This review will help you identify the best crypto wallet in Canada. My methodology is simple and looks at twenty different variables each of which has a designated weight in my scoring. I used to work at Google where I advised customers on the user experience of their mobile apps. I leverage this experience to analyze which wallets work best.
Wallet types
There are two categories of wallets.
- Cold wallets or hardware wallets are not connected to the internet. They usually look like USB devices and are considered more secure. If you are responsible enough not to lose the device then this is the ultimate solution for storing the majority of your crypto assets. Think of your hardware wallet as a safety deposit box in your home.
- Hot wallets aka digital wallets are software wallets that you install in the form of a mobile app or desktop app. They tend to get hacked from time to time but are more versatile. Some people say that you should think of digital wallets as being equivalent to physical wallets in which you carry cash for day-to-day activities. I find that’s not the best analogy because hot wallets are useful for hooking up to decentralized finance services.
A good strategy to reduce the risk of losing your funds due to a hack or your own mistake is to have more than one. See Should you have multiple wallets for more.
Best crypto wallets for Canadians
I am now going to share what I think are the best hardware and software wallets for Canadians
Hardware wallets
Ledger crypto wallets
Ledger offers three devices
- Ledger Nano S Plus
- Ledger Nano X
- Ledger Stax
Both the s and x are very similar except the x supports Bluetooth which some people like for the convenience it offers in connecting to your phone and some are suspicious of it.
To manage your device and crypto you connect it to the Ledger Live app on your mobile phone or desktop.
This does not make your device susceptible to remote attacks because you still need to physically press the buttons on your device to confirm transactions.
In addition, the seed phrase is generated on your device and not by the app.
The other thing to note is that Ledger devices use a secure element chip which makes them impossible to hack even if you have access to the physical device.
Storing your digital assets in cold storage on a Ledger is your best option.
The reason I recommend Ledger is that they also have a Ledger Recover service.
This is a paid subscription that allows you to recover your seed phrase in case you lose it.
It costs $10 per month for that peace of mind.
You can find a more comprehensive review of Ledger here where I do a proper deep dive.
Trezor
The Trezor is a decent competitor for Ledger.
The wallets operate in a very similar manner to Ledger. The only drawback in comparison is that it does not use a secure element and isn’t as swanky as a device.
Trezor offers three devices
- The Trezor Model one
- The Trezor Model T
- Trezor Safe 3 (which does include a secure element chip)
Reasons that people like Trezor are
- It’s open source which makes it more resilient to vulnerabilities.
- Easy to use
- You have the option to set up a Shamit backup
- Does not support some major cryptos such as Solana, TRON, Cosmos, Toncoin, Polkadot, Aptos, Filecoin, Heddera, VeChain, NEAR, Algorand, Sui, Bitcoin SV, THORChain, Helium, Ravencoin and Osmosis.
Hot wallets
Exodus
I have tried and tested more than 18 online wallets.
Out of all of them, Exodus has impressed me the most.
Here is what I like about Exodus
- Supports more than 300 coins and tokens
- It does not ask for personal information such as email
- You own custody of your funds
- It’s available to download as an app on your mobile phone and as a browser extension. The latter is important because it means you can hook up to decentralized apps such as Uniswap, Yearn Finance, Lido, etc.
- You can use a credit card or debit card to buy crypto directly from the wallet (in which case you will need to verify). You can also make a wire transfer directly from your bank account. Exodus partners with MoonPay who facilitate the process. Unfortunately, they don’t seem to support Interac e-transfer.
What Canadians need to be aware of Exodus
- I am not sure if you can make a bank transfer to your bank account. You may need to move your crypto to a regulated crypto exchange in Canada for that.
- The app does not ask you to store your seed phrase. if you load crypto on it and uninstall it/lose your phone you lose your crypto. You need to go into settings and copy the seed phrase onto a piece of paper somewhere safe.
See here for a more detailed review of Exodus
Coinbase Wallet
The second cryptocurrency wallet I would recommend is the Coinbase Wallet. This is separate from the Coinbase exchange. To understand the difference see Coinbase vs Coinbase Wallet
What I like about Coinbase Wallet
- It integrates well with the Coinbase Exchange for buying and selling crypto. Coinbase is a regulated exchange in Canada.
- It covers a large range of cryptocurrencies and blockchains.
- It’s backed by a trusted brand. The same team that built the Coinbase exchange has built the Coinbase Wallet
- The app has a Web 3 tab which allows you to access defi apps such as Uniswap from your mobile device. For those who prefer desktop Coinbase Wallet has a Chrome extension.
Drawbacks
- You can’t buy crypto with fiat from within the wallet. You need to visit an exchange first to do this.
- Ease of use: the user interface is pretty intuitive
Cake Wallet
This wallet is officially endorsed by the Monero community which is especially concerned about privacy
What’s good about Cake
- You can store multiple digital currencies
- Self-custody wallet where you own your keys
- Available across devices
- You can buy crypto directly with Canadian dollars
- You don’t need to share any personal data
Drawbacks
- It’s not compatible with any hardware wallet
- It does not integrate with DeFi apps
Other wallets
I have done extensive research on wallets. In this review, I have only focused on what I think is the Best Crypto Wallet in Canada. However here are some more wallets you might want to explore
- Metamask (bad UX and only supports ERC-20 tokens but one of the most popular wallets)
- Trust Wallet
- Atomic Wallet (it got hacked though)
- Elite Wallet
- Stack Wallet
- Edge
- Guarda
- Zelcore Wallet
Reasons to use a crypto wallet in Canada
- It’s safer to keep crypto off canadian crypto exchanges. The Canadian government has forced crypto exchanges to freeze assets in the past. They cannot do this with wallets. Also, exchanges tend to implode from time to time. Read about the Quadriga crypto exchange scandal. and Did anyone get their money back from Quadriga?
- Wallets do not ask for personal information. You are in full control of your data.
- It’s a smaller honey pot. Exchanges have more funds are larger targets compared to your personal wallet
- You have custody of your funds and private keys so you are in complete control
Drawbacks of using a wallet
- There is usually no customer support
- If you lose your private keys no one can help you
Non-custodial wallets
If you fear losing your seed phrase or device then you might want to consider storing your crypto on an exchange. I know this is against best practices as exchanges tend to go bust from time to time. However, there are two exchanges that have built a reputation for safety and offer their users some nifty cold storage solutions for free.
- Kraken allows users to set a time delay on withdrawals using a two-factor authentication pin. It’s also one of the few exchanges that has never been hacked. See Is Kraken good in Canada for more.
- Coinbase offers a similar solution called Coinbase Vaults.
Check out the best Canadian crypto exchanges for more.
What you need to know about using wallets in Canada
- When you first set up a wallet it will ask you to write down a seed phrase. This is a way for the wallet to generate and store private keys for your crypto addresses. You need to keep this seed phrase safe by writing it down offline. If you wanted to you could even create a paper wallet that is just a piece of paper with your codes.
- To receive funds in your wallet you need to click on receive next to the coins you want to deposit and find the crypto address. You can either copy the long string of characters which is your public address or use the QR code. You then past this address or scan the QR code after you click on send on the exchange’s app. For an example see Coinsquare Transfer to Wallet.
- If you plan on moving stablecoins make sure you use USD Coin. USDC is the only stablecoin that is accepted by regulated exchanges in Canada.
If it’s only bitcoin you care about then check out the 10 Best Platforms to Buy Bitcoin in Canada.
Also related: Where Is the Best Place to Hold Crypto in Canada?
Up next
Where to Buy Altcoins Canada: Ultimate Guide
In this guide, I will show you where to buy altcoins in Canada. You have three options. The first is to use a crypto exchange that is regulated in Canada. The second is to deposit funds to a regulated exchange, buy USDC but then transfer your USDC to an unregulated crypto exchange that offers a wider selection of coins. The third option is to set up a digital wallet and connect it to a decentralized crypto exchange where you can buy any coin under the sun. Read more.