What Is Crypto Wallet?
A Cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction (see “bitcoin transaction” image), identification or legally signing a ‘document’ (see “application form” image).
What Does A Crypto Wallet Do?
A crypto wallet enables users to send and receive cryptocurrency transactions an approach that’s similar in concept to how a traditional bank account enables users to conduct transactions. For many users, a crypto wallet is a primary mechanism for managing cryptocurrency balances.
When Should A Crypto Wallet Be Used?
While you could keep your assets in an online brokerage like Coinbase, a crypto wallet is the safest way to store your digital assets. It can only be accessed by a unique key that can’t be replicated once it’s generated.
What Is The Best Crypto Wallet In South Africa?
eToro – Across all important metrics, we found that eToro is the best crypto wallet for South African traders. The wallet is backed by a regulated brokerage that supports over 90 crypto assets. South African traders can buy their chosen crypto from just $10, and the tokens will be transferred to the eToro web wallet. This user-friendly wallet is also available as a mobile app for iOS and Android.
Binance – This is one of the best crypto wallets for South African traders. Binance, the largest exchange globally, supports hundreds of cryptos. Its web and mobile wallets double up as a trading platform, which will appeal to active investors. Not only is wallet storage free but trading commissions amount to just 0.1% slide.
Coinbase – Similar to Binance, Coinbase offers a web and mobile wallet that extends as a crypto exchange. Coinbase supports over 100 cryptos across multiple blockchain networks. While the Coinbase wallet has some of the best security controls in the market, trading fees amount to 1.49% per slide.
MetaMask – This wallet provider offers non-custodial storage, meaning users retain full control over their private keys. MetaMask is suitable for multiple device types, including web browsers and iOS/Android smartphones. MetaMask is free to use, so investors only need to cover GAS fees when making transfers.
Trust Wallet – This is another non-custodial wallet that comes as a Chrome browser extension and an app for iOS and Android. Trust Wallet supports millions of cryptocurrencies and NFTs across 70+ networks. This also makes it seamless to access Web 3.0 coins on decentralized exchanges.
Trezor – If security is the primary concern, South African investors might consider Trezor. This is a hardware wallet that offers institutional-grade security. But do note that Trezor charges over $200 for its most advanced model.
OKX – This wallet provider and exchange offers the perfect balance between convenience and security. Supported by web browsers and iOS/Android smartphones, the OKX wallet supports thousands of cryptos across 11 blockchains. What’s more, OKX provides access to DeFi tools, including savings accounts and liquidity farming.
Electrum – One of the original South Africa Bitcoin wallets, Electrum offers secure storage on desktop devices and Android smartphones. This is a non-custodial wallet that ensures users control their cryptos and private keys. The main drawback with Electrum is that it only supports Bitcoin.
Exodus – This popular wallet is available on multiple device types, including desktops, mobiles, and web browsers. More than 260 cryptos are supported, alongside NFTs. In particular, we like Exodus for its user-friendly dashboard and real-time portfolio data.
Atomic Wallet – This wallet offers non-custodial storage across 1,000+ cryptos, including Bitcoin, Ethereum, and XRP. Atomic Wallet enables users to earn interest on their idle cryptos without leaving the wallet interface. Supported device types include an iOS/Android app and desktop software for Windows and Mac.