10 Best Crypto Wallets in Canada - Compare Bitcoin Wallets (2023)

Crypto investing in Canada is increasingly becoming popular, but beginners should remember that they need a suitable wallet before proceeding.

In this guide, we compare the best crypto wallets in Canada for security, convenience, fees, and other important metrics. We also explain what factors to consider when selecting a Canada crypto wallet for the first time.

Best Bitcoin Wallets in Canada Reviewed

In this section, we take a much closer look at the best crypto wallets in Canada.

We explore how each crypto wallet compares in terms of fees, security, features, usability, supported coins, and device types.

Read on to find the best crypto wallet in Canada for traders.

1. eToro – Overall Best Crypto Wallet in Canada for Investors

eToro is the overall best crypto wallet in Canada for investors. This crypto wallet is backed by a licensed broker that was launched in 2007. As such, Canadians can buy, sell, and store cryptocurrencies in a safe and regulated environment. eToro offers two different wallets for users to choose from. First, there is the eToro mobile wallet app.

This is free to download and is available on both iOS and Android devices. Second, there is the eToro web wallet. This enables users to access their cryptocurrencies simply by logging into their eToro account. Both wallet types are custodial, so eToro is responsible for keeping the crypto tokens safe. Moreover, both the web and mobile wallets come with trading services.

For example, eToro users can trade dozens of cryptocurrencies – including some of the best altcoins. This includes everything from Ethereum, Dogecoin, and Arbitrum to Solana, Decentraland, and Shiba Inu. eToro also enables users to invest in a managed portfolio that tracks the crypto markets. There are many different strategies, and eToro rebalances each portfolio on behalf of investors.

What’s more, eToro also offers staking services, enabling users to earn passive income on their idle cryptocurrencies. Three of the best staking coins are supported, including Ethereum, Cardano, and Tron. Depending on the account tier, eToro users earn up to 90% of the staking rewards generated. In terms of security, the vast bulk of funds kept in the eToro wallet are stored offline.

Moreover, eToro supports two-factor authentication and complies with anti-money laundering laws. This means that all eToro users must verify their identity – keeping the ecosystem safe. Additionally, eToro is established, with the broker operating since 2007. These safeguards have resulted in eToro securing a client base of over 30 million traders.

We also found that eToro is one of the best crypto wallets in Canada for low fees. It charges just 1% per slide when buying and selling crypto. Moreover, eToro charges just 0.5% on fiat money deposits. Supported payment types include debit/credit cards, e-wallets, and bank wires. There are no fees to open an account nor to download and install the eToro wallet.

Cryptoassets are a highly volatile unregulated investment product.

2. OKX – Non-Custodial Crypto Wallet Supporting DeFi Tools

OKX is one of the best crypto wallets in Canada for non-custodial storage. This decentralized wallet never stores user private keys, so investors have full control over their crypto funds. What’s more, there is no requirement to open an account with OKX, so users remain anonymous.

The OKX wallet is compatible with iOS and Android smartphones via a native app. Users can also access the OKX wallet through a browser extension. Both options are user-friendly and support a significant number of coins. In fact, OKX supports over 50 blockchain networks, covering everything from Bitcoin and Ethereum to BNB and Solana.

One of the best features of the OKX wallet is that it supports decentralized finance (DeFi) tools. This includes the ability to swap coins without going through a centralized order book. Additionally, OKX supports various interest tools, including savings accounts and staking. All DeFi tools go through the OKX aggregator protocol.

In simple terms, this means OKX sources the best exchange rates and yields in the market. For example, suppose an investor is using OKX to store Tether. OKX will list interest yields from more than 200 exchanges, and users can choose the one they want without leaving the wallet interface.

On the flip side, users should remember the risks of non-custodial wallets. This is because users are responsible for keeping their wallets secure. If the user loses their private keys or the wallet is compromised, OKX will not be able to assist.

3. Binance – Top Crypto Wallet for Active Traders

Binance is the best crypto wallet in Canada for traders. Its web and mobile wallet connects to the Binance exchange, which supports over 350 coins at industry-leading fees. For example, commissions start at 0.1% per slide, so that’s a fee of just $1 for every $1,000 traded. Moreover, the Binance wallet also offers access to a huge range of DeFi tools.

For example, Binance offers savings accounts with both flexible and fixed terms. Interest rates are very competitive, with APE and AXS currently yielding an APY of over 44% and 37%. Staking is also supported, with ETH and AAVE currently yielding 2.7% and 5%. Other DeFi tools include dual investments and yield farming.The Binance wallet is centralized, meaning that the exchange has full control over the user’s private keys.

That said, Binance remains the most popular and largest crypto exchange globally, used by over 100 million people. Moreover, Binance has plenty of security features, ensuring that investor funds are safe. For example, the wallet comes with two-factor security and IP address whitelisting.Moreover, Binance has an insurance fund that is in place to compensate users if their wallet funds are hacked.

4. Metamask – Popular Browser-Based Wallet With Over 30 Million Users

Metamask is one of the best crypto wallets in Canada for those seeking self-custodial storage. There are no fees to use Metamask, and it comes as a convenient browser extension. Supported browsers include Firefox, Chrome, Brave, and Edge. Moreover, Metamask can also be downloaded as an iOS and Android app.

One of the top features of Metamask is its user-friendliness. It takes just seconds to create a new wallet, and no prior experience is required. Metamask is initially only supported for Ethereum and ERC20 tokens. But users can add other blockchain networks manually. This includes Binance Smart Chain, Optimism, Polygon, and others. Bitcoin, however, is not supported by Metamask.

The main drawback of Metamask is that it does not directly support exchange services. Instead, those wishing to buy and sell cryptocurrencies will be redirected to a third-party processor. That said, Metamask now supports selected decentralized applications (dApps). This includes Aave and Uniswap. As such, users can connect to these dApps and earn interest on their wallet funds.

5. Coinbase – User-Friendly Crypto Wallet With Institutional-Grade Security

Coinbase, a tier-one exchange with the second-largest trading volume, is one of the best crypto wallets in Canada for beginners. Its custodial wallet connects the Coinbase exchange, making it seamless to invest and trade in safety.

The Coinbase wallet comes with institutional-grade security features. For example, 98% of client funds are kept in cold storage, with the balance used for exchange liquidity. Coinbase enforces mandatory two-factor authentication too. Moreover, Coinbase is a public company that trades on the NASDAQ exchange.

The Coinbase wallet also comes with additional security steps when logging in from a new device or IP address. Users can choose from the Coinbase web wallet or mobile app. Both connect to the same Coinbase account, which requires KYC. Coinbase supports over 100 cryptocurrencies, making it a great wallet for diversified portfolios.

6. Ledger Nano – One of the Best Crypto Hardware Wallets for Long-Term Investors

Long-term investors adopting a ‘buy and hold’ strategy might consider Ledger Nano the best crypto wallet in Canada. This is a hardware device that stores cryptocurrencies offline. This removes the threat of the wallet being compromised by a remote hacker. Additionally, funds can only be transferred from Ledger Nano when the user enters their PIN on the device.

Another security feature is that Ledger Nano wallets can be recovered if the device is damaged or stolen. This is also the case if the user forgets their PIN. Users simply need to recover the wallet from another device by importing their private keys. But as a non-custodial wallet, if the user loses their private keys, Ledger Nano cannot help recover the funds.

Nonetheless, Ledger Nano will appeal to those that do not plan on actively trading cryptocurrencies. This is because of the inconvenience of transferring funds. Ledger Nano supports thousands of tokens across multiple blockchains, including Bitcoin, Ethereum, Polkadot, and Binane Smart Chain. Ledger Nano prices depend on the chosen model. The S, X, and Stax models cost $79, $149, and $279, respectively.

7. Electrum – Trusted Bitcoin Wallet Established in 2011

Launched in 2011, Electrum is one of the oldest crypto wallets in the market. Do note that Electrum only supports Bitcoin, so this wallet will not be suitable for diversified crypto portfolios. Electrum is supported by various operating systems, including Windows, Mac, and Linux.

While iOS is not supported, Electrum offers an app for Android smartphones. The Electrum wallet is solely used for storing Bitcoin and does not come with any DeFi features. That said, Electrum is considered one of the safest software wallets in the space. For example, private keys are encrypted on the selected device type. This means that Electrum never has access to the wallet’s credentials.

Moreover, Electrum offers a ‘watch only’ mode, keeping the private keys offline at all times. We also like that Electrum offers multisig security. This requires an outgoing transaction to be signed by at least two devices before authorization is provided. Finally, Bitcoin transactions sent from Electrum are often speedy, considering that the wallet indexes the blockchain data.

8. Trust Wallet – Decentralized Crypto Wallet Supporting Over 70 Blockchain Standards

Trust Wallet is a decentralized wallet that is free to download and use. It comes as a mobile app for iOS and Android, as well as a Chrome extension. Backed by Binance, Trust Wallet is used by over 60 million traders. What’s more, the wallet supports more than 70 blockchain standards.

This means that Trust Wallet supports other 4.5 million digital assets, including NFTs. Moreover, Trust Wallet enables users to connect to dApps across multiple chains. This includes everything from Uniswap and PancakeSwap to Curve and Aave. This enables users to swap tokens, earn yields, and even borrow funds without leaving the wallet interface.

We also found that Trust Wallet is very user-friendly. It takes seconds to create a new wallet, and private keys are simplified via a 12-world passphrase. Trust Wallet also supports fingerprint ID for increased security. While Trust Wallet also supports debit/credit card payments, this is provided by a third party. Moreover, the minimum deposit is $50.

9. Coinomi – Established Crypto Wallet App and Desktop Software Packed With Features

Coinomi is an established Canada Bitcoin wallet that first launched in 2014. It is a multi-device wallet that can be downloaded as an iOS and Android app, as well as desktop software. The latter supports Windows, Mac, and Linux. In addition to its user-friendly interface, Coinomi comes packed with features.

For example, it offers cold staking tools. This enables users to stake their idle crypto tokens while keeping the funds offline at all times. Unlike most crypto wallet providers, Coinomi also offers customer support 24 hours per day, 7 days per week. Moreover, Coinomi can be connected to dApps, enabling users to buy and sell thousands of tokens.

Additionally, the wallet does not add a markup on GAS fees. Instead, users only pay the transaction fee quoted by the respective blockchain. Perhaps the best feature of Coinomi is that it supports over 125 blockchains. As such, the vast majority of tradable cryptocurrencies can be stored.

10. Bitcoin Core – Specialist Bitcoin Wallet That Connects Directly to the Blockchain

Bitcoin Core is a decentralized wallet for desktop devices. Supported by Windows, Mac, and Linux, Bitcoin Core enables users to connect directly to the blockchain. Not only does this mean fast transactions, but Bitcoin Core supports mining.

This means that users can connect specialist hardware to their desktop devices and help keep the network safe. Bitcoin Core is open source, too, meaning that it offers one of the most robust security frameworks in the wallet space.

That said, Bitcoin Core won’t be suitable for the average investor. The wallet continuously downloads blockchain data, meaning it requires significant storage. Moreover, although Bitcoin Core is secure, it is far from user-friendly.

What is a Cryptocurrency Wallet?

Wallets form an integral part of the crypto industry. Put simply, wallets enable users to store their crypto tokens. Just like a bank account, crypto wallets help users keep their digital assets safe. Moreover, crypto wallets also enable users to send and receive funds.

The best crypto wallets in Canada offer features in addition to storage and transactions. For example, the eToro wallet connects directly to its regulated exchange. This means users can buy and sell crypto at the click of a button.

Furthermore, eToro also offers diversified smart portfolios and copy trading tools. Then there’s the OKX wallet, which enables users to swap tokens and earn interest on their idle crypto assets.

Crypto wallets come in all shapes and sizes. Some prefer wallet apps for the convenience they offer. While others prefer hardware for enhanced security features. Crypto wallets can also be installed as desktop software and browser extensions. Each wallet type offers a different blend of security and convenience.

How do Bitcoin Wallets Work?

Let’s explore how Bitcoin wallets work in a little more detail:

Wallet Addresses

Crypto transactions are conducted on a wallet-to-wallet basis.

All wallets have their own public address. This is required when receiving funds from another person. This is similar to giving someone a bank account number when receiving a payment.

But wallet addresses are a lot longer than bank account numbers. Moreover, as cryptocurrencies are decentralized, sending tokens to the wrong wallet address will result in a loss of funds.

Here’s an example of a Bitcoin wallet address:

34xp4vRoCGJym3xR7yCVPFHoCNxv4Twseo

The above Bitcoin wallet address belongs to Binance, the world’s largest exchange. The interesting thing about wallet addresses is that they enable anyone to view its contents. For example, the Binance wallet address above contains over 248,000 Bitcoin. Based on current exchange rates, this values Binance’s wallet at over $6.5 billion.

Although it is safe to give someone a crypto wallet address for receiving payments, do remember that this will enable the sender to view its balance.

Private Keys

In contrast to public wallet addresses, private keys should never be given out. Private keys are essentially the password for accessing the crypto wallet. And hence, whoever has the private keys has control over the funds contained within the wallet.

After downloading a crypto wallet and setting it up, the private keys will usually be displayed on-screen. This is usually a string of English words that must be written down in the correct order. Users are then advised to keep the sheet of paper somewhere safe.

Custodianship

Crypto wallet ownership can either be custodial or non-custodial.

Custodial wallets are safeguarded by a third party, such as a crypto exchange or broker. The provider is responsible for keeping the tokens safe, making it seamless for beginners to invest in the crypto market.

While convenient, just remember that custodial wallets rely on trust. After all, if the exchange or broker is hacked, this could result in users losing their funds. This has happened many times previously in the crypto space.

This is why we much prefer regulated custodians like eToro, which holds licenses with the FCA (UK), FINRA (US), ASIC (Australia), and CySEC (Cyprus).

On the other hand, non-custodial wallets do not have access to the user’s private keys. Instead, they are encrypted on the user’s device. In turn, the user is the only person that has access to the private keys, ensuring complete control of their crypto funds.

The main drawback with custodial wallets is that users are responsible for keeping the funds safe. This is because there is nowhere to turn in the event of a hack. Moreover, the user will lose access to their wallet indefinitely should they misplace their private keys.

Therefore, custodial and non-custodial wallets both come with their pros and cons. Ultimately, it’s a weigh-up between security, convenience, and ownership.

Why You Need a Crypto Wallet

In a nutshell, crypto wallets enable users to engage with the blockchain ecosystem. At its core, this includes sending and receiving funds. As noted above, crypto transactions are conducted on a wallet-to-wallet basis. As such, without a wallet, it is not possible to transact.

And, of course, wallets are also required to store cryptocurrencies. That said, many investors in Canada will keep their crypto tokens in an exchange or broker. This removes the need for investors to worry about wallet security. Instead, they can just log into their trading account and view their token balances.

While this option is very convenient and ideal for beginners, users should tread with caution. After all, many exchanges have witnessed hacks and even bankruptcy, meaning investors no longer have access to their crypto tokens.

Once again, the best way to mitigate platform risks is to stick with regulated wallet providers. eToro is regulated by various tier-one bodies and employs institutional-grade security features. This ensures that investors can buy, sell, and store crypto tokens in a licensed environment.

Ultimately, however, some investors will prefer to control their wallet’s private keys. In this instance, users will need to opt for a non-custodial wallet. Just remember, users are responsible for keeping their non-custodial wallets safe.

Types of Crypto Wallets

Choosing a suitable wallet type is crucial when entering the crypto market.

In this section, we discuss the main wallet types available.

Software Wallets

The vast majority of investors opt for software wallets. These enable users to send, receive, and store crypto tokens on a smartphone or desktop device.

Software wallets come in various forms, including:

• Mobile Wallet: This wallet type is downloadable as a mobile app. Mobile wallets are super-convenient, considering that transactions can be made anywhere, at any time.
• Desktop Wallet: Desktop wallets offer increased security but, equally, are less convenient. This is because transactions can only be made when the user has access to their desktop device.
• Browser Wallet: Just like desktop wallets, browser wallets can only be accessed on laptops or PCs. These are installed as browser extensions, with most providers supporting Chrome. Metamask also supports Firefox, Edge, and Brave.
• Web Wallet: Web wallets are provided by crypto exchanges and brokers. These are custodial wallets, meaning users do not control their private keys. But web wallets are the most convenient, considering that users simply need to log into their account to gain access.

Hardware Wallets

Long-term investors, as well as those investing large amounts, might prefer a Bitcoin hardware wallet. The two leaders in this space are Ledger Nano and Trezor, but other providers also exist.

Nonetheless, hardware wallets offer cold storage, meaning they are never connected to servers. Users need to enter their PIN onto the hardware wallet when transferring funds.

Furthermore, lost, stolen, or damaged hardware wallets can be recovered remotely. Users can do this by importing their private keys into another wallet interface.

However, those looking to trade crypto frequently will find hardware wallets inconvenient. Moreover, hardware wallets are not free. Depending on the provider, the most advanced hardware wallets can cost several hundred dollars.

Paper Wallets

Paper wallets are one of the safest yet most underutilized options.

Here’s how paper wallets work:

• First, the user will need to obtain a software wallet and extract the private keys
• The private keys will be printed onto a sheet of paper
• The software wallet will then be deleted
• At this stage, the only way to access the wallet is with the private keys printed on the paper
• Therefore, this is a super-safe way of storing crypto

However, paper wallets also come with some drawbacks. First, transferring funds won’t be possible unless the user has access to the paper containing the private keys.

This could be disastrous if the user is holding a crypto asset that is tanking in value. Moreover, the user will need to import their private keys into a software wallet. Once again, this is far from convenient.

That said, paper wallets are ideal for long-term investors that do not want to buy a hardware wallet.

How to Pick the Best Crypto Wallet for Canadians

Now let’s explore some of the most effective ways to choose from the best crypto wallet in Canada for traders.

Security

Security should play a major role in the wallet decision-making process. But do remember that the type of security features provided will have an impact on usability.

For example, both hardware and paper wallets are ultra-secure, but sending and receiving funds can be cumbersome.

Mobile wallets are a lot more convenient, but they do come with reduced security. For example, if someone knows the user’s PIN, they could access the wallet and withdraw the crypto.

eToro offers the perfect balance between security and convenience. Across its web and mobile wallets, eToro enables users to store crypto in a regulated environment. Moreover, eToro keeps the majority of user funds in cold storage.

Supported Coins

Choosing the best crypto wallet also requires users to explore what coins are supported. The easiest way of doing this is to focus on what blockchain networks are compatible with the wallet.

For example, wallets supporting the Ethereum blockchain should be able to support all ERC20 tokens. While those on the Binance Smart Chain should be able to support all BEP20 tokens.

Those with a diversified portfolio should choose a crypto wallet that supports all of their coins. This prevents the need to have multiple Canada crypto wallets.

Fees

Apart from hardware wallets, the vast majority of wallets are free. The only fees that should be payable are when transactions are made.

Crucially, the top crypto wallets in Canada do not add a markup on network fees. This means that users pay the actual rate quoted by the blockchain.

Device Type

Users should also consider what device type they want to store the wallet.

Supported device types include desktops, mobiles, browsers, and hardware wallets. Paper wallets and web wallets are other options to consider.

Some online Bitcoin wallet providers support multiple devices. For example, eToro is available as a web wallet and a mobile app. Both connect to the same wallet, ensuring the ideal balance between convenience and security.

Features

Some crypto wallets only offer the bare basics. This means the wallet will only enable users to send, receive, and store crypto.The best crypto wallets in Canada, however, come packed with features.

For example, the eToro wallet supports trading services, enabling users to buy and sell crypto. eToro also supports copy trading and smart portfolios, not to mention analysis tools.

OKX and Binance are also packed with additional features, including staking, yield farming, and trading.

Custodianship

Users also need to think about the custodianship of the chosen wallet.

Those that want unparalleled control over their crypto investments might prefer non-custodial wallets. Nobody other than the owner of the crypto will have access to the wallet’s private keys.

Beginners that lack the required skillset might prefer custodial wallets. This allows a trusted exchange or broker to safeguard the crypto on behalf of the user.

How to Get Use a Cryptocurrency Wallet in Canada

Looking to get started with a crypto wallet but not sure where to start?

In this section, we explain the setup process with eToro. Overall, we found that eToro offers the best crypto wallet in Canada for safety, supported coins, usability, and features.

Step 1: Open an eToro Account

First, visit the eToro website to open an account. This is a legal requirement for eToro, considering its strong regulatory framework.

Fortunately, eToro accounts take just minutes to open. This includes the KYC process, which requires a government-issued ID and proof of address.

Step 2: Download eToro Wallet App

Next, download the eToro wallet app to an iOS or Android device.

Then, log into the wallet account.

Step 3: Transfer or Buy Crypto

The final step is to add some crypto tokens to the eToro Bitcoin account.

This step depends on whether or not the user already owns crypto. If they do, transfer the tokens to the unique wallet address provided by eToro.

Otherwise, crypto tokens can be purchased directly from eToro. More than 90 cryptocurrencies are supported, ranging from Bitcoin and XRP to BNB and Uniswap.

eToro accepts debit/credit cards, Paypal, Skrill, and other e-wallets. As the KYC process was completed in Step 1, the deposit will be executed instantly.

After that, select which crypto to buy and enter an investment amount of $10 or more. The tokens will then be added to the eToro wallet.

Cryptoassets are a highly volatile unregulated investment product.

Are Bitcoin Wallets Safe? How to Stay Secure with Crypto Wallets

There are many metrics to consider when assessing whether or not crypto wallets are safe.

Let’s break the fundamentals down in more detail:

Custodial Wallets

The first safety consideration to make is whether the crypto wallet is custodial or non-custodial.

If the wallet is custodial, then investors must do some due diligence on the provider.

• For example, explore whether the provider is regulated and, if so, by which licensing bodies.
• Moreover, consider the reputation of the custodian.
• In this regard, eToro has a great reputation considering it has more than 30 million clients and has been operational since 2007.

Additionally, custodial wallets should offer two-factor authentication and IP whitelisting.

Non-Custodial Wallets

If the wallet is non-custodial, users should check what security features are offered. Once again, this can vary depending on the wallet type.

For instance, mobile wallets are usually secure with a PIN or fingerprint ID. While desktop and browser-based wallets use a traditional password.

Another security feature to look for is multisig transactions. This requires at least two different devices to authorize outgoing transfers.

Remote Hacks and Scams

While security features can help keep crypto investments safe, no wallet is 100% secure. This is because crypto wallets are highly sought-after by scammers.

There are many ways that scammers achieve their goals. This might come in the shape of a phishing email, keylogger, or malware. Either way, the scammer will attempt to obtain the wallet’s private keys before stealing the user’s crypto tokens.

Ultimately, many of these risks are not exclusive to crypto wallets but rather the digital age.

Conclusion

In summary, Canadians have access to a huge range of crypto wallets across mobile apps, desktop software, web browsers, and more. Choosing a suitable wallet requires users to consider many metrics, including security, usability, features, and fees.

We found that eToro is one of the best crypto wallets in Canada for investors. The wallet is backed by a heavily regulated exchange with over 30 million users, not to mention institutional-grade security controls.

What’s more, the eToro wallet is user-friendly and supports trading services across over 90 coins. eToro even enables users to earn passive income on their idle tokens via staking. Best of all, the eToro wallet is completely free to use.

Cryptoassets are a highly volatile unregulated investment product.

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