5 Best Crypto & Bitcoin Wallets In Canada (Jan 2022)

January 20, 2022
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Best Crypto Wallet Canada

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 ZenGo both for its high level of security and its 24/7 customer support.

ZenGo is a free software wallet that leverages blockchain technology to make it significantly more secure than traditional wallets while also being extremely easy to use. ZenGo is the favourite wallet of knowledgeable Canadian crypto investors, and in all my time using them, I can’t recommend them highly enough.

Many people spend a lot of time choosing the perfect crypto exchange and hardly any time choosing the perfect crypto wallet. In this post, though, I’m flipping that logic on its head and will be diving deep into the best Bitcoin and crypto wallets available on the market today.

Here’s a quick summary of my top three selections:

#1 Best Overall

Supports: 70+ crypto assets
Type: Software wallet
Cost: Free

The most secure wallet, period.

Top Hardware Wallet

Supports: 1,800+ crypto assets
Type: Hardware wallet
Cost: $159 CAD

Rated 4.6/5 on Amazon.

Best For Altcoins

Supports: 1,000+ crypto assets
Type: Hardware wallet
Cost: $75 CAD

Trusted by 1 million+ investors.

Why you should trust me


  • Experienced
    I bought my first cryptocurrency (Bitcoin) in 2013, got my first hardware wallet in 2016, and started buying altcoins in 2017.
  • Objective
    All of my selections are supported by multiple data points, including other bloggers, YouTubers, and Amazon reviews.
  • Authority
    As a fintech writer for the past 8 years, I’ve had my hands on a lot of good—and bad—crypto tech over the years.
My top pick →

Now let’s dig into the specifics of the top crypto and Bitcoin wallets in Canada—and how to choose the right one for you.

What Is The Best Crypto Wallet In Canada?

1. ZenGo

ZenGo Crypto Wallet Canada

ZenGo is a non-custodial, keyless crypto wallet that’s significantly more secure than traditional wallets while still being extremely easy to use. It supports more than 70 crypto assets, and it takes less than 30 seconds to open your free ZenGo wallet.

ZenGo’s proprietary keyless technology means that your crypto is protected by two independently created mathematical secret shares: one that lives on your phone, and another that lives in the cloud. This unique setup means that your coins are always 100% secure, and that you’ll never have any trouble accessing them, even if your phone is lost, stolen, or broken, or if ZenGo (the company) were to cease operations.

ZenGo is a free software wallet, which means you don’t need to buy an expensive piece of hardware like the others on this list. Sending and receiving crypto to and from your ZenGo wallet is also free, and they offer 24/7 customer support, answering most support queries in 5 minutes or less

Overall, ZenGo represents the next generation of crypto wallets: with top-level security inside an easy to use app, it truly is the best of both worlds. I can’t recommend ZenGo highly enough.

Features

  • Supports 70+ crypto assets
  • 24/7 customer support
  • Extremely well-rated mobile app (4.6/5 on the App Store) 
  • Face scanning technology for even greater security
  • Up to 8% APY in crypto savings 
  • Cancel or speed up your sent transactions with one tap
  • Earn 5% APY interest on your Bitcoin (valid through January 2022)
  • Choose from the 3 network fees modes: economy, regular, and fast (applicable for BTC, ETH, and ERC20)

Cost

  • Free

Promotion

$10 cashback in Bitcoin for a purchase of $200 by applying the code ZENX0B4G

Best For

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

2. 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, and supports 1,800+ cryptocurrencies, 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.

3. Trezor Model One

The Trezor Model One is a hardware wallet designed and created by SatoshiLabs.

It supports 1,000+ cryptocurrencies including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Zcash, and many others.

The Trezor Model One is a slimmed down, less expensive version of the Trezor Model T (also on this list). It comes in both black and white, and features the Trezor Trusted Display, allowing you to see details on every transaction before you confirm it.

Overall, the Trezor Model One is well-designed, affordable hardware wallet that’s great for most crypto investors seeking cold storage.

Features

  • Hardware wallet
  • Supports 1,000+ cryptocurrencies
  • Super secure offline cold storage
  • Trusted Display for more secure transactions

Cost

  • $75 CAD (€53)

Best For

Crypto investors looking for an extremely secure hardware wallet.

4. 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.

5. Trezor Model T

On top of all the features you get with the Trezor Model One, the Trezor Model T 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.

The Model T is the first hardware wallet in the world to implement Shamir Backup (SLIP39) for even greater security. At its core, it’s a slightly more secure—and significantly more expensive—version of the Trezor Model One.

Features

  • Hardware wallet
  • Supports 1,000+ cryptocurrencies
  • Super secure offline cold storage
  • Trusted Display for more secure transactions
  • Shamir Backup (SLIP39)
  • Doubles as a super-secure password manager

Cost

  • $245 CAD (€189)

Best For

Crypto investors seeking a digital security solution that transcends cryptocurrencies.

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 poor 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 ZenGo, Ledger or Trezor wallets. I can’t recommend it.

What Is A Crypto Wallet?

A cryptocurrency (or Bitcoin) wallet is 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 your crypto 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 crypto 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 that would allow them 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 crypto wallets:

#1 Paper Wallets

A paper wallet is the most basic type of Bitcoin wallet: it’s just 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 with Internet access. They’re highly convenient, but because they’re online, they’re susceptible to being, which is why they’re also known as “hot wallets.”

If you choose to go the software wallet route, I highly recommend choosing ZenGo, a software wallet with several extra layers of security to ensure your crypto is kept safe.

#3 Hardware Wallets

Hardware wallets are generally 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), the Ledger and Trezor 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 Bitbuy

  • Supports 15 cryptocurrencies
  • Lowest trading fees in the industry
  • Extra secure cold storage of coins

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

#3 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

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 may sacrifice security for convenience, since they’re online and susceptible to being hacked. The exception to this rule is ZenGo, the ultra-secure software wallet.

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, a strongly-secured software wallets offer the best combination of safety and convenience. Whether you have $1 or $1 million in crypto, you can rest easy knowing it’s stored safely in a wallet like ZenGo or 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 ZenGo, thanks to its bank-level security, ease of use, and 24/7 customer support. It can hold 70+ different 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 wallet in Canada is ZenGo. Its keyless technology means that your crypto is are always 100% secure, even if your phone is lost, stolen, or broken.

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, the wallets I recommend here—including the Ledger Nano X, Ledger Nano S and Trezor Model T—don’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 currently supports 15 cryptocurrencies.

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 ZenGo 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 Bitbuy

  • Supports 15 cryptocurrencies
  • Extra secure cold storage of coins
  • Instant account verification

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

#3 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