2024's best crypto wallets, ranked and reviewed (2024)

Each year, we conduct an extensive review of Bitcoin and crypto wallets available in Australia. To arrive at these picks, we've compared more than 50 wallets on features like security, usability, cost and supported coins. This list is then reviewed each month to make sure it is accurate and up to date.

The picks below are designed to help you choose the best wallet for your goals and holdings. Since some wallets are better at some things than others, it's common to use multiple wallets at once. For instance, you might use one wallet for staking and another for its Web3 features.

Regardless of what you choose, it's a good idea to pair any software wallet with a hardware wallet for added security.

Best crypto wallets in Australia for 2024

• Ledger Nano S Plus – Best wallet overall
• Ledger Nano X – Best hardware wallet
• Trezor One – Editor's favourite
• Exodus – Best wallet for beginners
• Ledger Nano S Plus – Best value crypto wallet
• Exodus – Best desktop wallet
• Trust Wallet – Best mobile wallet
• Coinbase Wallet – Best exchange wallet
• COLDCARD Mk4 – Best Bitcoin wallet
• Coinomi – Best multi-crypto wallet
• Trezor Model T – Best wallet for experienced users
• Ledger Nano S Plus – Best wallet for staking
• MetaMask – Best Web3 wallet
• Crypto.com DeFi Wallet – Best wallet for DeFi
• Ledger Stax – Best-designed crypto wallet
• XDEFI Wallet – Best wallet for NFTs
• Phantom – Best Solana wallet

This is not an endorsem*nt of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

1. Ledger Nano S Plus – Best wallet overall

Go to siteRead review

Ledger Nano S Plus Wallet

★★★★★
Finder score

$79
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger

The Nano S Plus is our pick for the best crypto wallet overall thanks to Ledger's robust security, wide range of cryptocurrencies and NFTs all at the affordable price point of US$79.

The Nano S Plus is a hardware wallet manufactured by French company Ledger, which has been around since 2014. Ledger wallets have a clean security track record, with no hardware breaches recorded.

The accompanying Ledger Live app also allows you to swap cryptocurrencies, purchase them with debit or credit card or put them to work via DeFi and staking. Ledger Live features the Merlin dashboard which lets you interact with 1,000+ DeFi protocols across 10 chains and track yield, PnL and impermanent loss.

You'll be hard-pressed to find another wallet that offers so much value at such a moderate price.

• Cheaper than the Nano X, but has most of the same features
• Supports 5,500 tokens
• Highly secure
• CC EAL 5+ rating
• Stores private keys to NFTs

• Not Bluetooth enabled
• Not iOS compatible

2. Ledger Nano X – Best hardware wallet

Go to siteRead review

Ledger Nano X Wallet

★★★★★
Finder score

$149
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger

Free shipping

The Ledger Nano X is one of the best-known and feature-rich hardware wallets on the market. Its robust security, support for a wide range of cryptos and connection to both desktop and mobile interfaces are some of the reasons it was our pick for the best hardware wallet.

Ledger has a long track record of providing industry-standard level security for digital assets.

The Nano X hardware is supported by the Ledger Live app, which helps you manage up to 5,500 cryptos, Ethereum and Polygon NFTs and over 1,000 DeFi apps from a single user interface available on both desktop and mobile.

You can also stake a selection of your digital assets via Ledger Live or put them to work in DeFi.

The Nano X is Bluetooth-enabled and compatible with both Android and IOS mobile devices, so you can manage your crypto on the go.

• Manage over 5,500 crypto assets
• Highly secure
• CC EAL 5+ rating
• Mobile and desktop compatibility
• Stores private keys to NFTs

• Expensive compared to the Nano S Plus

3. Trezor Model One – Editor's favourite

Go to siteRead review

Trezor Model One Wallet

★★★★★
Finder score

$59
Price (USD)

9,000+
Assets

Hardware
Wallet type

• Why we chose Trezor

'I've been using a Trezor One for over five years and it is still my daily wallet for crypto, despite now owning other more advanced and expensive hardware wallets. It's simplicity makes it much easier and faster to use than other wallets I own.' – James Edwards, Cryptocurrency Editor

The Trezor Model One is the original cryptocurrency hardware wallet. It's a small USB device for securely storing the private keys to your digital assets in cold storage – offline and physically separated from your computer.

The Model One is all you need to manage major crypto assets like Bitcoin (BTC) and Ether (ETH). It is excellent for using with DeFi applications on Ethereum, including layer-2 networks.

Trezor won Finder's Customer Satisfaction Award for cryptocurrency wallets in 2023, with 84% of users saying they would recommend Trezor products to a friend. Trezor received exceptional scores for its security and overall experience.

Warning: On May 25, 2023 a security firm named Unciphered claimed that they were able to extract the private keys from a Trezor Model T. The exploit requires physical access to the device as well as specialised tools and knowledge. Trezor has previously addressed this type of vulnerability in a blog post and says that the attack can be prevented by using a strong passphrase.

• One of the most affordable hardware wallets
• Easy-to-use interface and software
• Can be linked with MetaMask for use with Web3 and DeFi
• Highly reputable and rated brand

• Small number of blockchains supported
• Not Bluetooth enabled
• Not iOS compatible

4. Exodus – Best wallet for beginners

Exodus Wallet

Free download
Price (USD)

1,000
Assets

Mobile
Desktop
Web3
Wallet type

• Why we chose Exodus

Exodus Wallet is a software wallet for desktop and mobile that provides access to a wide range of cryptocurrencies. While many wallets only let you manage coins on a single network, Exodus supports assets on blockchains including Bitcoin, Ethereum, and Solana. This all-in-one functionality makes it our top wallet pick for beginners.

The wallet has added features like a portfolio overview that help you to oversee your holdings. And if you'd like to top up your portfolio, you can use the wallet's built-in exchange to swap your digital assets.

You can also stake cryptos like Algorand (ALGO) and Cosmos (ATOM) through Exodus.

For added security, you can store the keys to your assets on a Trezor hardware wallet, making it easy to upgrade from one to the other if you decide to go pro.

One of Exodus's most beginner-friendly features is its highly-responsive support staff. If you email them for support, you can expect to hear back within an hour.

• Easy-to-use interface
• Supports tokens and coins from a variety of blockchains
• Great customer support

• Less secure than a hardware wallet
• Doesn't support 2-factor authentication

5. Ledger Nano S Plus – Best value crypto wallet

Go to siteRead review

Ledger Nano S Plus Wallet

★★★★★
Finder score

$79
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger

The Nano S Plus provides the security of its predecessor, the Nano S, but with almost all of the capabilities of Ledger's top-of-the-line hardware wallet, the Nano X.

And at a price point of U$79, the Nano S Plus costs US$70 less than the Nano X at US$149. When you consider that the only key difference between the X and S Plus is Bluetooth connectivity and iOS support, the S Plus's value starts to become clear.

The Nano S Plus lets you keep the private keys to over 5,500 digital assets and NFTs in cold storage.

The accompanying Ledger Live software helps manage and stake your digital assets. You can put your assets to work in DeFi through the Ledger Live app or by syncing with MetaMask.

You'll be hard-pressed to find a hardware wallet that does as much for you at such a reasonable price.

• Larger screen size (128 x 64px) than the original Nano S
• Highly secure
• CC EAL 5+ rating
• Native support for NFTs

• Can't stake many cryptos via Ledger Live

6. Exodus – Best desktop wallet

Exodus Wallet

Free download
Price (USD)

1,000
Assets

Mobile
Desktop
Web3
Wallet type

• Why we chose Exodus

Exodus is our pick for best desktop wallet in part because its sleek user interface (UI) makes it easy to manage over 350 crypto coins and tokens on an assortment of major blockchains including Bitcoin, Ethereum, Solana, Polygon and Cardano.

You can also use the 'Fiat Onramp' section of the wallet to purchase crypto with your fiat or click on the 'Swap' tab to trade one of your cryptos for another.

On top of that, you can put your crypto to work by staking it via the wallet’s interface. Exodus enables you to stake Solana (SOL), Polygon (MATIC) and a handful of other crypto assets.

And if you really like Exodus’ UI and features but want to upgrade your security, you can link your Trezor wallet to Exodus to use the Exodus interface to manage the digital assets you keep in cold storage via your Trezor hardware wallet. Doing so also makes it easier to send the crypto you purchase or trade for in Exodus into your Trezor cold storage.

• Sleek UI
• Built-in fiat-to-crypto on ramp
• Supports staking for 8 cryptos
• Can be used as a Trezor interface

• Less secure than a hardware wallet
• Doesn’t support 2-factor authentication

7. Trust Wallet – Best mobile wallet

Trust Wallet

Free download
Price (USD)

See Also

Exodus Crypto Wallet ReviewAsk CryptoVantage: Should I Store All My Crypto in One Wallet?Our Pick Of The Best Cryptocurrencies Of June 2024Hardware vs Software Wallet: Which Is Better?

10,000,000+
Assets

Mobile
Web browser
Wallet type

• Why we chose Trust Wallet

Trust Wallet supports coins and tokens from 70 different blockchains. This saves you the hassle of downloading multiple wallet apps and makes it our standout pick for the best mobile wallet.

Trust Wallet lets you quickly import popular coins and tokens, view charts and pricing information and receive notifications directly to your mobile device.

If you want to view cryptos that aren't listed by default, Trust Wallet also lets you import custom tokens. You'll need to be careful to verify contract addresses when doing this, as anyone can create fake versions of existing cryptos.

You can also connect to dApps and DEXs that support the Wallet Connect extension. As an added convenience, you can also purchase cryptos with fiat through third-party providers like Moonpay and stake assets directly from your Trust Wallet.

• Built-in decentralised exchange
• Stake cryptos directly from your wallet
• Purchase cryptos with credit and debit card
• Supports Bitcoin transfers
• NFT support

• Built-in DEX only supports BSC assets
• A security flaw was discovered in 2022 but was quickly patched
• Withdrawals to bank accounts not available from wallet

8. Coinbase Wallet – Best exchange wallet

Read review

Coinbase Wallet

Free download
Price (USD)

450,000+
Assets

Mobile
Desktop
Web browser
Wallet type

• Why we chose Coinbase

The Coinbase Wallet doesn't require a Coinbase account to use it but verified account holders can connect directly to Coinbase's exchange to buy crypto. This seamless integration makes it our pick for the best exchange wallet.

The Coinbase Wallet can be downloaded as a mobile app or browser extension and features an easy-to-navigate UI consistent with the Coinbase exchange. The wallet is automatically configured to support many blockchains, including all EVM-compatible chains, Solana and more.

Security on the Coinbase wallet is consistent with the industry standard for non-custodial wallets, which means it does come with some counterparty risk. If convenience and easy access to your funds on Coinbase is important to you, then this exchange wallet has a lot to offer.

• Sync directly to Coinbase exchange
• Mobile app and browser extension
• Preconfigured blockchains
• Purchase with selected fiats in-wallet
• Coinbase company backing

• Fee for coin swaps in the wallet
• No DEX in the wallet, you must connect to an external exchange

9. COLDCARD Mk4 – Best Bitcoin wallet

Read review

COLDCARD Mk4

$157.94
Price (USD)

1
Assets

Hardware
Wallet type

• Why we chose COLDCARD

The COLDCARD Mk4 is a popular hardware wallet among hardcore Bitcoiners.

It was designed for Bitcoin maximalists by cypherpunks – technologists who advocate for privacy-enhancing technology.

The Mk4 doesn't have some of the functionality of Ledger or Trezor hardware wallets, but it does offer industry-leading security for the private keys to your BTC.

The device features 2 Secure Element chips – the same type of chips used to protect data for passports and credit cards – to protect your private keys.

To keep the private keys that you store on the device extra secure, you can send BTC to and from your device without even connecting it to a computer. When you use desktop software wallets like Sparrow or Electrum, you can use a microSD card to transfer data back and forth from your computer to your Mk4.

• Highly secure
• Contains 2 Secure Element chips
• Doesn't require a connection to computer
• Features a high-contrast 128 x 64 pixel screen for messaging
• Multisig-enabled

• Only supports BTC
• The user interface for Sparrow Wallet is less intuitive than competitor alternatives
• You will have to purchase a microSD card adapter for your computer if you prefer to transfer data via the card

10. Coinomi – Best multi-crypto wallet

Coinomi Wallet

Free download
Price (USD)

1,770
Assets

Mobile
Desktop
Wallet type

• Why we chose Coinomi

Coinomi is a desktop and mobile wallet that supports over 1,770 coins and tokens on 125 different blockchains. This impressive range puts Coinomi far ahead of most wallets on the market and makes it our pick for the best multi-crypto wallet.

In addition to storing your private keys, Coinomi wallet also allows you to manage your NFTs, stake certain assets and interact with DeFi apps.

There is a built-in decentralised exchange (DEX) that allows you to swap your cryptocurrency without having to use a centralised service like Coinbase or Binance.

Founded in 2014, Coinomi was the first ever multichain wallet to come to market. In its 8 years of operation, there have been no reported hacks. Customer support is available via live chat or support tickets.

• Works on all major desktop and mobile operating systems
• Allows users to manage and swap a wide variety of cryptos
• Never been hacked

• Not as secure as a hardware wallet
• Staking is limited to Ethereum tokens, Algorand, SmartCash and Callisto.

11. Trezor Model T – Best wallet for experienced users

Go to siteRead review

Trezor Model T Wallet

★★★★★
Finder score

$149
Price (USD)

1,000
Assets

Hardware
Wallet type

• Why we chose Trezor

The Trezor Model T wins our best pick for experienced users thanks to several advanced features which come together to give you greater control over your funds.

• Multisig. Multisig wallets allow for multiple stakeholders to manage a single Bitcoin wallet. This is particularly useful for businesses and families.
• Taproot. Trezor Suite supports Bitcoin Taproot addresses which can reduce fees, improve privacy and enable smart contracts on Bitcoin.
• Shamir backup. Instead of using a single seed phrase, Shamir backup distributes it across multiple phrases which can then be stored in different locations. Think of it like multisig for a seed phrase.
• Timelock. Users can delay a transaction until a specified block height.
• Tor Switch. Anonymise your crypto transactions using the Tor network, which can be enabled via Trezor Suite.

Where the Model T falls short is the range of coins and tokens it supports. The Trezor Suite software only supports a small handful of popular blockchains, but through third-party software, the Model T supports over 9,000 coins and tokens.

Warning: On May 25, 2023 a security firm named Unciphered claimed that they were able to extract the private keys from a Trezor Model T. The exploit requires physical access to the device as well as specialised tools and knowledge. Trezor has previously addressed this type of vulnerability in a blog post and say that the attack can be prevented by using a strong passphrase.

Trezor won Finder's Customer Satisfaction Award for cryptocurrency wallets in 2023, with 84% of users saying they would recommend Trezor products to a friend. Trezor received exceptional scores for its security and overall experience.

• Advanced transaction types for Bitcoin
• Highly customisable security features
• Integration with MetaMask for additional usability and DeFi
• Touchscreen for improved functionality and security
• In-app swaps and purchases

• Private keys can be extracted by experts if they have physical access to the wallet
• Trezor Suite only supports 14 blockchains
• No native staking support in Trezor Suite, must use third-party apps
• Expensive compared to the Ledger Nano X
• No support for iOS

12. Ledger Nano S Plus – Best wallet for staking

Go to siteRead review

Ledger Nano S Plus Wallet

★★★★★
Finder score

$79
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger

The Ledger Nano S Plus is our pick for best staking wallet because it lets you stake your cryptos while keeping the private keys securely offline. This sort of security can only be provided by a hardware wallet, and the Nano S Plus offers one of the widest range of staking assets for any hardware or software wallet.

You can stake a handful of currencies like Ether (ETH) and Polkadot (DOT) via the device's native Ledger Live interface.

Where it really shines though is its integration with third-party apps which allows you to easily stake over 25 cryptocurrencies, including crowd favourites like Avalanche (AVAX) or Solana (SOL). There is also support for 1,000+ DeFi protocols through the Merlin app.

When you sync your Nano S Plus with a third-party wallet for the purpose of staking, the private keys to the assets that you stake remain stored in cold storage on your Nano S Plus. This gives you greater security than if you were to use a software wallet on its own.

• Enables staking and cold storage of private keys simultaneously
• One of the most diverse wallets for staking

• Can only stake certain cryptos via Ledger Live

13. MetaMask – Best Web3 wallet

Read review

MetaMask Wallet

Free download
Price (USD)

500,000+
Assets

Mobile
Web browser
Wallet type

• Why we chose MetaMask

With over 30 million monthly active users at the time of writing, MetaMask is a crowd favourite and considered the go to for Web3 apps, making it an easy choice for best Web3 wallet.

MetaMask was one of the first non-custodial wallets to help open the door to the world of Web3 and DeFi. Operating on both desktop and mobile devices, MetaMask lets you connect to dApps, store NFTs and digital assets and trade cryptos across several different blockchains.

A key feature behind the popularity of MetaMask's Web3 wallet is the ability to buy and sell cryptos without providing any personal information. To start trading on DeFi exchanges you simply install the app or browser extension and log in using your private seed phrase.

Your MetaMask seed phrase acts as a password, login and proof of ownership all in one. Your information is not stored on any database and asset ownership is entirely in your hands; an important element of decentralisation.

• Easy to set up and install
• No personal identification required
• Supports multiple blockchains, including testnets
• Portfolio dashboard makes managing assets easy
• Can set spending limits for added security
• Buy and sell tokens from within the wallet

• No native Bitcoin support
• Limited customer support

14. Crypto.com DeFi Wallet – Best wallet for DeFi

Crypto.com DeFi Wallet

Free download
Price (USD)

1,000
Assets

Mobile
Desktop
Web browser
Wallet type

• Why we chose Crypto.com

Though most known for its global exchange, Crypto.com also offers a tailored non-custodial DeFi wallet with standout features deserving of our pick for best DeFi wallet.

Crypto.com DeFi Wallet is available to anyone – not just existing Crypto.com users. The DeFi wallet can be synced to the centralised Crypto.com app to make transfers between accounts simple.

The Crypto.com DeFi Wallet also features in-app swaps via the Ethereum, BNB Smart Chain, Cronos, and Polygon blockchains.

In-app staking and connection to Web3-enabled sites are also possible. Crypto.com DeFi Wallet users can connect to dApps, DEXs, lending platforms and marketplaces without ever having to leave the app.

See Also

Hardware Wallets

• Retain full ownership of your crypto, unlike on a centralised exchange
• Sync your Crypto.com DeFi Wallet to the centralised exchange app
• Simple in-app staking, swapping and bridging
• Connect to Web3-enabled sites from the app

• Limited blockchain connections
• No fiat withdrawals

15. Ledger Stax – Best-designed crypto wallet

Read review

Ledger Stax Wallet

★★★★★
Finder score

$399
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger

The Ledger Stax is currently not available to order while Ledger focuses on delivering all existing pre-orders. It will likely become avilable to order in the next few months.

The Ledger Stax was designed by Tony Fadell, the co-creator of the iPod and iPhone.

The device is more sleek and stylish than previous Ledger hardware wallets, yet it still offers the same level of security for which Ledger wallets have come to be known and trusted.

The most notable feature of the Ledger Stax is its 3.7-inch (672x400px) electronic ink (e-ink) touchscreen, which makes managing your assets and clear-signing transactions via the device a smooth and convenient process.

Other features that make the Ledger Stax stand out from previous versions of Ledger wallets are its wireless-charging capability and its lock screen, which you can customise with an NFT.

The device is also shaped differently than previous Ledger wallets. It's the shape of about 5 credit cards stacked on top of one another, while all previous Ledger wallets resembled a flash drive.

• Large e-ink touchscreen
• Wireless Qi charging
• Bluetooth-enabled
• Enables clear-signing (to prevent hacks and phishing attacks)
• CC EAL 5+ security certification (highest level of security against penetration tests)
• Lock screen can be customised with NFTs
• Strong casing
• Sleek design

• Most expensive Ledger hardware wallet
• Can't stake many cryptos via Ledger Live

16. XDEFI Wallet – Best wallet for NFTs

XDEFI Wallet

Free download
Price (USD)

10,000+
Assets

Web browser
Wallet type

• Why we chose XDEFI

XDEFI is a blockchain-agnostic wallet that lets you showcase NFTs from more than 15 different blockchains side-by-side. It's this breadth that's made it our top pick if you're looking for a dedicated NFT wallet.

The wallet's streamlined, cross-chain UI makes sending, receiving and trading NFTs and cryptos across blockchains simple and user-friendly.

Once the browser extension is installed, accounts can be set up directly in XDEFI or imported from external wallets. Preconfigured blockchains include ETH, BSC, Arbitrum, Thorchain, Bitcoin and more.

XDEFI also gives you the ability to complete in-wallet swaps and purchase cryptos using any currency through its fiat onramp.

Holders of the wallet's own token, XDEFI, can stake their holdings to earn trading rebates and collect utility NFTs.

• View NFTs and assets across different blockchains in a single gallery
• Easily import custom tokens
• 200+ blockchains supported
• Earn rewards through staking XDEFI token

• Value of staking incentives depends on performance of the XDEFI token
• Sell-to-fiat feature not currently supported
• Browser extension only, mobile app not available

17. Phantom Wallet – Best wallet for Solana

Phantom Wallet

Free download
Price (USD)

4+
Assets

Mobile
Desktop
Wallet type

• Why we chose Phantom Wallet

Phantom is a desktop and mobile software wallet that has established itself as the most popular choice for the Solana network, as well as NFTs.

It can be used on both iOS and Android devices, as well as browsers like Chrome, Firefox, Brave and Edge. While it is primarily a Solana wallet, it also supports Bitcoin, Ethereum and Polygon, and offers a convenient in-app swap feature that lets you move assets between networks in return for a flat 0.85% fee.

• Supports variety of browsers and devices
• Simple set-up and use
• Supports NFTs and multiple chains

• Doesn't offer Ledger support on Firefox
• Staking is only supported on Solana

Best Bitcoin wallets Australia

With the notable exception of MetaMask, all of our best crypto wallet selections can also help you safely store your Bitcoin.

The following are some of our other picks for the best Bitcoin wallets in Australia.

What's the difference between a hot and cold wallet?

When deciding which Bitcoin wallet is best for you, you have to first decide whether you'd like to use a hot or cold wallet.

Hot wallets are crypto wallets that remain connected to the internet and are therefore less secure than cold wallets, which can store your assets offline and less suspectible to hacks.

However, hot wallets can be more accessible and easier to use. As a general rule of thumb, you should try and move your holdings to a cold wallet and only use a hot wallet when actively trading or transacting your crypto.

Hot wallets can be used in conjunction with a cold wallet like our pick for the Best Bitcoin wallet, the COLDCARD Mk4.

Compare more crypto wallets

What is a crypto wallet?

A cryptocurrency wallet is a software program that allows you to store, send and receive digital currencies.

Because cryptocurrency doesn't exist in any physical form, your wallet doesn't actually hold any of your coins – instead, all transactions are recorded and stored on the blockchain.

Some cryptocurrencies have their own official wallets, while other products allow you to store multiple currencies within the same wallet.

Bear in mind that different digital currencies have different address types and you're usually only able to send coins between like wallet addresses. This means you'll need to send Bitcoin to a Bitcoin wallet address, Ethereum to an Ethereum wallet address and so on.

Finder survey: How many Australians use a crypto wallet?

How do cryptocurrency wallets work?

Instead of holding physical coins, a wallet has a public key and a private key.

• Public key. This is a long sequence of letters and numbers that forms the wallet address. With this, people can send money to the wallet. It's similar to a bank account number in that it can only be used to send money into an account.
• Private key. This is used to access the funds stored in the wallet. With this, people can control the funds tied to that wallet's address. It's a lot like your PIN number in that you should keep it 100% secret and secure. However, it's worth noting that not all wallets give you sole ownership of your private key, which essentially means that you don't have full control over your coins.

As well as storing your public and private keys, crypto wallets interface with the blockchains of various cryptos so that you can check your balance and send and receive funds.

Best non-custodial wallets

Types of cryptocurrency wallets

Let's take a closer look at the different types of wallets available. Each has its own advantages and disadvantages in terms of security, ease of use, convenience and a range of other factors.

Hardware wallets

• Generally considered to be the most secure option, offline storage, easy to set up and use.

• Most expensive option and inconvenient if you want quick access to your funds.

Hardware wallets are considered the most secure type of wallet.

They are special devices, similar to USB drives, that connect to your computer. They store your private keys which are used to manage your cryptocurrency (eg, make transactions).

Because the private keys are stored on this separate device, and not your computer or phone, they are technically stored offline and considered much more secure. This is called "cold storage".

The downside is that you need access to the physical device any time you want to make a transaction, which makes it best for long-term storage or use at home, but not ideal for anyone who wants access to their crypto 24/7 or while on the move.

They also cost you money, typically ranging from AUD $100 - $270. Despite the cost, the security and peace of mind they provide is worthwhile.

Popular hardware wallets include the Trezor and Ledger range of wallets.

Software wallets

• Easy to use, good level of security, plenty of choice, free to download.

• Risk of computer viruses and malware. Inconvenient if you want to manage your crypto on the go.

Software wallets are apps, browser extensions or websites that store your private keys and are used to manage your cryptocurrency.

They tend to focus on convenience and ease of use. Many now integrate with Web3 software, which means you can use your cryptocurrency with applications made for crypto like games, finance, art and collectibles, NFTs and more.

Software wallets are a good entry point for beginners who don't have enough funds yet to warrant buying a hardware wallet, or want to use Web3 apps regularly.

The downside though is that they're always connected to the internet, which means they are at greater risk of hacks, phishing attempts or malware. Any wallet connected to the internet is called a "hot wallet".

Software wallets can be installed across multiple devices, but you will need to set them up ahead of time. So you will need to access them from your personal phone, laptop or tablet which makes them less accessible than an exchange wallet, but more accessible than a hardware wallet.

Software wallets are typically free.

Exchange wallets

• Convenient if you plan on trading frequently. Easily access your funds with your account name and password from any device.

• You don't own the private keys, exchanges are targets for hacking and phishing scams.

Exchange wallets refer to keeping your cryptocurrency on the same platform or exchange you bought it on.

When you do this, the platform manages your private keys on your behalf, reducing the complexity involved with properly storing your private keys.

This means you can easily access your crypto with just your account name and password. If you used an exchange website to buy your crypto, then you can also access it anywhere you have access to the internet.

This makes it an extremely convenient way of storing crypto if you need regular access to it round the clock, which is why many traders typically keep their crypto on exchanges, despite the risks.

Leaving your crypto on an exchange is considered the most risky way to store it. This is because exchanges are frequently the targets of attempted hacks, theft and phishing scams.

If you plan to leave your crypto on an exchange, make sure to enable two-factor authentication and other enhanced security measures.

Exchanges are also at risk of mismanagement. Events like the collapse of the FTX Exchange show that exchange operators may engage in business practices that put user funds at risk.

How to choose the best crypto wallet

Now that you know all about the different types of wallets available, it's time to find a wallet that's right for you. To do that, you'll need to consider your needs and compare a range of wallets based on several key factors, including the following:

• The type of wallet you want. This factor comes down to personal preference. If security is your number 1 priority, you'll probably want to compare hardware wallets. But if your main goal is being able to quickly and conveniently access your coins, a mobile or web wallet may be your preferred choice.
• Ease of use. Sending, receiving and storing cryptocurrency can be complicated and confusing, particularly for beginners. It's essential that any wallet you choose suits your tech knowledge and level of crypto experience. So while crypto novices might focus on finding a wallet that is simple to set up and use, experienced holders might look for more advanced features including in-wallet exchange and multi-signature transactions.
• Security features. Find out the security features of the wallet such as 2-factor authentication and multi-signature functionality. Will your private key be stored online or offline? Has the wallet ever suffered any security breaches?
• Other features. Check what other features the wallet includes, such as the ability to exchange between currencies within your wallet or providing easy access to live fiat exchange rates or other market information.
• Supported cryptocurrencies. Are you looking for a wallet that stores just 1 crypto, like Bitcoin, or are you in the market for a multi-currency wallet? Make sure the wallet you choose is compatible with the cryptocurrencies you need to store and remember that some coins and tokens can only be held in an official wallet.
• The team behind the wallet. Next, see what sort of information you can find out about the people behind the wallet. How long have they been in business? What qualifications do they have? Are they continually working to upgrade and improve the wallet?
• Cost. While most crypto wallets are free to use, choosing a hardware wallet means you'll have to be willing to part with some cash. Consider the upfront price and shipping costs when making your decision. Some wallets charge a fee for every transaction you make, so check the fine print.
• Reputation. What level of community trust does the wallet have? Check out a range of independent online reviews to gauge how other users rate the wallet and whether they would recommend it.

Ask the experts: What are the most important features in a crypto wallet, besides security?

Expert insight

"A wallet should have an intuitive and easy-to-use interface, making it accessible to both beginners and experienced users. The ability to store and manage a variety of cryptocurrencies is crucial, as the crypto market consists of numerous digital assets. A good wallet should provide a reliable backup and recovery system to protect against data loss or theft of the wallet's private keys. Access to transaction history and reporting features is essential for tracking your cryptocurrency holdings and activities."

Paul Levy

Senior lecturer, University of Brighton

Compare cryptocurrency wallets

How to use a crypto wallet

The first thing to understand is that how you use a cryptocurrency wallet will vary depending on the wallet you've chosen, and the blockchain (or coins) you're using.

While the basic principles are similar, you should make sure to read a guide specific to the wallet you've downloaded before making any transactions.

How to receive cryptocurrency to your wallet

The first thing you will need once you've got a new wallet is to deposit funds into it.

To receive crypto to your wallet, you need to find the address, which is also called the public key. The address is a long, alphanumeric string of numbers and letters.

Here is an example of a Bitcoin address: bc1qar0srrr7xfkvy5l643lydnw9re59gtzzwf5mdq

And an Ethereum address: 0xb794f5ea0ba39494ce839613fffba74279579268

Your public key is the address you will use to receive cryptocurrency transactions too. It will be displayed somewhere in your wallet.

It works a bit like an email address, meaning that you provide it any time you want to receive funds from yourself or someone else.

Let's take a look at how that works.

How to send cryptocurrency from one wallet to another

You can only send cryptocurrency to an address of the same type. That means you can only send Bitcoin (BTC) to a Bitcoin blockchain address, or Ethereum (ETH) and Ethereum tokens (ERC-20) to an Ethereum address. If you send coins to the wrong type of address, they will be lost forever and you will lose your money.

Once you have the address you want to send funds to, go to the wallet or exchange that you want to send funds from.

For example, if you're moving funds off an exchange like Binance or Coinbase, then you will want to go to the withdrawals tab of the exchange.

You will see a field asking you to put the address you want to send funds too, as well as much crypto to send.

This is where you enter the address you found earlier. The easiest way to do this is by using the copy paste command on your keyboard.

Even when using copy paste, always make sure to check the address was entered correctly.

Our expert says

"Learning to use a crypto wallet is an essential part of your journey, but many people find them difficult to use at first. Go slow, read plenty about how they work and remember that each blockchain is different. Test out transactions with small amounts to prevent big mistakes. If you've got a sizeable investment, consider using a hardware wallet for the best security."

James Edwards

Cryptocurrency editor

How to keep your crypto wallet safe

Wallet security is a crucial consideration for any crypto owner, so keep these tips in mind to ensure you keep your funds as safe as possible:

• Research before you choose. Don't just choose the first crypto wallet you come across. Thoroughly research the security features and development team behind a range of wallets before making your final decision.
• Enable 2-factor authentication. This is a simple security feature available on an increasing number of wallets. It's simple to use and provides an extra layer of protection for your wallet.
• Pick your password carefully. Don't be lazy when choosing a password. Make sure all usernames, PINs and passwords related to your crypto wallet are as strong as possible.
• Consider a multi-signature wallet. Multi-signature wallets require more than 1 private key to authorise a transaction, which means another user or users will need to sign each transaction before it can be sent. Though this means it'll take a little longer to send funds, you may find that the extra peace of mind is well worth the minor hassle.
• Update your antivirus protection. Make sure your PC, laptop, smartphone or tablet has the latest antivirus and anti-malware software installed. Make sure to set up a secure firewall on your computer and that you never install software from companies you don't trust.
• Update your wallet software. Take care to update your wallet software regularly so that you always have the latest security upgrades and protections installed.
• Make a backup. Ensure that you have a wallet backup stored in a safe place so you can recover your crypto funds if something goes wrong, like if you lose your smartphone.
• Check the address. When sending or receiving funds, make sure you're using the correct wallet address. Similarly, if using an online wallet, make sure it is secure (i.e. check that its URL starts with "https://")
• Don't use public Wi-Fi. Never access your wallet over a public Wi-Fi network.
• Split your holdings. Consider splitting your crypto coins up between online and offline storage. You can keep a small portion of your funds in online storage for quick and convenient access, and store the bulk of your holdings offline for extra security.
• Private key protection. Remember – you can't access your coins without your private key, so don't disclose it to anyone. Check whether the wallet you choose allows you to retain full control of your private keys, or whether you'll have to surrender ownership to a third party such as an exchange.

Risks of using a crypto wallet

When you use a non-custodial crypto wallet, you reduce the risk of a third-party custodian like a crypto exchange going under and taking your funds with it. However, there are still risks to using both software and hardware crypto wallets.

Software wallets are always connected to the internet, and, for that reason, can more easily be hacked. Also, if the code for a software wallet is closed-source, you are placing trust in the creator of that wallet to not extract your private keys and, therefore, gain access to the digital assets you manage via the wallet.

Hardware wallets are generally more secure than software wallets in that they remain disconnected from the internet when they aren’t in use, while some never have to be connected to the internet. However, if you use a hardware wallet that has native software — like a Ledger or Trezor wallet — there is always the risk that your private keys can be extracted through an issue with the underlying software.

For extra safety, it’s best to create a multisignature — or “multisig” — set up in which you use two or more wallets to sign transactions and protect your crypto.

Bottom line

There's no such thing as a one size fits all "best crypto wallet." The right wallet for you will match your needs, so if security is your number 1 concern, you'll probably end up choosing a different wallet to someone who wants fast and easy access to their coins.

The key thing to remember is to do your research and compare a range of wallets first. Start with our range of crypto wallet reviews to get an idea of what's available and the key features you need to consider.

Summary: Best crypto wallets

Frequently asked questions about crypto wallets

• There's no simple answer to this question as the right wallet for you depends on your personal needs. To help narrow down the choices, ask yourself a few key questions:

  • Which crypto(s) do I want to store?
  • Do I want a wallet I can use for everyday purchases and payments or a wallet I can use to buy and hold crypto for the long term?
  • How do I want to access my wallet?
  • How important is wallet security and what security features do I want?

  Your answers should help you decide on the type of wallet that's best for you, or you can take a look at some of our top picks.

• There is a broad consensus that hardware wallets are the most secure. This is because they are a form of cold storage, meaning that the private keys are kept offline and never connected directly to the internet. Transactions are sent to the wallet, which signs them using the private keys stored on the device and then sends the authorised transaction back to your computer and onto the blockchain. But the private key itself never gets moved onto your internet-connected device.

  This is different to software wallets, which store your private keys on your computer or smartphone and leave them vulnerable any time your device is connected to the internet.

• Not really. While most wallets aren't linked to your identity, cryptocurrency transactions are stored permanently on the blockchain and can potentially be traced back to you.

  If anonymity is important to you, you may want to consider transacting with a privacy-focused coin such as Monero.

• Many wallets don't charge any fees but some do – so check the fine print closely. Sending a crypto transaction from your wallet usually attracts a small network fee, which varies depending on the asset being sent.

  This fee is not charged or received by the wallet provider and instead applies to all transactions that take place on a coin's network.

• This depends on the cryptocurrencies you own and the wallet you choose. Some wallets only allow you to store 1 particular asset, while multi-currency wallets can support any number of digital currencies.

  Check your wallet provider's list of supported coins and tokens for more information.

• No, you can't send Bitcoin to an Ethereum wallet or Ethereum to a Bitcoin wallet. Different cryptocurrencies have different address types, so it's important to double-check that you're sending funds to the correct address before submitting a transaction. Funds sent to the wrong address generally cannot be recovered.

Read our crypto wallet reviews

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circ*mstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Written by

Billy Endres

Cryptocurrency writer

Billy Endres was the cryptocurrency writer for Finder. He has a passion for Web3 and decentralisation technologies as well as cryptocurrencies. Billy’s background in software development helped open the door to the world of decentralised technologies, financial markets and technical writing. See full bio

Billy's expertise

Billy has written 19 Finder guides across topics including:

• Web3 and decentralised technologies
• Front-end development
• Cryptocurrency futures trading and technical analysis
• DeFi and on-chain analysis

Co-written by

Frank Corva

Senior analyst

Frank Corva is the senior analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the States to teach at universities in New York City. He spent years as a publicist and graphic designer in the music industry, working for record labels like Warner Music Group and Triple Crown Records, and he's also a former music journalist whose writing and photography has been in published in Alternative Press, Spin and other outlets. See full bio