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Top 7 Best Bitcoin Wallets for South Africans, Reviewed for 2020

bitcoin wallet South Africa

It does not matter how much bitcoin (BTC) you own, if you cannot store it right. As a bitcoin holder, your wallet is of utmost importance. In this guide, you will find a list of the best bitcoin wallets for South Africans.

To trade BTC with ZAR: Luno Wallet

LunoThe Luno wallet is an excellent bitcoin wallet for South Africans who want to trade with ZAR. The Luno app allows you to send, receive, buy, and sell bitcoin. It is available on Android, iOS, and online.

You can send bitcoin to a wallet address, an email address, a phone number, or you can scan a QR code. It is free to send bitcoin to an email address or a phone number. However, for the other options, Luno charges a fee depending on the network traffic.

Key features:

  • Signing up for a Luno bitcoin wallet is free
  • Supports local payment methods
  • Luno stores most of its users’ funds in deep freeze storage while it uses a hot wallet to enable instant bitcoin withdrawals. It also offers two-factor authentication
  • To use this wallet, you will need to comply with KYC requirements i.e. provide personal details like ID
  • It is not open-source

 

Multicurrency: Edge Wallet

EdgeEdge wallet is a multicurrency mobile wallet. As one of the best multiasset wallets for South Africans, Edge enables users to buy, trade, and store many cryptocurrencies, including bitcoin. The wallet is available to both Android and iOS users.

Transaction fees on Edge depend on the network’s recommended fee and the amount you want to send.

Key features:

  • Provides client-side data encryption, automatic data backup, two-factor authentication, and password recovery
  • Does not ask for personal details, therefore, ensuring your privacy
  • Offers open-source code
  • Supports several payment methods
  • Free to create an account

 

Lightning Support: Blue Wallet

blue walletBlue Wallet is one of the best bitcoin wallets for South Africans who want to use the Bitcoin Lightning Network. With this lightning-enabled wallet, you can send and receive bitcoin through fast and cheap transactions. To send bitcoin using a lightning wallet, you can scan a QR code or an address. 

Blue wallet supports multiple wallets in one app. Some of these wallets include lightning wallets, watch-only wallets, and hierarchical deterministic wallets.

Blue wallet fees begin from one satoshi. You can also boost the speed of your transaction by increasing the price. This wallet supports Android and iOS devices.

Key features:

  • Open-source
  • Free to use
  • Offers full encryption for security
  • Does not ask for personal details, therefore, ensuring your privacy

 

Desktop: Exodus Wallet

ExodusExodus is a desktop wallet that enables users to send, receive, and exchange cryptocurrencies. With this wallet, you can send and receive bitcoin using a QR code or an address.

To send or receive bitcoin, users only incur network fees. Exodus does not charge any other fees on top of this. This wallet is available for Windows, Linux, and Mac devices.

Key features:

  • Encryption of data and private keys for security
  • It is free to use
  • Not open-source
  • Does not ask for personal details, therefore, ensuring your privacy

 

Web: GreenAddress Wallet

GreenAddress WalletIf you are looking for a web wallet, GreenAddress is an excellent choice. The wallet allows users to send, receive, and store bitcoin online.

GreenAddress does not charge users any fees on top of the miner fees. Moreover, the wallet is also available on mobile to both Android and iOS users.

Key features:

  • Offers two-factor authentication
  • Open-source
  • For security reasons, GreenAddress creates new addresses after every transaction and it does not store its users’ keys
  • Free to use

 

Cold Storage: Ledger Wallet

ledger moneroThe Ledger is one of the best bitcoin hardware wallets for South Africans. This wallet stores your bitcoin offline, thereby keeping them secure. With Ledger Live, you can connect your hardware wallet to a computer or phone to view your balance or to send and receive cryptocurrencies like bitcoin.

Ledger Live is what you will use to manage your hardware wallet. This tool is available for Windows, Linux, Mac, Android, and iOS.

While using a Ledger wallet, you can set the network fees you wish to pay for a transaction. When your fee is high, the network will process your transaction faster and vice versa. There are various types of Ledger hardware wallets, such as Nano S and Nano X.

Key features:

  • To provide security, Ledger wallets use a special chip called Secure Element
  • Ledger wallets are affordable
  • Complex to use for beginners
  • Does not ask for personal details, therefore, ensuring your privacy

 

Privacy: Wasabi Wallet

bitcoin wallet for South AfricansWasabi is a desktop wallet that focuses on providing utmost privacy to bitcoin users. The wallet lets you store, control, send, and receive BTC anonymously.

As a user, you will incur Coinjoin fees, which are presently 0.003 percent of the anonymity set. The coin mixing protocol enables Wasabi’s anonymous bitcoin transactions.

Wasabi is available for Windows, Mac, and Linux.

Key features:

  • Open-source
  • Complex for beginners
  • Free to use
  • Encrypts and backs up data for security purposes
  • Does not ask for personal details, therefore, ensuring your privacy

If you want to buy bitcoin in South Africa with rand (ZAR), check out our guide to the best bitcoin exchanges in South Africa.