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16 Best Crypto Wallets in South Africa

Kane Pepi
Last updated: | 39 min read
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
best crypto wallets in south africa

Choosing a suitable crypto wallet is crucial – not only in terms of safety but for sending and receiving tokens. In this guide, we compare the best crypto wallets in South Africa for 2024. Read on to discover the top crypto wallets for security, features, usability, fees, privacy, and much more.

List of the Best Crypto Wallets for South African Investors

Here’s an overview of the best crypto wallets in South Africa:

  1. Best Wallet – Overall best crypto wallet in South African with multi-chain support, staking, and more.
  2. Zengo – Highly secure crypto wallet supporting 120+ cryptocurrencies, NFTs, and dApps.
  3. Exodus – Multi-asset crypto wallet available as a browser extension, mobile app, and desktop software.
  4. Ellipal – Popular air-gapped wallet with a durable, single-piece metal design, supports 10,000+ cryptos.
  5. Ledger – High-security hardware wallets compatible with 5,500+ cryptos.
  6. Binance – Leading crypto exchange with in-built custodial wallet.
  7. OKX – Non-custodial wallet supporting Multi-Party Computation security and 50+ blockchains.
  8. Bybit Wallet – Custodial wallet with cold storage and 2FA, integrates with Bybit exchange.
  9. NGRAVE – Top-notch security with air-gapped technology that supports 4,000+ cryptos.
  10. SecuX – Premium metal wallet with Bluetooth and USB connectivity, supports 1,000+ cryptos
  11. Blockstream Jade – Air gapped and secure cold wallet for Bitcoin and Liquid Network.
  12. YouHodler – Earn up to 15% APY on crypto with Ledger Vault-secured and insured assets.
  13. Trezor – Safest hardware storage wallet for long-term crypto investors.
  14. Trust Wallet – Decentralized self-custody wallet with trading, staking, and support for dApps.
  15. MetaMask – Free mobile and browser wallet with easy-to-use features for beginners.
  16. Coinbase – Custodial wallet service with instant access to crypto trading at Coinbase exchange.

Crypto Wallets Explained

Choosing a suitable crypto wallet is crucial. Investors will need to select a wallet that offers adequate security controls, a user-friendly interface, and convenient accessibility. In addition, investors will need to consider what features they seek from a wallet, such as being able to trade or stake tokens.

Crypto wallets come with many different functions, but they are primarily used to store digital currencies. For example, consider an investor who buys Bitcoin from a crypto exchange in South Africa. Instead of trusting the exchange to keep the tokens safe, many investors will withdraw the funds to a private wallet. In doing so, the investor can retain full control of their cryptocurrencies.

In addition, crypto wallets allow investors to send and receive funds. Transactions are conducted on a wallet-to-wallet basis and do not go through a centralized entity, such as a bank or e-wallet provider. Instead, wallet transactions are private and decentralized.

Bitcoin Icon

When sending funds to another person, the user will need the receiver’s wallet address. No two wallet addresses are the same. After confirming the transaction, it will be executed by the underlying network. The best crypto wallets in South Africa come with additional features, allowing users to fully engage with the blockchain ecosystem.

  • For example, wallet providers like Best Wallet and Binance support trading. This means that users can buy, sell, and trade cryptocurrencies without leaving their wallet.
  • Providers like Trust Wallet and OKX come with staking tools, enabling users to earn passive income on their idle tokens.

As we explain in more detail later, there are many different types of crypto wallets. For instance, non-custodial wallets provide users with their private keys. This means the user has full control of their crypto tokens. Custodial wallets, on the other hand, remove the need to secure private keys. This is because the custodian will keep the crypto tokens safe on behalf of investors. Investors also need to consider their preferred device type, such as a mobile or desktop wallet.

Do You Need a Crypto Wallet? Key Reasons Explained

There are various reasons why a crypto wallet is crucial when investing in digital currencies. This is the case for both short and long-term traders. Discussed below are the key benefits provided by the best crypto wallets in South Africa.

Safely Store Cryptocurrencies

Cryptocurrencies are highly sought after by cybercriminals, due to their anonymous characteristics. Put otherwise, if an investor has their crypto tokens stolen remotely, the likelihood is that the funds will never be recovered. This is why wallets are so important, as they keep cryptocurrencies safe.

The level of security offered by a wallet will vary greatly. For example, ‘cold’ wallets are always offline, so offer the greatest security controls. ‘Hot’ wallets are less secure as they are always connected to live servers. But hot wallets can still be protected by two-factor authentication and other security tools. Nonetheless, crypto wallets allow South Africans to store wealth away from banks and other financial institutions.

Send and Receive Cryptocurrencies

Wallets also allow users to transact, often without a centralized intermediary. Transactions are processed on a wallet-to-wallet basis via public addresses.

  • For example, suppose an investor wants to transfer some Bitcoin tokens to a family member.
  • After providing the receiver’s wallet address, the Bitcoin transaction should be confirmed by the blockchain in about 10 minutes.

If the investor wishes to receive Bitcoin from another person, they would need to provide their unique wallet address.

Additional Features

The best crypto wallets for South African traders come with additional functionality. This removes the need to use third parties when engaging with the blockchain ecosystem.

  • Some wallets allow users to swap tokens instantly. For example, swapping Bitcoin for Dogecoin without needing to use an exchange.
  • Earning passive income is also possible when using a top-rated wallet. The most common methods include staking and yield farming.
  • Many wallets are able to connect to Web3 applications. This includes decentralized exchange and lending platforms, offering a world of possibilities for South African investors.

While security should be the main priority when choosing a wallet, investors should also explore what features are available.

Top Crypto Wallets in South Africa: Full Reviews

There are many metrics that should be considered when choosing the best crypto wallet for South African traders. This includes everything from fees and security to accessibility, user-friendliness, and core features. Below, we rank and review the best crypto wallets in South Africa for 2024.

1. Best Wallet – The Overall Best Crypto Wallet for South African Traders and Investors

Best Wallet is our top pick for the best crypto wallet in South Africa for 2024. This wallet offers multi-chain support, meaning you can hold tokens on the Ethereum, Polygon and BNB blockchains, and you can swap them between chains. The team plans to add Bitcoin blockchain in the future, which will make it the ultimate crypto wallet for storing your coins.

Another useful feature is the Best DEX integration. This is a decentralized exchange that swaps your tokens. In addition, anyone with a crypto wallet can use the Best DEX as you don’t have to sign up. All it takes is to connect your wallet and you’re good to go.

Best Wallet Introduction

Best Wallet and Best DEX users are eligible for the $BEST token drop, which is planned for Phase 6 of the wallet’s development. The $BEST token will be the ecosystem’s utility and governance token. You can stake it to get benefits like feeless swaps.

In the future, the wallet will integrate market analysis, which comes with advanced price charts for the tokens you wish to trade. There will also be token analysis, where you can find trending tokens to buy or track investor sentiment for select tokens.

Overall, this is more than just a crypto wallet. It’s designed to be the ultimate Web3 hub where you can swap coins between chains, trade NFTs and monitor the crypto market all within a single mobile app. Stay up-to-date with new information on the Best Wallet Telegram channel and follow Best Wallet on X to get insights on feature releases and $BEST token airdrops.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Mobile app Non-custodial Supported tokens on various networks, including Ethereum, Polygon and BNB Smart Chain Depends on third-party service providers when you buy with a card Yes Staking is a planned feature To be announced

Pros

    • Overall best crypto wallet for South African investors
    • Supports multiple blockchains
    • Employs 2FA and biometrics
    • Easily buy and sell cryptocurrencies without leaving the wallet
    • NFT gallery and marketplace
  • Using the app makes you eligible for $BEST token airdrops

Cons

  • No crypto wallet browser extension available at the moment
  • Third-party fees for buying crypto with a credit card

2. Zengo – Best Crypto Wallet for Security Conscious South Africans

Zengo is a highly-rated, mobile crypto wallet that has excellent customer reviews, and a rating of 4.2 stars on Trustpilot and 4.78/5 on the Apple App Store and Google Play Store. The wallet has been active since 2018, and they have since served over 1 million customers, and not received reports of a single hack.

Features in the Zengo wallet include support for 120+ cryptocurrencies including major blockchains and ERC20 tokens and multi-chain NFT support. It also has a dApp marketplace, an NFT gallery, and 24/7 customer support.

Zengo Wallet Homepage

The Zengo mobile wallet is protected by multi-party computation (MPC) cryptography, for which Zengo maintains the largest open source library. This wallet has also done away with the antiquated seed phrase, replacing it with a novel three factor authentication—which uses a 3D face scan, email address, and recovery file—that is used to recreate the user’s wallet on a new device.

For the security conscious there is also a Pro version for $69.99 per year, which gives users multiple high-quality security features including a Web3 firewall and theft protection.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Mobile app Self-Custody (non-custodial) 120+ cryptocurrencies including Bitcoin, Ethereum, Chainlink, and many of the most popular ERC20 tokens 0–4.5% Varying by which third-party service providers Yes Not yet available N/A

Pros

  • Support for over 120 cryptocurrencies
  • Support for NFTs from multiple blockchains
  • Buy, sell, and trade cryptocurrencies and NFT
  • Highly rated by customers
  • Connect to dApps through WalletConnect
  • 24/7 customer support

Cons

  • Does not support most Ethereum Layer 2s
  • Crypto prices are marked up compared to market prices

3. Exodus – Free Crypto Wallet Supporting 50+ Networks and Multiple Device Types

Exodus is an established crypto wallet that supports over 50 blockchain networks. This includes everything from Bitcoin and Binance Smart Chain to Ethereum, Cardano, and Litecoin. Exodus is also a multi-device wallet, compatible with desktops, mobiles, and web browsers. This includes software for Windows, Mac, Android, iOS, Chrome, and Brave. Exodus offers non-custodial storage, so does not have access to the user’s private keys or password.

There is no requirement to provide any personal information when downloading Exodus, allowing South African investors to remain anonymous. We also like that Exodus is free to use, and no markups are charged when sending cryptocurrencies to another wallet.

Exodus Wallet Download Page

Exodus also connects to Web3 applications and comes with an in-built staking tool. The latter supports multiple staking coins, including VeChain, Tezos, Cardano, and Cosmos. Currently, APYs of up to 18.9% are available. We also like that Exodus comes with portfolio management tools. This includes a full breakdown of key investment statistics, such as real-time values.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Mobile, desktop, and browser-based wallet Non-custodial Thousands of cryptocurrencies across 50+ networks ZAR payments go through third parties and can cost up to 5.45%, depending on the payment type. Yes Yes, in-built staking tool Up to 18.9%

Pros

  • Online Bitcoin wallet supporting 50+ other blockchain networks
  • Available as desktop software, a mobile app, and a browser extension
  • No fees to store or receive cryptocurrencies
  • Comes with an in-built staking tool with APYs of up to 18.9%

Cons

  • High fees to buy crypto with ZAR – up to 5.45%
  • Limited security tools

4. Ellipal – Popular Air-gapped Wallet with a Durable, Single-piece Metal Design, Supports 10,000+ Cryptos

Ellipal is another promising crypto wallet that’s available in South Africa. It’s highly secure because its air-gapped mechanism prevents the wallet from accessing the internet.

The wallet has anti-tamper protection and supports a massive range of cryptos. Ellipal offers two flag-ship wallets: the Titan 2.0 and the Titan Mini. They’re made from a single piece of metal with a sealed touchscreen, so they’re really strong and secure.

These wallets don’t use any wires or wireless connections. Instead, they scan a QR code for transactions and a MicroSD card for updates.

Ellipal wallet

Both of the wallets support over 10,000 coins and tokens across more than 40 blockchains. They also work with NFTs on Ethereum and Polygon. You can also connect to over 50 NFT marketplaces, which makes trading NFTs easy.

The Titan 2.0 has a big 4-inch HD touchscreen that’s clear and easy to use. On the other hand, the Titan Mini is smaller and more portable. Both have a special CC EAL 5+ Secure Element chip that keeps your private keys safe.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hardware wallet Non-custodial 250+ Depends on the third-party providers. Yes Yes Varies

Pros

  • Strong build quality with anti-disassembly and anti-tampering features
  • Fully air-gapped operations for transaction signing and software updates

Cons

  • QR code scanning process may feel tedious for daily users
    Not all coins can be staked within the Ellipal App

Visit Ellipal

5. Ledger – Hardware Wallet for High Security and Flexibility Supporting 5500+ Cryptos

Ledger stands out as a promising option for those prioritizing the highest level of security in crypto storage. Started in 2014, it offers a range of hardware wallets designed to keep digital assets in cold storage, thus safeguarding them from online threats.

One of Ledger’s key strengths is its cold storage approach, which keeps your assets offline during transactions. To initiate an outgoing transaction, you must confirm it on the Ledger device by entering a user-created PIN. A unique feature is the 24-word passphrase, which is your private key.

Ledger Hardware Wallet Webpage

Ledger Live, the proprietary mobile and desktop app, improves user experience by providing an interface to monitor your crypto portfolio. This application isn’t just a monitoring tool; it allows users to connect to third-party services like 1inch DEX, MoonPay, and Lido staking, among others, for better utility. The Ledger Nano X model offers Bluetooth connectivity, enabling transactions on smartphones without the need for cables.

Ledger offers three primary products: Ledger Stax, Ledger Nano X, and Ledger Nano S Plus. The Ledger Nano S Plus is the most affordable at $79 and it has wide-ranging support for over 5,500 cryptos.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hardware wallet Non-custodial Over 5,500 cryptocurrencies across multiple networks, including Bitcoin, Ethereum, Binance Smart Chain, Cardano, Monero, XRP, and Stellar. Fiat payments go through Simplex, so fees of up to 5% will apply. Yes Yes, supports multiple staking coins, including Tezos, Tron, Cosmos, Solana, and Ethereum. Not stated – will depend on the staking network

Pros

  • Compatibility with a vast range of over 5,500 cryptos
  • Flexibility to add custom tokens on multiple chains
  • Staking options are available, even in cold storage

Cons

  • Subject to fees as high as 5%
  • Not an open-source wallet

6. Binance – User-Friendly Web Wallet Aimed at Active Crypto Traders

Binance offers one of the best crypto wallets for South African traders. It is a leading crypto exchange that doubles up as a user-friendly web wallet. The Binance wallet is custodial, so users are not provided with their private keys. The wallet comes with a variety of security controls, including IP and device whitelisting. It also comes with two-factor authentication.

Behind the scenes, Binance operates both hot and cold wallets. This provides an adequate balance between security and accessibility. Binance users can trade and store over 350 cryptocurrencies. This includes the most popular cryptocurrencies, such as Bitcoin, Ethereum, BNB, Cardano, Tether, USD Coin, and Solana.

Binance Crypto Exchange Homepage

There is no requirement to transfer funds from the wallet to access the Binance exchange. Thousands of trading markets are supported, with South African traders paying a commission of just 0.1%. South Africans can also access leveraged markets, including futures and options. This is in addition to Binance savings accounts and other DeFi features.

This offers a seamless way to earn income on idle cryptocurrencies. For example, Ethereum holders can currently earn an APY of 4.27%. This is a flexible account without any withdrawal limits or fees. A 90-day savings account for Axie Infinity offers a huge APY of 32%. While Polkadot holders can earn 14.9% on a 120-day lock-up term.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Web wallet and mobile app Custodial Supports 350+ cryptocurrencies. Additionally, hundreds of small-cap tokens can be found on the Binance Innovation Zone. Fees are built into the exchange rate when instantly buying crypto with ZAR Yes Yes, supports staking, savings accounts, and liquidity farming. Up to 19.8% when staking. Up to 32% on savings accounts.

Pros

  • Best Bitcoin app for active crypto traders
  • Deep liquidity and low trading commissions of 0.1%
  • Uses a combination of hot and cold wallets
  • Two-factor authentication and IP/device whitelisting

Cons

7. OKX – Non-Custodial Wallet App Supporting Over 50 Blockchain Standards

OKX is a popular crypto exchange that also offers a non-custodial wallet. The wallet is decentralized and does not connect to the primary OKX wallet. There is no requirement to open an account, and only the wallet user has access to their private keys. The OKX wallet supports more than 50 blockchain standards. This includes Bitcoin, Ethereum, Binance Smart Chain, and Arbitrum.

It also allows users to add custom tokens via the project’s contract address. In terms of security, users can activate MPC (Multi-Party Computation) security via the OKX app. This means that there is no single point of failure, a major safeguard when keeping private keys secure.

OKX Application Download

Instead, the private keys are split into smaller segments and secured in multiple, unknown locations. This ensures that the OKX wallet remains safe against remote hacking attempts. The wallet is also secured with a backup passphrase. This will be needed if the user forgets their wallet PIN or the device is lost or stolen. One of the best features of the OKX wallet is its bridge aggregator.

This allows users to instantly swap tokens without leaving the wallet. It also allows users to earn income on idle tokens via staking and yield farming. These tools are integrated with over 200 decentralized exchanges, allowing OKX users to get the most competitive rates.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Mobile, desktop, and browser-based wallet Non-custodial Supports over 50 blockchain standards. Custom tokens can be added. Does not support ZAR payments. Crypto-to-crypto trades are supported – fees are displayed when setting up the order. Yes Yes, in-built aggregator bridges to over 200 exchanges. Supports staking, savings accounts, and liquidity farming Up to 998.1% on yield farming pools. Up to 29.9% on savings accounts.

Pros

  • Decentralized wallet backed by MPC security
  • Supports more than 50 blockchain standards
  • Aggregates to over 200 exchanges for staking, token swaps, and other DeFi features
  • Compatible with smartphones, desktop devices, and Chrome browsers

Cons

  • Does not display token swap commissions until the order is created
  • Some yield farming pools have little liquidity

8. Bybit Wallet – Custodial wallet with Cold Storage and 2FA, Integrates with Bybit Exchange

Bybit Wallet is next on our list of top crypto wallets in South Africa. It’s part of the Bybit exchange and has many features that are perfect for high-level trading strategies.

It’s a custodial wallet, which means it manages your private keys for you. This makes it easy to use and lets you quickly access your funds. But it’s important to know that custodial wallets can be risky if the provider gets hacked.

Bybit Wallet finds a good balance by storing most assets in cold storage and using two-factor authentication for extra security.

ByBit NFT landing page

It’s worth noting how it integrates with the Bybit exchange to offer a rather seamless user experience. You can access a wide range of trading tools (like perpetual and futures contracts) with up to 100x leverage.

Bybit Wallet is also a great way to get into Web3, including DeFi, GameFi, and NFTs. You can access many apps and services with just one click. Plus, it supports over 400 cryptos, so you can trade easily using the Bybit exchange through the mobile app.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Software Custodial 400+ Depends on third-party. Yes Yes Varies

Pros

  • Custodial wallet for easy fund access.
  • Integrates with Bybit exchange seamlessly.
  • Two-factor authentication for extra security.
  • Supports over 400 cryptos.

Cons

  • Custodial nature poses hacking risks.

Visit Bybit

9. NGRAVE – Offers Top-notch Security with Air-gapped Technology that Supports 4,000+ Cryptos

The NGRAVE ZERO is one of the top wallets in South Africa if you want top-notch security. It has the highest security certifications and features that protect your crypto. The wallet uses a private key generated in real-time and “air-gapped technology” to ensure it’s never exposed to online threats.

This hardware wallet is built to be highly secure and has a strong, military-grade design with a 4-inch high-resolution touchscreen that’s easy to use.

The NGRAVE ZERO also has features like fingerprint scanning, a special light sensor that helps create secure keys, and tamper-proof hardware.

ngrave zero hardware wallet

Plus, the NGRAVE ZERO supports over 4,000 cryptos, including popular cryptos like Bitcoin, Ethereum, Binance Coin, and many ERC-20 tokens and NFTs. Moreover, the NGRAVE Liquid app makes it easy to manage your assets without compromising security.

Additionally, the device includes a built-in camera and light sensor that contributes to its unique “Perfect Key” private key generation process.

NGRAVE also offers Graphene for backup. It’s a stainless steel solution for storing recovery keys that is fireproof, waterproof, and corrosion-resistant.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hardware Non-custodial 400+ Depends on third-party. Yes Yes Varies

Pros

  • Air-gapped technology for high security.
  • Military-grade design for durability.
  • Supports over 4,000 cryptos.
  • Fingerprint scanning for additional security.

Cons

  • Higher cost compared to other wallets.

Visit NGRAVE

10. SecuX – Premium Metal Wallet with Bluetooth and USB Connectivity, Supports 1,000+ Cryptos

Another promising wallet to watch out for is SecuX. It’s a highly secure and popular hardware wallet for both beginners and experienced crypto users. SecuX has different models like the V20, W20, and W10, each made to meet different security and connectivity needs.

The SecuX V20 stands out because it has a premium metal outside and a diamond shape. This makes it really strong and gives it a sleek look.

SecuX wallet

It supports over 1,000 cryptos, including big ones like Bitcoin, Ethereum, and many ERC-20 tokens. The V20 also has a big 2.8-inch color touchscreen that makes it easy to use and navigate.

One of the main features of the SecuX V20 is that it has two ways to connect. You can use Bluetooth 5 or a USB Type-C cable, which makes it really flexible and convenient when managing your crypto assets.

The device also uses a special CC EAL5+ secure element chip that keeps your private keys safe from hackers and malware.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hardware Non-custodial 10000+ Depends on third-party. Yes Yes Varies

Pros

  • Supports over 10,000 coins/tokens.
  • Bluetooth and USB Type-C connectivity.
  • CC EAL5+ secure element chip.
  • User-friendly 2.8-inch color touchscreen.

Cons

  • Limited availability in some regions.

Visit SecuX

11. Blockstream Jade – Air-Gapped and Secure Cold Wallet for Bitcoin and Liquid Network

Blockstream Jade is next on our list of best crypto wallets in South Africa. It’s a small, affordable cold wallet perfect for people using Bitcoin and the Liquid Network. It only costs $64.99 and is really compact, with a 29 mm IPS LCD screen and a premium matte black body.

The wallet is quite well-known for its security. It keeps your keys safe offline, has a secure element built into the hardware, and uses multi-sig shield technology. But what really sets it apart is its ability to do air-gapped transactions.

Blockstream Jade wallet

It has a built-in camera that scans QR codes and displays them, so you don’t need to use USB or Bluetooth connections (which makes it even more secure).

The Blockstream Jade wallet uses open-source software, which means it’s transparent, and the community can contribute to it. However, it only works with Bitcoin and assets on the Liquid Network, like Liquid Bitcoin (L-BTC) and Liquid-based Tether (L-USDT).

You can connect the wallet to Blockstream Green on your phone or computer. It also has a unique security feature where you can create fake wallets to trick potential attackers.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hardware Non-custodial Bitcoin and liquid assets. Depends on third-party. Yes No

Pros

  • Affordable price point at $64.99.
    Air-gapped transactions for security.
    Open-source software for transparency.
    Supports multi-sig shield technology.

Cons

  • Only supports Bitcoin and Liquid assets.

Visit Blockstream Jade

12. YouHodler – A Regulated Crypto Wallet With APY rewards And Security Features

YouHodler is a Swiss and EU-regulated crypto wallet designed to meet various needs, from earning high APY to getting crypto loans. With features like MultiHODL, Cloud Miner, and an integrated exchange, it offers a comprehensive solution for traders and investors. The platform provides APYs of up to 15% on popular crypto like Litecoin and Solana. Stablecoins like USDT and USDC offer a solid 12% APY, depending on your account level.

The exchange feature lets you swap over 60 trading pairs through desktop and mobile applications. API support for automated trading rounds out a robust trading experience.

Youhodler Exchange Homepage

YouHodler’s crypto loan feature is a plus for those needing immediate funds without selling assets. With a high loan-to-value ratio of 90%, you can collateralize your assets for fiat currencies like USD, EUR, CHF, GBP, or stablecoins. The loan offer starts at a minimum of $100. Your assets are secured using Ledger Vault technology, covered by $150 million in pooled crime insurance.

Additionally, 2FA and biometric options are available for account security. YouHodler is regulated in Switzerland and some EU countries, giving an extra layer of assurance. Its high TrustPilot rating and active social media presence on platforms like Twitter and Telegram highlight its credibility.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hot Wallet Non-custodial Bitcoin, Ethereum, Polygon, Solana and more There’s no fee except for the bid/ask spread Yes Yes Up to 15%

Pros

  • Compatibility with a variety of cryptos
  • Earn up to 15% APY on select digital assets
  • Opportunity to accumulate Bitcoin via Cloud Miner
  • 90% LTV for asset-backed loans
  • Integrated crypto to fiat conversion

Cons

  • Unavailable for users in the United States
  • Loan offers start at a $100 minimum

13. Trezor – Cold Wallet Device Aimed at Long-Term Crypto Investors

Trezor is one of the best crypto wallets in South Africa for long-term investors. This is a cold wallet device that does not expose private keys to the internet. And hence, investors can rest assured that their cryptocurrencies cannot be hacked remotely. What’s more, even if the Trezor device is lost, damaged, or stolen – the funds can be recovered via the backup passphrase.

This is provided when the wallet is set up for the first time and should be written down and kept somewhere safe. Another safeguard is that cryptocurrencies can only leave the Trezor wallet when the PIN is entered on the device. Not only that but unlike its main competitor Ledger, the Trezor wallet is open source.

Compare Trezor Hardware Wallet Models

This ensures that any potential vulnerabilities are made available to the crypto community. We also like that Trezor supports more than 1,200 cryptocurrencies across multiple blockchain standards. This includes everything from Bitcoin and Ethereum to Cardano to BNB. Trezor also allows investors to add custom tokens, as long as the underlying network is supported.

There are two Trezor models to choose from. The Trezor Model One costs $69 (about 1,300 ZAR), while the Model T retails for $219 (about 4,100 ZAR). The latter comes with additional features, such as an in-built staking tool and a more convenient touchscreen LCD pad.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Hardware wallet Non-custodial Approximately 1,200-1,400 – depending on the chosen model Fiat payments go through Invity, which connects users to a third-party exchange. Fees will vary. Yes Yes, but only on the Trezor Model T Not stated – will depend on the staking network

Pros

  • Best Bitcoin wallet in South Africa for long-term investors
  • Robust security features – including cold storage
  • Supports more than 1,200 cryptocurrencies
  • Recover lost, damaged, or stolen devices via the backup passphrase

Cons

  • Will not appeal to active crypto traders
  • The basic model does not support staking
  • ZAR payments are handled by third parties

14. Trust Wallet – Popular Non-Custodial Crypto Wallet Used by Over 60 Million People

Trust Wallet is popular with South Africans that prefer non-custodial storage. This means that only the wallet owner has access to the private keys. And hence, users can store, send, and receive cryptocurrencies without going through an intermediary. Trust Wallet – which is used by over 60 million people, is completely free to use.

It is available on multiple device types and operating systems. This includes a mobile app for Android and iOS, as well as a browser extension for Chrome and other web browsers. The setup process is very simple, and Trust Wallet provides users with a 12-word passphrase. This is to be used if the wallet PIN is forgotten or the device is lost or stolen.

Trust Wallet Homepage

Trust Wallet supports more than 70 blockchains, making it ideal for diversified portfolios. This includes all tokens on the Bitcoin, Ethereum, Cardano, XRP, Binance Smart Chain, Arbitrum, and Polygon networks. Trust Wallet also stores NFTs across multiple network standards. We also found that Trust Wallet is ideal for earning passive income on idle crypto tokens.

It comes with an in-built staking tool that supports many proof-of-stake cryptocurrencies. This includes Tron, Tezos, Osmosis, Kava, and BNB. No staking fees are charged by Trust Wallet. Moreover, users can swap tokens via Trust Wallet without paying any fees. Trust Wallet also connects to Web3 applications like PancakeSwap and Uniswap.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Browser extension and mobile app Non-custodial 4.5 million cryptocurrencies and NFTs across 70 blockchain networks Up to 5%, as transactions are processed by Simplex Yes Yes, offers an in-built staking tool for many proof-of-stake cryptocurrencies Up to 19.3%

Pros

  • Best Bitcoin wallet for South Africans seeking decentralized storage
  • Supports over 70 blockchain standards
  • Completely free to use and available as a browser extension or mobile app
  • Stake and swap cryptocurrencies without paying fees
  • Used by more than 60 million people globally

Cons

  • Pay up to 5% to buy cryptocurrencies with ZAR
  • No browser extension for Firefox or Edge

15. MetaMask – Top Decentralized Wallet for Storing ERC20 Tokens

MetaMask is an established crypto wallet used by over 30 million people globally. This is a decentralized wallet that will appeal to investors wanting to take custodianship over their cryptocurrencies. MetaMask does not ask for personal information, and it does not have access to the user’s password or private keys.

This allows South Africans to store their wealth away from centralized bodies. Although MetaMask does not support Bitcoin, it’s one of the best crypto wallets for storing ERC20 tokens. Any ERC20 token can be added to MetaMask via its unique contract address. MetaMask also supports layer 2 blockchains, including Polygon, Arbitrum, and Avalanche.

Metamask Wallet Download

This is in addition to all tokens operating on the Binance Smart Chain. There are no fees to download or use MetaMask. The wallet supports multiple devices, including smartphones and web browsers. Supported operating systems include iOS and Android, plus extensions for Chrome, Firefox, Edge, and Brave. MetaMask does not charge any additional fees when sending cryptocurrencies to another wallet.

Users simply pay the real-time blockchain fee. MetaMask supports an in-built staking tool for Ethereum, backed by Rocket Pool and Lido. It also supports token swaps, but users will be charged a markup of 0.875%. ZAR payments are processed by third parties, costing 3-5%.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Browser extension and mobile app Non-custodial All ERC20 tokens. Also supports the Arbitrum, Binance Smart Chain, Optimism, Avalanche, and Polygon networks. Does not support Bitcoin. But other cryptocurrencies can be purchased with ZAR. Fees of between 3-5%, depending on the payment processor. Yes Yes, only supports Ethereum Up to 3.88%

Pros

  • Popular non-custodial wallet used by over 30 million people
  • Supports Ethereum, Binance Smart Chain, and a selection of layer 2 blockchains
  • Free to store cryptocurrencies with no markups on outgoing transfers
  • Completely decentralized – only the user has access to their password and private keys

Cons

  • 0.875% markup charged when swapping tokens
  • Does not support Bitcoin

16. Coinbase – Global Crypto Exchange With a Secure Custodial Wallet

Coinbase – one of the largest crypto exchanges for trading volume, also offers a secure custodial wallet. This wallet provider is popular with beginners that want a simple but regulated place to buy and store cryptocurrencies. Coinbase holds many licenses in the US and several international markets. It also offers premium security features.

For example, Coinbase accounts are protected by cold storage, two-factor authentication, and device whitelisting. Coinbase also has an internal security team, and all accounts must go through a KYC process. We also like that Coinbase supports over 100 cryptocurrencies. This includes Bitcoin, Ethereum, Dogecoin, USD Coin, Tether, and Litecoin.

Coinbase Signup Page

The Coinbase wallet supports web browsers and smartphones. The latter comes as an app for iOS and Android. Coinbase is also popular with South Africans that want to trade crypto against ZAR. This removes the need to pay foreign exchange fees. That said, trading commissions are high at 1.49%. There is also a 3.99% fee to buy crypto with a debit/credit card.

Type of Crypto Wallet Custodianship Supported Coins Fee to Buy Bitcoin App? Staking/Interest? Staking/Interest Rate
Web wallet and a mobile app Custodial Over 100 cryptocurrencies, including Bitcoin, Ethereum, Tether, and Dogecoin 3.99% to buy Bitcoin with a debit/credit card. 1.49% to trade cryptocurrencies. Yes Yes, supports 91 staking coins Up to 109.6%

Pros

  • Custodial wallet is robust security features – including two-factor authentication
  • Buy, sell, and store cryptocurrencies in one regulated place
  • Comes as a mobile app or web wallet
  • Stake idle cryptocurrencies at APYs of up to 109.6%

Cons

  • Charges 1.49% in standard trading commissions
  • Withdrawals are often slow

Tips for Selecting the Best South Africa Bitcoin Wallet

Investors should do lots of independent research when researching the best Bitcoin wallets in South Africa. This means assessing security, usability, supported coins, fees, and other important factors.

Still undecided on the best South Africa Bitcoin wallets? Read on for assistance on how to select the most suitable wallet in 2024.

Type of Wallet

South African investors should consider the type of crypto wallet that is most preferable for their needs. This begins with a choice between custodial or non-custodial storage.

  • Custodial wallets: Investors have no access to their private keys. The custodian is responsible for keeping the crypto wallet safe.
  • Non-custodial wallets: Private keys are provided when setting up the wallet. The investor is responsible for keeping the crypto wallet safe.

What’s more, South Africans need to choose the device type to store their crypto wallet. Mobile apps offer a great level of security and convenience. Another option is desktop or browser-based wallets. When opting for a software wallet, make sure the respective operating system is supported. Those holding a large amount of cryptocurrencies might be more suited for a hardware or paper wallet.

Supported Coins

Next, South Africans need to ensure their chosen cryptocurrencies are supported by the wallet. For example, while MetaMask is one of the best crypto wallets in South Africa – it doesn’t support Bitcoin, Cardano, or Solana. It’s best to choose a wallet that supports a wide range of cryptocurrencies and network standards. In doing so, investors can store their cryptocurrencies in the same place.

Fees

Most software wallets are free to use. This means there are no fees to store or receive cryptocurrencies. While GAS fees apply on outgoing transactions, the best crypto wallets in South Africa do not charge any markups. Hardware wallets are not free. They must be purchased from the manufacturer, and prices will vary considerably. Investors should ensure that the cost price is justified, based on the value of their crypto portfolio. For example, those investing very small amounts likely won’t want to buy the Trezor Model T – which retails for approximately 4,100 ZAR.

Extra Functionality

The best crypto wallets in South Africa offer extra functionality, such as being able to trade tokens. This removes the need to use a third party when buying and selling cryptocurrencies. For example, the Best Wallet allows users to buy and sell cryptocurrencies with a credit card, and they support multi-chain tokens.

Best Wallet App Download

The Binance wallet is also great for additional features. It supports staking, savings accounts, yield farming, and leveraged trading. The latter includes futures and options. We also like the OKX wallet, which bridges to over 200 exchanges. OKX users subsequently get the best interest rates when earning yields on idle tokens.

Security Controls

The best crypto wallets in South Africa offer a breakdown of what security controls are provided. This might include:

  • IP/Device Whitelisting: Additional security steps are needed when logging into the wallet from a new IP address or device.
  • Two-Factor Authentication: The user will need to enter a unique code when logging in. This is either sent to the user via email or SMS.
  • Cold Storage: Keeping cryptocurrencies in cold storage means the private keys remain away from live internet servers. This makes them practically impossible to hack remotely.
  • Multi-Sig Permissions: Some crypto wallets offer multi-sig permissions. The user will need to verify outgoing transactions on multiple devices.
  • MPC: MPC technology is offered by the OKX wallet. It splits the private key into multiple segments and stores each part in a unique location.
  • Regulation: The best crypto wallets in South Africa are regulated.

How do Crypto Wallets Work?

Looking for some guidance on how crypto wallets actually work? Here’s what South African investors need to know before getting started.

Wallet Addresses

Once a suitable wallet has been chosen, the investor will need to set it up. This will generate a new, unique wallet address. The wallet address allows the investor to receive cryptocurrencies from another location. Think of it like an electronic funds transfer (EFT), which requires the sender to specify the receiver’s personal account number.

The wallet address is safe to share with other people, as it simply allows the user to receive tokens via the blockchain. Each blockchain network has its own wallet address standard. For example, Ethereum wallets always start with 0x. Nevertheless, if the wrong wallet address is provided, the tokens will be sent to an incorrect location. This means the tokens will be unrecoverable.

Private Keys

If the investor opts for a non-custodial wallet, they will be provided with unique private keys when getting started. This is usually provided as a 12-word passphrase, but some wallets use a much longer combination. Either way, private keys must never be shared with another person. Nor should they be kept on a device that connects to the internet. If they end up in the wrong hands, the private keys will allow an unauthorized person to access the wallet. This is one of the most common reasons for crypto wallets being hacked remotely.

Custodial wallets do not provide users with their private keys. This is because the custodian is responsible for keeping the cryptocurrencies safe. Custodial wallets are popular with beginners, but investors should ensure the provider is regulated.

Wallet Fees

Software wallets are usually free to use. There are no fees to store or receive cryptocurrencies. But fees are charged when sending cryptocurrencies to another wallet. The best crypto wallets in South Africa do not charge a markup on network fees. Instead, fees go directly to blockchain miners. Fees are quoted in real-time and rise and fall based on network demand. Crypto hardware wallets, however, are not free. Prices vary depending on the provider and model type. For example, Trezor charges $69 and $219 for its basic and advanced models.

What are the Different Types of Bitcoin Wallets?

Once South African investors have chosen between a custodial or non-custodial wallet, the preferred device type should be considered. Wallets come as mobile apps, desktop software, browser extensions, and hardware devices. Investors should also consider whether they prefer a hot or cold wallet.

We will now discuss the main types of crypto wallets that are available to South Africans in 2024.

Software Wallets

Some of the most popular crypto wallets in South Africa come as software. This includes desktop software for Windows, Max, and Linux. The software is installed on the desktop device and allows users to store, send, and receive cryptocurrencies via a laptop or PC. Another option for desktop users is wallets that come as a browser extension.

Some providers offer support for Chrome, Firefox, and other popular web browsers. An even more convenient option is mobile wallet apps. This allows users to store cryptocurrencies on their smartphones. As such, this makes sending, receiving, and trading cryptocurrencies a breeze.

Hardware Wallets

A more secure option is to buy a Bitcoin hardware wallet. As noted above, prices will vary, with Trezor charging $69 for its basic device. Hardware wallets come with the added benefit of cold storage. In simple terms, this means the cryptocurrencies and private keys are never exposed to live internet servers. Safeguards are also in place to protect investors from physical theft. This is because cryptocurrencies can only leave the hardware wallet if the PIN is entered on the device itself.

Paper Wallets

We also found that paper wallets are increasingly becoming popular with South African investors. After generating a public address and private key, the user will print the credentials. This keeps the wallet offline at all times. It is imperative that the paper wallet is kept somewhere safe. It is also important to ensure the paper wallet provider is legitimate and that private keys are encrypted when initially shown to the user. Both paper and hardware wallets offer excellent security, but do make it cumbersome to send and trade cryptocurrencies.

Tutorial on How to Get and Use a Bitcoin Wallet in South Africa

We mentioned earlier that Best Wallet is the overall best crypto wallet in South Africa. In this section, we explain how to get started with this wallet in under five minutes.

Step 1: Download the Best Wallet app

South African investors will first need to download the Best Wallet app on the App Store or Google Play.

Best Wallet Application

Step 2: Open the Best Wallet App

First, you need to verify your email address. Next, you’ll be asked to secure your account with a two-factor authentication. If you want to, you can skip this step and activate this feature later.

Best Wallet 2FA Setup

Whether you activate 2FA or not, you’ll be asked to set up a four-digit password. You can also enable biometrics to unlock your wallet if your smartphone supports this feature.

Step 3: Create a Wallet

Now that we have secured the app, go ahead and create your first wallet. This will be your main wallet on the Ethereum blockchain. At this stage you can create multiple wallets and name them, for example, “Meme coin wallet” or “Storage” or whatever you want. Choose a background color for each wallet. This will help you identify each wallet fast. Tap “Continue” when ready.

Best Wallet Account Identifier

Step 4: Use Best Wallet

Your next step is to use the wallet to buy coins with a card or to send and receive tokens. You can swap the tokens you have as well. The more you use the wallet during this stage, the greater the odds of getting the $BEST token airdrop in Phase 6.

Best Wallet Main Account

How Safe are Crypto Wallets?

While varying levels of security are offered, crypto wallets are never 100% secure from hackers and scams. Moreover, investors need to take steps to protect their wallet credentials.

  • For example, custodial wallets remove the need for investors to secure their private keys.
  • But this isn’t to say that the wallet is immune to fraud.
  • On the contrary, investors should make use of two-factor authentication and any other safeguards offered by the custodian.
  • Coinbase, for instance, allows users to set up IP and device whitelisting.
  • This means an extra security step kicks in if the user attempts to access the wallet from a new IP address or device.
Security procedures will differ when opting for a non-custodial wallet. This is because there is no custodian to protect the investor’s cryptocurrencies. Instead, only the user has access to their private keys, meaning they must take full responsibility for keeping them safe.

Non-custodial wallets do not come with two-factor authentication or whitelisting. This is because there is no custodian sitting between the investor and their cryptocurrencies. That said, we like that the OKX wallet comes with MPC technology. This means that only a small segment of the private key is stored on the user’s device.

The remaining segments are stored across multiple locations. Some non-custodial wallets come with multi-sig permissions. This is a security tool that requires outgoing transfers to be confirmed on at least two devices. Just like MPC technology, this removes a single point of failure – making it challenging for remote hacks to succeed.

The Verdict

Wallets ensure that South Africans can invest in the crypto market safely. While there are many crypto wallets in the market, we particularly like Best Wallet. The Best Wallet can hold coins from various blockchains, it can seamlessly swap them, and you can store your NFTs in a single mobile app. Upcoming features include market insights and token analysis, which will make Best Wallet the ultimate Web3 crypto hub for your tokens.

FAQs

What crypto wallets are available in South Africa?

Dozens of crypto wallets are available to South African investors, with leading providers including Best Wallet, Trust Wallet, Trezor, and MetaMask.

Can South Africa use Coinbase wallet?

Yes, South Africans have access to the non-custodial Coinbase wallet, as well as its centralized exchange.

Does Binance wallet work in South Africa?

Yes, the Binance wallet not only supports South African investors but ZAR deposits and withdrawals.

What is the best South Africa crypto wallet?

One of the best South Africa crypto wallets is Best Wallet, which allows investors to store and trade cryptocurrencies from multiple blockchains.

References

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