Do you want to secure your digital assets? Here are Australia’s most popular crypto wallets

If you want to make a fortune in the risky crypto sector, you must take all necessary precautions to ensure the safety and security of your investment. This is where crypto wallets come in to ensure that your hard-earned money is not stolen by cybercriminals.

Australia is one of those countries that has not given cryptos red eyes. In 2021, according to a YouGov study commissioned by crypto exchange Swyftx, more than a third of all Australians under the age of 50 owned or had owned crypto.

So, with the growing popularity of crypto investments, Australians need to choose crypto wallets carefully to ensure a secure investment.

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In this article, we will talk about crypto wallets and the distinctive features of some of them.

What is a crypto wallet?

A crypto wallet allows users to securely receive and send cryptocurrencies. It also protects private keys and passwords used to access digital currency.

Crypto wallets, unlike normal wallets, do not store any cryptos. In addition, private keys provide access to your holdings on the blockchain. Your private key is vital to the ownership of digital currency, and if you lose your private keys, you will lose access to your money.

Moreover, crypto wallets also allow you to send and receive cryptocurrency with a click.

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Here are some of the top crypto wallets in Australia.

Trezor Model T

The Trezor Model T is a cutting-edge cryptocurrency hardware wallet designed with digital independence in mind. A hardware wallet is nothing but a crypto wallet in which the user’s private keys are stored.

Moreover, it attempts to facilitate the safeguarding of digital assets. It prevents the theft and hacking of digital keys, passwords and cryptocurrencies.

The Trezor Model T offers a simple backup mechanism and is the world’s first hardware wallet to use Shamir Backup (SLIP39) for enhanced security. In August 2019, Trezor launched Shamir Backup, a private key security solution. It uses the Shamir Secret Sharing cryptographic algorithm, which was developed for Bitcoin in SLIP 39. And, the Trezor Model T is the first hardware wallet to implement this standard in the world. Shamir Backup protects a user’s recovery seed from the two most serious threats, theft and destruction. A cryptocurrency recovery seed is a set of words in a certain order that stores all the information needed to recover a wallet.

Additionally, the Trezor team has helped develop industry standards for recovery seeds (SLIP39, BIP44, BIP32, BIP39), which means that if a device is lost, anyone can recover his entire wallet using a 12-word recovery seed.

Additionally, Trezor fortifies user accounts with U2F (Universal 2nd-Factor). This means that before authorizing the service you are connecting to, it always uses its trusted display to provide you with information about the authentication request.

Take a look at how strong Shamir Backup is compared to a single backup.

Source credit: Trezor

Nano X Register

Ledger’s crypto wallet is considered one of the best in terms of security.

The Ledger Nano X is a hardware wallet that protects and keeps NFTs and digital coins offline. It also incorporates a certified secure chip. The wallet is mobile-friendly and connects to the user’s phone via Bluetooth. It also includes a large screen for easy operation.

The wallet is equipped with Bluetooth Low Energy (a wireless private networking technique) and can be used with iOS or Android devices without cables. The Ledger Nano X also uses a high security operating system, BOLO.

However, while holding crypto, your private key is your most valuable asset. Your hard-earned money is at risk if you lose your private key. To keep this key safe, Ledger Nano X offers the strictest security.

Additionally, the most notable capability of the Ledger Nano X is to install up to 100 applications at once: including XRP, Ethereum, Bitcoin, and over 5,500 other tokens.

Trust Wallet

Another useful crypto wallet is Trust Wallet, which lets you collect, buy, and store NFTs while making crypto trading safe and secure. The wallet supports over 1 million assets and 53 blockchains.

For both beginners and seasoned crypto users, Trust Wallet has become one of the best NFT wallets. The user-friendly and fun design of Trust Wallet makes it easy for even the most novice crypto beginners to start trading crypto and exploring the NFT world. NFTs are supported by Trust Wallet on Binance and Ethereum smart chains.

Additionally, NFT developers could mint their collections on blockchains with lower transaction costs than Ethereum, thanks to the wallet’s multi-chain technology.

Moreover, the wallet does not save any personal information and protects crypto investments from scammers and hackers. You will be able to use decentralized apps without ever having to leave your wallet.

eToro

Another user-friendly crypto wallet is the eToro wallet. It offers investors a complete crypto trading platform that is both solid and easy to use. You can effortlessly transfer the crypto you invest in on the eToro trading platform to your eToro wallet at any time.

The wallet allows users to access the crypto space with the same login credentials they use for their trading account.

Additionally, using the convert feature, you can convert supported coins to other cryptos in the wallet.

Final Thoughts

In Australia, cryptocurrency is currently more common than it has ever been. With so much money at stake in the crypto industry, Australians need to protect their funds by choosing the right crypto wallet. Any crypto investor, no matter how much crypto they hold, should use a crypto wallet.

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