10 Best Crypto Wallets in Canada – Compare Bitcoin Wallets

Crypto investing in Canada is increasingly becoming popular, but beginners should remember that they need a suitable wallet before proceeding.

In this guide, we compare the best crypto wallets in Canada for security, convenience, fees, and other important metrics. We also explain what factors to consider when selecting a Canada crypto wallet for the first time.

The Top Cryptocurrency Wallets for Canadian Traders

Here’s a list of the best crypto wallets in Canada for 2023:

  1. Best Wallet – Newly launched non-custodial software wallet that offers unique upcoming features including insights on trending cryptos and details on hot airdrops. Has multi-chain functionality and a custom-built DEX to allow trading in thousands of tokens. Will airdrop its native token $BEST – which can be staked has other benefits – to active users in the coming months.
  2. Coinbase – Coinbase is a regulated crypto exchange that doubles up as a wallet. While this is a custodial option, Coinbase has many safeguards in place to keep user funds safe. This includes cold storage, two-factor authentication, and device whitelisting.
  3. OKX – This popular trading platform offers a decentralized crypto wallet that is packed with features. Not only does the OKX wallet enable users to store, send, and receive crypto – but earn interest too. OKX sources the best interest rates across more than 200 exchanges, covering staking, yield farming, and savings accounts.
  4. Binance – This is one of the best options for crypto traders looking for a convenient way to store their tokens in between trades. Binance – the world’s largest exchange for trading volume, supports over 350 cryptocurrencies. Users can choose from the Binance web wallet or mobile app, both of which offer custodial storage.
  5. Metamask – Metamask is one of the most popular crypto wallets in Canada for those seeking full control over their funds. This non-custodial wallet does not store private key data, and it’s available as a mobile app and Chrome extension. However, Metamask does not support Bitcoin.
  6. Ledger Nano – This is a crypto hardware wallet that offers unrivaled security controls. Crypto tokens are stored offline, and users need to enter a PIN onto the Ledge Nano device to make transfers. This option will suit long-term investors.
  7. Electrum – Launched in 2011, Electrum is one of the oldest Bitcoin wallets in the market. It has a solid reputation for safety and is available as desktop software for Mac, Windows, and Linux. While an Android app is also supported, Electrum is not compatible with iOS.
  8. Trust Wallet – This mobile and browser wallet is backed by Binance. It is a decentralized wallet, giving users full control over their private keys. Trust Wallet supports virtually every cryptocurrency in existence, covering more than 70 blockchain networks. This wallet is also ideal for accessing DeFi services, such as yield farming and staking.
  9. Coinomi – This non-custodial wallet supports over 125 network standards, including Bitcoin, Ethereum, and BNB. Coinomi is supported across multiple device types, including Mac, Windows, Linux, iOS, and Android.
  10. Bitcoin Core – This desktop wallet enables users to directly access the Bitcoin blockchain. What’s more, Bitcoin Core enables users to mine Bitcoin. That said, this option won’t be suitable for beginners, as Bitcoin Core is far from user-friendly.

Best Bitcoin Wallets in Canada Reviewed

In this section, we take a much closer look at the best crypto wallets in Canada.

We explore how each crypto wallet compares in terms of fees, security, features, usability, supported coins, and device types.

Read on to find the best crypto wallet in Canada for traders.

1. Best Wallet – Overall Best Crypto Wallet in Canada with High Security, Unique Features and Airdropped Tokens

Our overall best crypto wallet for users in Canada is Best Wallet, which has only just launched but makes the top of this list because of its unique features.

Best Wallet is a highly secure non-custodial software wallet that is available as a mobile app on both Android and iOS – with a desktop extension still in development.

best wallet 1

It is a comprehensive wallet that does not just offer a place to securely store and trade tokens, but also offers other features that place it as a must-have Web3 tool.

After signing up, new users can select from advanced security features for users such as two-factor authentication and fingerprint ID. Best Wallet has multi-chain functionality, meaning users can purchase and hold coins on the Ethereum network – as well as Layer-2s such as Polygon – and the Binance Smart Chain.

Purchasing crypto with fiat is carried out via trusted third-party provider Wert, while Best Wallet has its own built-in decentralized exchange, meaning users are able to trade thousands and thousands of tokens if they hold stablecoins such as USDT, without any restrictions or need to register.

Best Wallet’s biggest features are still to come, with the wallet providing a news feed and custom insights on trending and popular coins and airdrops in the space, as well as the ability to hold and trade NFTs and display them in a gallery.

best wallet 3

Active users are also set to earn an airdrop of $BEST – the wallet’s native token that underpins the project and can be staked to generate tokens, as well as giving holders voting rights.

Furthermore, $BEST will also give holders access to advanced analysis tools, enable token swaps that don’t incur fees, and offer access to new token launches and NFT drops.

Best Wallet can be found in the App Store or Play Store. Alternatively, join the Best Wallet Telegram channel to get more information and the latest news on the project.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Software Non-custodial Thousands via its DEX Determined by third-party Yes Multi-chain, portfolio management, built-in DEX, NFT functionality and gallery, unique insights on cryptos, $BEST token + airdrop

Pros pros

  • Overall best crypto wallet in Canada for investors
  • Secure non-custodial software wallet
  • Multi-chain functionality and built-in DEX
  • Two-factor authentication and fingerprint ID
  • Unique insights into trending and new cryptos
  • Native $BEST token can be staked and will be airdropped to active users

Cons cons

  • Not all features are live yet

2. Coinbase – User-Friendly Crypto Wallet With Institutional-Grade Security    

Coinbase, a tier-one exchange with the second-largest trading volume, is one of the best crypto wallets in Canada for beginners. Its custodial wallet connects the Coinbase exchange, making it seamless to invest and trade in safety.

The Coinbase wallet comes with institutional-grade security features. For example, 98% of client funds are kept in cold storage, with the balance used for exchange liquidity. Coinbase enforces mandatory two-factor authentication too. Moreover, Coinbase is a public company that trades on the NASDAQ exchange.

Coinbase wallet

The Coinbase wallet also comes with additional security steps when logging in from a new device or IP address. Users can choose from the Coinbase web wallet or mobile app. Both connect to the same Coinbase account, which requires KYC. Coinbase supports over 100 cryptocurrencies, making it a great wallet for diversified portfolios.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Web wallet and mobile app Custodial Supports over 100 cryptocurrencies, including some of the best meme coins like Dogecoin and Shiba Inu Standard commission of 1.49% per slide. 3.99% fee when using a debit/credit card Yes Exchange services, staking, educational tools

Pros pros

  • Solid security features – including cold storage and two-factor authentication
  • One of the best crypto wallets in Canada for beginners
  • Buy, sell, and store over 100 cryptocurrencies
  • Backed by a regulator that is listed on the NASDAQ exchange

Cons cons

  • Traders pay 1.49% to buy and sell crypto
  • Fiat deposits attract a 3.99% fee

3. OKX – Non-Custodial Crypto Wallet Supporting DeFi Tools

OKX is one of the best crypto wallets in Canada for non-custodial storage. This decentralized wallet never stores user private keys, so investors have full control over their crypto funds. What’s more, there is no requirement to open an account with OKX, so users remain anonymous.

The OKX wallet is compatible with iOS and Android smartphones via a native app. Users can also access the OKX wallet through a browser extension. Both options are user-friendly and support a significant number of coins. In fact, OKX supports over 50 blockchain networks, covering everything from Bitcoin and Ethereum to BNB and Solana.

OKX wallet

One of the best features of the OKX wallet is that it supports decentralized finance (DeFi) tools. This includes the ability to swap coins without going through a centralized order book. Additionally, OKX supports various interest tools, including savings accounts and staking. All DeFi tools go through the OKX aggregator protocol.

In simple terms, this means OKX sources the best exchange rates and yields in the market. For example, suppose an investor is using OKX to store Tether. OKX will list interest yields from more than 200 exchanges, and users can choose the one they want without leaving the wallet interface.

On the flip side, users should remember the risks of non-custodial wallets. This is because users are responsible for keeping their wallets secure. If the user loses their private keys or the wallet is compromised, OKX will not be able to assist.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Mobile app and a browser-extension Non-custodial Most cryptocurrencies across 50 blockchain networks Fees are displayed when swapping tokens. Alternatively, use the centralized OKX exchange and pay just 0.1% per slide Yes Decentralized swaps, staking, yield farming, savings accounts, NFT marketplace

Pros pros

  • Compatible with over 50 blockchains – supporting thousands of coins
  • Truly decentralized and anonymous – no requirement to open an account
  • Earn interest on wallet balances through staking, yield farming, and crypto savings accounts
  • Secures the best exchange rates in the market when swapping coins

Cons cons

  • Users are responsible for safeguarding their private keys

4. Binance – Top Crypto Wallet for Active Traders  

Binance review Binance is the best crypto wallet in Canada for traders. Its web and mobile wallet connects to the Binance exchange, which supports over 350 coins at industry-leading fees. For example, commissions start at 0.1% per slide, so that’s a fee of just $1 for every $1,000 traded. Moreover, the Binance wallet also offers access to a huge range of DeFi tools.

For example, Binance offers savings accounts with both flexible and fixed terms. Interest rates are very competitive, with APE and AXS currently yielding an APY of over 44% and 37%. Staking is also supported, with ETH and AAVE currently yielding 2.7% and 5%. Other DeFi tools include dual investments and yield farming.  The Binance wallet is centralized, meaning that the exchange has full control over the user’s private keys.

Binance wallet review

That said, Binance remains the most popular and largest crypto exchange globally, used by over 100 million people. Moreover, Binance has plenty of security features, ensuring that investor funds are safe. For example, the wallet comes with two-factor security and IP address whitelisting. Moreover, Binance has an insurance fund that is in place to compensate users if their wallet funds are hacked.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Web wallet and mobile app Custodial 350 cryptocurrencies across multiple blockchain networks, including Ethereum, Bitcoin, Solana, Arbitrum, Polygon, and BNB 0.1% commission per slide Yes Exchange services, staking, yield farming, savings accounts, dual investments

Pros pros

  • Convenient crypto wallet connecting to the Binance exchange
  • Trade over 350+ cryptocurrencies at just 0.1% per slide
  • Access staking, yield farming, dual investments, and other DeFi tools
  • Available via a web wallet or mobile app

Cons cons

5. Metamask – Popular Browser-Based Wallet With Over 30 Million Users 

Metamask review Metamask is one of the best crypto wallets in Canada for those seeking self-custodial storage. There are no fees to use Metamask, and it comes as a convenient browser extension. Supported browsers include Firefox, Chrome, Brave, and Edge. Moreover, Metamask can also be downloaded as an iOS and Android app.

One of the top features of Metamask is its user-friendliness. It takes just seconds to create a new wallet, and no prior experience is required. Metamask is initially only supported for Ethereum and ERC20 tokens. But users can add other blockchain networks manually. This includes Binance Smart Chain, Optimism, Polygon, and others. Bitcoin, however, is not supported by Metamask.

Metamask review

The main drawback of Metamask is that it does not directly support exchange services. Instead, those wishing to buy and sell cryptocurrencies will be redirected to a third-party processor. That said, Metamask now supports selected decentralized applications (dApps). This includes Aave and Uniswap. As such, users can connect to these dApps and earn interest on their wallet funds.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Browser extension  and mobile app Non-custodial All tokens on the following networks: Ethereum, Arbitrum, Optimism, Binance Smart Chain, Polygon, and Avalanche Fees are determined by third-party providers. Displayed at the time of purchase Yes Supports selected dApps, including Uniswap and Compound

Pros pros

  • One of the most popular crypto wallets with over 30 million users
  • Free to download, and it takes just seconds to create a new wallet
  • Connects to Uniswap, Compound, and other dApps

Cons cons

  • While exchange services are supported, Metamask uses third parties
  • Does not support Bitcoin

6. Ledger Nano – One of the Best Crypto Hardware Wallets for Long-Term Investors     

Ledger Nano review Long-term investors adopting a ‘buy and hold’ strategy might consider Ledger Nano the best crypto wallet in Canada. This is a hardware device that stores cryptocurrencies offline. This removes the threat of the wallet being compromised by a remote hacker. Additionally, funds can only be transferred from Ledger Nano when the user enters their PIN on the device.

Another security feature is that Ledger Nano wallets can be recovered if the device is damaged or stolen. This is also the case if the user forgets their PIN. Users simply need to recover the wallet from another device by importing their private keys. But as a non-custodial wallet, if the user loses their private keys, Ledger Nano cannot help recover the funds.

Ledger Nano review

Nonetheless, Ledger Nano will appeal to those that do not plan on actively trading cryptocurrencies. This is because of the inconvenience of transferring funds. Ledger Nano supports thousands of tokens across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binane Smart Chain. Ledger Nano prices depend on the chosen model. The S, X, and Stax models cost $79, $149, and $279, respectively.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Hardware wallet Non-custodial 5,000 cryptocurrencies across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binance Smart Chain Powered by Changelly, which builds commissions into the exchange rate Yes Ledger Live supports dApps, including 1inch, Paraswap, and Lido. Buy and sell crypto via Changelly

Pros pros

  • Best Bitcoin wallet in Canada for investors with long-term goals
  • PIN needs to be entered on the hardware device to transfer funds
  • Connects to various dApps, including 1inch and Lido

Cons cons

  • Not convenient for active traders
  • Exchange services are provided by Changelly

7. Electrum – Trusted Bitcoin Wallet Established in 2011     

Electrum review

Launched in 2011, Electrum is one of the oldest crypto wallets in the market. Do note that Electrum only supports Bitcoin, so this wallet will not be suitable for diversified crypto portfolios. Electrum is supported by various operating systems, including Windows, Mac, and Linux.

While iOS is not supported, Electrum offers an app for Android smartphones. The Electrum wallet is solely used for storing Bitcoin and does not come with any DeFi features. That said, Electrum is considered one of the safest software wallets in the space. For example, private keys are encrypted on the selected device type. This means that Electrum never has access to the wallet’s credentials.

Electrum review

Moreover, Electrum offers a ‘watch only’ mode, keeping the private keys offline at all times. We also like that Electrum offers multisig security. This requires an outgoing transaction to be signed by at least two devices before authorization is provided. Finally, Bitcoin transactions sent from Electrum are often speedy, considering that the wallet indexes the blockchain data.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Desktop wallet plus an Android app Non-custodial Bitcoin Does not support trading services Yes Multisig transactions, encrypted private keys, and ‘offline mode’ for increased security

Pros pros

  • Established in 2011 – making it one of the most trusted Canada Bitcoin wallets
  • High-level security features – including multisig transactions
  • Fast transaction times

Cons cons

  • Only supports Bitcoin
  • No app for iOS smartphones

8. Trust Wallet – Decentralized Crypto Wallet Supporting Over 70 Blockchain Standards 

Trust Wallet review Trust Wallet is a decentralized wallet that is free to download and use. It comes as a mobile app for iOS and Android, as well as a Chrome extension. Backed by Binance, Trust Wallet is used by over 60 million traders. What’s more, the wallet supports more than 70 blockchain standards.

This means that Trust Wallet supports other 4.5 million digital assets, including NFTs. Moreover, Trust Wallet enables users to connect to dApps across multiple chains. This includes everything from Uniswap and PancakeSwap to Curve and Aave. This enables users to swap tokens, earn yields, and even borrow funds without leaving the wallet interface.

Trust Wallet review

We also found that Trust Wallet is very user-friendly. It takes seconds to create a new wallet, and private keys are simplified via a 12-world passphrase. Trust Wallet also supports fingerprint ID for increased security. While Trust Wallet also supports debit/credit card payments, this is provided by a third party. Moreover, the minimum deposit is $50.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Browser extension  and mobile app Non-custodial 4.5 million tokens across 70 blockchain networks Fees are determined by third-party providers. Displayed at the time of purchase Yes Access Web 3.0 products and dApps, including PancakewSwap and Uniswap. In-built staking tool offering APYs of up to 84%.

Pros pros

  • Best Bitcoin app for cross-chain storage – over 70 blockchain standards supported
  • Compatible with other 4.5 million cryptocurrencies and NFTs
  • Access Web 3.0 products with just one click
  • In-built staking tool with APYs of up to 84%

Cons cons

  • Minimum deposit of $50 when using a debit/credit card

9. Coinomi –  Established Crypto Wallet App and Desktop Software Packed With Features 

Coinomi review Coinomi is an established Canada Bitcoin wallet that first launched in 2014. It is a multi-device wallet that can be downloaded as an iOS and Android app, as well as desktop software. The latter supports Windows, Mac, and Linux. In addition to its user-friendly interface, Coinomi comes packed with features.

For example, it offers cold staking tools. This enables users to stake their idle crypto tokens while keeping the funds offline at all times. Unlike most crypto wallet providers, Coinomi also offers customer support 24 hours per day, 7 days per week. Moreover, Coinomi can be connected to dApps, enabling users to buy and sell thousands of tokens.

Coinomi review

Additionally, the wallet does not add a markup on GAS fees. Instead, users only pay the transaction fee quoted by the respective blockchain. Perhaps the best feature of Coinomi is that it supports over 125 blockchains. As such, the vast majority of tradable cryptocurrencies can be stored.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Mobile and desktop wallet Non-custodial Supports 125 blockchain networks, meaning most cryptocurrencies are supported Fees are determined by Simplex Yes Cold staking tools, no markup on GAS fees, connects to dApps, and 24/7 customer support

Pros pros

  • Established in 2014
  • Supports over 125 blockchain networks
  • Cold staking enables users to earn interest while the tokens remain offline
  • Available as a mobile app and desktop software

Cons cons

  • Debit/credit card payments facilitated by Simplex – which has high fees

10. Bitcoin Core –  Specialist Bitcoin Wallet That Connects Directly to the Blockchain 

Bitcoin CoreBitcoin Core is a decentralized wallet for desktop devices. Supported by Windows, Mac, and Linux, Bitcoin Core enables users to connect directly to the blockchain. Not only does this mean fast transactions, but Bitcoin Core supports mining.

This means that users can connect specialist hardware to their desktop devices and help keep the network safe. Bitcoin Core is open source, too, meaning that it offers one of the most robust security frameworks in the wallet space.

Bitcoin Core

That said, Bitcoin Core won’t be suitable for the average investor. The wallet continuously downloads blockchain data, meaning it requires significant storage. Moreover, although Bitcoin Core is secure, it is far from user-friendly.

Type of Wallet Custodianship Supported Cryptos Fee for Buying Bitcoin Mobile App? Features
Desktop Non-custodial Bitcoin N/A No Directly connect to the Bitcoin blockchain, suitable for mining Bitcoin

Pros pros

  • Enables users to directly connect to the Bitcoin blockchain
  • Open-source software with ultra-high security levels
  • Regularly updated by the Bitcoin community

Cons cons

  • Only supports Bitcoin
  • Not suitable for the average user

What is a Cryptocurrency Wallet?

Wallets form an integral part of the crypto industry. Put simply, wallets enable users to store their crypto tokens. Just like a bank account, crypto wallets help users keep their digital assets safe. Moreover, crypto wallets also enable users to send and receive funds.

The best crypto wallets in Canada offer features in addition to storage and transactions, although there are several different types available – and it is important to know their strengths and weaknesses.

Best Wallet is a non-custodial software wallet, giving users additional control over their assets, while Coinbase is also a great alternative. Then there’s the OKX wallet, which enables users to swap tokens and earn interest on their idle crypto assets.

Crypto wallets come in all shapes and sizes. Some prefer wallet apps for the convenience they offer. While others prefer hardware for enhanced security features, though these comes with additional costs as users need to buy a physical device. Crypto wallets can also be installed as desktop software and browser extensions, or as a mobile app. Each wallet type offers a different blend of security and convenience.

How do Bitcoin Wallets Work?

Let’s explore how Bitcoin wallets work in a little more detail:

Wallet Addresses

Crypto transactions are conducted on a wallet-to-wallet basis.

All wallets have their own public address. This is required when receiving funds from another person. This is similar to giving someone a bank account number when receiving a payment.

But wallet addresses are a lot longer than bank account numbers. Moreover, as cryptocurrencies are decentralized, sending tokens to the wrong wallet address will result in a loss of funds.

Here’s an example of a Bitcoin wallet address:


The above Bitcoin wallet address belongs to Binance, the world’s largest exchange. The interesting thing about wallet addresses is that they enable anyone to view its contents. For example, the Binance wallet address above contains over 248,000 Bitcoin. Based on current exchange rates, this values Binance’s wallet at over $6.5 billion.

Although it is safe to give someone a crypto wallet address for receiving payments, do remember that this will enable the sender to view its balance.

Private Keys

In contrast to public wallet addresses, private keys should never be given out. Private keys are essentially the password for accessing the crypto wallet. And hence, whoever has the private keys has control over the funds contained within the wallet.

After downloading a crypto wallet and setting it up, the private keys will usually be displayed on-screen. This is usually a string of English words that must be written down in the correct order. Users are then advised to keep the sheet of paper somewhere safe.


Crypto wallet ownership can either be custodial or non-custodial.

Custodial wallets are safeguarded by a third party, such as a crypto exchange or broker. The provider is responsible for keeping the tokens safe, making it seamless for beginners to invest in the crypto market.

While convenient, just remember that custodial wallets rely on trust. After all, if the exchange or broker is hacked, this could result in users losing their funds. This has happened many times previously in the crypto space.

On the other hand, non-custodial wallets do not have access to the user’s private keys. Instead, they are encrypted on the user’s device. In turn, the user is the only person that has access to the private keys, ensuring complete control of their crypto funds.

The main drawback with custodial wallets is that users are responsible for keeping the funds safe. This is because there is nowhere to turn in the event of a hack. Moreover, the user will lose access to their wallet indefinitely should they misplace their private keys.

Therefore, custodial and non-custodial wallets both come with their pros and cons. Ultimately, it’s a weigh-up between security, convenience, and ownership.

Why You Need a Crypto Wallet

In a nutshell, crypto wallets enable users to engage with the blockchain ecosystem. At its core, this includes sending and receiving funds. As noted above, crypto transactions are conducted on a wallet-to-wallet basis. As such, without a wallet, it is not possible to transact.

And, of course, wallets are also required to store cryptocurrencies. That said, many investors in Canada will keep their crypto tokens in an exchange or broker. This removes the need for investors to worry about wallet security. Instead, they can just log into their trading account and view their token balances.

While this option is very convenient and ideal for beginners, users should tread with caution. After all, many exchanges have witnessed hacks and even bankruptcy, meaning investors no longer have access to their crypto tokens.

Once again, the best way to mitigate platform risks is to stick with regulated wallet providers. Coinbase is regulated by various tier-one bodies and employs institutional-grade security features. This ensures that investors can buy, sell, and store crypto tokens in a licensed environment.

Ultimately, however, some investors will prefer to control their wallet’s private keys. In this instance, users will need to opt for a non-custodial wallet. Just remember, users are responsible for keeping their non-custodial wallets safe.

Types of Crypto Wallets

There are many different types of crypto wallets available to Canadians. This includes software wallets via mobile apps, desktop software, and browser extensions. Hardware wallets are also available, offering an additional layer of security.

Wallets are also often referred to as hot or cold. Hot wallets are those that are connected to the internet – being hot as they are more at risk – while cold wallets store crypto on a physical device, not connected to the internet. Think cold storage.

Choosing a suitable wallet type is crucial when entering the crypto market.

In this section, we discuss the main wallet types available.

Software Wallets

The vast majority of investors opt for software wallets. These enable users to send, receive, and store crypto tokens on a smartphone or desktop device.

Software wallets come in various forms, including:

  • Mobile Wallet: This wallet type is downloadable as a mobile app. Mobile wallets are super-convenient, considering that transactions can be made anywhere, at any time.
  • Desktop Wallet: Desktop wallets offer increased security but, equally, are less convenient. This is because transactions can only be made when the user has access to their desktop device.
  • Browser Wallet: Just like desktop wallets, browser wallets can only be accessed on laptops or PCs. These are installed as browser extensions, with most providers supporting Chrome. Metamask also supports Firefox, Edge, and Brave.
  • Web Wallet: Web wallets are provided by crypto exchanges and brokers. These are custodial wallets, meaning users do not control their private keys. But web wallets are the most convenient, considering that users simply need to log into their account to gain access.

Hardware Wallets

Long-term investors, as well as those investing large amounts, might prefer a Bitcoin hardware wallet. The two leaders in this space are Ledger Nano and Trezor, but other providers also exist.

Nonetheless, hardware wallets offer cold storage, meaning they are never connected to servers. Users need to enter their PIN onto the hardware wallet when transferring funds.

Furthermore, lost, stolen, or damaged hardware wallets can be recovered remotely. Users can do this by importing their private keys into another wallet interface.

However, those looking to trade crypto frequently will find hardware wallets inconvenient. Moreover, hardware wallets are not free. Depending on the provider, the most advanced hardware wallets can cost several hundred dollars.

Paper Wallets

Paper wallets are one of the safest yet most underutilized options.

Here’s how paper wallets work:

  • First, the user will need to obtain a software wallet and extract the private keys
  • The private keys will be printed onto a sheet of paper
  • The software wallet will then be deleted
  • At this stage, the only way to access the wallet is with the private keys printed on the paper
  • Therefore, this is a super-safe way of storing crypto

However, paper wallets also come with some drawbacks. First, transferring funds won’t be possible unless the user has access to the paper containing the private keys.

This could be disastrous if the user is holding a crypto asset that is tanking in value. Moreover, the user will need to import their private keys into a software wallet. Once again, this is far from convenient.

That said, paper wallets are ideal for long-term investors that do not want to buy a hardware wallet.

How to Pick the Best Crypto Wallet for Canadians 

Now let’s explore some of the most effective ways to choose from the best crypto wallet in Canada for traders.


Security should play a major role in the wallet decision-making process. But do remember that the type of security features provided will have an impact on usability.

For example, both hardware and paper wallets are ultra-secure, but sending and receiving funds can be cumbersome.

Mobile wallets are a lot more convenient, but they do come with reduced security. For example, if someone knows the user’s PIN, they could access the wallet and withdraw the crypto.

Best Wallet offers the perfect balance between security and convenience. Its mobile app comes with a four-digit password and users can additionally add two-factor authentication and/or fingerprint idea to access its dashboard. Furthermore, it’s a non-custodial wallet, meaning users are solely in charge of their crypto, rather than being held by a centralized entity.

Supported Coins

Choosing the best crypto wallet also requires users to explore what coins are supported. The easiest way of doing this is to focus on what blockchain networks are compatible with the wallet.

For example, wallets supporting the Ethereum blockchain should be able to support all ERC20 tokens. While those on the Binance Smart Chain should be able to support all BEP20 tokens.

Those with a diversified portfolio should choose a crypto wallet that supports all of their coins. This prevents the need to have multiple Canada crypto wallets.


Apart from hardware wallets, the vast majority of wallets are free. The only fees that should be payable are when transactions are made.

Crucially, the top crypto wallets in Canada do not add a markup on network fees. This means that users pay the actual rate quoted by the blockchain.

Device Type

Users should also consider what device type they want to store the wallet.

Supported device types include desktops, mobiles, browsers, and hardware wallets. Hardware wallets are useful in terms of security, but might not be the most convenient for users.

Paper wallets and web wallets are other options to consider.


Some crypto wallets only offer the bare basics. This means the wallet will only enable users to send, receive, and store crypto. The best crypto wallets in Canada, however, come packed with features and integrate within a wider ecosystem.

OKX and Binance are also packed with additional features, including staking, yield farming, and trading. The same is true with Coinbase, which also has a decentralized wallet option to connect to the decentralized web.


Users also need to think about the custodianship of the chosen wallet.

Those that want unparalleled control over their crypto investments might prefer non-custodial wallets. Nobody other than the owner of the crypto will have access to the wallet’s private keys.

Beginners that lack the required skillset might prefer custodial wallets. This allows a trusted exchange or broker to safeguard the crypto on behalf of the user.

How to Get a Cryptocurrency Wallet in Canada

Looking to get started with a crypto wallet but not sure where to start?

In this section, we explain the setup process with Best Wallet, which we found to be the best overall crypto wallet in Canada for safety, supported coins, usability, and unique features.

Step 1: Download Best Wallet

Best Wallet is a mobile app and can be found in both the App Store and Play Store on iOS or Android. Simply head to the correct app and download it, which should take no longer than a minute.

For now, Best Wallet is only available via its app, although a desktop extension is in development and will be released in the coming months.

best wallet app

Step 2: Create Best Wallet Account and Set Security Level

After the app has been downloaded, create an account by adding in a valid email address.

Next, users can decide if they would like to add two-factor authentication (2FA) for added security or not. A four-digit password is required by all users, while it is also a personal choice whether to include fingerprint ID.

Once these settings have been selected, users will be redirected to the wallet dashboard.

Step 3: Use Best Wallet

Users are now able to purchase crypto with fiat currency, via trusted third-party Wert, send and receive tokens from other wallets or exchanges or trade thousands of tokens on the built-in DEX.

The project has just launched at the time of writing with other features – such as NFT functionality and insights on trending tokens – to be launched in the coming weeks and months.

best wallet homescreen

Are Bitcoin Wallets Safe? How to Stay Secure with Crypto Wallets

The crypto space is attractive to scammers, considering the anonymous nature of blockchain assets. This means that beginners should be well-versed in wallet security measures. After all, if the wallet is compromised, the hackers will steal the crypto tokens.

There are many metrics to consider when assessing whether or not crypto wallets are safe.

Let’s break the fundamentals down in more detail:

Custodial Wallets 

The first safety consideration to make is whether the crypto wallet is custodial or non-custodial.

If the wallet is custodial, then investors must do some due diligence on the provider. For example, explore whether the provider is regulated and, if so, by which licensing bodies. Moreover, consider the reputation of the custodian.

Coinbase has a great reputation as a licensed and regulated provider, for example.

Additionally, custodial wallets should offer two-factor authentication and IP whitelisting.

Non-Custodial Wallets 

If the wallet is non-custodial, users should check what security features are offered. Once again, this can vary depending on the wallet type.

For instance, mobile wallets are usually secure with a PIN or fingerprint ID, while desktop and browser-based wallets use a traditional password. Best Wallet has a compulsory four-digit PIN number and optional two-factor authentication and fingerprint ID.

Another security feature to look for is multi-sig transactions. This requires at least two different devices to authorize outgoing transfers.

Remote Hacks and Scams 

While security features can help keep crypto investments safe, no wallet is 100% secure. This is because crypto wallets are highly sought-after by scammers.

There are many ways that scammers achieve their goals. This might come in the shape of a phishing email, keylogger, or malware. Either way, the scammer will attempt to obtain the wallet’s private keys before stealing the user’s crypto tokens.

Ultimately, many of these risks are not exclusive to crypto wallets but rather the digital age.


In summary, Canadians have access to a huge range of crypto wallets across mobile apps, desktop software, web browsers, and more. Choosing a suitable wallet requires users to consider many metrics, including security, usability, features, and fees.

We found that Best Wallet is the top crypto wallet in Canada for investors. The wallet has just launched but will offer a unique set of features that set it above the competition.

That includes custom insights on new and trending cryptos and details on airdrops, while also offering its own airdrop for its native token $BEST.

Best Wallet is a non-custodial software wallet, with multi-chain functionality and its own custom-built decentralized exchange.


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Kane Pepi

Kane Pepi is an accomplished financial and cryptocurrency writer who has an extensive portfolio of over 2,000 articles, guides, and market insights. With his expertise in specialized subjects such as asset valuation and analysis, portfolio management, and financial crime prevention, Kane has built a reputation for providing clear explanations of complex financial topics. He holds a Bachelor's Degree in Finance and a Master's Degree in Financial Crime, and is currently pursuing his Doctorate degree, which focuses on investigating the complexities of money laundering in the cryptocurrency and blockchain technology sectors. Kane's wealth of knowledge and experience in the field make…