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Best Cardano Wallets: 10 Best ADA Wallets In Canada (2022)

A good Cardano (ADA) wallet can help you store your Cardano coins securely while providing access to staking and everyday crypto use.

The success Cardano has seen over the last year reflects many crypto traders speculating that it will do well in the future.

The big question, though, is: where do you store your Cardano coins after buying them? Should you let your ADA sit in your exchange’s account wallet?

It’s advisable that you only keep the coins you need on your exchange’s account and move a majority of your crypto tokens to cold storage or into a non-custodial wallet where you can have full control of your private keys.

This article gives you a rundown of the best Cardano wallets in Canada and their features and costs.

10 Best Cardano ADA Wallets in Canada

Different wallets offer different levels of security, ease of access, and functionality.

The type of Cardano wallet you choose depends on how quickly and frequently you want to access your ADA coins and the features offered to help you control and manage the wallet.

Here’s a summary of the best Cardano wallets in Canada.

Ledger Nano X

Ledger Nano X is a Bluetooth-enabled hardware wallet that enables you to securely hold your Cardano offline in cold storage. The wallet comes with a large screen for ease of use.

To give you maximum control of your crypto assets, Ledger Nano X connects to your phone via Bluetooth so that you can manage and invest your crypto assets on the go with Ledger partners through the Ledger Live app.

You can buy, sell, exchange, stake, and borrow crypto assets from your wallet from Ledger partners, including Compound, Changelly, Coinfy, 1inch, LIDO, DeversiFi, Zerion, Rainbow.me, Aave, Wyre, and Paraswap.

Ledger Nano X supports more than 1,800 crypto tokens, including Cardano, XRP, EOS, Dogecoin, Ethereum, Bitcoin, Litecoin, Bitcoin Cash, among others.

Plus, it has a large capacity to allow you to install up to 100 crypto apps simultaneously.

  • Type of wallet: Hardware
  • Cost: about CAD $209
  • Supported cryptocurrencies: 5,500+
VISIT LEDGER WALLETS

Ledger Nano S Plus

Ledger Nano S Plus is one of the best and most popular Cardano hardware wallets. It allows you to hold your crypto tokens and coins securely in cold storage offline.

It also comes with a small screen for ease of use, supports 2FA, and transactions are confirmed on your hardware wallet for maximum security.

Where the Ledger Nano S shines is when you combine it with the Ledger Live app. You can buy, sell, trade, stake, and borrow crypto assets in seconds directly from your wallet with Ledger and its partners. 

The hardware wallet supports over 5,500 crypto assets, including Cardano, Ethereum, Bitcoin Cash, XRP, Stellar, and many others.

You can install up to 100 crypto applications on your device at a go. 

  • Type of wallet: Hardware
  • Cost: CAD $114
  • Supported cryptocurrencies: 5,500+
VISIT LEDGER WALLETS

Binance

Binance acquired TrustWallet in 2018. The Binance TrustWallet is one of the best Cardano software wallets that’s free to use.

TrustWallet supports Ether, all other ERC20 tokens, NFTs, and direct interaction with dApps. Users can buy, store, exchange & stake crypto, and collect NFTs.

For maximum security, Binance Trust Wallet doesn’t collect users’ personal data, making it private and secure.

The Binance Wallet is compatible with 53 blockchains and supports over 160,000 digital assets, including Cardano, Polkadot, Bitcoin, Ethereum, Bitcoin Cash, Litecoin, and more.

  • Type of wallet: Software
  • Cost: Free
  • Supported cryptocurrencies: 160,000+ digital assets.
VISIT BINANCE

CoinSmart

CoinSmart is a top crypto trading platform in Canada that allows users to trade and hold over 16 cryptocurrencies in cold storage. 

CoinSmart partners with Bitgo and Fireblocks, the top cold custody providers on the planet, to offer one of the best and most secure cold digital wallets for Cardano.

For maximum safety and security, the platform supports 2FA, and 95% of crypto assets are held in cold storage.

  • Type of wallet: Web and cold digital wallet
  • Cost: Free
  • Supported cryptocurrencies: 16+
  • Promo: Get a $50 bonus after depositing $200
VISIT COINSMART

Wealthsimple Crypto

Wealthsimple Crypto is a regulated crypto platform where users can trade crypto (Bitcoin, Ether, and 50+ others) and thousands of stocks and ETFs in the same place (via Wealthsimple Trade). 

To keep your ADA coins secure, Wealthsimple offers a free Web-based Cardano wallet through Gemini Trust.

Most of your crypto assets are held in cold storage by Gemini, a regulated crypto custodian with $200M+ in cold storage insurance coverage.

You can also move some coins off Wealthsimple Crypto to your external cold wallet.

  • Type of wallet: Web-based
  • Cost: Free
  • Supported cryptocurrencies: 50+
  • Promo: Get $25 after depositing $150
VISIT WEALTHSIMPLE CRYPTO

NDAX

NDAX is a cryptocurrency exchange in Canada that offers a simple, easy-to-use interface for both beginner and experienced traders. 

Users can buy, sell, trade, exchange, and store about 30 cryptocurrencies offline in cold storage, making NDAX one of the best cold digital wallets for Cardano.

For maximum security, the platform supports 2FA and partners with Ledger Vault to lock up users’ crypto assets offline in cold multi-signature wallets.

For insurance and fraud protection, NDAX holds $5 million on its cold wallets, $3 million insurance per instance on its hot wallets, and CAD 5 million in general business liability.

NDAX supports 30+ cryptocurrencies, including Cardano, Shiba Inu, Dogecoin, Ether, Bitcoin, Fantom, MATIC, XRP, Polkadot, Chainlink, Litecoin, Aave, Compound, among others.

  • Type of wallet: Hot and cold digital wallets
  • Cost: Free
  • Supported cryptocurrencies: 30+
  • Promo: Get a $10 bonus after depositing at least $100

Trezor Model T

Trezor Model T is among the best Cardano hardware wallets.

It was first designed for Bitcoin by SatoshisLabs and comes with a large touchscreen for easy navigation and a USB-C plug to connect to your smartphone so you can conveniently manage your crypto on the go.

This Cardano hardware wallet supports over 1,600 crypto assets, including Cardano, Zcash, Dash, Ethereum, Bitcoin, Litecoin, Bitcoin Cash, among others.

  • Type of wallet: Hardware
  • Cost: Approx. CAD $250
  • Supported cryptocurrencies: 1,600+

Learn more about Trezor Model T in this review.

AdaLite

Previously known as CardanoLite, Adalite is an open-source, client-side interface that allows users to interact with the Cardano blockchain.

It’s a lightweight web-based wallet self-hosted on your computer, and your private keys remain in your possession.

You don’t need to download or install the Cardano blockchain node or register for an account. Simply create a wallet on the AdaLite website to get a 12-word mnemonic key.

If you ever lose that key, you lose access to your account and all your funds. AdeLite doesn’t keep a backup of your wallet, and can’t help you recover it.

AdeLite is also compatible with hardware wallets, including Ledger Nano S, Ledger Nano X, and Trezor Model T, so that you can use it to access your funds in multiple places.

  • Type of wallet: Light-weight web-based wallet
  • Cost: Free
  • Supported cryptocurrencies: ADA

Yoroi

Yoroi is a free, open-source wallet for Cardano that can be downloaded as a chrome extension. It’s a light wallet, so you don’t need to download the full Cardano blockchain to your computer.

This web wallet encrypts and stores your private keys locally in your machine, giving you a simple, fast, and secure way to manage your ADA tokens.

So far, Yoroi doesn’t support other cryptocurrencies.

  • Type of wallet: Web-based
  • Cost: Free
  • Supported cryptocurrencies: ADA

Daedalus

Daedalus is the official open-source wallet for ADA. It’s a desktop wallet that installs a full copy of the Cardano blockchain on your machine. 

Thus, you can validate transactions locally without any 3rd party servers for maximum security.

Daedalus supports all desktop platforms, and you can manage many wallets to keep your funds organized.

Currently, Daedalus supports only ADA and doesn’t offer a mobile app.

  • Type of wallet: Desktop
  • Cost: Free
  • Supported cryptocurrencies: ADA only.

What is a Cardano Wallet?

A Cardano wallet is a virtual or physical account where you can securely store and spend your ADA coins. Like a bank that stores fiat currency held in your name, a Cardano wallet stores public and private keys for your ADA tokens.

The public key is like your bank account, where you can store ADA coins, while the private key is like your account’s PIN. If someone gets hold of it, they can access your cryptocurrency and milk your wallet dry. 

That’s why your Cardano private keys should remain a well-kept secret. The best Cardano wallets can help you secure your private keys and keep your ADA coins safe.

Different types of Cardano Wallets include:

  • Paper wallets
  • Software wallets
  • Hardware wallets

What to Look for In a Cardano Wallet

  • Security: Choose wallets that offer 2FA and encryption for private keys.
  • Supported cryptocurrencies: Should support the Cardano cryptocurrency and many others.
  • Ongoing development: It should have regular upgrades and continued development.
  • Intuitive interface: Choose a wallet with an easy-to-use interface.
  • Backups: It should allow you to back up your data regularly.

Cardano Wallet Canada FAQ

Does Cardano have a wallet?

Yes, Daedalus is the official wallet for the Cardano blockchain. Yoroi and AdaLite are also other Cardano wallets that allow you to interact with the Cardano blockchain.

What is the best Cardano wallet in Canada?

Ledger Nano X and Ledger Nano S are some of the best Cardano Wallets in Canada. When combined with the Ledger Live app, they offer everything you need to manage your ADA coins on the go.

Can I stake Cardano using a wallet?

Yes, you can stake Cardano directly from some wallets, like Ledger Nano X, Ledger Nano S, Binance, among others.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

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 is passionate about helping others win with their 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, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

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.

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