3 Best Crypto & Bitcoin Wallets In Canada (Nov 2021)

November 26, 2021
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Choosing the best cryptocurrency wallet is far from straightforward, given how many wallets are out there and all of the different features each of them offers. As a long-time crypto aficionado myself, I’ve spent years keeping up with the latest and greatest wallets, so I’m confident in recommending the Ledger Nano X both for its high level of security and for its ease of use.

Perhaps even more important than choosing the right wallet, though, is trading on an exchange that keeps its coins in cold storage, too. CoinSmart is the perennial favourite of knowledgeable Canadian crypto investors, and in all my time trading with them, I can’t recommend them highly enough.

There are many ways to store cryptocurrency: a few good ways, and a lot of bad ones. Wallets can help solve that problem, but the root of the problem extends back to the exchange you trade with.

That’s why, before we even talk about wallets, I want to give you my recommendations for the best Canadian cryptocurrency exchanges. These exchanges will keep your coins secure and give you the greatest chance of profiting on your crypto investments.

Why? Because if you’re like most people, you’ll end up holding a large portion of your crypto on the exchange you use before you transfer it to your wallet, which means that the security of your exchange is more important than the security of your wallet. Here are three of the top exchanges in Canada.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more

With that out of the way, let’s dig into the specifics of the top crypto and Bitcoin wallets in Canada and how to choose the right one to store your digital assets when they’re not being held on one of the above exchanges.

What Is The Best Crypto Wallet In Canada?

1. Ledger Nano X

best crypto wallet canada

The Ledger Nano X is the best cold storage crypto wallet on the market today. It’s a hardware wallet that uses a certified secure chip to protect your private keys. It supports more than 1,800 crypto assets, including Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, Litecoin, and many more.

The Ledger Nano X has received excellent reviews from customers everywhere, and has consistently been named the top Bitcoin wallet in the world.

Features

  • Hardware wallet
  • Supports 1,800+ crypto assets
  • Can store up to 100 types of crypto assets at any given time
  • Capable of buying and selling cryptocurrencies
  • Capable of exchanging cryptocurrencies
  • View account balances
  • Capable of completing and verifying transactions
  • Stake and lend digital currencies
  • Well-rated mobile app

Cost

  • $159 CAD

Best For

Crypto investors looking for a safe, secure cold storage wallet with support for as many cryptocurrencies as possible.

2. Ledger Nano S

Similar to the Nano X, the Ledger Nano S is a hardware wallet with extremely positive reviews from its users. It supports 1,500+ cryptocurrencies—including Solana, Safemoon, Shiba Inu, Chainlink, USD Coin (USDC), Tether (USDT), and many others—and allows users to hold up to 20 digital assets on the device at any given time.

In short, you can think of the Nano S as the Nano X’s little brother: it has a smaller storage capacity across fewer coins. For 95%+ of retail investors, though, the Nano S is more than enough.

Features

  • Hardware wallet
  • Supports 1,500+ crypto assets
  • Can store up to 20 types of crypto assets at any given time
  • Capable of buying and selling cryptocurrencies
  • Capable of exchanging cryptocurrencies
  • View account balances
  • Capable of completing and verifying transactions
  • Stake and lend digital currencies
  • Well-rated mobile app

Cost

  • $89 CAD

Best For

Investors on a budget looking for a safe, secure cold storage wallet.

3. Trezor Model T

The Trezor Model T is a hardware wallet designed and created by the SatoshiLabs team. It supports 1,000+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Zcash (ZEC), and many others.

One of the things I like most about the Trezor Model T is that it can also be used as a password manager, helping you secure your digital life beyond crypto. I’ve been using a password manager for years, and highly recommend it so that you aren’t using simple passwords (or, God forbid, the same password) for every site you log in to.

Features

  • Hardware wallet
  • Supports 1,000+ cryptocurrencies
  • Doubles as a super-secure password manager

Cost

  • $245 CAD

Best For

Crypto investors looking for a broader digital security solution.

Bitcoin Wallets I Don’t Recommend

  1. Wealthsimple Crypto: Wealthsimple Crypto’s slick website may catch your attention, but don’t let it fool you into thinking they offer a great crypto wallet. In fact, they aren’t a wallet at all, since you don’t own the keys or the coins when you trade with Wealthsimple. They also have high spreads (around 2%), making Wealthsimple a bad crypto exchange overall. I highly recommend looking elsewhere.
  2. Binance (Trust Wallet): Binance is another well-known name in crypto, but as is the case with Wealthsimple, that doesn’t mean they’re a great choice. Binance has already been banned in the US and the UK, so it would not be surprising to see Canada follow their lead. Binance is already unavailable for residents of Ontario, and with the rising tensions between the West and China (Binance is a Chinese company) topped with China’s recent ban on cryptocurrencies, storing your crypto with Binance is simply far too risky.
  3. CoolWallet S: CoolWallet S is another hardware wallet that doesn’t have the sophisticated security of the Ledger or Trezor wallets. I can’t recommend it.

What Is A Crypto Wallet?

A cryptocurrency (or Bitcoin) wallet is generally a piece of software or hardware that stores your crypto assets. Crypto wallets can be thought of as digital bank accounts: they both store your cryptocurrencies and also send and receive them when you make transactions.

Crypto wallets have two types of keys for storage: public keys and private keys.

Public keys are for receiving crypto: if you want to receive Bitcoin or another asset from someone, you can share your public key with them so they can make the transaction.

Private keys are for spending crypto: if you want to send or spend your crypto assets, you’ll need access to your private keys. You should never share your private keys with anyone, since then they would be able to access your funds.

Think of your private keys like the password to your online banking. If they fall into the wrong hands, all of your money could quickly disappear.

There are three main types of Bitcoin wallets:

#1 Paper Wallets

A paper wallet is the most basic type of Bitcoin wallet: it’s simply a piece of paper with your private keys written on it.

There’s an obvious downside to paper wallets, of course, which is that you might lose them, kissing your digital assets goodbye. That’s why you should always, always keep multiple copies of a paper wallet in places you know are safe. For example, you might place them in several difficult-to-access locations around your house.

#2 Software Wallets

Software wallets can generally be installed on any computer or smartphone that has Internet access. They’re highly convenient, but because they’re online, software wallets can also be hacked, even if you have 2-factor authentication set up.

Software wallets are the only type of wallets that can be hacked, which is why they’re also known as “hot wallets.”

#3 Hardware Wallets

Hardware wallets are the most secure way to store large amounts of cryptocurrency, since they cannot be hacked or used at all without access to the physical device. Also known as “cold storage” (since they’re offline), all of the wallets we recommend above are hardware wallets.

In recent years, security-minded crypto exchanges have turned to hardware wallets for storing their coins. For example, each of the exchanges in the table below store at least 95% of their coins offline in cold storage, ensuring their safety.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more

Are Crypto Wallets Safe?

It depends on the type of wallet you choose to use.

Hardware wallets are extremely safe, since they store your private keys offline, cutting off access to anyone who doesn’t have your wallet physically in front of them.

Software wallets, on the other hand, sacrifice security for convenience, since they’re online and susceptible to being hacked.

Paper wallets are also quite secure, but the risk of losing your private keys is never zero, and if you do, there’s no way for you to reclaim your assets.

Overall, hardware wallets offer the best combination of security and convenience. Whether you have $1 or $1 million in crypto, you can rest easy knowing it’s stored safely in a wallet like the Ledger Nano X.

Best Crypto Wallets In Canada FAQs

Which Bitcoin wallet is best in Canada?

The best Bitcoin wallet in Canada is the Ledger Nano X, thanks to its bank-level security, staking capabilities, and support for 1,800+ cryptocurrencies and digital assets. It can hold up to 100 different types of crypto assets at a given time, and it works seamlessly with exchanges like CoinSmart and Bitbuy.

What is the safest crypto wallet in Canada?

The safest crypto wallets in Canada are the Ledger Nano X and the Ledger Nano S. Both are hardware wallets that keep your coins completely offline in cold storage, and while the Nano X has a larger storage capacity, both wallets are exactly the same from a security standpoint.

Which crypto wallet has the lowest fees?

Most Bitcoin wallets don’t charge fees, aside from the cost of purchasing the wallet itself. For example, none of the three wallets I recommend here—the Ledger Nano X, Ledger Nano S and Trezor Model T—charge any ongoing fees.

Crypto exchanges, on the other hand, do charge fees, and some of them charge much more than others. If you’re looking for a secure, well-respected exchange with low trading fees, I suggest either CoinSmart or Bitbuy.

How can I buy cryptocurrency in Canada?

You can buy crypto in Canada using a cryptocurrency exchange like CoinSmart, Bitbuy, or Crypto.com. Every exchange has different features and benefits, but these are three of the top-rated platforms in Canada for buying and selling cryptocurrency, and they’re extremely secure, too.

Which app is the best for buying cryptocurrency in Canada?

The best app for buying cryptocurrency in Canada is Bitbuy. It’s rated 4.6/5 in the App Store, has more than 6,000 5-star reviews, and receives frequent updates to make it even more useful. The Bitbuy app currently supports 9 cryptocurrencies and is adding support for 6 more in late November.

In Summary

Choosing the best cryptocurrency wallet is far from straightforward, given how many wallets are out there and all of the different features each of them offers. As a long-time crypto aficionado myself, I’ve spent years keeping up with the latest and greatest wallets, so I’m confident in recommending the Ledger Nano X both for its high level of security and for its ease of use.

Perhaps even more important than choosing the right wallet, though, is trading on an exchange that keeps its coins in cold storage, too. CoinSmart is the perennial favourite of knowledgeable Canadian crypto investors, and in all my time trading with them, I can’t recommend them highly enough.

The Best Crypto Exchanges In Canada

#1 CoinSmart

  • Supports 13 cryptocurrencies
  • Lowest trading fees in the industry
  • 24/7 customer support

Signup Bonus: $20 when you deposit at least $100

#2 Crypto.com

  • Supports 100+ cryptocurrencies
  • Trade with up to 10x leverage
  • Earn daily interest by staking your coins

Signup Bonus: $10 of CRO when you stake $1,000 of CRO

#3 Bitbuy

  • Supports 9 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

Signup Bonus: $20 bonus when you deposit $250 or more