11 Best Crypto Wallets Canada For 2022 – Pros, Cons, Features

Bitcoin, Ethereum, and other altcoins are virtual currencies that you cannot hold in your hands or store in a traditional bank account. You would need a crypto wallet Canada to store these cryptocurrencies.

Crypto wallets are software that allows you to store your cryptocurrencies online. You can access your wallets by using a private key. If you want to buy any digital currency, you must have a wallet where you can securely store your coins.

If you have just started your journey in the crypto world, choosing a wallet and learning how to use one conveniently can feel overwhelming and complicated.

No single crypto wallet is best for everyone as our needs differ, and what’s best for me might not be the best for you. However, this article compares crypto wallets in Canada to offer you the safest and very best wallets.

I researched some of the best crypto wallets Canada and have narrowed it down to the 11 best crypto wallet Canada. The options are impressive.

Let’s get into it.

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, Ether, etc., it is very secure and easy to use.

Best Crypto Wallet Canada for 2022

We understand that not everyone is familiar with cryptocurrencies, so we try to be as informative and friendly as possible.

Our list of the best crypto wallets in Canada will help you get started with cryptocurrencies such as bitcoin and Litecoin.

Whether looking for the most secure option or the one with the lowest fees, these wallets will help you keep your crypto safe while you get your feet wet in the world of cryptocurrencies.

1. ZenGo Wallet (Two Mathematical Secret Shares Wallet)

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

ZenGo wallet is a non-custodial mobile cryptocurrency wallet that uses facial biometric technology. To date, it is by far the easiest and safest crypto wallet to use in Canada.

I have been looking for a mobile app that allows me to store diverse cryptocurrencies and be able to use them whenever I need them. That’s why it’s so exciting to know that ZenGo wallet provides users with the ability to send, receive, and store over 70+ currencies.

This feature is a huge deal for me because I am no longer stuck to using just one form of payment. I can pay with different forms of currency and also withdraw money when the need arises. This is one of the many reasons ZenGo wallet stands out.

Further, the security of ZenGo wallet is second to none as there is no single point of failure and risk because the traditional private key has been replaced with two independently created mathematical secret shares; one share stored on the mobile device, and the other share stored on the ZenGo server.

Why we love Zengo Wallet

• It has over 70+ different kinds.
• It has strong security, you can’t loose your coin even when hacked.
• Earn interest on 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 is the world’s largest exchange for Bitcoins and other cryptocurrencies. The company acquired Trust Wallet in 2018 and has since taken over the mobile wallet.

With Trust Wallet, you can access more than forty blockchains, which are free to use.

In addition, it supports staking, which means that you can earn more crypto by holding your existing holdings. Also, Binance issues crypto credit cards for Canadians which you can use the same way as your normal 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 their private keys 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

There is no doubt that the Ledger Nano X is the best cold storage crypto wallet currently available on the market.

Secure key protection is provided by a certified secure chip in this hardware wallet. In addition to Bitcoin, Ethereum, Dogecoin, Litecoin, and many others, it also supports more than 1,800 cryptocurrency assets.

This Bitcoin wallet has consistently been rated as the best globally by customers.

It is ideal for investors who want a safe, secure cold-storage wallet that supports the maximum number of 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 desktop but only compatible with mobile apps

4. Ledger Nano S

• Wallet Type: Hardware
• Cost: $89 CAD

Like the Nano X, the Ledger Nano S is a hardware wallet that has received outstanding reviews from users.

Aside from supporting 1,500+ cryptocurrencies like Shiba Inu, Solana, Safemoon, and Tether (USDT). Each user can hold up to 20 digital assets in their account at any given time.

However, fewer coins are stored, resulting in a smaller storage capacity. Nevertheless, 95%+ retail investors are more than satisfied with the Nano S.

In that regard, Ledger Nano S is an excellent choice when you’re looking for a cold storage wallet that’s safe and secure on a budget.

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 allows you to interface with the bitcoin network entirely.

Users must download the entire bitcoin blockchain, which is approximately 360 GB, and validate transactions on the network to use this wallet.

There are no fees associated with using the wallet, except for bitcoin transaction fees.

In addition to generating private keys, Armory also allows users to send and receive funds without letting the private keys touch the internet. Information transmitted through Armory is entirely confidential.

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

For beginners to the crypto-trading process, Exodus is an excellent choice because it removes the geek requirement. It has a built-in exchange and can send and receive over 130 cryptocurrencies.

It is a very easy-to-use interface that allows you to buy, sell, store, and track your tokens all from one place. That’s pretty good for a free product.

Furthermore, the Exodus platform also allows token holders to stake a variety of proof-of-stake cryptocurrencies,

Due to Exodus’ dual desktop and mobile versions, security would typically be its weakness. However, due to their partnership with this next wallet, this problem is well solved.

Why we love Exodus Wallet

• Easy-to-use interface
• Human support desk 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 has been in existence since 2011 and is online software. With this software, users can use their PC and mobile devices and hardware wallets like Trezor and Ledger.

The Electrum wallet offers versions for desktop and mobile platforms and compatibility with major hardware wallets like KeepKey, Trezor, and Ledger.

Similar to Exodus, this provides a combination of security and functionality. In addition to multi-signature functionality, Electron offers an ecosystem of third-party plugins that are not available with hardware wallets alone.

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 developed and created the Trezor Model T hardware wallet. It supports many cryptocurrencies, such as bitcoin, ethereum, litecoin, Dogecoin, and others.

In addition to being a crypto-enabled device, the Trezor Model T can also act as a password manager, helping you secure your digital life beyond encryption.

Why we love Trezor Model T

• Easy to use
• Supports over 1000 coins and tokens
• Large touchscreen display in color
• 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

In a similar vein to Ledger, Trezor makes an older, cheaper wallet that is still decent if you don’t want to spend a lot of money.

Although it is similar to the Model T in many ways, the Trezor One requires a connection to another device, and the screen is monochromatic.

The Model T lacks some of the flash, but it’s a safe, reliable wallet nonetheless.

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

The Coinomi wallet was one of the first multi-chain wallets to exist, and it supports more than 1700 cryptocurrencies.

As a result, it is among the most versatile free wallets. Despite this, there are still transaction fees, which vary based on the cryptocurrency involved.

In addition to the desktop version, Coinomi has a mobile version. So far, no Coinomi wallet has been compromised or hacked.

Therefore, millions of crypto holders prefer Coinomi because of its innovative security and versatility.

Why we love Coinomi Wallet

• You can carry out transactions and conversions in almost one click.
• Excellent security.
• Storage and generation of passwords only happens 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.

11. Wealthsimple Crypto

• Wallet Type: Software
• Cost: Free

Wealthsimple Crypto enables users to purchase a variety of cryptocurrencies, including Bitcoin, Ethereum, and many others.

Your cryptocurrency assets are generally held in cold storage with Gemini, a regulated custodian with insurance coverage of $200 million on this brokerage.

Wealthsimple Crypto is a great starting point for beginners looking for an easy way to buy cryptocurrencies.

Wealthsimple has also recently released its wallet, which allows you to transfer Bitcoins from other wallets into Wealthsimple.

Why we love Wealthsimple Crypto

• Savings accounts available
• Tax preparation services and tax-conscious investment accounts
• It has a large number of educational resources for new investors
• Users can also put funds into investments in the traditional financial markets

Drawbacks of Wealthsimple Crypto

• Custodial wallet setup
• Real fees for crypto-asset purchases are a bit high
• Trading fees are hidden in buy and sell price spreads
• Wealthsimple Crypto specifically is only available in Canada at this time.

What Is A Crypto Wallet?

A crypto wallet is a secure digital place for traders to store the digital codes, or keys, needed to access and trade their cryptocurrencies.

They are the digital, user-controlled accounts that store cryptocurrency.

These digital wallets provide access to a blockchain network, helping you manage your cryptocurrency holdings.

Each data block is encrypted using cryptography, ensuring your data stays private and secure.

This allows for an entire network of decentralized databases to be managed securely without the need for centralized storage, further securing any sensitive, personal information.

The crypto wallet was designed to give users complete control over their bitcoins. This wallet allows its users to send, receive and scan crypto codes.

Unlike traditional wallets that store coins and cash, crypto wallets are virtual like email addresses and only hold cryptographic keys.

Every cryptocurrency must have its unique wallet, and therefore if you want healthy interaction with a blockchain, it is necessary to have one.

There are various types of wallets, each with unique features. Whether you want to buy and sell crypto or Bitcoin, these wallets will ensure your needs are met.

How Do Crypto Wallets Work?

You are not transferring any coins whenever somebody sends bitcoin, Ethereum, dogecoin, or any other sort of digital currency to your crypto wallet.

As such, they are, in effect, transferring ownership to your wallet address. In other words, they are confirming that the crypto on the blockchain belongs to your wallet, not theirs.

This can be accomplished using two digital codes: private and public keys.

• Only the wallet owner should know what the strings of numbers and letters mean in a private key.
• A public key consists of a string of numbers and letters generated automatically by the crypto wallet provider.

Crypto wallets are like email accounts. You need to share your email address with people to receive emails.

This is your public key for crypto wallets, which you must share with others to participate in blockchain transactions.

Nevertheless, you wouldn’t share your password with anyone. This password is similar to the private key in a crypto wallet, which cannot be shared under any circumstances.

Therefore, crypto wallet users may participate in transactions utilizing these two keys without jeopardizing the authenticity of the currencies being exchanged or the transaction itself.

However, to authenticate any funds sent or received by your digital wallet, the public key assigned to it must match the private key.

The amount in your crypto wallet may grow or decrease as soon as both keys are verified.

Why Are Crypto Wallets Important?

A crypto wallet does not store your cryptocurrency like a regular wallet, which can hold cash.

Instead, they store the location of a secret key that allows you to access your crypto holdings on a blockchain.

This means no one, not even the developers of any wallet, can access your funds, and in most cases, it also means that no personal information is tied to these wallets.

The blockchain contains your holdings, but your private key is required to access them. Transacting with your digital money relies on your keys, which prove ownership.

Therefore, using a hardware wallet or a reputable wallet provider is essential to avoid worrying about security.

This is essential because when you lose your private keys, you lose access to your money.

Types of Crypto Wallets Canada

There are different types of Crypto Wallets in Canada. You can choose from the following types of wallets:

• Online wallets: You store keys in an app or another program, making sure such a program is protected by two-step encryption. Your crypto can now be sent, received, and used with the ease of an online bank account, payment system, or brokerage account.
• Hardware wallets: Crypto keys are kept on thumb drives that are kept in a safe place. They are only connected to computers when crypto is required. The goal is to balance convenience and security.
• Paper wallets: In this type of crypto wallet, the keys are written on a physical medium, such as paper, and kept securely. This makes using your crypto more challenging. Since crypto is digital money, you can only use it over the internet.

How to Choose the Best Bitcoin/Crypto Wallets in Canada

When choosing the best bitcoin and cryptocurrency wallets in Canada, you need to look closely at the following key factors:

Security

Security is the primary important factor in the money you store inside your cryptocurrency wallet.

You have to look into its security features and ensure they are adequate for your currency’s storage.

Accessibility

If you are looking for safe, secure places to store your bitcoins and other cryptocurrencies, another first thing to consider is accessibility.

How easily can you access your digital asset wallets? Three types of wallets can be used – desktop, mobile-app, and web-based.

With excellent accessibility, you will have access to your bitcoins anytime and anywhere you can use a computer or smartphone.

Supported Coins

How do you know if a wallet supports the coins you own? You should look at their website and see what coin they support.

Ensuring that the wallet you choose to store your assets supports the most popular cryptocurrencies will save you considerable stress later on.

Cost

It is essential that you look at the fees and what you get in return before making a final decision.

Some wallets are free and may provide certain features that others don’t, so it is up to you to discover what service fits your needs most.

Nevertheless, you can consider paying for a wallet, and if you’re investing a considerable sum of money into cryptocurrency, it is always safer to go for a hardware wallet.

Interface

The interface is one of the most important things you should look for when choosing the best Bitcoin wallet.

Always go for those that have a user-friendly interface and general operations that don’t frustrate you at every turn.

Conclusion

A crypto wallet is a software program that allows you to securely send, receive, and store digital currency like Bitcoin.

However, choosing the best digital wallet for your needs can be tricky since there are so many different types of wallets to choose from.

Fortunately for you, I have explained the basics of crypto wallets and listed the best crypto wallets in Canada.

Hopefully, this will help you make an informed decision on which wallet you should use to store your digital coins in Canada safely.

So why don’t you go ahead and choose the one that suits your need to have a double advantage while using it?

FAQs

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.