Best Bitcoin Wallets in South Africa

The types of wallets used for Bitcoin storage in South Africa include:

  • Hardware wallets

These are physical devices easily portable and store the wallets’ private keys. They facilitate transactions for Bitcoins and other cryptocurrencies. They are also known as Cold Wallets. They are regarded as the safest and most private because they are disconnected from the internet. They are expensive and complicated to use.

  • Software wallets

Most Bitcoin wallets used in South Africa are mobile or software wallets. Essentially installed as mobile or desktop applications. They are more intuitive, cheaper, and available to everyone. They are also referred to as Hot Wallets.

Top Bitcoin wallets used in South Africa

Most South African Bitcoin holders prefer to store their coins in the exchanges they purchase from. This is referred to as a custodial wallet. A non-custodial wallet is one in which only you have control of your wallet and balances. Here’s a list of the best wallets to store your Bitcoin in South Africa.

1. Exodus: Cross-Platform Bitcoin wallet

Exodus is a software wallet available for free via mobile app stores and desktop platforms. It stands out as very intuitive as well as easy to use. Exodus supports over 100 cryptocurrencies and tokens. It therefore best suits beginners in the crypto world.

Being a pure software wallet, Exodus source code is private and not available to be verified by community members. This poses uncertainties on the wallet security and quality since it is not verifiable.

2. Ledger Nano X: A hardware wallet

Released by Ledger Company, Nano X is a hardware wallet that seeks to set new standards for crypto storage. The new upgrade supports over 1100 crypto assets and an added Bluetooth connection feature.

While Nano X provides the best storage for your Bitcoin, it has some shortfalls. A relatively high price is the first hurdle. The source code of Nano X is not fully available to the community to verify and accredit. This creates uncertainties in the future for breaches and customer information.

3. Trezor One: Bitcoin Hardware wallet

Trezor One is an excellent candidate for your hardware wallet Bitcoin storage. With compatibility with many other cryptocurrencies in the market, it ensures you don’t miss out. The newer Model T upgrade ensures that security patches are fixed and better features added.

Trezor has a unique way of publishing and knows security flaws in their website. It details fixes followed by the subsequent upgrade. This makes it a security-conscious wallet recommendable for safe Bitcoin storage. Trezor One makes a good option than Nano X in terms of price and usability.

4. Luno Wallet: Trade BTC with ZAR

Luno wallet is the best choice for South Africans looking to trade directly the local currency $ZAR, for Bitcoin. It stores user funds in cold and hot wallets only for regular trading. It is a software wallet available for free on all Android, IOS, and desktop platforms.

Using Luno is simple and requires standard KYC verification. Once completed, you can send or receive Bitcoin through a phone number, email address, or QR code. Fees are charged depending on the amount of network traffic at the time of the transaction. The software for the wallet is not available publicly for verification.

5. Coldcard: Bitcoin-only wallet

Coldcard is a hardware wallet similar to Trezor marketed as an open-source project full of extra security features. The Coldcard wallet uses an SD Card that broadcasts Bitcoin transactions even while offline, known as the Air Gap operation. The latest Cold card, the MK3, costs $120 and can be paid in Bitcoin.

6. Blue Wallet: Lightning Support

The Blue Wallet is an excellent choice for South Africans who want to appreciate the Bitcoin Lightning Network. The Lightning-enabled wallet allows sending and receiving Bitcoin to be fast and cheap. QR codes can also be used to achieve the same.

The Blue Wallet supports multiple wallets in the same application. They include hierarchical deterministic wallets, lightning wallets, and watch-only wallets. Fees in the Blue wallet start from the smallest Bitcoin unit, the Satoshi. The higher the amount, the faster the speed of the transaction. It is available on all platforms, mobile and desktop.

The security is decent since Blue Wallet does not ask for personal details from its users. This limits the severity in case of an information breach.

7. GreenAddress: Web-based

GreenAddress is a web-based software wallet that allows users to send, receive and store Bitcoin online. The wallet is freely available on all platforms, mobile and desktop.

Fees are not charged in addition to the existing miner’s fees as it advocates for the green environment. This makes it an attractive choice to handle your Bitcoin. Its source code is open-source, making it verifiable by the community. GreenAddress creates a new address after every transaction and does not store user keys.

8. Wasabi wallet: Bitcoin Privacy

Wasabi is a desktop-based software wallet with no availability for mobile apps. Available for Mac, Windows, and Linux only. It offers the utmost privacy for your Bitcoin. Users can store, send and receive Bitcoin anonymously. Wasabi also encrypts and backs up user data for security purposes. Fees in the Wasabi wallet are at 0.003 percent of the current anonymity set.

Security remains the main focus of Wasabi. The wallet seems more complicated for crypto beginners. It is better suited for veterans, large Bitcoin HODLers, and users who value their internet freedom.