Crypto exchanges allow you to trade cryptocurrencies and store your crypto coins on the exchange’s custodial wallet.
However, a crypto exchange may collapse and sink with your crypto or fall victim to hacking, resulting in huge losses.
Crypto wallets help the crypto community navigate all these risks inherent to crypto exchanges.
Non-custodial software and hardware wallets enable you to store your crypto keys locally on your devices or offline in cold storage, where you have full control over your coins.
Thus, your digital assets remain secure, no matter what happens in the crypto exchange.
This article covers the best crypto wallets in Canada and what to look for when choosing the best crypto wallet apps.
What is a Crypto Wallet?
A crypto wallet is like a bank account of the blockchains or the decentralized web used to store cryptocurrencies.
It stores the public and private keys you need to securely access, transfer, or withdraw your crypto coins.
Best Hardware Crypto Wallets in Canada
1. Ledger Nano X
Ledger Nano X is a secure crypto hardware wallet that allows you to hold your crypto coins and NFTs offline in cold storage.
The wallet supports more than 5,500 cryptocurrencies and has a large capacity to allow you to install up to 100 apps at the same time.
It has a large screen for ease of use and connects to your phone and other devices via Bluetooth to allow you to trade and manage your digital assets on the go.
Through ledger partners, you can securely buy, trade, stake, transact, and accept crypto payments and manage NFTs offline directly from your wallet.
It also integrates seamlessly with the Ledger Live app to ensure maximum security and give you total control over your digital assets.
You can get it for CAD 209. Read the review.
2. Ledger Nano S
Ledger Nano S is a popular crypto hardware wallet with over 4 million users.
The wallets support more than 5,500 cryptocurrencies, and you can install up to 3 applications simultaneously.
Once you install the Ledger Live app and create your account, all transactions are confirmed in your hardware wallet, hence keeping your crypto secure.
Users can buy, trade, stake their crypto holding, and access smart services, including DeFi apps, NFTs, and more, with ledger and its partners.
It’s cheaper than Ledger Nano X, going at CAD 89, but has a smaller screen and doesn’t offer Bluetooth capability. Instead, it comes with a USB cable to allow you to connect to other devices.
Read the full review.
3. Trezor Model T
Developed by SatoshiLabs, Trezor Model T is one of the best hardware wallets that comes with a large touchscreen display to allow you to buy and exchange cryptocurrencies within the wallet.
The wallet supports 1,600+ crypto coins and connects to your smartphone via a USB-C plug to allow you to trade and manage your crypto assets on the go.
However, it doesn’t offer Bluetooth connectivity and has no support for iOS.
Read the full review.
KeepKey is among the best hardware crypto wallets in Canada that allows you to generate and manage your private keys offline and keep your digital assets in cold storage.
The wallet works on PC, MAC, Linux, and Android, and supports about 40+ crypto coins, including Bitcoin, DASH, Litecoin, Bitcoin Gold, Ethereum, Litecoin, Dogecoin, and more.
It also comes with a large sleek and simple display and offers straightforward backup and recovery with a 12-word recovery phrase, just in case you lose or break your KeepKey.
The wallet integrates with ShapeShift to allow you to send, receive, and exchange cryptocurrencies effortlessly directly from your wallets.
You can get it for about CAD $39.
Best Software (Online) Wallets in Canada
5. Trust Wallet
TrustWallet is one of the best crypto wallets for iOS and Android that allows users to buy, store, exchange, stake their crypto holdings, and collect NFTs without leaving the app.
It was acquired by Binance in 2018 and has a large user base of over 25 million people.
It’s compatible with 53 blockchains and supports more than 160,000 cryptocurrencies. The app doesn’t collect personal data, so only you can access the wallet without having to worry about security.
Trust Wallet also offers a dApps browser and allows you to track charts and prices within the app.
MetaMask is the best crypto wallet for Android and iOS that gives you access to the Ethereum blockchain without the need to download a full Ethereum node.
MetaMask is available as a mobile app, but can also be downloaded as a browser extension.
Once installed, it gives you access to an Ethereum wallet where keys and passwords are generated and stored on your device to give you total control of your keys.
The wallet supports Ethereum-based tokens and dApps, and can be used to buy, store and swap Ethereum and all other ERC-20 tokens, including Tether, USD Coin, Basic Attention Token, Ethereum Classic, and others.
Electrum is the oldest and best Bitcoin wallet that has been around since 2011.
It’s a popular crypto wallet for PCs that offers cold storage by allowing you to store your Bitcoin private keys locally without the need to download the entire blockchain on your computer.
Electrum only supports Bitcoin. Keys are heavily encrypted, and you can export them offline for use in other Bitcoin clients.
It also supports wallet recovery with a recovery phrase, multi sig services to enable you to split the permission to spend your Bitcoin between several wallets, and integration with hardware wallets.
ZenGo wallet is a non-custodial software wallet and one of the best crypto wallet apps that employ biometric technology to keep your digital assets secure with a FaceID.
Thus, you don’t need to memorize private keys, passwords, or seed phrases.
ZenGo wallet supports 70+ cryptocurrencies, including Bitcoin, Ethereum, Tether, Binance Coin, Luna, Chainlink, and more.
Features include 3FA, a ZenGo debit card to spend your crypto easily, and the ability to track your crypto directly from your wallet without switching to exchanges or crypto news sites.
9. Bitcoin Armory
Created in 2012, Bitcoin Armory is arguably the most secure Bitcoin crypto wallet for PCs compatible with Windows, Linux, and Mac OS.
It supports only Bitcoin, and you are required to download Bitcoin Core and the full blockchain on your computer, which may require a minimum of 200GB and at least 2GB RAM to run smoothly.
The wallet offers top security features to allow users to stay anonymous and execute transactions with privacy, including Hierarchical Deterministic (HD), TOR network compatibility, VPN compatibility, and Coin Control to combine several transactions.
Other features include Watch-only support, private key encryption, multi-signature transactions, multiple wallet interfaces, one-time printable backups, and manual software updates.
Founded in 2014, Coinomi is the oldest multi-chain and the first non-custodial multicurrency mobile & desktop wallet.
It stands out as one of the best crypto wallets in Canada for iOS, Android, and PCs.
The wallet is compatible with 125 blockchains and supports more than 1,770 crypto assets & 168 fiat currencies.
It offers built-in exchanges to allow users to securely store, manage, and exchange digital assets without the need to leave the wallet.
Keys are stored locally in your devices to ensure top security.
Your privacy is also guaranteed as Coinomi doesn’t impose KYC verification or identity linking, transaction tracking, and IP association.
CoinSmart stands out as one of the best crypto exchanges in Canada that allows users to buy, sell, trade, and send/receive crypto payments.
It recently went public and now trades on the NEO Exchange under the ticker SMRT.
The platform supports about 16 cryptocurrencies and offers some of the best and most secure crypto cold wallets by partnering with Bitgo and Fireblocks, reputed custodians in the crypto space.
Your account is further protected with 2FA and 95% offline cold storage of crypto assets.
CoinSmart Crypto Exchange
Top crypto exchange in Canada
Great for new & advanced traders
0.20% trading fee
Get a $50 bonus when you deposit $200
12. Wealthsimple Crypto
Wealthsimple Crypto is one of the best crypto brokerages in Canada that allows you to trade 50+ cryptocurrencies and thousands of stocks and EFTs on one platform.
It offers a Web-based crypto wallet through Gemini, a regulated digital asset custodian and crypto exchange that holds your crypto coins offline in cold storage, with over $200M in cold storage insurance.
To protect your crypto account and financial data, Wealthsimple Crypto offers 2FA and state-of-the-art encryption. It also partners with CoinCover to keep your cryptos safe from theft.
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
Get a $25 bonus when you deposit $200+
13. Coinbase Wallet
Coinbase is the second-largest cryptocurrency exchange in the world and one of the best crypto exchanges in Canada that allows users to trade 150+ cryptocurrencies.
Apart from the custodial wallet, Coinbase offers a self-hosted crypto wallet reputed as the most secure mobile wallet in the crypto space that allows you to hold your private keys on your mobile device and have full control over your crypto holdings.
The Coinbase Wallet is independent of the Coinbase exchange, and you don’t need to sign up for an account on the exchange to use it.
The wallet supports over 4,000 digital assets and integrates a dApps browser to allow you to interact with a whole world of decentralized apps.
Thus, you can access DeFi services, collect and store NFTs, take part in airdrops and ICOs, and more directly from your wallet.
Learn more in this Coinbase review.
Exodus is a mobile and desktop crypto wallet that offers a simple user interface, making it one of the best crypto wallets in Canada for beginners with little to no experience with crypto markets.
It supports smart contracts and partners with ShapeShift and other crypto exchanges to allow users to store, send, receive, and exchange Bitcoin, Ethereum, and 150+ other cryptocurrencies with built-in exchanges.
Your private keys remain in your devices, and the app doesn’t store users’ private data, ensuring that only you can have access to your crypto coins.
Other features include the Exodus crypto app to trade on the go, Trezor hardware wallet integration, live charts & portfolio, and 24/7 human support.
Types of Crypto Wallets
There are three types of crypto wallets namely:
- Hardware wallets: They are the most secure, and are excellent for storing large quantities of crypto offline in cold storage.
- Software wallets: Desktop,web-based, and mobile software protocols that work well for storing relatively small amounts of crypto assets online and locally.
- Paper wallets: Simply a piece of paper where you manually write or print your private keys for storage.
How Do Crypto Wallets Work?
Crypto wallets work pretty much like your bank account.
Just like your bank account holds your fiat currency, a crypto wallet stores your crypto coin by holding public and private keys for your cryptocurrencies.
Hardware Wallet vs Software Wallet
Software wallets are usually free, but they are less secure than hardware wallets as they often require you to connect to the internet to access and use the wallet.
Hardware wallets come at a price but hold your crypto assets securely offline in cold storage where hackers can’t easily reach them.
How To Choose a Crypto Wallet in Canada
A few things come to play when choosing the best crypto walleye in Canada, including:
- Security: Hardware wallets are the most secure, followed by non-custodial software wallets. The best crypto wallet should give you total control over your keys.
- Frequency of access: Custodial crypto wallets work well if you want to actively access and trade your cryptos. Otherwise, opt for a non-custodial or hardware wallet.
- Supported cryptocurrencies: The wallet should support the crypto coins you want to store.
- Upgrades: The wallet’s development team should offer continued development and regular upgrades.
- Crypto amount: Hardware wallets are excellent for storing large crypto amounts.
Are Crypto Wallets Safe?
Yes, hardware and non-custodial crypto wallets are more secure than your exchange’s custodial wallets, as they give you total control over your crypto holdings.
Best Crypto Wallets in Canada FAQs
Ledger Nano X, Trezor Model T, Bitcoin Armory, and Electrum are some of the best Bitcoin wallets in Canada.
Ledger Nano X is the overall best crypto wallet due to its large selections of cryptocurrencies, top security, and ability to access a myriad of crypto services directly from within the wallet and the Ledger Live app.
CoinSmart, Coinbase, and Wealthsimple Crypto are among the best crypto trading apps and platforms in Canada.
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Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.