Which is the Best Crypto Wallet Canada in 2022?
After investing in a crypto asset such as Ethereum or Bitcoin, you’ll need a safe and secure wallet that provides the best combination of security and convenience. You might even desire a crypto wallet with in-built exchange features that allows you to earn interest on your investment or decide which hardware wallets are the best option for you.
This guide compares the best crypto wallets in Canada, focusing mainly on security, core features, user-friendliness, and more. We’ve tested dozens of crypto wallets, hardware wallets and software wallets to help you select the best crypto wallet Canada for 2022.
The best crypto wallets in Canada can help you store, send, and exchange your cryptocurrency at any time. There are numerous options when considering crypto wallets, such as cold wallets, hot wallets, hardware wallets, and mobile wallets, providing varying levels of security and features. In a nutshell, a bitcoin wallet stores your public and private keys working like a bank account.
The public key is like a bank account that you can share with someone you expect Bitcoin from. On the other hand, the private key is the secret code or number that allows you to use your crypto coins. This should always remain private as unauthorized access by a third party could result in Bitcoin loss. They’re like keys to a safe or signatures on a cheque. If you lose these private keys to your Bitcoin wallet, you lose access to your wallet and coins.
Which is the best Crypto Wallet in Canada? Our Opinion:
Our extensive research concluded that BitBuy provides Canada’s overall best crypto wallet. The platform is specially designed to provide crypto exchange services to Canadians in a low-cost and safe way. Legitimacy and safety are guaranteed since the platform is backed and approved by the Ontario Securities Commission.
Let’s dive into the best crypto and Bitcoin wallets in Canada.
The platform is specially designed to provide crypto exchange services to Canadians in a low-cost and safe way. Legitimacy and safety are guaranteed since the platform is backed and approved by the Ontario Securities Commission. Besides, the platform is registered as a money services business by FINTRAC. BitBuy is available as a mobile application for Android and iOS devices as a wallet. All you need to do is install the wallet and connect it to your main BitBuy account, where you can store, buy and sell 15 of the leading crypto assets. This makes it the best crypto wallet in Canada for investors looking to store numerous crypto assets in a single safe place.
The platform allows you to buy and sell your crypto assets at one of the best commission rates of only 0.02% per slide when looking to get exchange services. This implies that it would cost you just $1 in fees when selling $500 worth of bitcoin. Moreover, when looking to add crypto assets to your software wallet, the platform allows payment using Canadian dollars.
You’ll need a minimum deposit of $50 and a fee of 1.5% when using Interc e-transfer to add crypto coins. You’ll also use the Interc e-Transfer when cashing out your investments and withdrawing funds. The wallet and the exchange provider provide the best customer service with a support team working 24/7.
Binance Wallet (Trust Wallet)
Binance is an ideal wallet for low trading commissions. It provides a global ecosystem with high-volume leveraged trading products, crypto exchange, multiple wallets, and savings accounts. When it comes to multiple wallets, you can select from a non-custodial or custodial wallet in the form of your main website account or mobile app. This eliminates the worry of protecting your wallet since Binance controls the private keys. This makes it the perfect wallet for beginners with scanty knowledge of how crypto wallets operate. Wallet users need to set up two-factor authentication in terms of security. So, when accessing your Binance account online, you’ll need to confirm via both an SMS and email code. Most of the customers’ crypto investments are stored in cold storage, where the Binance Safe Asset Fund for Users, SAFU, covers hacking-linked losses.
When you select a custodial wallet, you’ll be connected to your main account, where you can access an array of useful features and tools. You can also buy crypto on the biggest crypto exchange for trading volume at a commission of only 0.10% per slide. Binance exchange gives you access to over 1,000 markets and 600 different crypto assets. Binance wallet is one of the best wallets for Android and iPhone, supporting thousands of crypto tokens across multiple blockchain networks. With the Trust wallet, users can access decentralized exchanges like Pancakeswap, and it also supports credit and debit cards allowing you to invest in crypto assets easily.
This is a popular crypto wallet to diversify portfolios. Arguably one of the best cryptocurrency wallets in Canada to create a wide basket of crypto assets. Crypto.com supports more than 250 digital currencies of various underlying blockchain networks and market capitalizations. The platform provides a mobile wallet for both Android and iOS where you can store all your selected tokens in one safe place. The mobile wallet connects you to the main account, and you can purchase, sell, and trade digital assets via the wallet app, regardless of your location. When it comes to security, the Crypto.com Defi wallet address is a custodial storage selection where users have complete control over the private keys. One of the best features is selecting your network fees and speed when sending funds out of your Crypto.com wallet.
Moreover, users can swap DeFi coins from within the wallet without logging out. As long as your crypto assets are stored, you can earn interest. Once you deposit your assets into a savings account, you’ll be paid a good APY of up to 14.5%. However, this APY depends on several variables, such as the length of time you lock up your assets, with the longest time having the best APYs.
Coinbase is one of the best crypto wallets in Canada, for beginners. It comes with an easy-to-use wallet that suits beginners without prior experience. Just like Binance, it also provides a duo of wallet options. Using the Coinbase wallet, users can send and receive funds by logging in to the account. In matters of safety, the Coinbase web wallet is a custodial account, which implies you don’t have to worry about passphrases or private keys. Users are required to perform a two-factor authentication on every login attempt. However, an extra security check is needed when using a new device or IP address. Around 98% of digital customer assets are stored offline, always in cold storage.
Moreover, the platform is regulated in America and is a publicly-listed enterprise on the NASDAQ. Therefore, the web wallet provides an ideal safety and user experience combination. You can also opt for the non-custodial wallet provided through a mobile app. It’s available on Android and iOS allowing you to get full control over your private keys. Importantly, the application is connected to your main account, where you can still sell and buy crypto. When trading via either of the two software wallets, you’ll have to part with a commission of 1.49% per slide, which is more expensive than the other Canadian Bitcoin wallets discussed before. Moreover, when purchasing crypto with a debit or credit card, the platform will charge around 4% for every transaction.
Ledger Nano X
This is the top-rated hardware Bitcoin wallet available at the moment. It comes with a certified secure chip that protects your private keys. Moreover, the wallet supports over 1,800 digital assets, including Ethereum, Bitcoin, Ripple, Dogecoin, Neo, Litecoin, etc. Fifty of these can be managed within the ledger live application.
With the integrated mobile application connecting to the Nano X by Bluetooth, users can sell and buy digital currencies from their smartphones. However, the Bluetooth connectivity feature poses some security risks that aren’t present in other hardware wallets. So far, there haven’t been any reported security breaches making it a more convenient wallet to use. With this wallet, users can also stake coins and access a vast world of DeFi. The platform stores up to 20 different applications that include exchange apps. Ledger nano x is a hardware wallet that stays offline, making it an ideal option for individuals with huge crypto amounts. Users can store other digital currencies on the ledger nano x wallet by connecting with other approved third-party wallets like the XRP toolkit. An important feature is that in case you lose your ledger nano x, you can remotely retrieve it from other devices.
With the wallet, you can install 100 apps at once, implying that you can store 100 digital currencies in cold storage with the wallet. You can buy and sell crypto with their partner Coinify and have the assets sent to your ledger crypto wallet. Besides, users can stake cryptos Tezos, Algorand, Cosmos, Polkadot, and TRON and earn passive rewards. The wallet averages around $200 in terms of costs, but other cheaper models exist.
Trezor is a secure bitcoin hard wallet for long-haul investments. It is one of the safest crypto wallets providing topmost security when storing crypto assets. This is because the wallet is always offline, removing any risks of remote hacks. Trezor looks like a USB device and costs $80 in Canada. There are also other expensive models available. A downside to this app is that it can be confusing when sending and receiving funds. In addition, the application only supports Android phones. So, if you own an iOS, it’s best to consider other cold storage wallets. Trezor model t is fully open-source, allowing anybody to read the code and see how your private keys are stored. The premium model has a complete-color touchscreen display accompanied by an intuitive design. Trezor model t supports over 1,800 digital currencies, which users can manage either by a supported third-party or the Trezor Suite wallet. As long as the coin you want is supported, you can store as many coins as you want at once.
Another great crypto wallet in Canada is Exodus. It is ideal for individuals looking to keep an array of digital assets in one place. The multi-currency wallet provided by the platform supports more than 200 tokens. In addition, the wallet is available as both a desktop software wallet and a mobile app and every wallet connects through one account.
What’s best is there’s no cost to download the Exodus wallet and the charged transactions are based on the standard blockchain mining cost. It is an ideal platform to keep tabs on your portfolio because you can view real-time pricing in CAD.
It’s also ideal for beginners not only in Canada but worldwide. The desktop software wallet is compatible with Linux, Mac, and Windows while the mobile app is supported by Android and iOS. The wallet comes with a built-in exchange where users can buy, sell, and trade crypto.
The private keys are stored locally on the computer and never integrated or shared with the servers. Though secure, the private keys are still at risk of theft through malware, phishing, or viruses and are only safe if your device is.
The Exodus wallet in conjunction with Trezor, previously mentioned above, has come up with an active crypto management system stored on the Trezor cold wallet. This means that you’ll need a Trezor hardware wallet when confirming transactions to and from the Exodus wallet separately on another device.
For increased security, people with huge crypto holdings should opt for Trezor or Ledger cryptocurrency wallets.
Last but not the least, Electrum is another great bitcoin wallet in Canada. It was started in 2011 and is one of the first Bitcoin wallets to venture into the market. This means it has a great reputation spanning over 11 years. This should guarantee that it is a legitimate provider.
Electrum comes as a mobile app for OSX and Android, and as desktop software for Linux and Windows. It is an ideal option for seasoned traders who know the ins and outs of mobile wallets. In addition, electrum only supports Bitcoin and is hence unsuitable for people storing multiple coins in one secure place. It also provides compatibility with some of the major hardware wallets like Trezor and Ledger which provides a functionality and security combination. Moreover, it provides an ecosystem of third-party plugins unavailable with hardware wallets alone.
Canada Crypto Wallets Comparison Table
|WALLET||SUPPORTED COINS||TRADING FEE STRUCTURE||FEE TO SEND BTC||MOBILE APP?|
|Bitbuy||15||0.2% per slide||Blockchain Fee||Yes|
|Crypto.com||250+||0.4% per slide||0.0005 BTC||Yes|
|Binance||1000+||0.1% per slide||0.0005 BTC||Yes|
|Coinbase||50+||1.49% per slide||Blockchain Fee||Yes|
|Trezor||1800+||Exchange Fees||Blockchain Fee||Android Only|
|Ledger Nano X||1000+||Exchanges Fees||Blockchain Fee||Yes|
What is a Crypto Wallet?
A crypto wallet stores your crypto assets securely. It allows you to fully control your assets and with the private keys, only you can access your digital coins. It allows you to receive and send digital coins at a click of a button. Basically, crypto wallets are just like a checking account. The only difference is that instead of storing Canadian dollars, they store crypto assets such as XRP and Bitcoin.
Most crypto wallets provide multi-currency storage services meaning you can store all of your digital assets in a single and safe place. They come in several forms such as desktop software or a mobile application. Other versions include a hardware device or a web wallet, or an exchange.
Why do you need a crypto wallet?
Crypto wallets are important when you want to protect your digital investments. Moreover, they offer access to the blockchain network where you can send or receive digital currencies on a wallet-to-wallet basis. Although some reputable crypto exchanges store crypto assets in cold storage, it’s still not safe to leave them there. For instance, if an exchange was hacked, you could lose all your crypto assets stored there. That’s why most Canadians opt to find the best crypto wallets to store their crypto investments safely.
How does a Crypto Wallet Work?
For beginners, it can be daunting to understand how crypto wallets work. Crypto normally remains on the blockchain. It’s only when you have a private key that you can access it. So, crypto wallets store these private keys, which is why you should select the most secure and safe crypto wallet. Let’s look at everything you need to know about cryptocurrency wallets before selecting a provider.
Setting Up a Crypto Wallet
After downloading a crypto wallet to your desktop or mobile device, you’ll be required to:
Select a suitable and secure password or pin
The second step is to write down the backup passphrase which is typically a string of twelve random words
You can use this backup passphrase in case you lose your device or forget your password or pin and regain access to your digital assets remotely.
Crypto Wallet Address
Once you set up your wallet, you’ll be required to transfer some coins from an external source like a third-party crypto exchange. To do this, you need to copy the crypto wallet address for these coins that you want to deposit. Every crypto wallet address is unique and just like a traditional bank account.
Type of Crypto Wallets
Essentially, there are three main types namely:
There are cold hardware wallets that keep your assets offline at all times. On the other hand, there are software wallets that store your crypto assets online making them easily accessible. Also, there are desktop wallets which are a combination of online and cold storage where you can store your crypto assets.
There are also paper wallets for those looking to purchase and hold crypto on a long-term basis. This type allows you to print your private keys onto a sheet of paper, often in the form of a QR code. You’ll keep it safe until you need to withdraw.
How to Choose the Right Wallet
When choosing the right wallet, there are several crucial factors to look for as discussed below:
Coins the wallet supports
When searching for the best bitcoin wallet in Canada is the supported coins. For instance, Exodus, one of the oldest and best wallets in Canada only supports Bitcoin. So, if you have several altcoins, you’ll need multiple wallets. Always opt for a wallet that supports all your digital assets to keep your portfolio in a single secure place.
Custodianship and Device Type
This is as easy as it means. Go for a wallet that supports the device you own. In addition, it is the case for selecting between a custodian or non-custodian crypto wallet covered earlier in the guide.
Carefully go over the security features, especially in the form of custodial or non-custodial storage. Go for the wallet that has been regulated and approved by Canadian Security Commission and one that keeps the customers’ assets in cold storage. Besides, check for two-factor authentication which requires a code sent via email or SMS when logging into your account.
User experience is important, especially when you want direct access to the blockchain network. If you’re a beginner, opt for a hardware wallet that has an easy-to-use interface.
Always check the transaction fees when you transfer coins. In some wallets, you only have to cater to the blockchain mining fee quoted before the transaction and the provider doesn’t add a mark-up on the fee. However, some cryptocurrency wallet providers put a fixed fee which can be quite expensive.
If you’re a trader, you can check for a wallet that provides exchange services where you can trade digital coins without transferring them between different exchange platforms.
In the crypto age, choosing the best crypto wallet in Canada is crucial for your crypto-asset investment process. You have to consider factors around security safety, supported coins, built-in exchange services, user experience, and transfer fees. After comparing the best crypto wallets in Canada, we settled on BitBuy as the best. BitBuy is a Canadian-based provider, licensed to provide exchange services and crypto wallets where you can hold and trade 15 of the major coins at a super competitive rate.
Our extensive analysis of the Canadian Crypto Wallets doesn’t stop here. You can read about our list of Crypto Wallets available in Canada.
Most frequent questions and answers
From our review, BitBuy is the best crypto wallet in Canada as it’s licensed and allows users to store 15 of the major coins at a competitive rate.
Yes, crypto wallets provide a safe place to store your digital assets as well as proof of ownership. Not only are they secure, but they also provide more control over your digital assets compared to most exchange providers.
From our review, Trezor is the safest crypto wallet in Canada, providing top-notch security when storing crypto assets. This is because the wallet is always offline, removing any risks of remote hacks.
Bitbuy offers the lowest fees. Their trading fees for regular users are 0.2% and 0.1% for pro traders. Moreover, Bitbuy doesn’t charge any extra fees on things such as fiat deposits.
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual’s needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.