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If you’re going to be holding (or hodling) crypto, it’s crucial that you have a bitcoin wallet.
Just like your bank account, a bitcoin wallet allows you to send and receive bitcoin and other cryptocurrencies, and keep track of your coins.
There are two main types of wallets - mobile/software wallets and hardware wallets. Here are our thoughts on the best available options for buying crypto in Australia.
Mobile/Software wallets
As the name suggests, these wallets can be downloaded onto your mobile phones or computers. While convenient, they aren't as secure as hardware wallets and there's potential that they could be hacked.
However, they are ideal for storing small amounts of your cryptocurrency and performing more regular, common, day-to-day transactions.
Two of the most popular mobile wallets in Australia are from Bread and Exodus.
Bread
Available to Aussies on both iOS and Android, this user-friendly wallet requires users to store a passphrase offline so that you can recover your account if you lose your device.
Exodus
This popular wallet allows users to send and receive over 130 types of crypto on both desktop and mobile, and can be synced with a Trezor hardware wallet.
Hardware wallets
Also known as cold wallets, assets are stored in an offline environment, safe from threats and malicious software.
These are two of the most popular hardware wallets in Australia:
Ledger Nano S
One of the most popular hardware wallets in Australia, the Ledger Nano S supports a wide range of cryptocurrencies including Bitcoin Cash and Ethereum. Your key will remain protected in a certified secure chip.
Trezor Model T
While the Trezor One is the company's self-professed "Gold Standard", The Model T is the "Premium choice", featuring a full colour touch screen and support for a micro SD card for future firmware updates. Trezor wallets support over 1600 different coins and tokens.
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