Popular Crypto Wallets
In Canada, there are many different crypto wallets available. The wallet you choose will depend on factors such as the type of currency you invest in, how often you plan to use it, and your preferences for crypto wallet software. With so many to choose from, it shouldn’t be too difficult to find the right wallet for you.
Zengo
Zengo is an MPC wallet that supports over 380 different assets and is known for making assets virtually unhackable. It also offers a variety of features, including the ability to buy, sell and swap. You can also store and view NFTs, DeFi and Dapps.
Zengo is relatively new and uses different robust security measures. With this wallet, your assets are considered to be bulletproof against hacks and scams. This is due to their use of MPC and to their lack of seed-phrase vulnerability. When accessing your own assets, they use 3FA. This means you can always access your account via email, 3D Facelock, and the Zengo recovery file.
Above the main version of Zengo, there’s also the pro version. This pro version includes a few extra features, including 5 separate wallets. They also offer a feature called legacy transfer, which lets you transfer funds to friends and family.
With pro, another option is to set up theft protection with multi-factor authentication. This also includes 3D FaceLock biometric verification. You’re even protected against Web3 attacks and have access to 24/7 customer support.
Gaurda
Guarda is another type of cryptocurrency wallet that lets you store various assets. That said, it’s not just a crypto wallet; it’s also a crypto exchange. It can be used on the website or with the app.
Besides being a wallet and a crypto exchange, Guarda also lets you earn through staking. You can also get crypto loans using this particular service.
Exodus
Exodus is a crypto wallet that allows you to swap crypto across networks, supports millions of assets, and lets you stake and earn rewards. With Exodus, it’s also simple to diversify your assets by accessing over 50 different blockchain networks. You can even import unlimited tokens on 15 web3 networks.
Like many other crypto wallets and exchanges, you can gain access to Web3 to gain control over your assets. This gives you access through different networks, including Ethereum, Solana, and Arbitrum. Plus, with this wallet’s simplicity, you can access your holdings whenever you want.
Trust Wallet
Trust Wallet is another type of crypto wallet that uses Web3. With this wallet, you can access it via a browser extension or their app. No matter which one you use, though, you gain access to the same features,s which include:
- Access to millions of assets
- Top-of-the-line security
- The ability to deposit from other exchanges
This wallet also offers a range of other features that make it desirable for those looking for a wallet. Besides being Web3, it’s also independently audited, ISO-certified, and trusted by over 140 million crypto purchasers. This wallet also has some of the best reviews.
Coinbase
Coinbase Wallet is one of the more well-known crypto wallets and has been around for a while. Not only can you purchase and exchange crypto using this platform, but you can also store and manage all of your NFTs and crypto. You can even choose to manage more than your wallet.
Coinbase prides itself on protecting your crypto with some of the industry’s best security. You also can explore thousands of tokens and Dapps on your phone or your browser. They even offer support for all Ethereum-compatible networks.
One of the best things about this particular wallet is that it’s all in your hands. You have full control over your crypto, dates, and even your keys. Coinbase also gives you the ability to use DeFi liquidity pools when supplying or borrowing crypto, use decentralized exchanges to swap assets and help a major Web3 project with a DAO. Plus, with their intuitive user interface, even beginners can turn into advanced traders.
MetaMask
Another type of Web3 wallet is MetaMask. You can use this wallet with either a browser extension or a mobile wallet, and you get everything you need to keep your assets safe. You get a key vault, a secure login, and a token wallet, and that’s just the beginning.
With access to the decentralized app, you can connect to blockchain-based applications as well as other assets. You also control all of the access to your wallet. MetaMask will generate passwords and keys on your device to ensure this. Using your wallet address, you can easily send crypto to your wallet.
Atomic Wallet
Many crypto users also like to use another wallet called Atomic Wallet. This wallet has some awesome features, including its security, decentralization, and anonymity. Not only can you use this program as a wallet, but you can also instantly swap for cashback, manage your portfolio, stake and earn, and purchase crypto.
Aqua Wallet
This particular app, known as Aqua Wallet, is considered by many to be the super app for Bitcoin. Its key features are that it allows banking for everyone, offers an all-in-one bitcoin wallet, and has low fees. A bonus is that it’s also a self-custody wallet, so you have more control of your assets.
Beaver Bitcoin
Beaver Bitcoin is another wallet option for Canadian users. Not only can you hold bitcoin with Beaver, but you can also buy it. You can instantly purchase up to $10,000 of Bitcoin using Interac e-Transfer, and larger amounts using wire, bill payments, or bank transfer. You can easily even automate your purchases.
They even offer other awesome features, including customer support, low fees, a simple user interface, wallet address security, and quick sign-up. They even have educational tools and guides to help you on your Bitcoin journey.
Crypto Cold Wallets
While we have discussed the different online crypto wallets, did you know there are also cold wallets you can use instead? These are storage devices that store your crypto offline. These devices don’t connect to the internet, which can provide an added layer of security. In Canada, there are many different cold wallets to choose from.
| Cold Wallet | Price | Features |
| Ledger Nano X | $200 – $220 | -bluetooth-private keys -certified security chip -BOLOS operating system -2 buttons, 1 screen -supports thousands of different crypto coins and tokens |
| Ledger Nano S Plus | $110 – $120 | -most popular ledger wallet -built-in USB-C battery -free-approve transactions on the device -top of the line security-certification level CC EAL6+ |
| Trezor Model T | $175-$250 | -sleek and stylish-on-device transaction confirmation -an app for coin management-connect USB-C -touchscreen securely -passphrase and PIN entry access |
| SafePal S1 | $50 – $100 | -First wallet invested by Binance Labs -fully decentralized-random number generator-multiple security sensor layers -EAL 5+ independent secure element-anti-tampering self-destruct mechanism -100% air gapped signing mechanism -size of credit card -supports over 100 blockchains and their tokens |
| Trezor Model One | $50 – $75 | -two-button pad -.96” monochromatic OLED screen -coin management in app-supports 100’s of coins and tokens-on-device confirmation -passphrase and PIN entry access-wallet backup -micro USB connection |
| Ledger Stax | $550 – $700 | -multi-device connectivity -revolutionary design -top of the line security -wireless charging -Bluetooth connectivity -multiple embedded magnets -live support |
| COLDCARD Mk4 | $200 – $250 | -supports Bitcoin -dual secure element -verifiable source code -true air-gap-bright LCD screen-numeric keypad -NFC -USB-C powered -unlimited memory-PIN features |
| Blockstream Jade | $100 – $125 | -stores bitcoin -hardware security -fully secured offline -fully air-gapped with a camera -connect with QR code, Bluetooth, or USB |
As you can see, there are plenty of cold storage options, and these are just the most recommended. While all of these offer some great components, the best overall seems to be the Ledger Nano S Plus.
Not only is this cold storage wallet affordable, but it is also battery-free and allows you to approve transactions directly on your device. If you carry your device with you, you’ll know if someone tries to access your crypto and can stop the transaction. If you’re looking for another popular brand besides Ledger, then the Trezor hardware wallets are also a great buy.
Best Free Crypto Wallet in Canada
In Canada, most crypto wallets are free or have low or no fees. If you’re looking for the best free crypto wallet in Canada, Guarda is a good choice. You can access this wallet using an app, a desktop or even a browser extension. With Gaurda, you can store over 300 digital currencies and even convert your crypto to cold storage. That said, your crypto can only be moved over to cold storage using a Ledger wallet. Other types of hardware wallets aren’t compatible.
Best Crypto Wallet for Beginners
With most of the crypto wallets that we’ve discussed, you can use a wide variety of different assets and use tools that are compatible for beginners. That said, some of these are more compatible with beginner crypto users than others. The two main ones that stand out are Coinbase and Trust Wallet.
Coinbase is a great option for beginners because its intuitive interface makes it very simple to use. Once you sign up, you’re guided through the process and how to use the platform. Plus, Coinbase offers a learn-and-earn program. This program lets you earn crypto by completing educational lessons. On top of that, it’s also one of the largest crypto wallets and exchanges in the world.
Trust Wallet, on the other hand, is another great option for beginners. This is because it has a simple, easy-to-use design, advanced security features, and allows storage of a wide range of crypto assets. Just like Coinbase, Trust Wallet provides you with everything you need to invest and store crypto in just one place. This is another reason it’s so popular among those new to the crypto world.
Best Bitcoin Wallet
While many crypto wallets are compatible with a wide range of assets, some focus solely on Bitcoin. In Canada, the best option for an online Bitcoin wallet is Bitbuy. The mobile bitcoin wallet has been around since 2016 and is considered one of Canada’s oldest and most trusted platforms. Currently, this platform is trusted by just under 1 million Canadians and has facilitated over $7 billion in crypto trading.
Another reason Canadians are drawn to Bitbuy is that it offers a range of trading and investing tools for both new and experienced bitcoin traders. You can sign up and start making Bitcoin purchases in minutes, but you also have access to advanced tools for traders with Bitcoin Trade Pro. Plus, all of this can be done on your mobile device.
Best Free Bitcoin Wallet
Most wallets support Bitcoin because it is the most common cryptocurrency. Many aren’t aware that there are multiple types of cryptocurrency, or just prefer to deal with Bitcoin since it’s been around longer. Bitcoin is also considered to be the cryptocurrency with the largest trading volume. No matter the reason, though, there are plenty of Bitcoin wallets available. Especially free ones.
Besides Bitbuy, another great option is Blue Wallet. Unlike Bitbuy, this is a Bitcoin-only wallet that offers features. Instead of just sending and receiving bitcoin, Blue Wallet allows you to use multisig vaults, which are considered the best security available, allowing you to hold multiple days. These are also known as multi-signature wallets.
With Blue Wallet, you can also connect to your cold storage and even manage it. The lightning wallets give you fast access to fast Bitcoin transactions as well. You also get transaction control, allowing you to cancel or bump transactions at any time. For every notification that occurs on your account, you’ll be notified as well. Another feature that this wallet offers that others don’t is the ability to create multiple wallets, including fake ones. This allows you to hide your assets if you’re forced to disclose them for any reason. You can also create watch-only wallets.
Opening A Crypto Wallet
In the investing world, crypto is still relatively new. As a result, crypto wallets are still new to many people, and they may not realize how easy it is to open one. However, before we do that, it’s important to understand that there are 3 different types of crypto wallets. These include:
- Hosted Wallets
- Self-Custody Wallets
- Hardware Wallets
Each of these 3 types of wallets is set up a little differently.
Hosted Wallet
Hosted wallets, also known as custodial wallets, are the most common type and the simplest to set up. How this works is that when you set up a crypto exchange and start purchasing crypto, your crypto is automatically held in the hosted wallet. These are simple to access, even if you forget your password. However, you do have fewer capabilities with these wallets.
Setting up a hosted wallet is pretty simple. You start by choosing a reputable platform. Once you’ve done that, you can create your account. You’ll need to provide some personal information and enable 2-step verification, also known as two-factor authentication. Enabling two-factor authentication can significantly improve your security.
Once your wallet is all set up, it’s time to start using it. You can do so by purchasing some crypto with either a bank card or a credit card, or you can even use bank transfers. Most wallets also accept the transfer of any crypto that you might already own. This includes the ability to transfer Bitcoin.
Self-Custody Wallet
Self-custody wallets are ideal for those who want to retain control over their crypto. These types of wallets don’t rely on a third party, so you, as the owner, have complete control over your own wallet. This means that you have to remember your own password,s and the hosts just provide the software needed to keep your assets safe. This is different from a hosted wallet, where you can just reset your password. Self-custody wallets use encryption or a passkey that only you know. If you forget this, you will no longer be able to access your crypto.
If you’re looking to set up a self-custody wallet, then the process is actually pretty simple. You start by downloading the wallet app. Once that has been done, you create your account. You don’t need any personal information to create this account.
Once your account has been created, you’re going to get a random 12-word phrase. This phrase is now your encryption key and the only way to access your account. Once this is done, you can either purchase crypto or transfer it into your wallet.
Hardware Wallet
Hardware wallets, also known as cold wallets, are external crypto wallets that let you store your funds offline. These physical devices are small and can easily fit into your pocket. For those who own a lot of crypto, this can be an added layer of extra security that protects your crypto if your computer is hacked.
To set up a hardware wallet,, you first need to purchase one. Once you have done that, you install the software. This software will vary based on the hardware wallet that you purchase. This will give you step-by-step instructions for setting up.
Once your hardware is all set up, all that’s left to do is transfer the crypto to your wallet. Depending on the hardware wallet you purchase, you may not be able to buy the crypto you want with your preferred currency.
Best Crypto Wallet App
If you’re looking for the best crypto wallet app, then Coinbase is probably the way to go. While this app can be more expensive than others, it’s one of the top-rated crypto wallet apps for a reason. Not only is it a self-custody crypto wallet, but it also provides a secure cryptocurrency exchange with a wide range of assets, including NFTs. Like many of the crypto wallets out right now, it also offers access to the decentralized web.
Safest Crypto Wallet
When it comes to the safest crypto wallet, you actually have plenty of options to choose from. All of the crypto wallets we mentioned have strong safety ratings and are considered a great way to store your cryptocurrency. That said, Web3 seems to be the latest technology that’s being used to keep crypto safe.
Best Platform for Crypto Trading
Now that we’ve considered the best ways to keep your crypto safe, it’s also important to consider the best crypto exchange platforms out there. These platforms are available to anyone and allow you to purchase and store your crypto. Many of these platforms also have crypto wallets that you can choose to store your crypto in as well. Some of the best crypto trading platforms in Canada include:
- Bitbuy
- Coinsmart
- Coinbase
- Kraken
- Crypto.com
- Newton
- Virgo CX
- NDAX
Before you decide which platform is the best for you, it’s important to do a little research. While they’re all good, some only provide trading for certain assets, and others only accept certain currencies as well. This can impact how you’re able to purchase and trade, so it’s important to know your options going in.
Cashing Out Crypto in Canada
When it comes to cashing out crypto, there’s more than one option on how to do so. The method you use also depends on the type of currency you purchase and how much you plan to use. With that in mind, here are a few ways you can cash out your cryptocurrency.
Sell On An Exchange
No matter which type of wallet you have for your crypto, you’re able to sell or trade it at any time. When you sell crypto,, such as bitcoin, you’ll receive fiat currency (Canadian dollars) and be able to deposit those funds into your Canadian bank account. This process is the same for most exchanges in Canada. Before you sell,, though, make sure you’re using a reputable exchange, since some are better than others.
Use A Broker
Another option crypto investors use when cashing out their crypto is a broker. This process is similar to using a crypto exchange; the broker performs the transaction instead of you. All you need to do is tell the broker how much you’d like to sell and what price you want. Once the transaction is completed, the broker will transfer the funds. Some fees will be involved with this method as well.
Use A Bitcoin ATM
Another simple way to cash out your cryptocurrency is by using a Bitcoin ATM. This type of ATM lets you perform crypto transactions and withdraw cash. This type of transaction can cost as much as 10%, though.
The important thing to remember about a Bitcoin ATM is that blockchain transactions can take the same amount of time, no matter where you perform them. This means the transaction could be completed instantly, or take up to a few hours. If this is the case, the funds can be transferred directly to your account rather than being disbursed in cash.
Use A P2P Marketplace
Using a peer-to-peer marketplace is a common way for crypto buyers to find others who want to buy some. Once the crypto is sold on the crypto market, you can choose which method you prefer to receive the funds. However, P2P marketplaces can be a bit risky, so it’s important to keep that in mind before you perform any transactions.
Are Crypto Wallets Insured in Canada?
Unlike traditional investments found on centralized exchanges like the Toronto Stock Exchange, crypto wallets aren’t insured in Canada. That said, some centralized exchanges do hold insurance for certain breaches; however, that coverage is usually only available for company-side breaches.
The CRA and Tracking Crypto Wallet Transactions
When it comes to crypto wallet transactions, the CRA tracks them in many different ways. These methods include:
- Blockchain Forensics – the CRA partners with specialized blockchain analytics firms to trace transactions.
- Exchange Know Your Customer Data – since centralized platforms are legally required to verify user identity, the CRA issues court-approved orders requiring unnamed persons to compel crypto exchanges to hand over those details.s
- Bank On-Ramps and Off-Ramps – transactions from crypto exchanges to bank accounts are tracked and can be found by the CRA
- Global Collaboration – the CRA collaborates with international tax authorities, which also gives them access to transaction data.
- Barter Deeming Rules – crypto is classified as a commodity instead of legal tender, and any trades are considered to be a taxable barter transaction and must be reported
Recovering Crypto from a Lost Wallet
When you have a secure wallet, whether it’s through Canadian crypto exchanges or not, a seed phrase is required to recover your crypto from a lost wallet. This is because crypto lives on the blockchain and not on your device. You can restore the wallet on a new app or hardware device as long as you have the seed phrase.
Crypto Wallets That Support Canadian Dollar Deposits
Whether you’re buying or trading crypto on crypto exchanges in Canada, you’re going to want an exchange that supports Canadian dollar deposits. These Canadian exchanges include:
- Coinbase
- BitBuy
- Kraken
- Shakepay
- NDAX
- Wealthsimple
You can upload the funds for crypto investing using a wire transfer, a Visa debit card, interac e-transfer, or through a linked bank account.
How to Spot Fake Crypto Wallet Apps
To spot fake cryptocurrency wallet apps and protect your digital assets, you’re going to need to do your own research. Some things to watch for include spelling mistakes, wrong logos, discrepancies in download counts, inconsistent developer information, and suspicious reviews.
It’s also important to watch for sudden requests for your seed phrase. You also want to verify that the user interface matches the software.
Key Differences Between Hot and Cold Wallets
While hot and cold wallets are similar, the main difference is their reliance on internet connectivity. Hot wallets are digital wallets connected to the internet. This includes mobile apps, browser extensions and exchange accounts. These may also have trading fees and withdrawal fees since they’re on a regulated platform and are the best choice for professional traders and most crypto investors.
Cold wallets, on the other hand, are physical devices or paper documents that store your private keys offline. A common type of private wallet is a Tangem wallet. Many investors seeking long-term storage and enhanced security practices choose these for their own crypto wallets.
When you’re choosing the best cryptocurrency wallet to store your crypto deposits, some are better for advanced trading. In contrast, other advanced users prefer to use an internet-connected device. No matter what you choose, there are plenty of Canadian platforms to choose from.
Safely Storing Seed Phrases and Recovery Keys
When it comes to crypto investing and crypto platforms, the best way to preserve your crypto ownership is to store your seed phrases and recovery keys strictly offline. Even when Canadian regulators follow Canadian regulations by the Canadian Securities Administrators, things can still happen. The best way to protect yourself is not to store these credentials digitally, as this can expose you to fraud and cause you to lose access to your CAD deposits, cash purchases, and even client assets.
Risk of Self-Custody Vs Exchange Wallets
When it comes to crypto, self-custody and exchange wallets work very differently. With self-custody, you are your own bank, and you hold the private keys.
An exchange wallet, on the other hand, even if you choose the best cryptocurrency exchange, still uses a custodial wallet. A Canadian company holds your private keys, and you may be able to withdraw for free, depending on the platform.
Multi-Signature Wallets
With multi-signature crypto wallets, two or more private keys are required to authorize transactions. This helps to protect you from hacks, lost keys, and fraud by distributing control across multiple devices.
Inheritance Planning for Crypto Wallet Holdings
When it comes to your crypto wallet holdings, you need to consider both strict security and accessible legal handoffs. Unless you designate a digital executor with clear access instructions, you could end up losing your holdings permanently. If you integrate them into your will, name a trusted fiduciary, and secure private keys, then your funds will be safe.
No matter what your preferences are when it comes to crypto and how you’re choosing to spend it, there’s an option out there for you. We may not have named all of the different crypto exchanges out there, but we have shown you some of the most popular and recommended crypto exchanges out there to help with your decision. Keep in mind, though, that there are more crypto exchange platforms to choose from.
