If you’re based in South Africa and you’re serious about cryptocurrencies, you need to think about storage.

Using a trusted cryptocurrency wallet is one of the most important aspects of holding digital assets. However, with so many options available, finding the best crypto wallet in South Africa can be a bit of a hassle. You need a crypto wallet option that guarantees the security of your funds.

This guide explores some of the best crypto wallets in South Africa, what sets them apart and how to set up a Bitcoin wallet.

The Best Crypto Wallets South Africa Ranked

Before we go into an in-depth review of the best crypto wallet in South Africa, here’s a quick rundown of our top options:

  • Crypto.com DeFi Wallet: Overall Best Crypto Wallet in South Africa
  • Capital.com: The Best Wallet for Storing CFDs
  • Binance Wallet: Best Crypto Exchange Wallet
  • Coinbase Wallet: Easy-To-Use Self-Custodial Wallet
  • Trust Wallet: Best Web3 Wallet
  • Exodus Wallet: Best Wallet For Low Fees
  • Trezor: Best Hardware Wallet in the Market

The Best Bitcoin Wallets South Africa Reviewed

Now, let’s dive deeper into each of the best crypto wallets in South Africa:

1. Crypto.com: Overall Best Crypto Wallet in South Africa crypto.com logo

Our top pick for the best crypto wallet in South Africa is the Crypto.com DeFi Wallet. The wallet is owned and operated by Crypto.com – Singapore-based cryptocurrency exchange and broker licensed by the Malta Financial Services Authority (MFSA).

Crypto.com’s DeFi Wallet is a completely self-custodial wallet that offers easy access to your coins and private keys. The wallet supports over 100 regular cryptocurrencies and stablecoins, allowing you to send, receive, and store them via its interface.

The crypto wallet easily integrates easily with the Crypto.com exchange. This means you can buy Bitcoin on the exchange and then send them to the crypto wallet for safekeeping.

From a beginner’s perspective, the Crypto.com DeFi Wallet is extremely easy to use. The wallet follows adheres to the Crypto.com Exchange philosophy of “less is more”. Once you set up the crypto wallet, you can easily connect it to your main Crypto.com account. This saves you the hassle of pasting wallet addresses when you need to move funds into the self-custodial wallet.

It’s totally free to transfer funds within the Crypto.com ecosystem, but this won’t exclude you from on-chain transaction/network fees paid to the blockchain.

Besides storage and earning capabilities, the Crypto.com wallet offers crypto staking, farming and swapping features. The wallet offers staking for over 35+ tokens including Compound and Have with no lock-up term.

With the Crypto.com DeFi Wallet – investors are always in control of their private keys. The customer’s private keys are encrypted on their mobile device using biometric and two-factor authentication (2FA).

The Crypto.com exchange itself is a versatile trading platform with both spot trading and perpetual futures pairs to margin trade with leverage.

Pros

  • Supports over 100 coins
  • Non-custodial wallet
  • Impressive security features
  • Seamless wallet recovery

Cons

  • Lengthy recovery process
Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
100 None None Yes (Android, iOS)

Cryptoassets are a highly volatile unregulated investment product.

2. Capital.com: The Best Wallet For Storing CFDs capital.com logo

Next on our list of the best Bitcoin wallets in South Africa is Capital.com. The multi-asset broker is regulated by the Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC). The wallet is popular for its secure storage platform, giving our overall best Bitcoin wallet in South Africa a run for its title.

Capital.com’s wallet allows you to store only cryptocurrency contracts for difference (CFDs). CFDs are derivatives that give you the right to buy or sell an asset at a given price and time in the future. When you trade crypto on Capital.com, you’re actually trading CFDs – not the coins.

This wallet is known for its ease of use and low fees. Sending and receiving CFDs with this wallet is free.

To ensure security, Capital.com encrypts all forms of data with Transport Layer Security (TLS). The exchange also works with some of Europe’s major banks to store customers’ deposits in segregated accounts different from the company’s funds. The broker also offers a compensation scheme that seeks to protect retail investors in the event of a security breach on the platform.

Pros

  • Investor compensation available on Capital.com
  • Highly regulated broker
  • Suitable for CFD traders
  • Follows the highest security standards

Cons

  • Stores CFDs alone – not actual coins

Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
12 None None Yes (Android, iOS)

Cryptoassets are a highly volatile unregulated investment product.

3. Binance Wallet: Best Crypto Exchange Wallet binance logo

Binance is the world’s largest crypto exchange. It is licensed in most of its operating countries, and it has an operating license from Dubai’s Virtual Asset Regulatory Authority (VARA). Binance is popular for having multiple products in its catalogue, including a crypto wallet.

If you buy cryptocurrency on the Binance website or app, the platform would automatically generate a crypto wallet for you. This wallet is a custodial wallet, which means you won’t control your private keys.

However, the Binance platform has several safeguards put in place to protect investors’ funds. First off, a vast majority of customer funds are placed in safe storage. You also have the option of setting up 2FA and email/SMS authentication before key account features are initiated. However, if you want more control over your private keys, you should consider the Binance Trust Wallet.

Binance wallet NFT

The Binance Trust Wallet allows you to buy, store, swap, stake and collect non-fungible tokens safely and secure. While this app is quite functional, it’s not entirely the best option for beginners. The app is available on both Android and iOS devices and t is fully decentralised — which means the Binance exchange has no access to your funds stored in the wallet.

If you buy crypto on the Binance website or app, the platform would automatically generate a crypto wallet for you. This wallet is a custodial wallet, which means you won’t control your private keys. However, the Binance platform has several safeguards put in place to protect investors’ funds. First off, a vast majority of customer funds are placed in safe storage. You can also set up 2FA and email/SMS authentication before key account features are initiated.

Pros

  • Supports over 600 assets
  • Cold wallet storage ensures optimal funds safety
  • Crypto staking and swapping features

Cons

  • Not suitable for beginners

Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
Over 600 None None None

Cryptoassets are a highly volatile unregulated investment product.

4. Coinbase Wallet: Easy-To-Use Self-Custodial Wallet coinbase logo

Coinbase is another popular crypto-facing exchange. Based in San Francisco, the broker is regulated by the Financial Crimes Enforcement Network (FinCEN) and the Financial Conduct Authority (FCA). The exchange’s wallet service is undoubtedly one of the best Bitcoin wallets in South Africa

The Coinbase Wallet currently supports over 44,000 assets. It’s free to send and receive transactions on the wallet, except for the network fees.

The Coinbase wallet is available to investors via the Coinbase website and as a mobile app on both Android and iOS devices. The mobile app is more suited to those who want the added convenience in addition to the security that comes with the crypto wallet.

Coinbase wallet

The Coinbase wallet incorporates several impressive security features – including 2FA, confirmation requests, and the ability to add multiple signatories to transactions. All in all, the Coinbase Wallet is definitely one of the best Bitcoin wallets in South Africa.

Pros

  • Very easy to use
  • Available on desktop and mobile app
  • Comes with a dApp browser
  • Extensive customer support

Cons

  • Weak customer support

Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
over 44,000 None None Yes (Android, iOS)

Cryptoassets are a highly volatile unregulated investment product.

5. Trust Wallet: Best Web3 Wallet trust wallet

Trust Wallet is among the most popular native crypto wallet apps. The wallet’s track record exhibits why it is among the best cryptocurrency wallets in the world.

This Wallet supports over 160 assets. It is also completely free to use, with transactions only carrying negligible gas fees. You even receive a built-in Web3 browser that allows you to buy cryptocurrencies through decentralised exchanges like PancakeSwap.

trust wallet

As for security, Trust Wallet uses PIN and biometric security for its applications, and it conducts security audits via Stateful – a leading software security company. Also, Trust Wallet doesn’t store your private keys on its servers.

Pros

  • Completely free to use
  • Doesn’t store private keys at all
  • Comes with a built-in Web3 browser

Cons

  • Comparatively less security measures

Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
Over 160 None None Yes (Android, iOS)

6. Exodus Wallet: Best Wallet For Low Fees exodus

Another great option for anyone looking for the best Bitcoin wallet in South Africa is Exodus Wallet. This wallet service offers a great entry point into the market for beginners.

Exodus Wallet offers a simple user interface that allows beginners to easily get started with it. There are over 120 coins supported on the wallet, so you don’t have to worry about asset compatibility.

The wallet is also entirely free to use – save for the negligible network fees. And, with integration with the ShapeShift exchange, Exodus allows you to trade your coins safely and securely.

exodus wallet

Exodus has impressive security features,which include regular backups and data encryption. The platform also doesn’t collect any of your information and doesn’t store keys on its servers.

Pros

  • Doesn’t store information
  • Integrated with ShapeShift exchange
  • Great for beginners

Cons

  • No crypto-to-fiat transactions

Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
Over 120 None None Yes (Android, iOS)

7. Trezor: Best Hardware Wallet In The Market trezor

Rounding up our list of the best crypto wallets in South Africa is Trezor – a hardware wallet that is famous for its focus on security. This wallet’s reputation in the industry is solid.

Trezor hardware wallet can be connected to mobile phones or computers, and it allows for easy spending through a secure connection. Trezor is one of the best cryptocurrency wallets in South Africa due to its security.

Unlike other software wallets on crypto exchanges that reviewed in this guide, the Trezor wallet stores private keys on the physical device. The wallet is built to isolate funds from both physical and virtual intrusions. Since the wallet is not permanently hooked on the internet, it’s almost impossible for an attacker to gain access to the user’s funds.

trrezor

Trezor incorporates features like Authentication Lock, which prevents anyone from operating it without a PIN. Ultrasonic welding protects the wallet’s outer shell, and the Bootloader helps to verify your device’s hardware build.

The Trezor wallet supports over 1000+ cryptocurrencies and you can connect your wallet to other wallets and exchanges, including Electrum and MetaMask.

Pros

  • Supports over 1,800 coins
  • High level of security
  • Open-source architecture

Cons

  • Slow transactions

Supported Coins Fee Structure Bitcoin Sending Fee Mobile App?
Over 120 None None Yes (Android, iOS)

The Top South Africa Crypto Wallets Compared

Below is a table that shows how the best crypto wallets in South Africa compare to each other:

Wallet Supported Coins Fee Structure  Bitcoin Sending Fee Mobile App?
Crypto.com DeFi Wallet 100 None None Yes (Android, iOS)
Capital.com 12 None None Yes (Android, iOS)
Binance Wallet Over 500 None None None
Coinbase Wallet Over 44,000 None None Yes (Android, iOS)
Trust Wallet Over 160 None None Yes (Android, iOS)
Exodus Wallet Over 120 None None Yes (Android, iOS)
Trezor Over 1,800 None None None

What is a Crypto Wallet?

A cryptocurrency wallet is a device or an application focused on helping you store and spend your coins.

The best crypto wallet app works like a combination of a traditional wallet and a bank account. It allows you to send and receive coins and also provides a safe and secure way to store these assets. With these services, maintaining your crypto holdings should be a breeze.

Crypto wallets differ from traditional wallets because cryptocurrencies don’t have a physical form. Instead, a crypto wallet stores two things – your private key and public key/address.

Think of the public address as your regular bank account. It is a long alphanumeric combination that you send to someone who wants to transfer coins to you. There’s no need to keep this key a secret – just like bank account numbers, it is impossible for someone to steal your funds from the best crypto wallet app with just your public key.

Here’s an example of a public address of a typical crypto wallet: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN

As you can see, the average public address is much longer and a bit more complex compared to the numbers in your regular bank accounts.

However, the private key is a password that you enter when you want to authenticate transactions leaving your crypto wallet. Think of it as your PIN for a banking app – anyone who has it can log into your account and sign off on transactions. This is why it is important for you to have the best Bitcoin wallet app that offers top-notch security features to protect your money.

Why You Need a Bitcoin Wallet

Before you choose the best Bitcoin wallet app, it is important to understand why you need these crypto software.

The most important rationale why you need a wallet is for storage.

When it comes to storage, you also need to choose between having custody of your private keys or handing that responsibility to someone else. Most people prefer to keep their funds with exchanges, but they might not be so trustworthy.

Cryptocurrency hacks are rampant, with $14 billion stolen from the industry alone in 2021. With a self-custodial wallet, you can maintain control over your private keys, making you directly responsible for the security of your coins.

Types of Crypto Wallets

As you choose the best wallet for cryptocurrency, it is important to also know the different types of wallets available to you. Generally, these are the available options:

Software Wallets

Software wallets are applications that you download on your device to help you store your coins. They’re also known as hot wallets, and most of them tend to be linked to an exchange or an external wallet provider.

A software wallet can be a mobile wallet or a desktop wallet. These are wallet applications that run on mobile phones and desktop computers, respectively. Software wallets are famous for being user-friendly and offering quick transactions. If you’re the type of crypto holder who loves to spend coins, then the best wallet for cryptocurrency for you might just be a software wallet.

However, software wallets also tend to be the most susceptible to attacks. This is why it is important to ensure that your device is malware-free.

Hardware Wallets

Hardware wallets are physical devices where investors can send, receive and store their cryptocurrencies. Otherwise known as cold wallets, these wallets are designed to store your private keys away from the internet. This way, it is nearly impossible for your funds to be stolen. Some of the popular hardware wallet options include the Trezor and the Ledger Nano S wallets.

Trezor Wallet

Several of the best Bitcoin wallets in South Africa are hardware wallets, and they are especially ideal for people with massive amounts of digital assets who value security above anything else.

The downside to hardware wallets is that they can easily be lost. Most times, these wallets come in the form of flash drives. Hardware wallets aren’t also ideal for making on-the-go transactions because of their cold storage systems.

Paper Wallets

Paper wallets make up a small percentage of the top Bitcoin wallets in South Africa. However, this is an intriguing category of crypto wallets to keep in mind.

Paper wallets are pieces of paper with your private keys printed on them. They are printed with your wallet address and a QR code on them, so you can scan the piece of paper if you’d like to send money to the address.

These wallets cannot be hacked or broken into, but you must be cautious not to lose them. They are extremely vulnerable to water or fire damage, and they may not be suitable for holding large amounts of coins due to their proneness to damage.

How to Get a Bitcoin Wallet South Africa

Now that we know how to choose the best wallet for cryptocurrency, let’s examine how to get started with them. The Crypto.com DeFi Wallet is our top choice as the best crypto wallet in South Africa, and here’s how to get started with it:

1. Create an Account

crypto.com wallet

The Crypto.com DeFi Wallet is available to download on the Crypto.com exchange website, which also has a desktop client version.

1. Create A Wallet

When you open the app, click on the “Create a new wallet” button. Tick the terms of services box and create a passcode.

2. Back Up Your Wallet

You will also need to obtain your recovery phrase. This is a very important phrase that allows you to back your wallet up in case you lose it. The wallet will show your recovery phrase one by one – we recommend that you keep it safe and not reveal it to anyone.

Select a wallet name, choose an icon, and click on “Confirm”.

Conclusion

Every investor needs a cryptocurrency wallet for storing their crypto funds. Choosing the best crypto wallet in South Africa is key for any investor who wants to purchase, trade, or store cryptocurrency.

While there are many options available, we recommend the Crypto.com DeFi Wallet as the best wallet for investors in South Africa. The Crypto.com DeFi Wallet comes with impressive versatility, seamlessly blending the worlds of centralized and decentralized finance.

Crypto.com’s wallet is versatile, intuitive and easy to use. The wallet also offers swapping, farming and staking capabilities for investors. And, with support for over 80 assets, the Crypto.com DeFi Wallet ensures that you will have no problem storing your favourite assets.

crypto.com logo

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

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