Best Bitcoin Wallet: 7 Best Crypto Wallets in Canada Jul 2022

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by Enoch Omololu

Updated

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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 recently, 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 and crypto hardware wallets (cold storage wallets) you can purchase in Canada, plus some top cryptocurrency apps that also offer crypto wallets.

Related: Next Bitcoin Cryptocurrency.

Best Bitcoin and Crypto 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: $199 CAD
  • Coin supported: $1500+
  • Type of wallet: Hardware (offline)
VISIT LEDGER WALLETS

2. Ledger Nano S

Similar to the Ledger Nano X, this wallet is rated by users as one of the best bitcoin and crypto 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

3. 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: $249 Euros ($330 CAD)
  • Coins supported: 1,000+
  • Type of wallet: Hardware

4. Binance (Trust Wallet)

Binance is the largest cryptocurrency exchange in the world for Bitcoin and hundreds of altcoins. 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 using your current holdings.

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

You can learn more about Binance and how the platform works in this review.

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. CoinSmart

CoinSmart is one of the best cryptocurrency apps in Canada for beginners and advanced traders who want to buy Bitcoin, Ethereum, and several other cryptocurrencies.

Users can deposit multiple fiat currencies and you get wallets for each coin you hold. You can also easily move your assets to a personal hardware wallet.

Promotion: Get a $50 cash bonus when you deposit at least $200.

You can learn more in this Coinsmart review.

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 them securely offline.

One downside of 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 Apps To Buy Cryptocurrency in Canada.

Best Ethereum Wallets in Canada

Many of the top Bitcoin wallets in Canada are also great for Ethereum and other popular cryptocurrencies and altcoins.

The best Ethereum wallets in Canada include:

  • Ledger Nano X
  • Ledger Nano S
  • Trezor Wallet
  • Metamask

Some of the best crypto apps in Canada like CoinSmart and Wealthsimple Crypto are also great for holding Ethereum you need access to for trading. You can also consider a Coinbase wallet if you have an account.

Bitcoin Wallets Canada FAQ

Are crypto wallets safe?

Hardware wallets are the safest cryptocurrency 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.

What is the best crypto wallet in Canada?

In my opinion, the best crypto or bitcoin wallet in Canada is the Ledger Nano X when you consider its price point, security, number of coins and tokens it supports, and the ability to stake directly from the wallet.

What is the most trusted crypto wallet?

The most trusted crypto wallets are made by Ledger and Trezor.

How much does a Bitcoin wallet cost?

Based on the top Bitcoin hardware wallets we have listed, Ledger Nano S is the cheapest at $89 CAD. Following that is the Ledger Nano X at $199 CAD, and Trezor Model T at just over $330 CAD.

What is the safest crypto wallet in Canada?

A crypto wallet is only as safe as you keep it by ensuring your private keys are secure at all times. One of the best crypto hardware wallets you can use in Canada is the Ledger Nano X.

What is the best cryptocurrency trading app in Canada?

The best crypto app in Canada if you need access to advanced trading tools or are a beginner is CoinSmart.

What is the best crypto exchange in Canada?

The overall best cryptocurrency exchange in Canada is CoinSmart. You can learn more about it in this review.

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

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Crypto trading platform for beginners and advanced traders.

Access to several popular coins.

Low trading fees at 0.20% and multiple fiat currencies supported.

$50 instant bonus when you deposit $200.

Easily deposit and withdraw both fiat and crypto.

A publicly traded company on the Canadian NEO exchange.

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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. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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

1 thought on “Best Bitcoin Wallet: 7 Best Crypto Wallets in Canada Jul 2022”

  1. Binance is no longer available in Ontario. All users can do is move their assets to another wallet.

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