The Best Bitcoin Wallet in Canada

There are many different types of Bitcoin wallets that give you varying levels of control and security, but how do you know which one is right for you? In this review, we’ll take a look at the available Bitcoin wallets in Canada and help you decide which is the best option for you.

So, whether you’re looking for a desktop wallet, a mobile wallet, or even a hardware wallet, we’ve got you covered.

Top Crypto Wallets in Canada

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Ledger Nano X

Best for security

  • Holds up to 100 crypto apps
  • Bluetooth connection
  • ANSSI-certified
  • Hidden wallet

Ledger Nano S Plus

Best for beginners

  • Improved Nano S design
  • Increased storage
  • ANSSI-certified
  • Excellent price

Trezor Model T

Best touchscreen functionality

  • Touchscreen
  • MicroSD slot
  • Anti-tamper proof design

Bitcoin Armory

Best free Bitcoin wallet

  • Free
  • Open source
  • Glacier Protocol

Exodus Wallet

Best free cryptocurrency wallet

  • Easy-to-use interface
  • Integrated exchange
  • Compatible with Trezor Hardware wallet
  • 24/7 customer support

Best Cryptocurrency Wallets in Canada Review

This review will compare and contrast the top five wallets currently available in Canada. We’ll also discuss the important factors to consider when choosing a wallet, as well as provide some tips on how to keep your coins safe.

Ledger Nano X

star 8.9

Best for security

  • Type: Hardware wallet
  • Bluetooth: Yes
  • Connector: USB-C
  • Screen: 128 x 64 pixels
  • Size: 72 mm x 18.6 mm x 11.75 mm
  • Supported cryptocurrencies: 5,500+

If you’ve ever searched for cryptocurrency wallets online, you’ve definitely come across Ledger. It’s one of the two largest and best hardware wallet manufacturers, along with Satoshi Labs, which we’ll discuss later in this review. So, what does the Ledger Nano X offer to distinguish it from the competition?

Previous Ledger versions could only be accessed via desktop using the Ledger Live software. However, the Nano X lets you link your wallet to your mobile phone through Bluetooth connectivity and a Ledger Live mobile app. The Ledger Nano X is one of the few crypto wallets that utilizes Bluetooth technology, allowing you to access your assets on the go.

There is one drawback when it comes to Bluetooth connectivity, and that’s its speed. Bluetooth allows you to connect to your mobile phone, but the link isn’t instant. It takes a bit of time, which can seem like an eternity in the age of instant apps and responses, even though we are talking about a few seconds.

Another great feature of the Ledger Nano X is that it can store up to 100 apps and supports over 5,500 crypto coins, making it one of the best multi-cryptocurrency wallets on the Canadian and global markets. Compared to the company’s previous product (Nano S), which could only store three to five apps, it’s a noticeable improvement.

With so many assets in one location, you want to know they’re secure. Ledger employs one of the industry’s highest security standards, a Certified Secure Element (CC EAL5+). It also holds the Agence nationale de la sécurité des systèmes d’information (ANSSI) certificate, which is issued only after rigorous security testing.

Like any other crypto wallet, it has PIN protection, but what sets it apart is the hidden wallet feature. If you are threatened by an attacker and asked for a PIN, you can provide a code that only allows access to the secret wallet and anything you have in it to deceive the attacker.

Ledger Nano X is one of the most secure crypto wallets, and you may rest easy knowing that your assets are safe. Just don’t misplace it or forget your PIN and recovery phrase.


Pros

  • + Holds up to 100 crypto apps
  • + Bluetooth connection
  • + ANSSI-certified
  • + Hidden wallet

Cons

  • Requires a minimum of 200 GB
  • Complicated setup

Ledger Nano S Plus

star 9.5

Best for beginners

  • Type: Hardware wallet
  • Connector: USB-C
  • Screen: 128 x 64 pixels
  • Size: 62.39 mm x 17.4 mm x 8.24 mm
  • Weight: 21 g
  • Supported cryptocurrency: 5,500+

Ledger’s most renowned hardware wallet, which has sold over 4.5 million units globally, finally has a successor. The Nano S Plus is a long-awaited upgrade to the Nano S crypto wallet.

When Nano S first came out in 2016, it only had enough storage for up to six crypto apps. Since then, the crypto wallet technology has expanded, and now it can offer much more.

The Nano S Plus has almost the same storage capacity as the Nano X. It has 1.5 MB of storage capacity, which allows it to hold 1,000 separate applications, while the Nano X has 2 MB of storage. Their legendary predecessor had only 320 Kb. The only drawback is that the Nano S and Nano S Plus don’t have a Bluetooth connection like the Nano X.

The Nano S Plus has the same security standards and protocols as the Nano X, making it one of the safest crypto wallets you can find on the market. We do have to add that most hardware wallets can be considered safe because they allow you to store your assets in what is known as cold storage.

Cold storage refers to devices that don’t have continuous access to the internet, like online storage or a PC (hot storage). Keeping assets, not just crypto and other valuable data, in cold storage is the best way to keep them safe from hacker attacks or third-party liability.

Since the Nano S Plus is closer to the characteristics of the Nano X, you’d expect it to have a steep price tag, but it’s actually very affordable. The Nano S costs $89 and is currently out of stock on the Ledger’s website. The Nano X, one of the safest crypto wallets in Canada, costs $199.

The Nano S Plus is just $114 and provides the same level of security and almost the same amount of storage space as the Nano X but at nearly half the price. We consider this a bargain!


Pros

  • + Improved Nano S design
  • + Increased storage
  • + ANSSI-certified
  • + Excellent price

Cons

  • No Bluetooth

Trezor Model T

star 9

Best touchscreen functionality

  • Type: Hardware wallet
  • Connector: USB-C
  • Screen: 240 x 240 pixels
  • Size: 64 mm x 39 mm x 10 mm
  • Weight: 22 g
  • Supported cryptocurrency: 1,816

The Trezor Model T comes from the Czech company Satoshi Labs, which created the world’s first hardware crypto wallet in 2014 – Trezor One. In 2018, the company released an upgraded model – the Trezor Model T. Overall, it’s a significant upgrade from the previous generation, providing a larger display, an updated processor, and support for far more cryptocurrencies.

One of the best features of the Trezor Model T is its large touchscreen. The display is used to confirm transactions and view your balance and transaction history. However, you should be aware that everything is still neatly packed, and accidental misclicks can happen. We propose utilizing a stylus pen with the device because nobody wants to fat-finger a valuable transaction.

Asset security is always prioritized in the best hardware wallets, but Satoshi Labs chose to take it a step further by including additional protection with an encrypted microSD card. When you enable this feature and insert a microSD card, it will be encrypted. From then on, whenever you want to log in, you’ll have to enter your PIN and provide the microSD card to log in.

The Trezor Model T comes with an anti-tamper design: Anyone who wants to mess with the electronics must break the casing completely. Because Satoshi Labs doesn’t use Certified Secure Elements on its wallets, its devices can be physically tampered with. However, hacking a Trezor Model T has not been proved possible at the time of writing.

There has been one case of a successful hack. Joe Grand has managed to hack Trezor Model One (an older model) to regain $2 million worth of cryptocurrency because the user of the Trezor forgot their PIN. The fault has been identified and fixed by the company. It was possible only because the user couldn’t log in to update the firmware, luckily for him.


Pros

  • + Touchscreen
  • + MicroSD slot
  • + Anti-tamper proof design

Cons

  • Expensive

Bitcoin Armory

star 8.9

Best free Bitcoin wallet

  • Type: Desktop software wallet
  • Mobile application: No
  • Supported cryptocurrencies: Bitcoin only

Bitcoin Armory is the best free Bitcoin wallet and open-source software that provides excellent security for Bitcoin users. Armory was launched in early 2014 when the price of Bitcoin was only beginning to rise. The developers wanted to create a wallet that would be secure from potential threats, and they succeeded.

One of the best features of Armory is its Glacier Protocol. This protocol makes it impossible for someone to steal your Bitcoins by accessing your computer. Even if they manage to get past all the security measures, they won’t be able to spend the coins without the proper key. This makes Armory one of the safest crypto wallets available.

It’s important to note that even the safest wallets aren’t entirely foolproof. There have been instances of people losing their Bitcoins because they didn’t take proper security measures. So, even if you’re using a wallet like Armory, make sure you’re also doing your part to keep your coins safe.

Another great thing about Armory is that it’s completely free. There are no monthly fees or hidden costs. You can even use it on multiple computers without having to pay anything. Just keep in mind that you still have to pay standard transaction fees. None of them go to the Bitcoin Armory.

The downside of using Armory is that it’s a bit complicated to set up, time-consuming, and requires a minimum of 200 GB of free space on your hard drive because it has to download the entire Bitcoin blockchain. If you run into a problem, there’s no dedicated customer support to contact. You’ll have to seek help online; the best place for it is the Bitcoin Armory forum.

But once you’ve got it up and running, Armory is one of the best free Bitcoin wallets out there. It’s secure, free, and easy to use (after setup). If you prefer a more managed solution, we suggest checking out Exodus Wallet.


Pros

  • + Free
  • + Open source
  • + Glacier Protocol

Cons

  • Requires a minimum of 200 GB
  • Complicated setup

Exodus Wallet

star 8.7

Best free cryptocurrency wallet

  • Type: Web, desktop, and mobile software wallet
  • Mobile application: Yes
  • Supported cryptocurrencies: 220

Exodus is a web, desktop, and mobile software wallet that supports 220 cryptocurrencies. The wallet was launched in 2015 by JP Richardson and Daniel Castagnoli. Exodus is a great choice for those looking for an easy-to-use interface with an integrated exchange and active support.

The Exodus wallet has an intuitive interface, and installation is as simple as can be. The integrated exchange enables you to trade various assets without leaving the app. That doesn’t mean you’re forced to use it. You can still check out the other best crypto exchanges in Canada and decide which one you prefer to use. In the end, Exodus can be used only as a wallet.

One of the most crucial aspects of any wallet is its security, and Exodus falls short in this regard. It has no major security features, such as two-factor authentication or multi-signature. In contrast to most of the products in our Bitcoin wallet review, an Exodus wallet is a hot wallet.

Hot wallets are constantly linked to the internet, increasing the risk of being hacked. This might not be ideal for those holding large amounts of Bitcoin, as hot wallets are more vulnerable to hacks. However, for smaller amounts, an Exodus Wallet should suffice.

To mitigate the danger of a hot wallet, Exodus collaborated with Satoshi Labs to make its software compatible with and available on all Trezor hardware wallets. This means you can store your private keys on a Trezor, which is much more secure than keeping them on your computer, where one ransomware attack can ruin you.

Exodus also offers 24/7 customer support, which is a rarity in the world of cryptocurrency wallets. If you ever have any problems, you can be sure that someone will be there to help you. Customer support can be reached over email and live chat. At the time of writing, the live chat support was down.


Pros

  • + Easy-to-use interface
  • + Integrated exchange
  • + Compatible with Trezor Hardware wallet
  • + 24/7 customer support

Cons

  • Lack of major security features

Buyer’s Guide – Choosing the Best Bitcoin Wallet in Canada

Bitcoin wallets contain users’ public addresses and private keys. They connect with multiple blockchains to allow users to transfer and receive cryptocurrency while monitoring their balance. If you want to use Bitcoin or any other cryptocurrency, you’ll need a crypto wallet.

Types of Crypto Wallets

Choosing the best wallet for cryptocurrency is an important decision as it will impact how easy it is for you to use it, how secure your funds will be, and how much control you will have over your assets. Various types of wallets are available, but they generally fall into two groups: cold and hot wallets. Each group can be divided into additional sub-groups with their own features and security risks. We will discuss some of the most popular types of cryptocurrency wallets in Canada and help you choose the best one for your needs.

Hot Wallets

Hot wallets are digital wallets that are connected to the internet. They are convenient to use and offer more features than cold wallets, but also come with more security risks. The most popular hot wallets are web-based, mobile, and desktop.

Web-Based Hot Wallets are popular because they are easy to use and can be accessed from anywhere. However, because your private keys are stored on a third-party server, they may be more susceptible to malicious attacks and third-party liability. Additionally, if the service goes down, you will not be able to access your assets.

Mobile Hot Wallets are the best software wallets because they can be downloaded as an app and enable you to trade on the go. They have similar features as web-based wallets but are more secure. To enhance your security, you just have to turn off the internet connection. That alone doesn’t make it a cold wallet, but it’s still better than keeping it constantly on the network and vulnerable to a potential attack.

Desktop hot wallets are software programs you can download and install on your computer. They offer more features and security than web-based or mobile wallets but also come with the risk of malware attacks.

Cold Wallets

Cold wallets are digital wallets that are not connected to the internet and, as a result, are much more secure. However, they are less convenient to use and offer fewer features than hot wallets. The most popular cold wallet types are hardware and paper.

Hardware wallets are physical devices that store private keys and allow you to sign transactions without exposing your private keys to the internet. Hardware wallets are the best and safest cryptocurrency wallets, as they cannot be infected with malware, and all transactions must be confirmed with a PIN. Ledger and Trezor are two popular hardware wallet makers.

Paper wallets are printed pieces of paper containing keys and QR codes that you may use to enable cryptocurrency transactions. They are very secure but are not as user-friendly as other types of wallets. If you lose your paper wallet, you’ll be unable to access your funds again. They may seem the most secure option, but one accidental coffee spill can ruin your savings.

Conclusion

Now that you know the types of cryptocurrency wallets available in Canada, you can decide which one is right for you. Consider your needs and the security risks involved before choosing a wallet.

A hardware wallet is a preferable option if you want to keep your cryptocurrency safe or keep it for rainy days. If you plan to access your assets regularly or are an active trader, a hot wallet is a better option. They each have their own set of advantages and disadvantages. Just keep in mind that you’ll be trading security for convenience and vice versa.

And remember, no matter which wallet you choose, always practice good security habits to protect your assets.


FAQ

What is the best Bitcoin wallet in Canada?

This question gets asked a lot, but there’s no easy answer. There are many types of wallets, each with its own features and benefits. The best wallet for you will depend on your individual needs and preferences.

What is the safest crypto wallet in Canada?

Most hardware wallets can be considered safe from hacker attacks, but even they aren’t 100% secure. Nobody can protect you if you lose or give away your PIN and recovery key.

How to get a Bitcoin wallet in Canada?

Because Bitcoin and other cryptocurrencies are legal in Canada, getting a Bitcoin wallet is just like getting any other commodity or service. The only drawback is that they are not considered legal tender.

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