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14 Best Crypto Wallets in Canada 2022 (Hardware & Software Wallets)

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 that 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 199. 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 at a go.

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.

4. KeepKey

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.

6. MetaMask

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.

7. Electrum

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 wallets recovery with a recovery phrase, multisig services to enable you to split the permission to spend your Bitcoin between several wallets, and integration with hardware wallets.

8. ZenGo

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.

Users can buy, trade, send, and receive crypto coins with no minimum/maximums at no extra fee. The wallet also supports staking, with up to 8% APY.

Other features include 3FA, ZenGo debit card to spend your crypto easily, and the ability to track your crypto directly from your wallet without the need to switch to exchanges or crypto news sites.

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9. Bitcoin Armory

Created in 2012, Bitcoin Armory is arguably the most secure Bitcoin crypto wallet for PCs that’s 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.

10. Coinomi

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.

11. CoinSmart

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

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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.

Wealthsimple Crypto

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Trade several cryptocurrencies

Excellent trading platform

1.5% to 2% trading fee

Get a $25 bonus when you deposit $150

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.

14. Exodus

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

What is the best bitcoin wallet in Canada?

Ledger Nano X, Trezor Model T, Bitcoin Armory, and Electrum are some of the best Bitcoin wallets in Canada.

What is the overall best crypto wallet?

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.

What is the best crypto trading app in Canada?

CoinSmart, Coinbase, and Wealthsimple Crypto are among the best crypto trading apps and platforms in Canada.

Related:

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.

14 Best Crypto Wallets in Canada 2022 (Hardware & Software Wallets)

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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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