5 Best Crypto Wallets In Canada (Ranked & Reviewed, Oct 2021)

October 27, 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 crypto wallets, so I'm confident in recommending the products I personally use.

The Ledger Nano X and Ledger Nano S are two favourites among those knowledgeable in crypto circles, both for their high level of security and for their ease of use. I've been using the Ledger Nano X for years without issue, so if you're looking for a safe way to smartly store your crypto, either of these Ledger devices is a great way to go.

There are many ways to securely store cryptocurrencies and many ways to get it wrong, as someone who's heard far too many stories of people losing thousands of Bitcoin.

But the important question is, which way to store your private keys is the right one for you?

In this post, I'll talk about everything you need to know about crypto wallets in Canada, and I will also go through my top 5 picks for the best crypto wallets currently available.

These five options offer unique features like different supported currencies and ease of access from anywhere with an Internet connection.

Keep reading below as I talk about these Canadian crypto wallets and why they're worth considering to safely protect your precious digital assets.

What Is The Best Crypto Wallet In Canada?

1. Ledger Nano X

best crypto wallet canada

The Ledger Nano X is one of the best cold storage crypto wallets available right now. It uses a certified secure chip to protect your private keys, and supports more than 1,800 crypto assets, including Bitcoin, Ethereum, Dogecoin, Cardano, Ripple, and Litecoin.

Features

  • Hardware wallet.
  • Supports over 1,800 crypto assets.
  • Can hold up to 100 types of crypto assets at any given time.
  • Allows you to buy and sell cryptocurrencies.
  • Allows you to exchange cryptocurrencies.
  • You can check your account balances with it.
  • Allows you to complete and verify transactions.
  • You can use it to stake and lend your digital currency.
  • Has a high-rated mobile app.

Cost

  • $159.00 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 very high user ratings from its users. It's certainly one of the best crypto hardware wallets on the market right now.

The Ledger Nano S grants you access to 1,500 digital currencies, and also allows you to hold up to 20 of these cryptocurrencies on your 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 over 1,500 crypto assets.
  • Can hold up to 20 types of crypto assets at any given time.
  • Allows you to buy and sell cryptocurrencies.
  • Allows you to exchange cryptocurrencies.
  • You can check your account balances with it.
  • Allows you to complete and verify transactions.
  • Has a high-rated mobile app.
  • One of the cheapest crypto wallets out in the market.
  • Can be connected to your PC or mobile phone using a USB Type Micro-B connector.

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 that can securely store your digital assets and private keys. It was created by the SatoshiLabs team, which has been in operation since 2013.

This device supports more than 1,000 coins including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Zcash (ZEC), and several others. You can also use it as a password manager.

Features

  • Hardware wallet.
  • Supports more than 1,000 cryptocurrencies.
  • Can be used as a crypto wallet and a password manager at the same time.
  • Can be connected to your PC or mobile phone using a USB-C connector.

Cost

  • $245 CAD

Best For

Investors looking for a hardware wallet and secure password manager in one.

4. Binance (Trust Wallet)

Binance is the largest Bitcoin and altcoin cryptocurrency exchange and trading platform in the world. It allows you to buy and sell crypto by funding your account through fiat currency or through other cryptocurrencies.

Even if it doesn't have the friendliest user interface, it's a pretty efficient crypto exchange that also has a solid customer support service for its users.

They acquired Trust Wallet back in 2018, which means they now manage a mobile wallet that is free to use and supports 40+ blockchains.

You can also stake your coins while using this app to earn even more crypto with what you have already.

Features

  • Mobile (software) wallet.
  • Serves as a crypto wallet and cryptocurrency exchange at the same time.
  • Free to use.
  • Supports over 40 blockchains and over 160,000 assets.

Cost

  • Free

Best For

Anyone looking for a free cryptocurrency wallet or cryptocurrency exchange with a proven track record.

5. Wealthsimple Crypto

Wealthsimple Crypto is a cryptocurrency broker platform that supports over 28 cryptocurrencies, including Bitcoin and Ethereum.

Although your crypto assets are held in cold storage with Gemini, a regulated crypto custodian, it's worth mentioning that you do not get access to a personal wallet on this platform.

However, be aware that Gemini has $200 million in cold storage insurance coverage, so your funds will be pretty safe if you use Wealthsimple Crypto.

You should also keep in mind that this platform only allows you to purchase the digital currencies it supports, and only fiat withdrawals are possible.

Features

  • Buy cryptocurrencies instantly
  • Fund your account using fiat currency (CAD) through electronic fund transfers
  • Supports 28 coins, including Bitcoin, Ethereum, Chainlink, Aave, Uniswap, Dogecoin, Cardano, Sushiswap, Polygon, Stellar, Polkadot, Litecoin, and other top DeFi coins

Cost

  • 1.5% to 2% for trades, no fees on deposits or withdrawals.

Best For

Beginners looking for a user-friendly exchange that makes buying and selling cryptocurrencies extremely easy.

What Is A Crypto Wallet?

A cryptocurrency (or Bitcoin) wallet is software/hardware that stores your crypto assets. It's best to think of it as a digital bank account that you use to store, send and receive your cryptocurrencies.

A cryptocurrency wallet has two types of keys for storage: a public key (or addresses) and a private key.

Public keys are similar to bank accounts — if you're expecting someone to send you Bitcoin or other cryptocurrencies, you can share your public key with them and they'll be able to do so.

In order to spend your Bitcoin, you will need access to a private key. It is best not to share these codes with anyone, since unauthorized access to them could result in a complete loss of your funds.

Your private key is like a signature to a cheque or the combination of a safe — if you lose your private key, you'll also lose access to your digital currency.

There are 3 main types of Bitcoin wallets, and these are:

#1 Paper Wallets

A paper wallet is the most basic type of crypto wallet. You can store your Bitcoin private keys on a piece of paper and securely keep them offline.

There's an obvious downside to paper wallets, though — there's a chance that you can misplace or lose this piece of paper, and that means kissing your digital assets goodbye.

#2 Software Wallets

A software wallet can be installed on any PC, laptop and smartphone as long as you have Internet access.

This type of wallet is incredibly convenient, but it can also be hacked (even with 2-factor authentication), which is a problem not present in paper and hardware wallets. Software wallets are also known as hot wallets.

#3 Hardware Wallets

Also known as cold storage, hardware wallets are the most efficient way to store large amounts of digital currency.

You get a physical device that is offline and more difficult to hack compared to software wallets, thus making it the safest option of the three.

Are Crypto Wallets Safe?

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

For example, hardware wallets are the safest cryptocurrency wallets because they store the private keys to your digital currencies offline, severely limiting the access that someone else could have to it.

Software wallets, on the other hand, are relatively safe and more convenient. However, the problem with these wallets is that they can be hacked since they have access to the Internet.

If you truly want to make sure no one but you has access to your private keys, then a paper wallet could also work pretty well if you can keep it securely. However, keep in mind that if you lose this paper wallet for any reason, you'll also lose access to your private keys forever.

In Summary

It's hard to say what the best Bitcoin wallet in Canada is, considering everyone prefers something different.

However, a few aspects the best cryptocurrency wallet should have is the ease of use, ease of accessibility, and solid security measures above all else.

Even though crypto wallets come in various shapes and sizes, there are three main types: paper wallets, software wallets, and hardware wallets.

Hardware wallets are best for storing large amounts of crypto, and they're usually the safest option because they're offline and less susceptible to being hacked.

Software wallets can be installed on any computer or smartphone as long as the device has internet access. While this type of wallet is convenient, it can also be hacked so you'll want to make sure that your 2-factor authentication is turned on whenever you use one.

Paper wallets can be difficult to maintain but they're a great option because you don't have to worry about hacking or electricity at all.

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