The Best Muti-Currency Wallets in South Africa revealed. We have explored and tested several cryptocurrency wallets to identify the best multi-cryptocurrency wallets for South Africans.
This is a complete guide to the 7 Best Muti-Currency Wallets in South Africa.
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Best Decentralized Crypto Wallets Wallets in South Africa Review – 7 Key Point Quick Overview
- ✅ 7 Best Multi-Cryptocurrency Wallets in South Africa – Compared
- ✅ What is a Multi-Cryptocurrency Wallet, and what are its unique features?
- ✅ 7 Best Muti-Cryptocurrency Wallets in South Africa
- ✅ How to Choose the Right Multi-Cryptocurrency Wallet in South Africa
- ✅ The Best Crypto Brokers in South Africa
- ✅ Conclusion
- ✅ Frequently asked questions
In this in-depth guide, you’ll learn:
- 7 Best Multi-Cryptocurrency Wallets in South Africa – Compared
- What is a Multi-Cryptocurrency Wallet, and what are its unique features?
- 7 Best Muti-Cryptocurrency Wallets in South Africa
- How to Choose the Right Multi-Cryptocurrency Wallet in South Africa
- The Best Crypto Brokers in South Africa
7 Best Multi-Cryptocurrency Wallets in South Africa – Compared
| ℹ️ Best Multi-Cryptocurrency Wallets in South Africa Compared | ₿ Coinomi | ₿ Ledger Nano S | ₿ Guarda Wallet | ₿ Atomic Wallet | ₿ Jaxx | ₿ Arculus | ₿ ZenGo |
| 📅 Date Launched | 2014 | 2016 | 2017 | 2017 | 2018 | 2021 | 2018 |
| 💱 Built-In Exchange | ShapeShift | Swap | ChangeNOW CoinSwitch | CryptoCompare Atomic Swap | Yes | Yes | Yes |
| 📊 Assets Supported | 1,770+ | 1,100+ | 400,000+ | 500 | 82 | 40 | 70+ |
| 💻 Supported OS | Android, iOS | Android, iOS | Android, iOS | Android, iOS | Android, iOS | Android, iOS | Android, iOS |
| 💽 Wallet Type | Software | Hardware | Software | Software | Software | Hardware | Software |
| 🧑💻 Open Source | No | Apps | Yes | Yes | Yes | No | Yes |
What is a Multi-Cryptocurrency Wallet, and what are its unique features?
In the digital age, cryptocurrencies have gained significant attention due to their potential to generate significant wealth.
While many individuals have experienced significant financial gain through investing in cryptocurrencies, it is important to note that aggressive and impulsive investments can also lead to significant losses. Therefore, it is crucial to approach cryptocurrency investments with patience and caution.
Multi-currency or universal cryptocurrency wallets provide a convenient solution for managing multiple cryptocurrencies by supporting public and private keys for various digital assets.
These wallets allow storing multiple cryptocurrencies in a single location, eliminating the need for multiple individual wallets.
These wallets also facilitate the ability to send, receive, and monitor the balance of cryptocurrencies. As a result, they play an essential role for investors and traders, serving as an equivalent to a traditional bank account to conduct transactions.
Some unique features of Multi-Cryptocurrency Wallets are:
- It is easy to learn and use and works just like a standard digital wallet or software program.
- Extremely Safe Your private key is the only one that needs to be safeguarded.
- Enables instant international transfers.
- Since there are no obstructions or go-betweens, the process is streamlined and quick.
- Reduced or non-existent transaction fees. Money transfers are much more cost-effective than those made through traditional banking channels.
- Allows for the transfer of funds between several digital currency systems. This makes currency conversion simple.
7 Best Muti-Cryptocurrency Wallets in South Africa
Coinomi
Overview
Coinomi was established in 2014 and provides one of the earliest multi-chain wallets available. It can hold more than 123 blockchains and 1,770 different cryptocurrencies, offers many language and fiat currency options and is completely free to use.
The Coinomi wallet is a hot wallet designed for people that seek anonymity. Furthermore, Coinomi promises it does not gather or keep your info. Instead, you can remove the program from your mobile device or desktop computer to permanently delete your account.
In light of recent occurrences regarding FTX, many individuals choose non-custodial wallets such as Coinomi. Coinomi offers a secure and profitable experience by providing robust security and the necessary tools for seeing results.
If South Africans experience troubles, users can always contact customer care via live chat or ticketing, which is available 24/7. In addition, Coinomi has established itself as a multi-chain wallet that prioritizes ease of use, privacy, and security.
Users can employ up to three layers of security in the Coinomi Wallet to protect their assets from thieves and intruders. Coinomi wallet requires the user to enter an alphanumeric password, a 12- or 24-word mnemonic phrase, and a private key to prevent unauthorized withdrawals.
Coinomi allows you to trade between thousands of cryptocurrencies thanks to its partnerships and decentralized exchange integrations. Furthermore, through a collaboration with Simplex, it also allows for the purchase of cryptocurrency using credit or debit cards.
Convenient though it may be, the high transaction fees mean that you are better off sticking with a reputable cryptocurrency exchange when making purchases and sales.
Coinomi supports Bitcoin (BTC), Litecoin (LTC), and many other cryptocurrencies with SegWit. Furthermore, having the option of using SegWit transactions allows you to save money and speed up the processing of your transfers.
Coinomi Pros and Cons
| ✅ Coinomi Pros | ❌ Coinomi Cons |
| Coinomi is multilingual and offers 24/7 customer support | Coinomi is not compatible with any hardware wallets |
| There are several innovative security features offered | Two-factor authentication is not supported |
| Coinomi hosts more than 120 blockchains and over 1,770 digital assets, giving South Africans flexibility | |
| Coinomi does not charge any transaction fees | |
| Traders can choose from more than 168 fiat currency options |
Ledger Nano S
Overview
The Ledger Nano S is a hardware cryptocurrency wallet that offers advanced security through a secure chip and proprietary OS. It allows users to manage their private keys and is supported by a leading name in the industry.
It can hold over 1,100 cryptocurrencies and tokens, including 23 that Ledger directly supports, and the rest can be accessed via third-party apps.
Security is the key feature in a blockchain wallet, and the Ledger Nano S excels in this area. It stores private keys in cold storage, meaning they are offline and not connected to the internet, making it almost impossible to hack.
No recorded instances of a Ledger Nano S wallet being hacked remotely. Additionally, it has received certifications from the French cybersecurity agency ANSSI. Therefore, if maximum security for your crypto assets is a priority, the Ledger Nano S is an excellent choice.
Furthermore, Ledger Nano S is also cost-effective, retailing at $59, and there is an option to purchase a family pack of three wallets at a 21% discount.
As Non-fungible tokens (NFTs) such as digital art, game characters, and more gain popularity, investors need a secure storage solution. The Ledger Nano S offers support for NFTs, allowing users to store their NFTs and cryptocurrencies in one convenient location.
Ledger Live is compatible with Ledger hardware wallets. In addition, the software has several tools for managing your cryptocurrency, such as the ability to receive funds, transfer them to another wallet, and stake them in exchange for incentives.
In addition, Ledger Live’s greatest strength is that it requires little time and effort to become familiar with and begin employing.
Ledger Nano S Pros and Cons
| ✅ Ledger Nano S Pros | ❌ Ledger Nano S Cons |
| Ledger Nano S is affordable | There is limited storage capacity for Bitcoin |
| Private Keys never leave the device, and Ledger Nano S is extremely secure | Ledger Nano S can only store up to six applications simultaneously |
| Ledger Nano S accommodates over 1,1000 assets | The screen is extremely small |
| Ledger Nano S is certified by the ANSSI | |
| South Africans can easily set up and start using their device |
Guarda Wallet
Overview
Guarda is an excellent platform that supports thousands of tokens from blockchains such as Bitcoin, Litecoin, Ethereum, Dogecoin, Ripple, Tether, Binance Coin, and many more.
It includes a user-friendly interface that streamlines storing, sending, receiving, and managing alternative cryptocurrencies.
In addition to its other advantages, this platform allows traders to make crypto transactions quickly and easily, including buying altcoins with a credit card (unlike competing platforms).
The wallets are compatible with the Chrome Extension Version and can be used on a computer, smartphone, or tablet.
The system is easily reachable from any gadget with an internet connection. In addition, its comprehensive support crew is well-known for its efficiency and speedy reaction times.
The Guarda wallet is non-custodial, meaning it does not keep the user’s private keys or other sensitive information. This makes the wallet more secure and less vulnerable to hacking.
Some risks associated with keeping your cryptocurrency on an exchange are mitigated when you use a self-custody wallet, such as Guarda. For instance, in the event of an exchange’s failure or a catastrophic hack, you can recover all of your cryptocurrency without any loss.
Holding digital assets does come with costs, however. If you are hacked, for example, you are on your own. Worse, your crypto can be permanently inaccessible if you forget your password and recovery phrase.
Multi-signature support for Bitcoin and Ethereum is only one of Guarda’s security features. Moreover, more than one user must authorise the transaction to withdraw funds from a multi-signature account.
Guarda Wallet has all the makings of a one-stop-shop cryptocurrency wallet and is compatible with over fifty blockchains.
As a result, unless you are a collector of rare or unusual coins, Guarda Wallet should have the ones you need. Once located, the wallet serves as a one-stop shop for purchasing, trading, and storing digital currency.
Staking might also give you a means of generating interest on your holdings. Most coins that support optional staking can be purchased on the site. You will not need to switch to a separate trading platform, making this a viable alternative for those who like convenience.
Guarda Wallet Pros and Cons
| ✅ Guarda Wallet Pros | ❌ Guarda Wallet Cons |
| A broad range of over 400,000 digital assets supported | There is limited support for NFTs |
| There are several useful tools for South African traders | The wallet has high in-app crypto purchase fees |
| South Africans can trade using a desktop, web, or mobile app | |
| Guarda Wallet is known for its robust security and high functionality | |
| Customer support is extremely attentive |
Atomic Wallet
Overview
The Atomic Wallet, launched in 2017, was created by Konstantin Gladych, the co-founder and CEO of Changelly, and is compatible with Windows, macOS, Android, and iOS. Users can buy Bitcoin, Litecoin, and Ethereum with their bank cards without needing a centralized exchange.
With Atomic Wallet, all private information and passwords are kept safely on the user’s end, making it a blockchain wallet that does not require a third party to store them.
Its many features include the ability to store cryptocurrencies and non-fungible tokens (NFTs), stake cryptocurrency, and make cryptocurrency purchases directly within the wallet.
If a user does not have any cryptocurrency assets, they can easily acquire some with the free Atomic Wallet.
In contrast, Exodus and other cryptocurrency wallets do not let you start exchanging cryptocurrencies unless you buy them on an external exchange and transfer them to your wallet. However, the wallet is user-friendly from the get-go and supports trading a wide variety of cryptocurrencies and tokens.
This is made feasible by the built-in Atomic Swap trading platform included in the wallet. In addition, you can connect to additional exchanges if you need even more reach.
Atomic Wallet Pros and Cons
| ✅ Atomic Wallet Pros | ❌ Atomic Wallet Cons |
| Atomic Wallet gets many complimentary reviews and supports 500 coins | Atomic Wallet cannot be integrated with hardware wallets |
| All private keys are encrypted and never leave the user’s device | There is a lack of support |
| South Africans can use the built-in exchange to buy, sell, and exchange coins | |
| Atomic Wallet has across-device compatibility | |
| The wallet is extremely easy to use, even for complete beginners |
Jaxx
Overview
Jaxx is designed for simplicity across platforms, while other wallets enable hundreds of coins and non-fungible tokens across various blockchains.
The wallet app is compatible with Windows, Apple macOS, and Linux PCs, as a browser plugin for Google Chrome, and on Android and iOS mobile devices.
All required is a 12-word backup phrase or QR code to transfer your newly created Jaxx Liberty wallet to another device running the same software. Many people utilize it because of how simple it is to switch between the various currencies the user has on hand.
Jaxx also works well across different gadgets. The wallet’s accessibility across devices is a strength, although this comes at the cost of an absence of advanced functionality.
The wallet does not currently support staking as a means for users to generate interest in their assets, and the firm has no intentions of implementing this feature. As a result, users can keep their non-fungible tokens in the wallet but cannot manage them directly using Jaxx.
Jaxx is a free digital wallet that works with various platforms. Moreover, it is accessible via smartphone applications and a desktop version for laptops. In addition, Jaxx’s compatible platforms include Apple’s iOS, Microsoft’s Windows, Google’s Android, and Linux, among others.
Furthermore, South Africans can easily access their Jaxx Wallet from many devices where they can pair and sync their wallets thanks to Jaxx’s cross-platform pairing feature.
Jaxx Pros and Cons
| ✅ Jaxx Pros | ❌ Jaxx Cons |
| The interface is straightforward, making this wallet ideal for beginners and non-tech users | There is no staking interface |
| The platform is a hierarchical deterministic | South Africans cannot buy, sell, or trade NFTs directly from the Jaxx wallet |
| The app provides South Africans access to secure customer support | There is a limited number of digital assets supported when compared to competitors |
| Jaxx has partnered with several platforms to allow the purchase and exchange of digital assets |
Arculus
Overview
To safely store and preserve cryptocurrency and NFTs, Arculus is an NFC-enabled cold storage hardware wallet accessible over Web3.
It was in 2019 when CompoSecure, a security firm that provides secure payment solutions to major banks, created Arculus. In addition, CMPO is a publicly traded business listed on the NASDAQ under the symbol CMPO.
Arculus stores the private keys for over 40 cryptocurrencies and NFTs using a patented metal key card and extremely secure algorithms.
For added protection, the key card can be used with the Arculus Wallet App (Android or iOS) to demand three separate forms of authentication before a user can gain access to their digital assets.
Arculus also provides a gateway to purchase cryptocurrency within the Arculus Wallet app, enabling users to instantly buy and sell cryptocurrencies and load the proceeds onto their Arculus card. As a result, Arculus is unlike any other cryptocurrency cold wallet solution.
Instead of relying on less secure methods like USB or Bluetooth to store cryptographic private keys, this system employs a metal key card equipped with a CC EAL6+ Secure Element.
The key card is a secure storage device that employs NFC communication to store or retrieve the user’s private key information; it does not contain any chargeable devices or software that the user can access.
Access to the keys is protected on three fronts by Arculus: phone biometrics, a PIN, and the Arculus card. The Arculus card’s private keys are kept in the card’s secure element. They cannot be accessed using the Arculus app, nor can the Arculus corporation.
Since the app and service are not custodial, the customer retains full ownership of their cryptocurrency, a major benefit of cold storage versus an online exchange or virtual wallet.
Many services have frozen user accounts, making it impossible for their owners to retrieve their Bitcoin.
Furthermore, for anyone interested in buying or selling cryptocurrencies, Arculus features a built-in cryptocurrency gateway. However, because of how Simplex handles the transactions, substantial costs may be involved.
Arculus Pros and Cons
| ✅ Arculus Pros | ❌ Arculus Cons |
| Arculus is one of the most secure hardware wallets that use the same technology incorporated in digital passports and bank cards | Limited digital assets supported when compared to other competitors |
| South Africans can purchase crypto from within the app | The only fiat currency accepted is USD and EUR |
| Arculus uses three-factor authentication (3FA) | There are extremely high fees when purchasing crypto via third-party platforms |
| Arculus integrates with WalletConnect to provide South Africans access to DeFi and NFTs | |
| South Africans can deposit and withdraw using crypto for free |
ZenGo
Overview
When it comes to Web3 cryptocurrency wallets, ZenGo is your safest option. ZenGo is significantly safer than other crypto wallets since it uses MPC technology to eliminate the need for a private key.
Thanks to ZenGo’s effortless recoverability method, anyone can access their crypto anytime and from any location. ZenGo has made the multi-party computation (MPC) technology that was once only available to multi-billion-dollar corporations accessible to the average crypto consumer.
ZenGo was created in 2018 by KZen Networks, an Israel-based firm focusing on UI and security while developing solutions for blockchains.
The ZenGo team’s goal is to make participation in the crypto economy less complicated and more secure for regular people by lowering the entry bar regarding technical expertise without compromising safety.
ZenGo aims to be compatible with any native crypto protocol, financial service, or digital asset that may be useful. ZenGo is an excellent option for individuals seeking a mobile crypto wallet due to its three primary features.
The first is that, in contrast to the vast majority of digital asset wallets, ZenGo does not necessitate users to record a seed phrase anywhere to access their wallet in the case of a device loss or theft.
This makes it ideal for first-time crypto users who may not have much experience with the technology. Rather, they rely on a method known as an encrypted secret key share.
Therefore, your wallet can be opened and used with a face scan because two keys—one saved on your smartphone and one on their server—are generated and used in tandem.
The ability to buy and sell supported cryptocurrencies within the app is another feature that makes ZenGo a strong mobile wallet option. This is convenient for users and allows ZenGo to make money from an otherwise free wallet.
Last but not least, ZenGo offers a superior support team available at all hours of the day and night, which is extremely helpful for people just getting started with cryptocurrencies.
ZenGo Pros and Cons
| ✅ ZenGo Pros | ❌ ZenGo Cons |
| ZenGo has an attractive and smooth interface | ZenGo restricts some of its features according to the user’s location |
| Customer support is available 24/7 | ZenGo might not be suitable for all traders based on its unique keyless approach |
| There are strong security features, including 3FA | |
| There is no need for private keys, which eliminates a single point of failure as well as hacking and phishing |
How to Choose the Right Multi-Cryptocurrency Wallet in South Africa
Listed below are some things to keep in mind when selecting a cryptocurrency multi-wallet in South Africa:
- Two powerful security features that a wallet should offer are two-factor authentication and the option to generate a backup of your private keys.
- The wallet should support your desired coins, such as Bitcoin and Ethereum.
- The wallet should have a straightforward and simple UI for those who are not particularly tech-savvy.
- Research the wallet’s reputation and read online reviews to get a feel for how other customers rate it.
- Support for customers: If you have any questions or problems, you want a wallet that will get back to you as soon as possible.
- Verify that the wallet accepts South Africans.
- Ensure that you quickly and easily buy and sell Bitcoin when your multi-currency wallet is connected to a cryptocurrency exchange.
The Best Crypto Brokers in South Africa
This article lists the best brokers that offer Crypto and CFD trading to South African traders. In addition, we have further identified the brokers that offer additional services and solutions to South African traders.
Best MetaTrader 4 / MT4 Crypto Broker in South Africa
Overall, IG is the best MT4 Crypto Broker in South Africa. South Africans who want to trade major cryptocurrencies such as BTC and ETH can use IG’s MetaTrader 4 to receive fast, reliable execution speeds. Furthermore, IG is one of the best brokers in terms of research and trading tools.
Best MetaTrader 5 / MT5 Crypto Broker in South Africa
Overall, RoboForex is the best MetaTrader 5 Crypto Broker in South Africa. RoboForex is an STP and ECN broker that provides South Africans access to several crypto assets, negative balance protection, and powerful platforms such as MetaTrader 5 with standard and ECN account integration.
Best Crypto Broker for Beginners in South Africa
Overall, FOREX.com is the best Crypto Broker for beginners in South Africa. With FOREX.com, South Africans can access risk management guides, trading concepts, a comprehensive glossary, and other useful tools.
Furthermore, FOREX.com offers South Africans 8 cryptocurrency instruments that can be traded using the FOREX.com platform or MetaTrader 4/5.
Best Low Minimum Deposit Crypto Broker in South Africa
Overall, XM is the best Low Minimum Deposit Crypto Broker in South Africa. XM provides South Africans with a range of crypto instruments that can be traded across its flexible account types.
XM requires a low minimum deposit of 5 USD / 85 ZAR, letting South Africans start trading with leverage up to 1:250.
Best ECN Crypto Broker in South Africa
Overall, Pepperstone is the best ECN Crypto Broker in South Africa. As a result, South African traders can expect competitive ECN execution and access to several major cryptocurrencies.
In addition, Pepperstone promises an order completion rate of 99.6% and allows traders access to leverage up to 1:10 on crypto.
Best Crypto Trading App in South Africa
Overall, FP Markets is the best Crypto trading app in South Africa. FP Markets offers South Africans a choice between crypto trading apps, including the proprietary software, MetaTrader 4 and MetaTrader 5.
FP Markets provides some of the best asset protection and does not restrict the trading strategies that South Africans can use when they trade crypto.
Best Crypto Rebates Broker in South Africa
Overall, FxPro is the Best Crypto Rebates Broker in South Africa. In addition, FxPro is one of the best crypto brokers in South Africa that completes most orders within 14 milliseconds.
Furthermore, FxPro has No Dealing Desk intervention, low latency, and provides attractive rebates of up to $10 per lot on crypto.
Best ZAR Trading Account Crypto Broker in South Africa
Overall, HFM offers the best ZAR trading account in South Africa. South Africans can easily register a ZAR-denominated account with HFM to start trading more than 19 cryptocurrencies across flexible accounts.
Furthermore, South Africans can access flexible local payment options for easy deposits and withdrawals with HFM.
Best Lowest Spread Crypto Broker in South Africa
Overall, BDSwiss is the best lowest-spread Crypto Broker in South Africa. South Africans can trade 27 cryptocurrencies with a maximum leverage of up to 1:5, and competitive spreads according to traders’ account type.
Crypto trades are commission-free; the smallest position size that can be traded is 0.01 lots. Furthermore, BDSwiss allows traders to hedge their position without any commission fees.
Best NDD Crypto Broker in South Africa
Overall, Capital.com is the best NDD Crypto Broker in South Africa. Capital.com is one of the CFD brokers with the most cryptocurrencies offered.
South Africans can choose from over 476 crypto assets that can be traded using STP and ECN execution, with leverage up to a maximum of 1:100.
Best STP Crypto Broker in South Africa
Overall, AvaTrade is the best STP Crypto Broker in South Africa. AvaTrade does not charge any commissions when South Africans trade crypto. Furthermore, traders can expect reliable, fast trade execution thanks to AvaTrade’s STP execution model.
South Africans can use several powerful trading platforms to trade crypto. In addition, beginners have access to a large library of educational materials and resources.
Best Sign-up Bonus Broker in South Africa
Overall, Tickmill is the best sign-up Crypto Broker in South Africa. Tickmill offers South Africans access to 8 crypto assets that can be traded with leverage of up to 1:200. In addition, newly registered traders can get a no-deposit bonus of up to 30 USD when they sign up with Tickmill.
Conclusion
It is imperative to exercise caution when selecting a digital wallet for the storage of your cryptocurrency assets. Utilizing a wallet with questionable integrity can lead to the loss or theft of said assets.
While each wallet can possess unique benefits and drawbacks, maintaining control over your private keys is of the utmost importance. A prudent strategy would be to select a wallet with a well-established online presence and a reputation for prompt customer support.
Furthermore, it is essential to never disclose your private key to any individual and to create an offline backup.
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Frequently asked questions
What is the cheapest Bitcoin wallet available in South Africa?
Crypto.com is the cheapest Bitcoin wallet in terms of low transaction fees.
Which crypto wallets are supported in South Africa?
Many crypto wallets accommodate South African traders, including Atomic, Guarda, Trust Wallet, and others.
Can one wallet hold multiple cryptocurrencies?
If the cryptocurrency wallet is multi-currency, it can hold multiple cryptocurrencies.
Is there a wallet in South Africa that supports all cryptocurrencies?
Currently, several wallets support hundreds of thousands of digital assets, including MetaMask, Coinbase, Trust Wallet, Ledger Nano X, MyEtherWallet, and more.
Is it safe for South Africans to have multiple crypto wallets?
Multiple cryptocurrency wallets are completely possible. However, you are highly recommended to use multiple crypto wallets if you have more substantial transactions and wish to hold and trade different sorts of cryptocurrency.
In addition, this improves the safety of your cryptocurrency holdings. However, keeping track of all your pass- and seed phrases might be difficult.
Addendum/Disclosure
No matter how diligently we strive to maintain accuracy, the financial markets are volatile that could shift and change at any given time, even if the information supplied is correct at the time of going live.
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