21 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.

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 – Crypto Wallet with High Security, Unique Features and Airdropped Tokens

One of the best crypto wallets 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.

After signing up, new users can select from advanced security features for users such as two-factor authentication and fingerprint ID. Best Wallet has its own built-in decentralized exchange, meaning users are able to trade thousands of tokens.

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.

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. Join the Best Wallet Telegram channel to get more information and the latest news on the project.

2. Ellipal – Decentralized and Unbreakable Air-Gapped Cold Wallet 

With the Ellipal Titan 2.0, the flagship cold wallet of Ellipal, users can access a 100% offline wallet and securely store their Bitcoin. 

This product is EAL5 certified – which is only given to products displaying the highest level of security against penetration testing. Instead of connecting to the wallet through the internet, the wallet scans a QR code through which all transactions are verified. 

In total, more than 10,000 coins and cryptos can be traded with the Ellipal Titan 2.0 wallet. This is also the world’s first fully metal-seared hardware wallet – making it safe against any physical attacks. 

The hardware wallet boasts a 4” full lamination IPS display withtouch response. The Ellipal Titan 2.0 also uses an auto-destruct feature – which will automatically delete your data if the wallet faces any tampering. 

The wallet is priced at $169 – making it one of the more expensive cold wallets we have reviewed on our list. 

3. ColdCard – Canadian-Based Bitcoin-Only Cold Wallet

ColdCard offers one of the top Bitcoin cold wallets that provides top physical security to users. ColdCard Mk4, the flagship product, is a Canadian-based Bitcoin-only hardware wallet that lets you easily buy, sell and trade Bitcoin. 

Providing top security, ColdCard Mk4 stores your seed words in specialized chips, which have been designed to securely store secrets. Notably, the wallet comes with unlimited memory and offers no Bitcoin transaction size limits. 

The wallet has a very simple-to-use design – coming with a numeric keypad, which makes typing in your PIN straightforward. The physical wallet has a 128×64 pixel OLED screen and comes in different colors. There is also a microSD card slot for backup and data storage. 

A safe wallet to use, all the ColdCard Mk4 code is editable, viewable, and verifiable. The wallet comes with a USB-C connector. The wallet supports completely offline cold storage facilities, air-gapping transactions to reduce any chances of theft. 

The ColdCard Mk4 retails at $157.94. 

4. Zengo – Supporting 120 + Cryptos, Full of Features, and One of the Top Crypto Wallets in Canada

Zengo wallet is an innovative mobile app wallet that removes one of crypto’s main barriers to entry by replacing difficult seed phrases with a wallet recovery technique that uses 3-factor authentication—a 3D face scan, a recovery file, and an email address—to recover a user’s account on a new device.

The Zengo team prides itself on security, with over 1 million customers and never receiving a report of a hack. This, along with their 24/7 customer support, has earned them a rating of 4.2 stars on Trustpilot, and a rating of 4.78/5 on both the Apple App Store and the Google Play Store.

The Zengo mobile wallet is packed with features, including support for 120+ cryptocurrencies, NFT support, and a dApp marketplace with WalletConnect support. It also lets you trade cryptos and NFTs and comes with 24/7 support.

A Pro version of the Zengo wallet offers extra peace of mind for traders and crypto hodlers, for just $69.99 per year. This includes a Legacy Transfer feature, Theft Protection, a Web3 Firewall, and Priority Support.

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

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.

Another security feature is that Ledger Nano wallets can be recovered if the device is damaged or stolen. Users simply need to recover the wallet from another device by importing their private keys.

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.

6. Opendime – Tamper-Evident and Disposable Bitcoin Hardware Wallet for Physical Security

In the fast-paced, changing world of cryptocurrency, Opendime brings stability by focusing exclusively on Bitcoin. Building on the crypto king’s fundamentals, it ensures that the device stands the test of time.

Created by Coinkite, this physical hardware wallet is a small USB stick, yet much different from its other popular counterparts. Opendime allows you to spend your Bitcoin like cash and pass it along multiple times. 

 

Much like how you use cash, you can gift someone a BTC by simply putting it on the Opendime and mailing it to them. You can load the wallet with various denominations of BTC and use it to pay for things. When moving your funds in and out of the wallet, you will need a third-party wallet or the original Bitcoin Core P2P software.

Significantly, your private keys are generated inside the device and are unknown to anyone else. To move funds, push a pin through the hole marked on the wallet’s back, and the private key will be revealed. Once the wallet is unsealed, there is no going back.

The Opendime 3-Pack is priced at $69.

7. Trezor Model T – Trade 1,800+ Cryptos with a Touchscreen

The next cryptocurrency wallet on our list is Trezor Model T – which allows traders to buy, sell and trade more than 1,800 cryptocurrency tokens, including Bitcoin and Ethereum. 

This non-custodial wallet offers cold storage and gives users access to their own private keys. One of the unique features of this hardware wallet is that it comes with a 1.54” LCD touchscreen. Users can securely access the wallet with a USB-C charger and start trading tokens.

For secure and convenient cryptocurrency management, users can connect their wallets to the Trezor Suite app. In case wallet holders have lost their Trezor device, Trezor Model T uses the Shamir Backup – a tool through which you can access your funds instantly.

Upon signing up, you must select a wallet PIN and passphrase to access your assets. Trezor Model T also supports an in-built staking mechanism – through which one can lock assets and generate passive income. 

The wallet retails for just $219 – and can be accessed on Windows, MacOS, and Linux. Notably, the Model T can be shipped anywhere in the world, including Canada, free of cost. 

8. Trezor Model One – Reputable Cold Storage Wallet Costs Only $69

Trezor Model One is the entry-level hardware wallet offered by Trezor – priced at just $69. While the Model One does not offer a touchscreen like the Model T, it still utilizes all the same security protocols. 

In fact, the Model One is the first ever crypto wallet to offer a recovery seed and passphrase. This physical device is secured by a PIN – which is required to verify each and every transaction.

Investors can access more than 5,000 cryptos with the Model One – such as Bitcoin, Ethereum, Tezos, and Dogecoin. For added convenience, the wallet can be connected to the Trezor Suite app, allowing users to make trades through a desktop or mobile device.

While Trezor Model One is compatible with Android devices, it cannot be accessed via iOS. However, the robust security protocols and certifications can make it a go-to choice for a solid offline cryptocurrency wallet. 

9. Ngrave – Access State-of-the-Art Security Protocols and a 100% Offline Cold Wallet

Another one of the best cryptocurrency wallets to use in Canada is Ngrave – a secure hardware wallet that gives users access to more than 3,700 crypto tokens. The main product of this platform is ZERO – a completely offline hardware wallet that adheres to stringent security protocols. 

Ngrave has created a customer ZERO operating system, which has been developed by an experienced team of security experts. The platform uses your fingerprint as a variable to create a ‘Perfect Key’ – which is used to unlock the device and verify transactions. 

This 100% offline hardware wallet does not rely on Bluetooth or Wifi. By using fingerprint and QR scanning, you can connect to Ngrave’s LIQUID mobile app to buy, sell and transfer cryptos.

The ZERO wallet comes with a 4” touchscreen, allowing you to manage the wallet with just a swipe. Impenetrable by design, the wallet uses anti-tampering protection to protect it against physical attacks. All these security features have made the wallet EAL7 certified – the highest level of security given in the financial and blockchain space.

ZERO retails at $398.

10. Blockstream Jade – Easy-to-Use Wallet for Storing your Bitcoin

Hailing from Canada, Blockstream is a global leader in Bitcoin technologies. One of its key products is Blockstream Jade – a secure hardware wallet that allows users to store their Bitcoin in cold storage without connecting to the internet. 

Blockstream Jade stands at an affordable price of $64.99 – which is a competitive price for the hardware wallet space. This platform stores Bitcoin and other liquid assets offline, and provides each holder their own wallet keys and PIN to access the device. 

Users can scan and display QR codes on Jade – through which Bitcoin and other tokens can be sent or received to a particular address. This process does not require you to access the internet. The QR is scanned through a camera, allowing Blockstream Jade to sign transactions securely. 

Users can also manage their assets through a desktop or mobile device by connecting with Blockstream Green – Blockstream’s wallet companion app. Along with Bitcoin, investors can access other liquid assets such as Bitcoin Liquid (L-BTC) and Tether Dollar (USD-T). 

11. BitBox – Swiss Engineered Cold Storage Wallet offers Invisible Touch Sensors

To keep your Bitcoin and other cryptos safe against online hackers or scams, BitBox offers offline storage through its hardware wallet – BitBox02. Boasting a simple and intuitive interface, BitBox02 comes with a 128×64 px OLED Display. 

The platform takes only 5 minutes to set up and lets you trade more than 1,500 cryptos, including Bitcoin, Ethereum, and Cardano. One of the top features of BitBox02 is its invisible touch sensors, which allows you to easily interact with the hardware device. 

For instance, one can simply tap on their device to navigate and select cryptos. Sliding the device is a means to verify a transaction. BitBox02 offers easy backups – which are made into a microSD card and can be accessed from the BitBox app. 

The hardware wallet comes with a USB-C connector, making it compatible with Android devices and a computer. BitBox02 uses a three-step security protocol to offer complete security against hackers.

BitBox02 is one of the top crypto wallets to use in Canada. The wallet is priced at $115.83. 

12. SafePal – Fully Decentralized Wallet Offers 100% Ownership of Assets 

The next top cryptocurrency wallet to use in Canada is SafePal. The most popular wallet of this company is SafePal S1 – which retails at just $49.99. 

This decentralized wallet allows users to retain 100% ownership of their Bitcoin and other crypto assets. To access this wallet, you are given your own private keys. The keys are created through a random number generator. 

All the tokens are stored offline, and transactions can be made through an air-gapped signing mechanism. The platform is compatible with Android, Chrome, and Firefox. 

The SafePal S1 wallet comes with a 1.4” full-color screen and is the size of a credit card. The wallet is super lightweight and can be used on the go. 

Along with Bitcoin, the wallet lets you connect to over 100 blockchains. SafePal is EAL5 certified and uses an independent secure element to secure the wallet.

13. SecuX – Access Advanced Biometric Recognition Technology with this Crypto Wallet

SecuX is a popular cryptocurrency wallet platform – that offers safe and secure wallet storage facilities. The platform’s flagship product is Shield BIO – a hardware wallet that comes with top-class security measures. 

By using biometric authentication and security, the wallet offers heightened resistance against any potential scammers. The platform also uses an EAL5+ certified military-grade chip, which provides unparalleled security and gives you instant access to Bitcoin and other cryptocurrency assets. 

SecuX’s Shield BIO has also implemented a micro-scam alert to protect the wallet from potential scammers. In total, users can access more than 10,000 cryptocurrencies and tokens from the Shield BIO wallet. The hardware wallet is a small and compact design, allowing users to easily buy and sell cryptos on the move. 

The Shield BIO wallet is priced at $149. The wallet can be connected to the SecuX mobile application or the website to access a cross-platform trading experience. 

14. CoolWallet – Access 10,000+ Crypto Coins with this Credit Card Sized Wallet

The next cryptocurrency wallet to use in Canada is CoolWallet S – the standard cold wallet provided by CoolWallet. This wallet stands out due to its durable and slick design – taking the shape of a credit card. 

The CoolWallet S is the thinnest cold wallet in the world. Moreover, the wallet is bendable, water resistant and tamper-proof – making it one of the most durable wallets. This wallet is also CC EAL5+ certified, as it uses a secure element chip to protect against any potential hacking. 

Users can access the wallet with their private keys and even connect to other cryptocurrency wallets, such as WalletConnect. This way, you get access to a number of DeFi (Decentralized Finance) tools and DApps (Decentralized Applications). 

Along with Bitcoin, users can access more than 10,000 cryptos with this cold wallet. The CoolWallet S is priced at just $99. 

15. 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.

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.

16. 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 and 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.

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.

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.

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

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.

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.

18. Electrum – Trusted Bitcoin Wallet Established in 2011     

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.

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.

Moreover, Electrum offers a ‘watch only’ mode, keeping the private keys offline at all times. Bitcoin transactions sent from Electrum are often speedy, considering that the wallet indexes the blockchain data.

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

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.

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.

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

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.

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.

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

Bitcoin 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.

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.

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:

34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

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.

Custodianship

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

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

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.

Fees

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.

Features

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.

Custodianship

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.

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

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.

Conclusion

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 the Best Wallet is the top crypto wallet in Canada for investors. This is a mobile wallet that comes with supports thousands of cryptocurrencies and NFTs and is building a Web3 ecosystem with tons of unique features for crypto users.

FAQs