Our first category, and the one most used by people is web crypto wallets. These are those wallets that work directly from the exchange or are accessed via a browser. They are convenient because trading from them is quick, since these wallets are directly connected to an exchange. Also, they are accessible from any device with an internet connection.\
A drawback is that these crypto wallets are custodial. The private key is stored in the data servers of the wallet provider, so any breach in security there can result in irreparable loss of funds. They are not the best choice to safeguard large amounts of crypto. Now to the list:
1. Remitano web wallet
First, we have Remitano's web wallet. The crypto wallet of the p2p exchange is connected to both the swap platform and the peer-to-peer market. It is also able to hold the Fiat currency of South Africa for quick exchanges between crypto coins and the local money. It is also available in mobile platforms for both IOS and Android devices.
Main features:
- Ease of use.
- Able to hold fiat currency.
- Connected to the platform
- Custodial
- Swapping between crypto coins
2. Binance Wallet
The second best option in this category is the crypto wallet of Binance. As one of the top crypto exchanges in the world, Binance also has one of the best web crypto wallets out there. It is fully connected with all of the services of the platform and also is able to hold RAND directly in the wallet.\
The one drawback is that Binance has suffered hacks in the past. Funds have been stolen from their crypto wallets, and although the company has improved its security, it remains a large target for these types of attacks.
Main features:
- Ease of use.
- Able to hold fiat currency.
- Connected to the platform
- Custodial
3. GreenAddress Wallet
A web crypto wallet not connected to any exchange, GreenAddress Wallet is purely for holding crypto. But it only works for Bitcoin, and it does not support any other crypto coin or token. Aside from that, it does not charge any transaction fees, while offering 2 factor authentication, and other methods of recovery.
Main features:
- No transaction fees
- Only for Bitcoin
- Non-custodial
4. CoinBase Wallet
Another crypto web wallet connected to an exchange, CoinBase wallet, is very industry standard. It offers the same perks as others on the list, though CoinBase does not operate a p2p market in South Africa. As such, the trading possibilities are more limited on the platform. But as the biggest crypto exchange in the west, CoinBase does give access to a large selection of crypto assets to trade.
Main features
- Easy to use
- Connected to the CoinBase exchange
- Custodial
5. Math Wallet
Math Wallet is a browser based crypto wallet that can connect to almost any blockchain in the world. From this one wallet a user can generate addresses for Ethereum, Binance Smart Chain, Cosmos, Polkadot, and many other blockchains. It is a one stop crypto wallet for users, the only drawback is that it cannot hold fiat of any type, nor it does sell cryptocurrencies directly from the wallet.
Main Features
- Multi Chain
- Easy to use
- Non-custodial
Desktop Wallet
The next category of crypto wallet any South African needs to know about is desktop wallets. In this type of wallet the private key is stored in a file in the computer where it was installed. The private key is not shared with any 3rd party service, so all crypto coins held in the wallet address are under the control of the user, it is purely a non-custodial system.
1. Wasabi Wallet
The first entry in our list is Wasabi Wallet. A desktop wallet that focuses on privacy above all things. Every transaction in Wasabi Wallet is run through a crypto blender that hides the transaction's origin, amount, and destination. In this way, people are not able to trace who sent the money, except for the sender and the receiver.
Main features
- Non-custodial
- Privacy wallet
2. Exodus Wallet
One of the most widely used desktop wallets, Exodus Wallet has been around since 2011. It is a multi-asset wallet, able to hold Bitcoin, Bitcoin Cash, Dash, Litecoin, and many other cryptocurrencies. It can also connect directly to multiple exchanges like Kraken, CoinBase, and others. Additionally, the wallet encrypts the public and private key of the user, giving an extra layer of protection.
Main features
- Key encryption
- Multi-asset
- Non-custodial
3. Atomic Wallet
The next entry on the list is Atomic Wallet. Another multi-asset desktop wallet that also encrypts the keys of a user. It has the added benefit of being able to make quick swaps between the crypto coins it supports. For example, a user is able to exchange Bitcoin for Ethereum directly from the wallet's platform. It is a very convenient and easy to use desktop wallet, and it remains one of the best on the market.
Main features
- Key encryption
- Crypto swaps platform
- Non-custodial
4. Copay
Copay Wallet was created by BitPay. It is a multisig Bitcoin wallet, meaning that a user has the ability to configure several wallet addresses that need to confirm any transaction for added security. It gives the wallet an added layer of security, but it does make some transactions conversome to use. But it is ideal to hold large amounts of Bitcoin safely.
Main features
- Multi-sig crypto wallet
- Non-custodial
5. Electrum
One of the oldest crypto wallets in the market, Electrum only works with Bitcoin. It is completely focused on the Bitcoin network, and as such it can be configured to be a full node, and also has multi-sig capabilities. All of these features make Electrum a little difficult to use for beginners, but for any Bitcoin veterans out there, Electrum is perhaps the best Bitcoin focused desktop wallet in the market.
Main features
- Full Bitcoin node
- Multi-sig crypto wallet
- Only for Bitcoin
Mobile crypto wallet
The next type of wallet is mobile crypto wallets. These devices are either connected to a crypto exchange and are custodial Or are non-custodial by storing the private key on the mobile device. The key feature is that these are crypto wallets for mobile devices.
1. Remitano mobile crypto wallet
Remitano's mobile crypto wallet is fully connected to the Remitano platform. Also, it is able to hold RANDs in the mobile application. A person using it is able to trade directly from their phone, swap cryptocurrencies, and buy crypto with the South African currency. It is a one stop platform for anyone active in the crypto market.
Main features
- Able to hold fiat money
- Custodial
2. Edge wallet
The Edge Wallet is a multi-asset crypto wallet able to hold Bitcoin, Bitcoin Cash, Ether, and other crypto currencies. It is also possible to buy directly from the wallet and exchange different crypto coins from their mobile platform. It is non-custodial because the private key is stored in the mobile device.
Main features
- Non-custodial
- Crypto exchange
3. Ember Wallet
Next we have Ember Wallet. The app was created by a company called Ember fund, which specializes in crypto investing. The wallet is a Bitcoin only application that allows users the possibility to buy BTC from their market or via CoinBase. Additionally, a user can access several crypto investment funds from the wallet, and make passive income via investments.
Main features
- Non-custodial
- Only for BTC
- Access to investment
4. Argent Wallet
Argent is a crypto mobile wallet focused only on Ethereum. For the wallet a user can deposit Ether but also access many DeFi Dapps such as Aave, Compound, Yearn Finance, Balancer, and many other Ethereum specific services. It is a great platform for those Ethereum users actively investing in the DeFi economy.
Main features
- Ethereum specific
- DeFi connected
- Non-custodial
5. Status Wallet
Status is another Ethereum specific Dapp. It is not only a wallet able to hold Ether but also a web browser, message service, and social network. It is just the first stage of a much more ambitious project that aims to bring many of the advantages Ethereum has to a wider audience by providing other services not found in other wallets.
Main features
- Non-custodial
- Ethereum Specific
- Decentralized web browser
Hardware wallets
Our final category are hardware wallets. These are crypto wallets that store the private key on a separate physical device that is not always connected to the internet. They are the most secure way to store large amounts of crypto, but they can be expensive to buy, and difficult to get in South Africa.
1. Trezor
One of the most well known hardware wallets Trezor has made a name for itself. It is a multi-asset hardware device that can be connected to any computer and used to safely keep large amounts of crypto. Additionally, it offers a service that allows the recovery of the wallet if the physical is lost, stolen or damaged.
Main features
- Remote wallet recovery
- Multi-asset
- Key encryption
2. Ledger nano
The other big name in the hardware industry, Ledger nano is considered by many to be the best crypto wallet out there. It is very secure, and also allows for the recovery of the wallet address in case of theft, loss or damage. Additionally, it can be used to store more than 1000 different crypto coins and tokens.
Main features
- Multi-asset
- Key encryption
- Remote wallet recovery
3. Hash Wallet
A new entry on the market Hash Wallet has only one model available in the market. Despite how new it is, the wallet has become very popular. It is able to hold more than 200 different tokens from Ethereum aside from the main cryptocurrencies such as Bitcoin, Ether, Litecoin, etc. For these reasons, it has become very popular among Ethereum users.
Main features
- Multi-asset
- Able to hold ERC-20 tokens
Conclusion
The crypto wallet market has grown exponentially along the industry. There are a variety of different types of wallets for many uses, and each has its place. It is important to be aware of what type of use case one has planned for a particular wallet.\
In this list we have given an ample selection for different types of crypto wallets. All are available in South Africa, and in the selection any person is sure to find a wallet that adjusts to their needs. Now read How to Buy Ethereum in South Africa and get your first Ether to store in your new crypto wallet.
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