Best Ethereum Wallet South Africa – Cheap & Secure Wallets Compared

If you’re looking to buy Ethereum – or you’ve already made an investment, you will need to find a trusted digital wallet to store your tokens. There are hundreds of options in the market – each of which will come with a varying trade-off between security and convenience.

In this guide, we review the Best Ethereum Wallet South Africa for 2022.

Best Ethereum Wallets 2022

In choosing the best Ethereum wallet for your needs – you need to consider several important factors. For example, how secure is the wallet and is it convenient to transfer ETH tokens in and out. If you hold other digital currencies, you’ll also want to ensure that your chosen Ethereum wallet supports the respective coins. This will ensure that you don’t need to hold multiple wallets.

To help clear the mist, below we review the very best Ethereum wallet South Africa for 2022.

1. eToro – Overall Best Ethereum Wallet South Africa 2022

eToro is a popular online broker that allows you to invest in 18 cryptocurrencies without paying a single rand in commission. This includes Ethereum, Bitcoin, Ripple, EOS, Cardano, and more. The platform is heavily regulated – with eToro holding licenses with the FCA, ASIC, and CySEC.

Most traders at eToro decide to store their Ethereum tokens in the broker’s own wallet. This is because eToro utilizes institutional-grade security protocols to ensure your crypto assets are kept safe. Plus, by keeping your Ethereum at eToro, you can instantly sell the tokens back to cash at the click of a button. With that said, eToro also offers a fully-fledged Ethereum wallet that can be downloaded via an Android and iOS mobile app.

The mobile wallet is super secure and allows you to retain full control over your private keys. There are no fees to download the eToro wallet and it comes packed with useful tools and features. This includes the ability to convert one cryptocurrency to another without needing to leave the app. Plus, you can connect your wallet to your main eToro account – meaning you will have access to fiat currency services.

For example, you can instantly deposit funds with a debit/credit card, Paypal, bank wire, and other e-wallets. This then allows you to buy cryptocurrency and thousands of other financial markets. This is inclusive of stocks, ETFs, index funds, forex, commodities, and indies. Additionally, you can also trade digital currencies via the Copy Trading feature – which allows you to copy an expert investor. There is also a managed cryptocurrency portfolio that gives you access to lots of different digital coins.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. No investor protection.

2. Binance – Best Ethereum Wallet South Africa for Active Bitcoin Trading

If you are an active cryptocurrency trader – meaning that you regularly buy and sell, the Binance wallet could be for you. The wallet is backed by the largest cryptocurrency trading platform in terms of volume – so you’ll have access to heaps of liquidity.

The exchange supports hundreds of digital currencies – both large-cap and small-cap. Should you wish to trade, you will pay just 0.1% in commission per slide – and even less if you hold an allocation of BNB Coins.

The Binance wallet itself – which the exchange calls the Trust Wallet, is available as a mobile app on Android and iOS. Once installed, not only can you store your digital currencies safely, but you can access the Binance DEX. This allows you to exchange cryptocurrencies in a decentralized manner.

Alternatively, you might also consider storing your Ethereum in the Binance web wallet. This is backed by several security features – such as the vast majority of digital coins being held in cold storage. There is also two-factor authentication (2FA), email confirmations, and IP whitelisting.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. No investor protection.

3. Coinbase – Best Ethereum Wallet South Africa for Beginners

Coinbase is a popular cryptocurrency trading platform that is super popular with beginners. You can easily buy and sell digital currencies at this broker and debit cards are supported for instant transactions.

You don’t need to have any prior experience of buying or storing Ethereum to use Coinbase. This is because the platform has been designed to cater to newbies. When it comes to the Coinbase wallet – you have two options.

The first is to store your Ethereum tokens in the Coinbase web wallet, which is great for convenience. This will allow you to transfer your Ethereum holdings to another wallet at the click of a button, as well as cash out your tokens back to fiat money. 98% of digital assets on Coinbase are kept in cold storage.

Much like Binance, you will also benefit from 2FA and email confirmations. If you want more control over your ETH tokens, Coinbase also offers a native mobile wallet on Android and iOS. The wallet can be connected to your main Coinbase account – meaning you can buy, sell, and convert digital currencies with ease.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. No investor protection.

4. Luno – Best Ethereum Wallet South Africa for Long-Term Investments

Luno is a cryptocurrency exchange that can be accessed online or via a dedicated mobile app. Much like Coinbase, Luno is really simple to use and offers a great all-round user experience.

Luno is actually the most used digital currency wallet on the African continent – not least because it offers more than just storage. On the contrary, you can also buy and sell crypto assets directly from within the Luno wallet.

A core feature that we like with Luno is that you can set up recurring investments. For example, if you consider yourself a long-term Ethereum investor – you might set up a regular purchase of 700 rands per week. Luno also offers a cryptocurrency savings account – whereby you can earn up to 7.6% in interest per year.

When it comes to the Luno wallet utilizes Deep Freeze Storage. Not only does this mean that digital currencies are stored offline and away from live servers, but multiple signatures are needed to gain access. The Luno wallet also supported 2FA for an additional layer of security.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. No investor protection.

5. Exodus – Best Ethereum Wallet South Africa for Storing Multiple Coins

If you’re looking for an Ethereum wallet that will allow you to store a diverse range of digital currencies – you might want to consider Exodus.  On top of Ethereum, this popular digital wallet supports over 100+ coins.

This covers everything from Bitcoin, Dash, and Tether to ZCash, Dogecoin, and Litecoin. Crucially, this means that you can store your crypto assets in one single place. When it comes to devices, Exodus is available as a desktop or mobile wallet.

The latter is compatible with iOS and Android phones. You can even connect your Exodus wallet to the Trezor hardware wallet for enhanced security. Exodus is also well known in the cryptocurrency community for being a user-friendly wallet. For example, you can easily view the current value of your cryptocurrency portfolio in real-time.

Gaining access to your funds is both convenient and secure – especially when using the Exodus mobile app. For example, you can log in via face recognition or fingerprint ID. Through third-party integration, Exodus also allows you to buy and sell cryptocurrencies directly from within your wallet.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. No investor protection.

What is an Ethereum Wallet?

Put simply, an Ethereum wallet allows you to store your ETH tokens. After all, cryptocurrencies need to be kept in a safe and secure wallet to ensure your funds are protected from hackers. There are several types of Ethereum wallets in the market – such as those that can be accessed online, through a mobile app, desktop software, or a hardware device.

The device that you decide to keep your Ethereum wallet on will depend on your personal needs. For example, if you have a large quantity of Ethereum you might consider keeping the tokens in a hardware wallet. This is the safest way to store your digital assets – but also the least convenient.

Therefore, if you are looking for the perfect balance between accessibility, convenience, and safety – the eToro mobile wallet app is ideal. This is because the app is backed by a regulated brokerage firm that is licensed by three reputable financial bodies. Plus, in terms of convenience, you can send, receive, and convert digital currencies at the click of a button.

How to Choose the Right Ethereum Wallet for You

There are hundreds of Ethereum wallets active in the market – so knowing which one to opt for can be a daunting task. As noted above, it’s all about assessing what your priorities are in terms of security and convenience. You also need to consider whether or not the wallet comes with core features – such as being able to buy Bitcoin, Ethereum, and other crypto-assets or instantly convert one digital coin to another.

To help you choose the best Ethereum wallet South Africa for you – consider the following factors.

Security

First and foremost you need to consider how safe your Ethereum tokens are within your chosen wallet. In other words, what security features are in place to prevent unauthorized access? There are several stand-out safety nets that you should look out for.

For example, we would expect 2FA as an absolute minimum. This means that every time you want to access your wallet – you need to provide a unique code that is sent to your mobile phone. We also like Ethereum wallets that come with email or in-app notifications. This might consist of an alert when your wallet is accessed or when a transfer request is made.

If you are using a web wallet for the convenience that this brings, make sure the provider stores the vast bulk of its client funds in cold storage. This means that the wallet itself is never connected to a live server and thus – this makes it near-impossible for a remote hack to occur.

Convenience

When we talk about convenience in the context of Ethereum wallets – we are referring to the level of ease in which you can transfer funds. For example, if you were to use the eToro wallet – you can send cryptocurrencies at the click of a button.

All you need to do is load the app on your phone, paste in the receiver’s wallet address, and confirm the transaction. However, if you were to opt for a hardware wallet, things are a lot more cumbersome. Sure, your Ethereum tokens are super-secure, but the process of transferring funds to another person or wallet is super inconvenient.

In fact, you would manually need to confirm the transaction while you have the device in your possession. This removes the ability to send funds while on the move.

Support Cryptocurrencies

Although you might be looking for the best Ethereum wallet South Africa, there is every chance that at some point you will need to store alternative cryptocurrencies.

• Whether that’s Bitcoin, Ethereum Classic, EOS, or Ripple – we found the best wallet providers support heaps of different digital coins.
• For example, the eToro wallet supports more than 120 digital currencies – which is huge. This means that you can store all of your crypto assets in one safe place.

Crucially, this alleviates the need to obtain and manage multiple digital wallets.

Ability to Buy and Sell

The vast majority of Ethereum wallets that we came across offer a bare-bones service. That is to say than being able to store, send, and receive digital currencies – the wallet does not offer any other core features.

However, one feature in particular that we would suggest looking out for is the ability to buy and sell crypto assets from within the app. In doing so, you can manage your entire cryptocurrency endeavors within one safe place. For example, eToro allows you to link your Ethereum wallet to the broker’s main website.

This means that you will be able to buy and sell 18 different cryptocurrencies without paying a single rand in trading commission or exchange fees. You will also have access to stocks, ETFs, index funds, forex, and more – all through your eToro trading account.

Fees

When you transfer Ethereum from one wallet to another – the transaction must be validated by the blockchain. This requires resources – both in terms of computing power and electricity. As such, blockchain fees will apply. Although this cannot be avoided, there is every chance that your chosen Ethereum wallet provider will charge a mark-up.

After all, wallet providers are in the business of making money. You should check to see how much the wallet in question charges before proceeding.

• In addition to transfer fees, you should also check what you will pay if you buy and sell cryptocurrencies directly from within the wallet.
• This fee – known as a commission, can and will vary considerably depending on the wallet provider.
• For example, Coinbase is one of the most expensive Bitcoin exchanges in the industry – charging a commission of 1.49% per slide.
• If buying crypto with your South African debit card – you will pay even more at 3.99% of the purchase amount.

At the other end of the spectrum, you have the eToro wallet. Here, you will pay just 0.5% to deposit funds with a debit/credit card or e-wallet and the commission rate amounts to 0%!

Ethereum Wallet Download Process – eToro Tutorial

So now that we have established that eToro is the best Ethereum wallet South Africa – it’s time to walk you through the process of getting started.

Step 1: Register at eToro

By choosing eToro as your Ethereum wallet provider – you will be using a heavily regulated platform. As such, in line with anti-money laundering regulations, you will first need to open an account. In doing so, you have unfettered access to an Ethereum wallet that supports over 120 other coins, 0% commission crypto purchases, and institutional-grade security.

67% of retail investor accounts lose money when trading CFDs with this provider.

So, visit the eToro website and start the accounting process. All you need to do is enter your personal information and contact details.

Step 2: Upload ID 

Before you can unlock all core features on the eToro wallet – such as being able to use your debit/credit card or Paypal to buy crypto – you will need to upload a copy of your ID. This can be a passport, driver’s license, or national iD card. In most cases, your document will be verified instantly.

Step 3: Download eToro Wallet 

Now that you are all set up – which should have taken you no more than 10 minutes, you can proceed to download the eToro wallet. Click on the Google Play or Apple Store icon to be redirected to the official download page.

Step 4: Transfer Ethereum 

If you already have Ethereum in another wallet and wish to transfer the tokens to eToro – the process is also very straightforward.

• First, copy your unique Ethereum wallet address that eToro gives you
• Head over to the wallet where your ETH tokens are stored
• Paste your eToro wallet address
• Confirm the transfer

The ETH tokens should arrive in your eToro wallet in a few minutes.

Alternatively, if you are yet to buy Ethereum, you can do this directly from eToro. The minimum purchase amount is just $25 (about 360 rands) and you won’t pay any trading commission.

Conclusion

This guide has reviewed the best Ethereum wallets in South Africa for 2022. As we have covered extensively, you need to find a wallet that offers the right balance between security and convenience.

Ultimately, we found that eToro is the best Ethereum wallet South Africa right now – as the broker behind it is regulated by three reputable financial bodies.

Not only does this mean you will benefit from institutional-grade security practices, but the eToro wallet allows you to buy, sell, and convert cryptocurrencies commission-free. Plus, the wallet is really simple to use, and getting started takes less than 10 minutes!

eToro – Store, Buy, and Trade Ethereum With Zero Commission

67% of retail investor accounts lose money when trading CFDs with this provider.

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