Best Ethereum Wallets in Canada in 2022

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by Enoch Omololu

Updated

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This article covers the best Ethereum wallets in Canada where you can securely accumulate your Ether ETH holdings.

Ethereum is the second-largest cryptocurrency behind Bitcoin, with a market capitalization of over $520 billion and a 24-hour trading volume of more than $28 billion as per CoinMarketCap.

That means more and more investors are flocking the crypto market to pack their portfolios with more Ether.

The all-important question is: where do you store your ETH after buying it? Should you let your Ethereum tokens sit on the exchange?

Well, it’s not advisable to keep more crypto coins than you need on your exchange’s custodial wallet. Crypto exchanges are open to security breaches, and cases exist where people have lost big to hackers.

Thus, you’re better off withdrawing your Ethereum tokens to a safe crypto wallet where you’ve got total control of your private keys.

What is an Ethereum Wallet?

An Ethereum wallet is a hardware, software, or physical paper that allows you to securely store, transfer, and spend your Ethereum tokens. 

It’s like your bank account that carries your fiat currency. A crypto wallet stores your public and private for your crypto tokens. 

A public key is like your bank account, and you can give it to anyone who wants to send you some crypto coins. 

However, the private key is a different ball game. It’s like your ATM PIN. If anyone gets hold of it, they can milk your crypto account dry and make away with all your digital assets.

That’s where crypto wallets come in to help you securely store your Ethereum tokens and other digital coins. There are different types of crypto wallets, including:

Each one of these has its pros and cons, and the type of Ethereum wallet you choose depends on how much ETH you want to store, plus how quickly and frequently you want to access your coins.

What to Look for In an Ether Wallet

Here’s a list of things you should consider when deciding between hardware, software, and paper-based Ethereum wallets in the market.

  • Security: Choose a hardware or software wallet that supports 2FA. If it’s a web-based Wallet, make sure your keys are encrypted.
  • Backups: Choose wallets that allow you to back up your data regularly.
  • Development record: Work with companies that provide regular system upgrades.
  • Total control over your private keys: Look for non-custodial wallets that give you full control of your private keys.
  • Ease of use: Consider a wallet that offers user-friendly interface that’s easy to navigate
  • Smart contract functionality: The best Ethereum wallets should allow interactions with decentralized applications (dApps) on the Ethereum blockchain.
  • Coins supported: Consider other cryptocurrencies supported by the wallet. Does it support all other Ethereum ERC-20 tokens?

The 10 Best Ethereum Wallets

We’ve researched for you and compiled a list of the best Ethereum Wallets in Canada in 2022. They include:

1. Ledger Nano X

Ledger Nano X is a Bluetooth-enabled hardware wallet that enables you to securely store and manage your crypto assets offline. It is a popular wallet for Ethereum.

It features a battery, Bluetooth, OLED display and integrates with MyEtherWallet to make it easier to manage your Ethereum tokens.

To make your cryptocurrency totally accessible, the wallet comes with Ledger Live mobile app that connects to your wallet via Bluetooth so that you can manage your account on the go using your Smartphone.

Ledger Nano X supports over 1800 crypto tokens including Bitcoin, Ethereum, XRP, Litecoin, Dogecoin, Bitcoin Cash, ADA, Binance coin, EOS, and many others.

You can also stake and lend your digital coins in the Ledger Live app to earn interest and make more money.

  • Type of Wallet: Hardware
  • Cost: CAD 199
  • Crypto tokens and coins supported: 1,800+

What you can achieve with Ledger Nano X:

  • Buy, sell and swap crypto coins
  • Stake and lend your tokens to earn interest
  • Check account balances
  • Complete and verify transactions
Visit Ledger

2. Ledger Nano S

Ledger Nano S preceded the Ledger Nano X.

Though it has fewer features, it’s one of the top-rated cheap Ethereum hardware wallets you can use to securely store and manage your crypto tokens offline.

It features a small OLED screen so that you can control your crypto assets easily. Plus, its 2-factor authentication security feature makes it hard to hack, even when used on a hacked computer. 

You can also download and install the Ledger Live mobile app on your smartphone to maximize security and get complete control of your crypto tokens on the go.

Ledger Nano S supports more than 1,500 crypto coins and tokens, including Ethereum, Bitcoin, Stellar, Bitcoin Cash, EOS, and more.

However, this hardware wallet doesn’t support Bluetooth functionality and uses the USB Type Micro-B connector, which may not work with the latest smartphones.

  • Type of wallet: Hardware
  • Cost: CAD 89
  • Crypto coins supported: 1,500+

What you can achieve with Ledger Nano S:

  • Trade crypto is seconds with Ledger and its partners
  • Stake and lend your crypto to earn interest on your holdings
  • Install up to 3 applications on your device(depending on their size)
  • Complete and confirm transactions on the wallet
Visit Ledger

3. Binance (Trust Wallet)

Binance is the largest crypto exchange in the world. To make things easier for its users, the company acquired TrustWallet in 2018.

Trust Wallet is rated as one of the best Ethereum mobile wallets. The wallet supports Ether and other ERC20, NFTs and it’s completely free to use. It also features a built-in browser for decentralized applications (DApps). 

Users can access, send, receive and manage a wide range of crypto assets via mobile or web browsers without having to worry about security because the wallet doesn’t collect users’ personal data, like email IDs.

TrustWallet is compatible with 53 blockchains, and supports more than 160,000 digital assets, with more being added each month by finance developers. 

  • Type of wallet: Mobile wallet
  • Cost: Free
  • Supported crypto assets: 40 blockchains and 160,000 crypto tokens

What you can achieve with TrustWallet:

  • Buy, sell, and exchange a variety of ERC-20  tokens on the Binance Exchange
  • Stake current crypto holdings to earn more money
  • Interact with DApps directly from the wallet

4. Trezor Model T

Produced by SatoshiLabs, Trezor Model T is one of the safest Ethereum wallets. It’s one of the first hardware crypto wallets that was designed for Bitcoin but also supports other crypto coins. 

It features a large touchscreen for easy navigation and top convenience with your crypto storage.

Plus, it uses a USB-C plug, which means you can easily connect and manage your crypto assets from your smartphone even without a computer.

The wallet is compatible with MyEtherWallet and other third-party desktop or web platforms, making it a breeze to manage your Ethereum tokens.

Trezor Model T supports over 1,600 Crypto tokens and coins, including Ethereum, Bitcoin Cash, Dash, Litecoin, Zcash, and many others.

  • Type of Wallet: Hardware
  • Cost: CAD 245
  • Coins supported: 1,600+

5. CoinSmart

Coinsmart is a top crypto exchange in Canada that offers a cold digital wallet for Ethereum.

You can fund your CoinSmart account ($30 to $50 bonus) using Interac e-Transfers, bank wire, bank draft, and crypto deposits. It is also one of few exchanges to accept credit card purchases.

The wallet offers robust security with 2FA, with 95% of crypto assets being stored in a cold wallet. It supports Ethereum, Bitcoin, Bitcoin Cash, Stellar, Cardano, Litecoin, XRP, and others.

Deposits in your account are processed the same day, but fiat withdrawals may take up to 5 business days to process.

  • Type of wallet: Web wallet (most coins held offline in cold storage)
  • Cost: Free
  • Coins supported: 16 digital coins

6. Wealthsimple Crypto

Wealthsimple Crypto is a crypto exchange platform for trading Bitcoin and Ether but also offers a web-based Ethereum wallet through Gemini.

Today, Wealthsimple Crypto manages over $10 billion in investment assets. For crypto holdings, it uses Gemini, a regulated custodian with over $200M in cold storage insurance coverage.

The one downside is, you won’t get access to a personal wallet with Wealthsimple Crypto for all your coins, which means you don’t have total control over your private keys.  

That said, it’s a great web-based wallet for beginners looking to trade cryptocurrencies easily with a single click due to its user-friendly interface. 

Again, new users get a generous sign-up bonus. Just sign-up for a Wealthsimple account to get a cash bonus and commission-free trades.

  • Type of wallet: Web-based
  • Cost: Free
  • Coins supported: Ether and Bitcoin

7. Atomic Wallet

Atomic is one of the best desktop and mobile Ethereum wallets that offers a solution to traders looking to store, exchange and buy Ether and other ERC-20 tokens with a bank card.

It supports local currency worldwide.

The wallet enables you to manage and trade all your favorite assets in one secure interface. It also supports staking. You can stake crypto coins like TRON, ATOM, Tezos, and BAND to earn interest at 5-23% APR.

Atomic Wallet supports over 300 cryptocurrencies, including Ethereum, Bitcoin, Litecoin, BCH, XRP, among others. 

  • Type of wallet: Desktop and Mobile
  • Cost: Free
  • Coins supported: Over 300 crypto tokens

8. MetaMask

Metamask is another top free Ethereum Wallet. It’s a web 3.0 digital wallet that works as a browser extension to access an Ethereum wallet and the Ethereum blockchain without the need to download a full Ethereum node. 

For top security, Metamask stores private keys locally on your computer rather than online so that you can export them any time you want.

It also features an intuitive interface and enables you to switch between the main Ethereum network and the test network.

The wallet can be downloaded as a browser extension, but it’s also available as a mobile app for Android and iOS. Supported browsers include Firefox, Brave, Opera, Edge, and Chrome.

Once installed, you can access your Ethereum wallet, store and send Ethereum tokens, and interact with Ethereum decentralized applications (DApps) directly from your phone or browser. 

Metamask can be used to store and swap Ethereum cryptocurrencies only. Supported Ethereum-based tokens include Ethereum, Tether, Ethereum Classic, Basic Attention Token, USD Coin, and all other ERC-20 tokens.

  • Type of wallet: Web-based/mobile
  • Cost: Free
  • Coins supported: ETH and all other ERC-20 tokens.

9. MyEtherWallet

MyEtherWallet (MEW) is Ethereum’s original and most trusted wallet used to store Ether and other ERC-20 tokens. 

It offers a free, client-side interface that helps users interact with the Ethereum blockchains and generate wallets, interact with smart contracts, and swap Bitcoin, Ethereum, and other ERC-20 tokens.

It features 2FA for robust security and offers 24/7 customer support to facilitate transactions from inside the wallet.

The web-based wallet partners with Bity, Kyber Network, Simplex, and Changelly and support swaps, NFTs, Stablecoins, DeFi, and DApps, allowing users to swap fiat to crypto, ETH/BTC, and ETH/ERC-20

Again, MEW integrates seamlessly with major hardware wallets like Trezor, Ledger, and others so that you can easily access your crypto tokens using the MyEther browser. 

It’s available as a chrome extension and the MEW mobile app. MEW supports Ether and all other ERC-20 tokens in the Ethereum ecosystem.

  • Type of wallet: Web-based
  • Cost: Free
  • Coins supported: Ether and other ERC-20 tokens.

10. Exodus

A late entrant in the market, Exodus is one of the best Ethereum wallets that supports multiple cryptocurrencies.

It features a simple user interface, a built-in exchange, and supports smart contracts. It’s a top choice for newbies who don’t have hands-on experience with the Ethereum network.

Though exodus doesn’t offer two-factor authentication, your data remains in your machine so that you have total control over your private keys. Plus, Exodus doesn’t store users’ private data, like email IDs.

The wallet partners with ShapeShift and other multiple crypto exchanges, allowing users to store, send, receive and exchange a wide range of cryptocurrencies right from inside their wallets.

It’s available in desktop and mobile versions and supports over 130 digital tokens, including Ethereum, Bitcoin, Bitcoin Cash, Litecoin, among others.

  • Type of wallet: Desktop/mobile
  • Cost: Free
  • Coins supported: over 130 crypto coins.

Ether Wallet FAQs

What is an Ethereum paper wallet?

The Ethereum paper wallet is the most basic way to store your Ethereum tokens. You simply write your private keys on a piece of paper and store them offline in a safe place. Though secure, trouble arises when you misplace or pour coffee on the paper.

What crypto wallet is best in Canada?

Hardware wallets like Ledger Nano X and Ledger Nano S are reputed as some of the most secure and the best crypto wallets in Canada and beyond. They not only support a wide range of crypto assets but also give you the ability to stake and trade directly from the wallet.

What does Ethereum in cold storage mean?

Ethereum in cold storage refers to the storage of Ethereum private keys offline using a hardware or paper wallet.

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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.

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