Best Crypto Wallet for Canadians in 2021
Posted August 27, 2021
Storing your cryptocurrency in a wallet is the safest way to keep your crypto secure. We have researched some of the best crypto wallets for Canadians and have narrowed it down to five of the best crypto wallets.
There are many types of crypto wallets. There are hardware wallets that are a type of cold wallet. These types of crypto wallets offer cold storage which means keeping your crypto assets offline. There are also software wallets where your crypto assets are kept online but the benefit is that your crypto is easily accessible. Then there are desktop wallets that are a mix between cold storage and online storage where you can store your crypto assets. We will provide more explanation in the article.
Now that you know about the different types of bitcoin wallets, here are some of the best cryptocurrency wallets you can use in Canada.
Certified Cryptocurrency Specialist
We hope this list will help you to decide which crypto wallet would work the best for you in Canada. We considered the most important factors so you can make a selection based on your needs.
Disclaimer: All write-ups and articles do not constitute financial and legal advice in any way whatsoever but for information purposes only. When making financial and legal decisions and commitments, we strongly recommend you consult your professional financial and legal services provider.
TOP-5 Cryptocurrency Wallets For Canadians
Cost of the device only: CA$160
Over 1800 cryptocurrencies
1. Ledger Nano X
- Wallet type: Hardware
- Cost: CA$159
The Ledger Nano X is Ledger’s top-of-the-line hardware wallet. We think it is the best cold storage wallet for Canadians looking for a secure cryptocurrency wallet. When you own crypto, what you actually own are private keys that give you access to the crypto. Anybody who knows the private key to a cryptocurrency wallet can access the crypto stored in it. Keeping your private keys safe is essential.
The Ledger Nano X stores your private keys on the device. When making a transaction using your Ledger Live account, you can connect the Ledger Nano X to your phone or computer using Bluetooth. It supports both Android and iOS. You’ll need to use the hardware wallet to confirm the transaction. Your private keys never leave the device. They are kept offline permanently.
The Ledger Nano X supports 1800+ cryptocurrencies and 50 of them can be managed within the Ledger Live app. If you have other cryptocurrencies you want to store on your Ledger Nano X, you’ll need to connect them with accepted third-party wallets e.g. XRP Toolkit.
You are able to install 100 apps on the Ledger Nano X at one time, meaning you can store 100 cryptocurrencies in cold storage with one of these hardware wallets.
With Ledger, you can buy and sell crypto using their partner, Coinify and have your assets sent directly to your Ledger wallet. You can also stake cryptocurrencies Algorand, Tezos, TRON, Cosmos, and Polkadot and earn rewards, passively.
The Ledger Nano X is simple to use and set up. By keeping your private keys offline, it is the most secure bitcoin wallet you can get. While it does not have a touchscreen, the buttons are intuitive once you understand how they work.Visit Site
Cost of the device: CA$89
2. Ledger Nano S
- Wallet type: Hardware
- Cost: CA$89
The Ledger Nano S is Ledger’s flagship bitcoin wallet not only for Canadians but worldwide. It is a hardware wallet that allows you to install three applications and store three cryptocurrencies. Like the more expensive Ledger Nano X, the Nano S supports 50 cryptocurrencies in Ledger Live, and 1800+ if you’re using a supported third-party wallet.
While the Nano S works exactly like the Nano X and keeps your private keys in cold storage, it is not as convenient. The Nano S does not connect to your phone via Bluetooth. Instead, you can purchase Ledger’s cable pack ($23) to connect it to your Android phone. Note, there is no cable included that supports iPhones. However, if you simply wish to connect the Nano S to your laptop, a USB cable is included in the box. For Mac users, you will have to purchase the cable pack which includes a USB-C cable or use an adapter to connect it.
The Ledger Nano S is a great solution for people looking for a hardware wallet in Canada. While you can only store three cryptocurrencies on it at a time, this is perfectly fine for people who have a small portfolio. At almost half the price of the Nano X, the Nano S is great for beginners looking for the best security for their crypto.Visit Site
Cost of the device: CA$235
3. Trezor Model T
- Wallet type: Hardware
- Cost: CA$235 (check the current price here)
The Trezor Model T is another hardware wallet that is often considered one of the best digital wallets for Canadians. It is fully open-source, so anybody can read its code and see there’s nothing shady with the way it stores your private keys.
As with the Ledger, the Trezor stores your private keys on the device, so there is no danger of them being stolen in a hack. To use the Trezor, you must connect it to your Android phone or laptop with the included USB cable. Currently, Trezor does not provide support for iPhones. Trezor does not use Bluetooth.
The Trezor Model T has a full-colour touchscreen display with an intuitive design. It supports more than 1,600 cryptocurrencies that can be managed either via Trezor Suite or by a supported third-party wallet. As long as your preferred coin is supported, you can store as many coins on your Trezor as you like, at the same time.
The Trezor Suite is a desktop and web app that is simple and easy to use. Here, you can manage your crypto, buy and trade crypto, and take advantage of Trezor’s secure password manager to store all your online passwords in one place.
The Trezor Model T is a little expensive and it does not directly support staking, but it is a secure cold wallet with thousands of supported cryptocurrencies and it has a beginner-friendly touchscreen.Visit Site
143 cryptocurrencies supported
4. Exodus Wallet
- Wallet type: Software
- Cost: Free
The Exodus wallet is a software wallet that is great for beginners who live in Canada and all over the world. It is one of the best bitcoin wallets that you can download to your desktop or smartphone. The desktop app is compatible with Windows, Linux and Mac. The mobile app is compatible with iOS and Android.
Exodus has a built-in exchange where you can buy, sell, and trade crypto. Your private keys are stored locally on your computer and never shared with the Exodus servers. While this is far more secure than leaving your crypto on a crypto exchange, your private keys are still vulnerable to theft through viruses, malware, and phishing. Your private keys are only safe if your computer is safe.
The Exodus wallet encrypts your private keys and is password protected. However, it does not offer two-factor authentication directly. Instead, Exodus has partnered with Trezor so you can actively manage your crypto assets stored on your Trezor cold wallet. It also means if you want to be able to confirm transactions to and from your Exodus wallet separately on another device (like 2FA), you will need to get a Trezor hardware wallet.
While it is a good-looking, easy-to-use wallet for beginners, those with large crypto holdings should consider getting a Trezor hardware wallet for increased security of their crypto.Visit Site
- Wallet type: Software
- Cost: Free
BRD is another software wallet that is available for Canadians. It is a great bitcoin wallet for anybody looking to control their private keys. BRD is free and can be downloaded from the App Store or Google Play. It supports 70+ of the most popular cryptocurrencies and it also allows you to stake Tezos to earn passive income.
BRD is a trusted blockchain wallet with more than eight million customers worldwide. Its code is open source, it supports 14 languages and it is used in over 140 countries.
When you hold the BRD token in your BRD wallet, you can receive rewards. The more tokens you hold, the more rewards you get. Rewards include reduced transactions fees, phone support, and even a call-back from BRD’s CEO.
One of the convenient things about BRD is that you don’t need to set up a username and password. The app will generate your private keys, which you can write down and keep safe.
You can buy, sell and trade crypto within the app and it accepts Canadian dollars. Using the BRD blockchain wallet, you can safely store Bitcoin, Ethereum, Bitcoin Cash, HBAR, XRP, and all ERC-20 tokens.Visit Site
Why Do I Need Crypto Wallet In Canada?
Canadians looking to store their crypto assets safely may choose to move their cryptocurrency off the crypto exchange where they bought it. Crypto exchanges allow you to keep your digital assets or your Canadian dollars on their exchange in a crypto wallet. While this makes it easy to trade, buy, and sell your crypto, the downside is that you do not have control of the private keys to your wallet. The exchange has the private keys to all crypto wallets on its platform. If an exchange was to get hacked, for example, there is a possibility that you could lose any of your crypto assets stored there. While most reputable crypto exchanges will store your crypto assets in cold storage, it is still a risk to leave them on the exchange. That’s why many Canadians choose to find the best cryptocurrency wallet to safely store their crypto assets.
There are many types of crypto wallets. There are hardware wallets that are a type of cold wallet. These types of crypto wallets offer cold storage which means keeping your crypto assets offline. There are also software wallets where your crypto assets are kept online but the benefit is that your crypto is easily accessible. Then there are desktop wallets that are a mix between cold storage and online storage where you can store your crypto assets.
When some people talk about bitcoin wallets, they often make the mistake of thinking the coins themselves are stored within the wallet. The truth is, it is your private keys that are stored in the bitcoin wallet. Hardware wallets are a type of cold storage. They are not connected to the internet like software wallets are. It means that your private keys, which are kept on the hardware wallet, are kept offline and therefore cannot be stolen online.
Software wallets are not classed as cold storage. They are sometimes known as a hot wallet because software wallets are connected to the internet. You access it on your phone via an app or a computer. The benefit to using a software wallet is that you can easily trade crypto in just a few clicks. With a hardware wallet, you would have to transfer your digital assets from the wallet itself to a crypto exchange before you can trade. Software wallets are therefore suitable for people who trade frequently or want the easiest way to store crypto. The downside to software wallets is that your private keys are vulnerable to theft. A hacker could potentially steal your crypto if they manage to access your private keys online.
Desktop wallets are more secure than software wallets because your private keys are kept locally on your computer. However, they are less secure than hardware wallets.
To use a desktop wallet to store your crypto assets, you must download it to your computer or laptop. Some of the best bitcoin wallets are desktop wallets because not only do you hold your private keys but some desktop wallets are often integrated with a trading platform. This makes desktop wallets both convenient and secure. A downside to desktop wallets is portability. It’s not always possible to take your computer with you. The second is security. Should your hard drive fail or your get a virus or are a victim of a malware attack, you could lose your private keys or have them stolen.
Now that you know about the different types of bitcoin wallets, you can pick some of the best cryptocurrency wallets you can use in Canada in the list we listed above.
1 week ago
Author: Oleg Galeev