The 10 Best Crypto Wallets in Canada For 2024

In the ever-evolving world of cryptocurrencies, safeguarding your digital assets is paramount. Whether you’re a seasoned crypto enthusiast or just starting your journey, finding the right crypto wallet to store, manage, and protect your cryptocurrencies is crucial. As more Canadians delve into the exciting realm of crypto investments, the need for secure and reliable crypto wallets becomes increasingly vital.

Discovering the ideal wallet for your needs can be complex, but worry not. We understand the challenges faced by newcomers and seasoned traders alike. That’s why we’ve created this comprehensive guide to help you navigate the myriad options and make an informed decision.

This blog post is your ultimate guide to the best crypto wallets in Canada. We have extensively researched and evaluated over 50 options to bring you the top 10 crypto wallets in Canada that cater to various preferences and experience levels. From cutting-edge hardware wallets offering the highest level of security to user-friendly software wallets, we’ve handpicked the most trusted and feature-rich options available.

Throughout this article, we’ll delve into each wallet’s pros, cons, features, security measures, and user experiences, ensuring you have all the information necessary to choose the perfect solution for your crypto portfolio. Whether you’re concerned about potential hacks, ease of use, or compatibility with various cryptocurrencies, we’ve got you covered.

Our selection process has considered the specific requirements of Canadian users, making sure these wallets are readily available and suitable for the Canadian market. With our guide, you can confidently secure and manage your Bitcoin, Ethereum, and other popular cryptocurrencies.

What Is The Best Crypto Wallet in Canada?

The best Crypto wallet in Canada is the ZenGowallet. ZenGo wallet features over 70 coins, including Bitcoin, Ethereum, etc. It is very secure and easy to use.

The 10 Best Crypto Wallet Canada

We recognise that not everyone is well-versed in cryptocurrencies. That’s why we strive to provide informative and user-friendly content. Here, we present our carefully curated list of the best crypto wallets available in Canada. 

Whether you’re new to cryptocurrencies like Bitcoin and Litecoin or an experienced user, these wallets will ensure the safety of your digital assets while you explore the exciting world of crypto.

1. ZenGo Wallet (Two Mathematical Secret Shares Wallet)

• Wallet Type: Software
• Cost: Free
• Editor’s Choice: ZenGo Wallet

ZenGo provides a vast library of high-quality content, including educational videos, articles, blog posts, and podcasts, all focused on the topic of cryptocurrencies.

ZenGo uses facial biometric technology to ensure high security as a non-custodial mobile cryptocurrency wallet. It has become the easiest and safest crypto wallet to use in Canada.

Personally, I have been searching for a mobile app that allows me to store multiple cryptocurrencies and use them as needed. That’s why I find ZenGo wallet incredibly exciting. It enables users to send, receive, and store over 70+ currencies, offering diverse options.

This feature is particularly significant for me because it eliminates the limitation of relying on a single form of payment. ZenGo allows me to use different currencies for transactions and easily withdraw funds when necessary. It’s one of the many reasons why ZenGo wallet stands out among its competitors.

Moreover, ZenGo wallet prioritises security with its innovative approach. It eliminates the risk of a single point of failure by replacing the traditional private key with two independently created mathematical secret shares. One share is stored on the user’s mobile device, while the other share is securely stored on the ZenGo server, enhancing the overall protection of users’ assets.

You can read our ZenGo Wallet review for more information.

Why We Love Zengo Wallet

• It has over 70+ different kinds.
• It has strong security; you can’t lose your coin even when hacked.
• Earn interest in holding
• You can buy and sell within the app
• Very easy to set up
• Has a nice, smooth and catchy interface.

Drawbacks of Zengo Wallet

• Not fully non-custodial
• Have to store Keyless Recovery Backup on iCloud or Google Drive

2. Binance (Trust Wallet)

• Wallet Type: Software
• Cost: Free

Binance, the world’s largest cryptocurrency exchange, acquired Trust Wallet in 2018 and has become the dominant mobile wallet in the industry. Trust Wallet provides access to over forty blockchains at no cost to the user.

Furthermore, Trust Wallet supports staking, enabling users to earn additional cryptocurrency by holding their existing holdings. Binance also offers crypto credit cards specifically designed for Canadians, providing them the same functionality as traditional credit cards.

Why We Love Binance Trust Wallet

• Free and easy download.
• It allows you to stake and earn returns on multiple digital assets held.
• It stores a vast range of cryptocurrencies.
• Compatible with both iOS and Android devices.
• Users have total control of the private keys as they are not stored in the wallet’s servers.

Drawbacks of Binance Trust Wallet

• Not as secure as hardware wallets.

3. Ledger Nano X

• Wallet Type: Hardware
• Cost: $159 CAD

Undoubtedly, the Ledger Nano X stands out as the top choice for cold storage crypto wallets currently on the market. Its exceptional security measures are ensured by a certified secure chip embedded within the hardware wallet. Alongside popular cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Litecoin, it boasts compatibility with over 1,800 other digital assets.

Customers consistently rate this Bitcoin wallet as the best worldwide, a testament to its outstanding performance and reliability. It is particularly well-suited for investors seeking a secure cold-storage solution that accommodates many cryptocurrencies.

Why We Love Ledger Nano X

• Supports over 1300 crypto assets and tokens
• Private keys stored inside the hardware wallet’s chip
• Bluetooth enabled
• Up to 100 applications are stored on Ledger Nano X, including Bitcoin, Ethereum, and Bitcoin Cash
• It supports all major desktop and mobile operating systems

Drawbacks of Ledger Nano X

• Cannot store more than 100 applications
• Fairly expensive
• You cannot purchase assets or tokens through Ledger Nano X
• Bluetooth is not compatible with desktops but only compatible with mobile apps

4. Ledger Nano S

• Wallet Type: Hardware
• Cost: $89 CAD

The Ledger Nano S is a hardware wallet highly praised by users, much like the Nano X. It supports over 1,500 cryptocurrencies, including popular ones like Shiba Inu, Solana, Safemoon, and Tether (USDT). Users can hold up to 20 digital assets in their account at any given time.

Although the Nano S has a smaller storage capacity and can store fewer coins than the Nano X, it remains a popular choice among retail investors. In fact, more than 95% of retail investors express great satisfaction with the Nano S.

If you’re seeking a cold storage wallet that provides high security and safety while being budget-friendly, the Ledger Nano S is an excellent option to consider.

Why We Love Ledger Nano S

• Supports 1100+ cryptocurrencies
• Amazing price point
• Certified by ANSSI
• Easy to use

Drawbacks of Ledger Nano S

• No touchscreen
• It can only hold a limited amount of different cryptos at the same time
• No Bluetooth support for mobile phones
• Requires a micro-USB cord to connect to a device

5. Bitcoin Armory

• Wallet Type: Software
• Cost: Free

Bitcoin Armory is a software wallet that provides seamless access to the Bitcoin network. To utilise this wallet, users must download the complete Bitcoin blockchain, which is around 360 GB in size. This ensures that transactions on the network can be validated effectively.

One notable advantage of using this wallet is its fee-free nature, excluding the standard Bitcoin transaction fees. With Armory, users can generate private keys and effortlessly send or receive funds while ensuring that the private keys remain secure and offline. This ensures utmost confidentiality for all information transmitted via Armory.

Why We Love Armory Wallet

• Numerous security functions are available.
• Possibility to connect other wallet platforms with Armory
• Functions in both online and offline environments;

Drawbacks of Armory Wallet

• No available fee management.
• Vulnerable to computer viruses and PC malfunction;
• Backup and import/export of other wallets can be pretty confusing for starters;

6. Exodus Wallet

• Wallet Type: Software
• Cost: Free

Exodus is a highly recommended choice for beginners entering the world of crypto-trading. It eliminates the need for technical expertise, making it user-friendly and accessible. Its built-in exchange offers the convenience of sending and receiving over 130 cryptocurrencies.

The interface of Exodus is exceptionally intuitive, allowing users to effortlessly buy, sell, store, and track their tokens all in one place. Considering it is a free product, this level of functionality is impressive.

Moreover, the Exodus platform supports staking for a wide range of proof-of-stake cryptocurrencies, providing token holders with additional earning opportunities.

While security might typically be a concern for platforms that offer both desktop and mobile versions, Exodus has addressed this issue through its partnership with a next-generation wallet. This collaboration ensures that security measures are robust and reliable.

Why We Love Exodus Wallet

• Easy-to-use interface
• Human support desk is available 24/7
• One-click crypto exchanges any time
• Free to download with no registration required
• Hardware wallet support (Trezor One and Trezor Model T)

Drawbacks of Exodus Wallet

• You cannot buy cryptocurrency in the app
• The mobile app supports fewer cryptocurrencies
• It doesn’t support cryptocurrency to fiat transactions in-wallet

7. Electrum

• Wallet Type: Software
• Cost: Free

This Bitcoin wallet, Electrum, has been around since 2011 and is an online software. It enables users to access their funds using PCs, mobile devices, and hardware wallets such as Trezor and Ledger.

Electrum offers versions for both desktop and mobile platforms, ensuring compatibility with popular hardware wallets like KeepKey, Trezor, and Ledger. It provides a secure and functional experience, much like Exodus. However, what sets Electrum apart is its additional features. 

In addition to its multi-signature functionality, Electrum boasts an extensive ecosystem of third-party plugins beyond what hardware wallets can offer.

Why We Love Electrum Wallet

• Two-factor authentication available for transactions
• Default wallet included in the Tails operating system for privacy-focused users
• You can use hardware wallets with this wallet

Drawbacks of Electrum Wallet

• Bitcoin support only

8. Trezor Model T

• Wallet Type: Hardware
• Cost: $245 CAD

The SatoshiLabs team is the brilliant mind behind creating the Trezor Model T hardware wallet. This remarkable device supports numerous cryptocurrencies, including popular ones like Bitcoin, Ethereum, Litecoin, Dogecoin, and many more.

But the Trezor Model T doesn’t stop at being just a crypto-enabled device. It goes above and beyond by functioning as a reliable password manager, providing enhanced security for all aspects of your digital life, going beyond mere encryption.

Why We Love Trezor Model T

• Easy to use
• Supports over 1000 coins and tokens
• Large touchscreen display in colour
• Web browser, Desktop OS, and Android supported
• Private keys isolated in Trezor Model T with PIN and passphrase protection
• Purchase cryptocurrencies with fiat and exchange them within the wallet

Drawbacks of Trezor Model T

• No support for iOS
• You can purchase only select cryptocurrencies with fiat
• More expensive than most other hardware wallets

9. Trezor One

• Wallet Type: Software
• Cost: $69.99 CAD

Like Ledger, Trezor offers an affordable alternative for those unwilling to splurge on a high-end wallet. While the Trezor One shares similarities with the Model T, it does require a connection to an external device and features a monochromatic screen. 

Although it may lack flashy features, the Model T remains a secure and trustworthy wallet option.

Why We Love Trezor One

• Easy to use
• Affordable
• Supports over 1000 coins and tokens
• Purchase cryptocurrencies with USD and exchange them in the wallet
• Web browser, Desktop OS, and Android supported

Drawbacks of Trezor One

• No support for iOS
• Not free like software wallets
• You can purchase only select cryptocurrencies with fiat
• A little more expensive than competitors

10. Coinomi

• Wallet Type: Software
• Cost: Free

Coinomi is renowned as one of the pioneering multi-chain wallets, offering support for over 1700 cryptocurrencies. As a result, it has gained a reputation as one of the most versatile free wallets available. While transaction fees vary depending on the cryptocurrency, it remains a preferred choice for millions of crypto holders.

In addition to its desktop version, Coinomi also provides a mobile counterpart. It is worth noting that, to date, no Coinomi wallet has experienced any breaches or hacking incidents. This exceptional track record further solidifies its appeal to users, who appreciate its innovative security measures and extensive range of supported cryptocurrencies.

Why We Love Coinomi Wallet

• You can carry out transactions and conversions in almost one click.
• Excellent security.
• Storage and generation of passwords only happen on the client-side
• There is no event of cryptocurrency theft or wallet hacking yet.
• Easy installation of the application.
• One-time backup in which one key phrase is used

Drawbacks of Coinomi Wallet

• There have been no updated versions of open source for a long time.

How We Chose The Best Crypto Wallets in Canada

When it comes to selecting the best Bitcoin and cryptocurrency wallets in Canada, there are several key factors to consider. As someone who wants to make an informed decision, we paid close attention to the following aspects:

• Security: The security of stored funds is of paramount importance. We thoroughly examined the security features offered by each wallet to ensure they are robust and suitable for safeguarding my digital assets.
• Accessibility: Another crucial consideration was the ease of accessing my Bitcoin and other cryptocurrencies. We evaluated different types of wallets, including desktop, mobile apps, and web-based options. Opting for a wallet with excellent accessibility allows you to manage your digital assets conveniently from anywhere using a computer or smartphone.
• Supported Coins: To ensure compatibility with the cryptocurrencies you own, we carefully reviewed each wallet’s supported coins. By visiting their website or documentation, we verified whether the wallet supports the specific coins we possess. Opting for a wallet that supports popular cryptocurrencies saves you the hassle of needing multiple wallets for different assets.
• Cost: Considering the fees and features provided by each wallet was crucial in making our final decision. Some free wallets offer specific functionalities, while others may require a fee but provide additional benefits. We weighed the cost against the features offered to determine the best value for my needs. For larger investments, we considered the added security of a hardware wallet.
• Interface: The wallet’s interface is vital to the overall user experience. We opted for wallets with user-friendly interfaces and intuitive operations. A smooth and hassle-free experience navigating the wallet’s features was important, ensuring you wouldn’t be frustrated with complex or confusing interfaces.

What Is A Crypto Wallet?

A crypto wallet is a secure digital tool traders use to store the keys to access and trade their cryptocurrencies. It serves as a user-controlled digital account for storing cryptocurrency.

These wallets provide a means of accessing blockchain networks and managing cryptocurrency holdings. The data blocks within the wallet are encrypted using cryptography, ensuring the privacy and security of the stored data. This decentralised approach eliminates the need for centralised storage, thereby enhancing the security of sensitive personal information.

The purpose of a crypto wallet is to grant users full control over their bitcoins. It enables users to send, receive, and scan crypto codes. Unlike traditional wallets that hold physical coins and cash, crypto wallets are virtual, similar to email addresses, as they only store cryptographic keys.

For each cryptocurrency, a unique wallet is required. Therefore, having a wallet becomes essential if you wish to engage with a blockchain network effectively.

There are various types of wallets available, each offering distinct features. Whether you intend to buy, sell, or trade crypto or Bitcoin, these wallets meet your needs.

How Do Crypto Wallets Work?

Crypto wallets transfer ownership of digital currencies, such as Bitcoin, Ethereum, Dogecoin, or others, to your wallet address. When someone sends you these cryptocurrencies, they confirm that the crypto on the blockchain belongs to your wallet, not theirs. This process is facilitated through the use of two digital codes: private and public keys.

The private key is a string of numbers and letters only the wallet owner should know the meaning of. It is essential to keep the private key secure and not share it with anyone like you wouldn’t share your password with others.

On the other hand, the crypto wallet provider automatically generates the public key, which consists of a string of numbers and letters. Think of it as an email address you share with others to receive emails. The public key is necessary to participate in blockchain transactions in crypto wallets.

Using these two keys allows crypto wallet users to engage in transactions without compromising the authenticity of the currencies or the transaction itself. However, the public key must match the private key to authenticate any funds sent or received by your digital wallet.

Once both keys are verified, the amount in your crypto wallet can increase or decrease accordingly. It is important to note that no actual coins are transferred when someone sends cryptocurrencies to your wallet. Instead, ownership is transferred to your wallet address, ensuring digital currency’s secure and accurate transfer.

Why Are Crypto Wallets Important?

A crypto wallet is crucial in safeguarding your cryptocurrency assets, distinguishing it from a traditional wallet that holds physical cash. Instead of directly storing the currency itself, crypto wallets securely store the location of a secret key that grants access to your digital holdings on a blockchain.

Unlike regular wallets, crypto wallets ensure your funds remain inaccessible to anyone, including wallet developers. Furthermore, they typically do not associate personal information with the wallets, enhancing privacy and reducing identity theft risk.

While the blockchain contains the record of your holdings, the private key is necessary to unlock and manage them. Your ownership of digital assets relies on the security and confidentiality of these keys. Therefore, employing a hardware wallet or utilising a trusted provider is indispensable to alleviate security breach concerns.

This significance arises because losing your private keys translates to forfeiting access to your funds, rendering them irretrievable.

Types of Crypto Wallets Canada

In Canada, several types of crypto wallets are available to choose from. The following are the main types of wallets:

• Online Wallets: These wallets store your crypto keys within an app or program, provided that the program is safeguarded by two-step encryption. With online wallets, you can easily send, receive, and utilise your cryptocurrencies, similar to online banking, payment systems, or brokerage accounts.
• Hardware Wallets: Crypto keys are stored on physical devices, such as thumb drives, securely kept in a safe location. These devices are only connected to computers when needed for crypto transactions. Hardware wallets aim to strike a balance between convenience and security.
• Paper Wallets: This type of crypto wallet involves writing down your keys on a physical medium, typically paper, and keeping them secure. Using crypto from a paper wallet can be more challenging as it requires transferring digital money over the internet since cryptocurrencies exist solely in a digital format.

Final Thoughts on the Best Crypto Wallets in Canada

When it comes to crypto wallets in Canada, making the right choice is essential for the security and accessibility of your digital assets. By considering factors such as security features, accessibility options, supported coins, cost, and user-friendly interfaces, you can find the perfect wallet that suits your needs.

Protect your cryptocurrencies with the best crypto wallet in Canada, and take control of your digital wealth today. Don’t wait any longer; start exploring the options available and make an informed decision. Choose a wallet that provides the peace of mind and convenience you deserve.

FAQs on the Best Crypto Wallets in Canada

Why do I need a crypto wallet?

With a crypto wallet, your private keys are kept secure and accessible. Bitcoin and Ethereum can also be received, sent, and spent through crypto wallets.

Do crypto wallets cost money?

Yes. While many software-based wallets are free, hardware-based wallets typically cost between $100 and $200.

Which crypto wallet has the lowest fees?

Apart from the cost of acquiring the wallet, most of the crypto wallets mentioned above don’t charge any fees.

What is the safest crypto wallet in Canada?

The Ledger Nano X and Ledger Nano S are the safest cryptocurrency wallets in Canada.

How do I buy a crypto wallet?

Crypto wallets are available for purchase on each brand’s website. Some may also be acquired through third-party merchants.