Which is the Best Crypto Wallet Canada in 2023?
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.