Choosing the right crypto wallet is one of the most important steps in your crypto journey. This guide explains wallet types, from hot and cold storage to the best options available for Australians in 2025.
When you buy cryptocurrency like Bitcoin or Ethereum, you're not holding physical coins. Instead, you hold access to them through a private key. This key lets you send and receive crypto securely. That’s why choosing the right wallet is a key part of managing your digital assets safely.
Let’s explore the wallet types Australians use today and how Elbaite supports secure, flexible storage for both beginners and long-term investors.
A crypto wallet stores your private keys and connects you to blockchain networks. While your crypto remains on the blockchain, the wallet gives you access to use it.
Wallets come in two main forms:
In Australia, more crypto holders are shifting to non-custodial, self-custody wallets, especially for assets like Bitcoin that are intended to be held long term.
Hot wallets are connected to the internet, making them fast and easy to use. They’re best for regular trading or sending crypto on the go.
Common types include:
Because they’re online, hot wallets carry higher risks of hacking and malware. They’re ideal for storing smaller amounts or for short-term use.
Cold wallets are offline, meaning they can’t be accessed remotely by hackers. They’re the most secure option for Australians serious about protecting their crypto.
Common cold wallet types include:
Cold wallets are recommended for holding large amounts of Bitcoin, Ethereum, or other long-term crypto investments. They are a key part of a secure crypto strategy.
There’s no single best crypto wallet for everyone. It depends on your goals.
Owning your crypto means owning your private keys. A self-custody wallet ensures that no company or exchange can block or control your assets. This is core to the ethos of crypto: true financial independence.
But it also means greater responsibility. If you lose access to your private key, you lose your crypto. That’s why ease of use, education, and flexibility matter, especially when choosing your first wallet.
Elbaite supports Australian crypto users with both self-custody and on-exchange wallet options:
You can start with Elbaite’s wallet, then withdraw to a cold wallet once you’re ready. Whether you're managing small trades or securing serious long-term holdings, Elbaite gives you the tools and freedom to trade your way.
Your wallet is more than just a tool. It’s the safeguard of your digital wealth. From hot wallets to cold storage, making the right choice ensures you stay in control of your crypto.
Elbaite makes it easier for Australians to trade securely, offering flexible custody options built on transparency and trust.
Ready to secure your crypto the right way? Start with Elbaite today and experience secure, self-custody trading.
Founded in Melbourne, Australia in 2017, Elbaite set out to make cryptocurrency investing safer and more transparent for Australians. Buy crypto and diverisify your portfolio with digital assets like Bitcoin.
"I have been a user of the Elbaite service for a long time and I keep coming back to use this service on a regular basis. An extra couple of stars should be added for the service personnel. Problems are resolved quickly and the patience exhibited by these people is legendary."
Andre - Elbaite Client
Elbaite Pty Ltd ACN:
623 185 875
Elbaite Pty Ltd is a registered DCE with AUSTRAC:
DCE 100593224-001
We acknowledge the Wurundjeri people of the Kulin Nation, the Traditional Custodians of the land we work on, as well as the Traditional Owners of country throughout Australia. We pay respects to people, communities and elders past, present and emerging.
Elbaite is a member of:
Elbaite Pty Ltd (ACN 623 185 875) operates a digital currency exchange registered with AUSTRAC. Please note that digital asset prices can be volatile. We will never ask for the private keys to your digital currency wallet. Elbaite is not liable for any losses you may incur, and you are solely responsible for your investment decisions. Before deciding if our services are right for you, take into consideration your own financial situation & needs and/or obtain professional financial or taxation advice from a licensed provider. Elbaite does not provide financial advice and Elbaite does not have any affiliation with external traders, advisors or trading platforms.
