Best Crypto Wallets in Australia: Where to Store Your Crypto Securely

While crypto is a potentially lucrative space, one cannot deny the high risk of scams and online threats that persist in the industry.

Let’s not forget the Bybit exchange hack (Feb 2025), Cetus exploit (May 2025), and the WazirX Lazarus heist (July 2024) – all high-profile crypto hacks underscoring the consequences of security lapses. 

So, how can you safely navigate the market without falling prey to these risks? It begins with choosing the right wallet that protects your assets and allows you to manage your portfolio. 

In this article, we’ll analyze and compare some of the best crypto wallets in Australia based on their security, functionality, convenience, and overall performance. 

Leading the charge are Bitcoin.com.au, Independent Reserve, and Binance. Continue reading to discover our top picks and find the best wallet for your needs.

At a Glance – 7 Best Crypto Wallets in Australia 

Any crypto wallet worth its salt should offer immutable security, support multiple assets, and provide a seamless trading experience. That said, here is our list of top picks: 

Bitcoin.com.au	Beginner-friendly custodial wallet with ultra-secure offline key storage
Independent Reserve	Custodial wallet with automated recurring buys and multi-user access
Binance Web3 Wallet	All-in-one web3 wallet with MPC protection and early access to emerging assets
MEXC	Custodial wallet with $100M Guardian Fund and 3B $USDT Risk Reserve
Kraken	Non-custodial Web3 wallet with FIDO2 2FA and no KYC
Weex	No-KYC custodial wallet with 1,700+ cryptos and a chance to win 30K $USDT welcome bonus
Margex	Custodial wallet with optional KYC and built-in staking (up to 7% APY)

Expert Analysis – Best Crypto Wallets in Australia in 2025

Now that we’ve taken a brief look at the top crypto wallets in Australia, let’s explore each one’s unique features, supported assets, security strengths, and more below.

1. Bitcoin.com.au – Beginner-Friendly Custodial Wallet With Ultra-Secure Offline Key Storage

Bitcoin.com.au is a custodial wallet, meaning the platform will hold and safeguard your digital assets on your behalf. Bitcoin.com.au takes it one step further by storing your private keys offline in encrypted underground vaults, making your assets immune to hacks, phishing, and malware. 

For beginners, this stands out as a clear advantage, as you don’t have to worry about security or recovery. Let’s say you forget your password – you can easily recover your account through email.

That’s not all. Bitcoin.com.au employs a combination of two-factor authentication (2FA), an optional SMS backup, a duress password, a brute-force bot shield (which automatically blocks repeated login attempts), and address whitelisting to protect your account and funds. 

The wallet currently supports 38 assets, including $BTC, $ETH, $SOL, $USDC, $XRP, $DOGE, and more. While that may not be a lot, the wallet still covers all the major cryptos with no fee for deposits or withdrawals (gas fees apply) if you use local payment methods.

Some of the account funding methods currently accepted include bank transfer, credit card, debit card, and PayPal.

As an AUSTRAC-approved platform, Bitcoin.com.au requires KYC verification to stay compliant. You’ll need to provide a government-issued ID, your name, address, and a selfie as part of the KYC verification process. 

If you’re looking to buy or sell major cryptocurrencies using a beginner-friendly wallet with robust security features, Bitcoin.com.au might be the perfect one for you.

TRY BITCOIN.COM.AU TODAY

2. Independent Reserve – Custodial Wallet with Automated Recurring Buys and Multi-User Access

Independent Reserve is one of the most trusted, secure, and licensed crypto exchanges in Australia, boasting a 12-year legacy. The wallet requires a KYC verification during sign-up. 

When it comes to fees, there are no platform deposit or withdrawal charges. However, you may incur a payment processor fee depending on the method used, and standard blockchain gas fees apply for withdrawals. 

The wallet lets you trade up to 38 assets and secures your data using the following features:

• Login protection: 2FA (Google Authenticator with optional SMS backup), email alerts for every login, extra checks for logins from new IPs or browsers, and a bot shield that blocks brute-force attacks. These features help prevent unauthorized access to your wallet.
• Instant account lockdown options: Instant account suspension via email and a duress password allow you to immediately lock your wallet if you suspect a security breach.
• Withdrawal protection: Address whitelisting with SMS confirmation and a 72-hour withdrawal freeze after any security changes, ensuring that an intruder does not redirect or withdraw your crypto immediately. 

One standout feature of the wallet is that it allows you to set up automated dollar-cost averaging, a mechanism that enables you to schedule recurring buys to reduce the impact of volatility.

Another feature exclusive to the Independent Reserve wallet is the multi-user account functionality, allowing you to grant customized access to trusted parties across five permission levels (accountants, advisors, employees, and family members).

You also have a 24/7 support team at your disposal should you encounter a roadblock. 

TRY INDEPENDENT RESERVE TODAY

3. Binance Web3 Wallet – All-in-One Web3 Wallet with MPC Protection and Early Access to Emerging Assets

The Binance Web3 wallet is a self-custodial storage option that offers a user-friendly interface and support for a broad selection of assets. 

You must complete your KYC to deposit, trade, or withdraw funds from the wallet, and it is compatible with iOS and Android devices. No fees apply for deposits or withdrawals (excluding gas fees).

It uses multi-party computation (MPC) technology for security. The MPC technology creates three separate ‘key shares’ and stores them in different locations. These shares work jointly to approve a transaction, but no entity has access to all of them.

On top of that, all transactions and data (platform and wallet) are encrypted to ensure protection against hacking attempts. 

The Binance wallet utilizes 2FA and grants you full control over your private keys – thereby minimizing the possibility of losing your funds. 

One standout feature of the Binance wallet is the Alpha tab, which provides exposure to early-stage Web3 assets before they go mainstream. Also, you don’t need any dApps to purchase or swap these assets, as the Binance Wallet has an integrated cross-chain swap system.

The wallet also enables seamless movement between traditional crypto trading and on-chain Web3 opportunities, eliminating the need to juggle multiple apps, set up external wallets, or manually connect to dApps.

TRY BINANCE WEB3 WALLET TODAY

4. MEXC – Custodial Wallet with $100M Guardian Fund and 3B $USDT Risk Reserve 

MEXC is one of the most trusted exchanges in Australia, supporting over 2,700 cryptocurrencies. The platform also supports all major blockchains, including Bitcoin, Ethereum, BNB Chain (BSC), and Polygon, among others, and lists new cryptocurrencies, making it an excellent choice for traders seeking low-cap tokens. 

MEXC Wallet also ensures top-tier security with a $100M Guardian Fund and a 3B $USDT Risk Reserve, offering 100% coverage for platform and market risks. Additionally, its 1:1 proof of reserves, verified in real time, guarantees complete asset transparency. 

While these are security measures that apply to the platform, they also solidify the overall trustworthiness of the exchange and its wallet among traders. The wallet also implements standard security measures such as 2FA, cold storage of user funds, and encrypted private keys.

You can start trading right away, as the wallet does not require KYC. However, you’ll need to complete KYC to withdraw over 1K $USDT or unlock advanced features. 

Besides, funding your MEXC wallet is quite simple as it accepts payment through Google Pay, Apple Pay, credit cards, debit cards, and bank transfers. 

Of course, the wallet gives you seamless access to MEXC’s features, such as copy trading to replicate successful traders’ strategies or bots for automation.

The MEXC wallet app is available for both iOS and Android users, allowing you to trade on the go. 

TRY MEXC TODAY

5. Kraken – Non-Custodial Web3 Wallet with FIDO2 2FA and No KYC

Kraken is a non-custodial wallet, meaning you control your private keys and your funds at all times. This also means there’s no mandatory KYC, as the wallet is a separate app from the Kraken trading platform (though it simplifies compatibility). 

You can fund your account with a debit or credit card, Apple Pay, or Google Pay. Kraken charges no fee for deposits or withdrawals. 

As one of the most trusted wallets, Kraken Wallet prioritizes security. Some of the key security features of the Kraken Wallet include:

• Cold storage – The Kraken wallet stores your funds in air-gapped cold storage, physically secured with armed guards, alarms, biometric access, and 24/7 surveillance, ensuring the strongest protection for your wallet balance.
• FIDO2-Compliant 2FA – While the usual 2FA uses SMS/email codes, FIDO2-Compliant 2FA uses hardware keys like YubiKey/passkeys instead of codes. Unlike 2FA, this security technology is more resistant to SIM swaps, phishing, and malware, as the cryptographic authentication happens directly between your device and the website. 

Additionally, any new withdrawal address must be confirmed via email by you. You can whitelist your withdrawal addresses in the wallet’s settings.

Aside from buying and selling crypto, you can use the wallet to explore newly listed tokens and monitor their market performance from a single interface. 

There is also a dedicated ‘Activity’ tab in the wallet that allows you to set recurring buys for any asset or set buy and sell orders at a target price, thereby managing your risk.

The Kraken wallet is available on desktop and mobile devices (iOS and Android), making it easy to trade crypto from anywhere in the world. 

TRY KRAKEN TODAY

6. Weex  – No-KYC Custodial Wallet with 1,700+ Cryptos and a Chance to Win 30K $USDT Welcome Bonus

Weex is a custodial wallet that supports over 1,700 cryptos, from major ones like $BTC and $ETH to meme coins and small-cap altcoins. 

One standout feature of Weex is its relaxed KYC policy. You can sign up with your email, and that’s all it takes to send, receive, and manage your crypto. However, you must complete KYC verification to withdraw over 10K $USDT.

You can fund your account using a bank card, Apple Pay, or Google Pay using the ‘Quick buy’ feature in the wallet. Besides, Weex does not charge any platform fees for deposits or withdrawals, yet you might have to pay third-party processor fees. 

In addition to 2FA for signing in to the wallet, Weex does not offer any advanced security features for individual user accounts.

However, the wallet offers seamless access to the Weex exchange, allowing you to explore the platform’s features like copy trading and demo trading, and receive regular crypto news updates. 

Weex is a global crypto exchange but it is not currently regulated by the Australian Securities and Investments Commission (ASIC), which means it lacks top-tier oversight in the region. This is also one of the reasons the exchange can offer services to users without KYC. 

However, the exchange continues to bolster its trustworthiness among traders through regular audits and a commitment to full transparency.

TRY WEEX TODAY

7. Margex – Custodial Wallet With Optional KYC and Built-In Staking (Up to 7% APY) 

Margex is one of the top-rated centralized exchanges in Australia, offering its proprietary custodial wallet. It has optional KYC, so you can invest without disclosing personal information. However, you will need KYC for withdrawing large amounts. 

Security-wise, Margex uses the following measures to protect your crypto:

• 2FA (Google Authenticator) – Even if someone steals your account credentials, they cannot access your account without the time-based code generated by the Google Authenticator app. 
• Email Notifications and Alerts – You receive instant notifications for all account activities, including logins, trades, and withdrawals.
• Custodian Security Layer (Cold Storage) – Margex stores 100% of your funds in multisignature offline ‘cold’ wallets, disconnected from the internet. That means even if the Margex trading platform gets hacked, your crypto will remain safe.

You can fund your Margex wallet using a bank card via Changelly and ChangeNOW widgets, or via bank transfers, Revolut Pay, Apple Pay, Google Pay, and AstroPay, among other options. 

One standout feature of the Margex wallet is the staking tab, which displays details of staked assets and APY rates, along with quick access to staking guides and calculator. You can earn up to 7% annual percentage yield (APY) from staking your crypto in the wallet.  

As Margex supports both spot and perpetual futures trading, the wallet serves as a secure and convenient option for traders looking to access both these markets without needing to switch between multiple platforms. 

TRY MARGEX TODAY

How We Picked the Best Crypto Wallets in Australia 

With a wide range of crypto wallets available in the Australian market, our team evaluated each option’s strengths and weaknesses from the user’s perspective. Here is a list of criteria we used to curate this list of the best crypto wallets in Australia:

• Custodial or not – A custodial wallet stores your private keys, while a non-custodial wallet puts you in charge. Typically, beginners prefer custodial wallets for convenience, while experienced investors opt for non-custodial wallets for maximum security and independence. 
• Hot or cold – While hot wallets allow you to trade on the go, cold wallets, such as Ledger, offer maximum security and are ideal for long-term holders. However, this article focuses solely on hot wallets – offering you options that provide instant access to your assets wherever you are. 
• Regulatory compliance – The Australian Government requires crypto exchanges and wallet providers to comply with the Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulations and hold an Australian Financial Services Licence (AFSL). That said, some users prefer wallets that don’t require KYC. Hence, our list includes both AUSTRAC-certified and uncertified wallets.
• Exchange integration – Most of the wallets reviewed in this article are exchange-based. Our decision to prioritize exchange-based wallets stems from the accessibility and user-friendly experience they offer. 
• Security – This has been one of the top filters we used to identify wallets worth reviewing. We immediately weeded out those with poor security, bringing you only the wallets with best-in-class features such as 2FA, cold storage, multi-signature authorization, among others.
• Features – We evaluated each wallet based on its standout features and how they benefit different users (beginners/experienced). 

Additionally, we considered user friendliness, fees, iOS/Android compatibility, and user reviews for each wallet before making our final selections.

The Best Crypto Wallets in Australia Compared 

Now, let’s compare your options to help you find the best crypto wallet for your needs. 

Platform	No. Supported Crypto	KYC	Best For
Bitcoin.com.au	38	Yes	Beginners
Independent Reserve	38	Yes	Multi-user access
Binance Web3 Wallet	350+	Yes	Access to the broader Binance CeFi/DeFi ecosystem
MEXC	2,700+	No KYC required for basic functionality and withdrawals under 1K $USDT	Wide crypto selection
Kraken	560	No	Top-tier security
Weex	1,700+	No KYC required for basic functionality and withdrawals up to 10K $USDT	No-KYC portfolio management
Margex	55+	No KYC required for account setup and basic functionality	Earning rewards through staking

We found Bitcoin.com.au the best option for beginners due to its clean interface and focus on essential features. However, for an AUSTRAC-compliant wallet with more advanced functionality, we recommend Independent Reserve.

How to Set Up a Crypto Wallet – Step-by-Step Guide

We have illustrated the wallet creation process here using Bitcoin.com.au as an example. Here’s a step-by-step guide to help you get started.

Step 1 – Visit the Bitcoin.com.au Website

Visit the Bitcoin.com.au site and scroll down until you find the ‘Create your free wallet’ button, then click on it.

Step 2 – Sign Up

Enter your username, email address, and password. Check the terms and conditions box, then click on ‘Create your account securely’ to proceed to the next step.

Step 3 – Select Account Type

Go to your inbox and open the email from Bitcoin.com.au. Click on the ‘Activate my account’ button, which will redirect you to a page asking what type of account you wish to create.

Select Personal if you are a retail investor and Company if you are an institutional investor. Alternatively, you may select an SMSF (retirement savings fund) or a Trust.

Step 4 – Verify Your Identity

Enter your legal name and date of birth, then click Next. On the following page, add your home address and mobile number.

Next, confirm your identity by uploading a government-issued ID and a selfie, as required by Australian law.

Finally, you will receive a code via text message – enter it on the page to verify your mobile number.

Step 5 – Secure Your Account

Set up 2FA using Google Authenticator for an extra layer of security. Bitcoin.com.au also offers SMS backup as a secondary method in case your primary authentication method (Google Authenticator) fails. Follow the on-screen instructions to enable this feature.

Final Verdict: The Best Crypto Wallets in Australia for 2025

After a thorough analysis of the top wallets in Australia, we believe each wallet reviewed in this article stands out as a reliable choice for certain user types. Bitcoin.com.au may be the best pick for beginners because of its simple interface, 24/7 support, and top-tier security features.

For advanced traders, we found Independent Reserve, MEXC, Kraken, and Binance Web3 Wallet more suitable as these wallets integrate with platforms packed with advanced tools like analytics, cross-chain swaps, and dApp access.

While we have gone to great lengths to provide you with the most accurate information, custodial crypto wallets are prone to hacks, phishing scams, and exit scams.

Ensure to do your own research before choosing a wallet and investing in cryptocurrencies. 

FAQs

1. Which crypto wallet is best for Australia?

There is no right answer to this question. Each trader’s needs are different, and the right wallet for you will depend on your trading goals, security priorities, custodial or non-custodial preference, and desired features.

That said, we believe wallets like Bitcoin.com.au, Binance’s Web3 wallet, MEXC, and Kraken stand out for their security, user-friendly interface, regulatory compliance, and wide asset support.

2. What is the most used crypto wallet in Australia?

Bitcoin.com.au is an Australian-based exchange that offers a wallet app with top-tier security features, compatible with both iOS and Android devices.

Bitcoin.com.au has been the trusted choice of over 500K Australians for more than a decade, making it one of the most used crypto wallets in the country.

3. What is the most trusted crypto wallet?

The most trusted crypto wallet is one that ensures strong protection against unauthorized access, using 2FA, Bot-shield/brute-force protection, Email/SMS login alerts, among others.

The wallet should also ensure the safe storage of your private keys and funds using cold storage, MPC technology, and multisignature approvals.

That said, Bitcoin.com.au is an AUSTRAC-approved platform that checks most of these boxes, making it one of the most trusted wallets in Australia.