and their intended use. Here’s a brief overview:

Wallet TypeConnectionBest ForExamples
Cold WalletOfflineLong-term storage, high securityTrezor, Ledger
Hot WalletOnlineFrequent transactions, accessibilityKraken, Metamask

Cold wallets store your private keys offline, providing enhanced security against online threats. Hot wallets, however, are connected to the internet and prioritise ease of access for trading or day-to-day transactions.

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.

What Are the Most Popular Cryptocurrencies Stored in Wallets in Australia?

Australians are increasingly investing in cryptocurrencies as a hedge against inflation and for portfolio diversification. Here’s a breakdown of the most popular cryptocurrencies:

CryptocurrencyPopularityPrimary Use CaseTrend in 2025
Bitcoin (BTC)HighStore of valueDominates as a digital gold
Ethereum (ETH)HighSmart contracts and DeFiGrowing with Ethereum 2.0
Tether (USDT)MediumStablecoin for tradingRising due to stability
Cardano (ADA)MediumSustainable smart contractsExpanding with new projects
Solana (SOL)MediumHigh-speed transactionsIncreasing use in NFTs

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.

What Should You Consider When Selecting a Cold Wallet?

When choosing a cold wallet, Canadians should focus on:

  • Security features: Look for wallets with advanced encryption, multi-factor authentication, and backup options.

  • Cryptocurrency support: Ensure the wallet supports the coins you plan to store, like Bitcoin or Ethereum.

  • Price point: Cold wallets range in cost, so select one that fits your budget without compromising on essential features.

How Can Australians Save on Fees When Using Crypto Wallets?

With fees varying significantly across platforms, here’s how Australians can minimise costs:

StrategyHow It SavesBest Wallets/Platforms
Use low-fee platformsReduces trading and withdrawal feesSwyftx, CoinSpot
Batch transactionsCombines multiple transactions to lower costsLedger, Trezor
Off-peak transactionsAvoids congestion-driven spikes in network feesMetaMask
Layer-2 solutionsUtilises networks like Polygon for lower feesWallets 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:

ConcernSolution
Phishing attacksVerify website URLs before connecting your wallet.
Fake wallet appsOnly download wallets from official app stores.
Lost recovery phrasesStore your recovery phrase securely and offline.
Outdated softwareRegularly update wallet firmware and apps.

By taking these precautions, Australians can significantly reduce the risk of losing their crypto assets.

Conclusion: Choosing the Right Wallet for Australian Traders

Selecting the right wallet depends on your needs. Cold wallets like Ledger Nano X are best for security, while hot wallets like MetaMask excel in accessibility. Personally, I use both—a cold wallet for long-term storage and a hot wallet for active trading. Which wallet works best for you? Let me know in the comments!

FAQs

Yes, hardware wallets provide offline storage, making them more secure against online threats like hacking.

eToro Wallet is ideal for beginners due to its simple interface and integration with the eToro exchange.

Yes, many wallets integrate with Australian-friendly platforms like Swyftx, enabling AUD deposits and withdrawals.

Use the recovery seed phrase provided during setup to restore your wallet.

Yes, crypto wallets are legal in Australia and regulated under the country’s financial laws to ensure security and compliance.

References

  • Zero-commission stock trading
  • Our #1 Recommended Crypto Platform
  • Copy top investors easily
  • User-friendly trading platform
  • Fractional shares available
  • Wide range of assets

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

EnglishIreland