Best Bitcoin Wallet: 7 Best Crypto Wallets in Canada (2021)

A Bitcoin wallet can help you hold your cryptocurrency holdings securely while also giving you access to spend and receive cryptocurrencies.

Since Bitcoin prices took off in 2021, it has become increasingly important to find ways to safely store them.

And it’s not just Bitcoin. If you hold Ethereum (Ether), Litecoin, Dogecoin, Cardano, or any of the other altcoins, you want to be able to keep them safe.

Several options exist when you are considering cryptocurrency wallets.

From cold wallets (offline wallets) to hot wallets and mobile wallets, the options are numerous, and they offer varying levels of security.

In this article, we will cover some of the best Bitcoin wallets you can purchase in Canada.

Related: Next Bitcoin Cryptocurrency.

What is a Bitcoin (Crypto) Wallet?

A Bitcoin wallet stores your public and private keys. In a way, it works like your bank account.

Your “public key” is similar to your bank account and when you are expecting someone to send you Bitcoin, you can share your public key with them.

Your “private key” is the secret number or code that allows you to spend your Bitcoin. It should always be kept secret because unauthorized access to it by a third party could result in total loss.

Private keys are like signatures on a cheque or keys to a safe. Also, if you lose your private key, you lose access to your digital currency.

The main types of Bitcoin wallets are:

1. Paper wallet: this is the most basic type of crypto wallet. You can write your Bitcoin private keys on a piece of paper and store it securely offline.

One downside with this option is that you can misplace your paper wallet.

2. Software wallet: A software wallet can be installed on your PC or smartphone and are easily accessible whenever you need to.

The challenge with mobile and desktop wallets is that your device could be hacked or become corrupted.

3. Hardware wallets: These are some of the most secure wallets you can use to store crypto. You get a physical device that is offline (not reliant on the internet) and a lot more difficult to hack.

Also referred to as cold storage, this is one of the best ways to keep large amounts of Bitcoin.

Related: Best Cryptocurrency Apps.

Best Bitcoin Wallets in Canada

A Bitcoin wallet can help you store your Bitcoin investment and reduce the risk of loss.

That said, the cryptocurrency world keeps evolving and there is no 100% guarantee that you won’t lose money.

Therefore you should only purchase Bitcoin and its peers using funds you can afford to lose – digital currencies are very risky assets!

1. Ledger Nano X

Ledger Nano X is one of the best-rated hardware Bitcoin 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, Ripple, Litecoin, Neo, and more.

ledger-nano-x

Using the Ledger Nano X, you can:

  • Buy and sell crypto
  • Swap one crypto for another
  • Check your account balances
  • Complete and verify transactions
  • Stake and lend your coins to make money

This wallet comes with a Ledger Live mobile app that works through Bluetooth so you can also manage your account using your smartphone.

  • Cost: $159 CAD
  • Coin supported: $1500+
  • Type of wallet: Hardware (offline)
VISIT LEDGER WALLETS

2. Trezor Model T

The Trezor Model T is an advanced cryptocurrency wallet you can use to securely store your digital assets and private keys. It is produced by SatoshiLabs.

Trezorwallet

This wallet supports more than 1,000 coins including Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Zcash, Dash, and several others.

It also doubles up as a password manager.

Trezor Model T can be connected using a USB-C connector to your PC or mobile phone.

  • Cost: $149 Euros ($245 CAD)
  • Coins supported: 1,000+
  • Type of wallet: Hardware
VISIT TREZOR WALLETS

3. Ledger Nano S

Similar to the Ledger Nano X, this wallet is rated by users as one of the best Bitcoin hardware wallets on the market.

ledger-nano-s

Based on its price point, it is also one of the cheapest for beginners.

The Ledger Nano S supports 3 to 20 applications on your device at any one time (up to 100 for Nano X) and access to 1,500 tokens.

It uses a USB Type Micro-B connector which may not be compatible with newer smartphones. Also, it doesn’t use Bluetooth.

  • Cost: $89 CAD
  • Coins supported: 1,500+
  • Type of wallet: Hardware
VISIT LEDGER WALLETS

4. Binance (Trust Wallet)

Binance is the largest Bitcoin and altcoin cryptocurrency exchange in the world. It acquired Trust Wallet in 2018 and now manages the mobile wallet.

Trust Wallet is free to use and supports more than 40 blockchains. It also supports staking which means you can earn more crypto sing your current holdings.

  • Cost: Free
  • Type of wallet: Mobile (software)
  • Coins supported: 40 blockchains and 160k+ assets

You can learn more about Binance here.

Related: Best Bitcoin Trading Apps.

5. Exodus

This multi-currency wallet supports over 100 cryptocurrency assets and is available on desktop and mobile phones.

It supports staking, swapping, and has a built-in crypto exchange.

Exodus is also compatible with the Trezor cold storage wallet.

  • Cost: Free
  • Type of wallet: Desktop and mobile
  • Coins supported: 100+

6. Electrum

Electrum is an online (software) Bitcoin wallet that has been around since 2011.

It can be used on PC and mobile devices, and also supports hardware wallets such as Ledger and Trezor.

Compared to the average hot wallet, Electrum is one of the most secure.

  • Cost: Free
  • Coin supported: Bitcoin
  • Type of wallet: Desktop and mobile

7. Wealthsimple Crypto

Wealthsimple Crypto is a crypto platform for purchasing Bitcoin and Ether.

While you do not get access to a personal wallet on this platform, your crypto assets are held in cold storage with Gemini, a regulated crypto custodian.

Gemini has $200 million in cold storage insurance coverage.

Beginners who are looking for an easy (one-click) way to purchase cryptocurrencies will find Wealthsimple Crypto to be very user-friendly.

You should note that this site only offers Bitcoin and Ethereum, and only fiat withdrawals are possible.

Promotion: Get a $35 cash bonus when you deposit and trade at least $100 in crypto.

You can learn more in this Wealthsimple Crypto review.

Bitcoin Wallet FAQs

Are crypto wallets safe?

Hardware wallets are the safest crypto currency wallets since they store your private keys offline. Software wallets are relatively safe and more convenient, however, they can be hacked due to their access to the internet. A paper wallet also works well if you can keep it securely.

How much does a Bitcoin wallet cost?

Based on the top Bitcoin hardware wallets we have listed, Ledger Nano S is the cheapest at $79 CAD. Following that is the Ledger Nano X at $159 CAD, and Trezor Model T at just over $200 CAD.

Do you use a different wallet? Let us know about the choices available in the comments.

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO and monitors his credit score for free using Borrowell.

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