Each year, we conduct an extensive review of the best hardware wallets available in Australia. To arrive at our picks, we review the best hardware wallets on the market for overall safety, functionality, cost and supported digital assets — including coins, tokens and NFTs.
You've probably noticed that brands like Ledger and Trezor dominate our list of the best hardware wallets and have done for the last few years.
These companies created some of the first-ever cold storage wallets and each has a long track record of producing devices that have successfully protected customers' assets.
This isn't to say that other hardware wallets can't offer suitable security and cold storage functionality.
Due diligence is especially important regarding crypto self-custody, so we've chosen only to showcase wallets that our team has first-hand experience with or that meet our strict criteria for inclusion.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
Here you can compare the most popular crypto hardware wallets by price and number of supported coins.
The Ledger Nano X is the top-tier USB-style hardware wallet from Ledger, a company that has produced industry-leading security for self-custody of digital assets since 2014.
It remains our pick for the best overall hardware wallet again in 2025 and for good reason. It's a great balance of price, features and convenience.
You can securely store the keys to over 5,500 crypto assets and NFTs and put your assets to work through staking — all while on the go.
Unlike Ledger's cheaper Nano S Plus model, the Nano X has Bluetooth functionality and is compatible with both Android and iPhone for maximum portability.
Of the hardware wallets we compared, no other device provided this level of security alongside such a broad range of features at a competitive price.
Mind you, while Ledger devices have not had any recorded security breaches, the software is closed-source. This means that it is not open to independent scrutiny, and you must place some degree of trust in the manufacturer.
The Ledger Nano S Plus is our top pick for best value because it offers the same high level of security and most of the same features as the Ledger Nano X — but at nearly half the price.
The Nano S Plus also supports cold storage for 5,500 crypto coins, tokens and NFTs, as well as staking and crypto exchange features through Ledger Live.
If you're content with safe offline storage of your private keys and don't need to use the device on the go with a mobile phone app – there's no Bluetooth functionality in the Nano S Plus – then this hardware wallet will likely tick a lot of boxes.
One potential issue with Ledger devices is that the software is closed-source, which means it is not open to independent scrutiny or review.
The Ledger Nano S Plus strikes such a good balance between security, coin support, features and relative affordability that we were hard pressed to find a better value option on the market.
The Trezor Model T gets our pick for best wallet for experienced users because it offers a suite of advanced features that will really appeal to pros.
One of those features is the wallet's multisignature — or multisig — capabilities. Multisig provides an added layer of protection for Bitcoin, as multiple stakeholders must sign off on any transactions.
The Trezor Model T also supports Taproot — an upgrade to the privacy of the Bitcoin network. It also reduces transaction fees and allows users to engage with BTC smart contracts.
If anonymity is important to you, you can anonymise your transactions via the Tor network using the Trezor Suite interface.
You can also utilise the novel Shamir backup system with your Model T. The Shamir backup distributes your recovery phrase across multiple recovery shares, which can be stored in different locations for added security.
For those looking for an entry-level hardware wallet, it's hard to look past the Trezor Model One. At a retail price of US$49 (around AU$80), it's a great first option for many crypto users.
The Trezor Model One is the original cryptocurrency hardware wallet. It's a small USB device for securely storing the private keys to your digital assets in cold storage – offline and physically separated from your computer.
The Model One is all you need to manage major crypto assets like Bitcoin (BTC) and Ether (ETH). It is excellent for using with DeFi applications on Ethereum, including layer-2 networks.
Ledger is arguably the best hardware wallet provider for staking, and the Ledger Flex is the pick of the bunch.
With support for more than 50 third-party wallets and 5,000+ coins, and stake coins like Ethereum (ETH) and Polkadot (DOT) using th native Ledger Live software.
You can also stake over 25 cryptocurrencies through third-party integrations, including crowd favourites like Avalanche (AVAX) or Solana (SOL) as well as 1,000+ DeFi protocols.
With the next-gen E Ink touchscreen, it's a much more polished and user-friendly experience compared to the Nano S Plus and Nano X.
The top-of-the-line Ledger Stax was created by Tony Fadell – the co-creator of the iPod and iPhone.
The device is just as secure as previous Ledger hardware wallets, but it's more stylish and was designed with everyday users in mind – not just tech geeks.
The stand-out feature of the Ledger Stax is its 3.7in (672x400px) electronic ink (e-ink) touchscreen, which makes managing your assets and clear-signing transactions via the device easy and convenient.
Other features that separate it from previous iterations of Ledger wallets include the fact that you can charge the device wirelessly and customise the lock screen with one of your NFTs.
The device is the size and shape of about 5 credit cards stacked on top of one another, whereas previous Ledger hardware wallets resembled a flash drive.
One potential issue with Ledger devices is that the software is closed-source, which means it is not open to independent scrutiny or review.
As a specialist Bitcoin hardware wallet, the COLDCARD Mk4 doesn't have as many of the features of Ledger or Trezor devices, but it does keep the private keys to your BTC stored securely offline.
The COLDCARD Mk4 was created by cypherpunks — technologists who advocate for privacy-enhancing cryptography — for Bitcoin minimalists.
Like Ledger hardware wallets, the COLDCARD Mk4 uses a Secure Element chip — the same type of chip found in passports and credit cards — to protect the private keys to your Bitcoin.
Using the Sparrow Wallet desktop software and a microSD card, you can send Bitcoin to and from your COLDCARD Mk4 without ever plugging the device in. The obvious downside to this is that you'll have to purchase a microSD card adapter for your computer if you plan to transfer data this way.
Blockstream is involved in many Bitcoin-related endeavours from Bitcoin mining to the development of the Liquid Network — a Layer 2 on Bitcoin for digital asset issuance.
Given its extensive experience with the Bitcoin network, it's no wonder that the Blockstream Jade is one of the most respected hardware wallets in the Bitcoin community.
Like the COLDCARD Mk4 — another beloved Bitcoin hardware wallet — the Blockstream Jade is a secure Bitcoin cold storage wallet designed with open-source code and multisig capabilities.
But the Blockstream Jade differs from the COLDCARD Mk4 in a number of ways including:
The device also doesn't have a Secure Element chip — the primary security mechanism for the COLDCARD Mk4 and Ledger wallets.
We chose to give Billfoldl an honourable mention as the best recovery phrase backup device because it helps protect your chosen hardware wallet's recovery phrase from fire, flooding and any type of decay.
Most hardware wallets will prompt you to write down your recovery phrase on a sheet of paper when you set up your wallet. But if your recovery phrase sheet gets damaged or lost, you can lose access to your crypto – permanently.
Billfodl is a solid steel case that allows you to stamp your 24-word recovery phrase using metal tiles engraved with letters.
The tiles slide into three different rows on both sides of the device, and the device comes with a cover that swivels over your recovery phrase once you've properly arranged the tiles.
It's worth considering the added layer of security and peace of mind afforded by recovery phrase backup devices like Billfodl if you invest in a hardware wallet.
A hardware wallet is a physical vault designed to offer safe storage for your cryptocurrency private keys. These specially designed hard drives usually connect to your computer or smartphone via USB and, because you keep them offline, provide cold storage for your coins and tokens.
Hardware wallets contain a range of security features to protect your digital currency keys.
They're protected by a PIN and often include other security measures, such as a screen for viewing transaction details and buttons on the device for manually verifying transactions.
There are essentially two separate parts to a hardware wallet. The first part is a desktop, mobile or web client connected to the internet and performs nearly all the same functions as any ordinary hot wallet.
This software wallet creates the transactions but can't sign them — which is where the second part, the physical hardware wallet that contains your private keys, comes in. The transaction must be sent to your offline hardware wallet, verified by you and signed by the device before it can be completed.
A hot wallet is any wallet that has an active connection to, or is hosted, on the internet. Hot wallets are more common than cold wallets and are often more user-friendly. Thanks to their connection to the internet, moving funds in and out of these wallets is quick and easy.
Unfortunately, this ease of use also comes with disadvantages, such as making them susceptible to hackers, phishing scams and other vulnerabilities. Examples of hot wallets include those offered by exchanges or web wallets such as MyEtherWallet.
A cold wallet refers to any wallet stored offline. Cold wallet storage can refer to numerous methods, such as creating a paper wallet with a QR code, storing a wallet on an air-gapped computer (disconnected from the internet) or using a hardware wallet.
While considered more secure than a hot wallet, cold wallets are often slow to use, require a physical object and can be damaged in ways hot wallets can't. Hardware wallets are a particular type of cold wallet, popular for their additional security and redundancy features.
Generally speaking, crypto hardware wallets are considered the safest way to store the private keys to your digital assets for the following reasons:
If you've decided that offline storage in a hardware wallet is the best option, the next step is actually choosing a wallet. There are several reputable options available, so make sure you consider the following factors when deciding which one is right for you:
By considering these important features, you'll have a much better idea of which hardware wallet is right for you.
"A wallet should have an intuitive and easy-to-use interface, making it accessible to both beginners and experienced users. The ability to store and manage a variety of cryptocurrencies is crucial, as the crypto market consists of numerous digital assets. A good wallet should provide a reliable backup and recovery system to protect against data loss or theft of the wallet's private keys. Access to transaction history and reporting features is essential for tracking your cryptocurrency holdings and activities."
"Interoperability with web3-enabled sites is probably the most important feature after security for crypto wallets today. WalletConnect makes it possible to use a wide range of wallets to interact with web3 sites. Cross-chain compatibility and the ability to do swaps inside the wallet can also make life a lot easier."
"The wallet should be easy to use and navigate. Users should be able to easily send, receive, and store their cryptocurrencies. The wallet should support the cryptocurrencies that users want to use. Multi-signature wallets require multiple signatures to authorise transactions. This makes them more secure than single-signature wallets.Cold storage wallets allow users to store their cryptocurrencies offline. This is the most secure way to store cryptocurrencies, as it protects them from hackers. Some crypto wallets offer additional features, such as staking, lending, and decentralized exchange (DEX) integration."
Keep the following tips in mind to help ensure the security of your crypto coins and tokens:
When you use a non-custodial crypto wallet, you reduce the risk of a third-party custodian like a crypto exchange going under and taking your funds with it. However, there are still risks to using both software and hardware crypto wallets.
Software wallets are always connected to the internet, and, for that reason, can more easily be hacked. Also, if the code for a software wallet is closed-source, you are placing trust in the creator of that wallet to not extract your private keys and, therefore, gain access to the digital assets you manage via the wallet.
Hardware wallets are generally more secure than software wallets in that they remain disconnected from the internet when they aren’t in use, while some never have to be connected to the internet. However, if you use a hardware wallet that has native software — like a Ledger or Trezor wallet — there is always the risk that your private keys can be extracted through an issue with the underlying software.
For extra safety, it’s best to create a multisignature — or “multisig” — set up in which you use two or more wallets to sign transactions and protect your crypto.
To evaluate our 2025 picks for the best crypto hardware wallets, we compared 10+ cold storage wallets on a range of criteria, including the following:
Coinbase Wallet has rebranded as Base App to combine wallet functions with social features, trading and gaming.
Kylie Purcell is the Senior Investments Editor for Finder.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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