The 9 Best Bitcoin Wallets in Canada
By Heidi Unrau | Published on 04 Feb 2024
If crypto scandals like Quadriga and FTX have taught us anything, it’s that the importance of safeguarding your digital gold cannot be overstated. Now, the quest at hand is to explore the best Bitcoin wallets in Canada. So we’ve rounded up the top contenders that are easy to use and offer robust security features. This list includes the best of hardware, software, and regulated exchange wallets. Here are the best Bitcoin wallets in Canada and their standout features.
Ledger Nano S Plus
The Ledger Nano S Plus is considered the overall best Bitcoin wallet in Canada by crypto enthusiasts. It supports over 5,500 coins and NFTs. It’s a hardware wallet known for its security track record, offering a Certified Secured Element Chip, PIN protection, and a 24-word recovery phrase. This Bitcoin wallet is compatible with Windows, Mac, Android, and Linux operating systems as well as over 50 third-party crypto wallets.
Wallet Type: Hardware
Ledger Nano X
For the more active and experienced crypto users, the Ledger Nano X goes a step further. The Bluetooth feature connects to your smart devices to give you mobile on-the-go access. Plus, it’s Apple iOs compatible, a feature lacking from the S Plus model. These added features make the Ledger Nano X one of the best Bitcoin wallets in Canada for serious crypto traders.
Wallet Type: Hardware
Trezor Model T
The Trexor Model T is a renowned hardware Bitcoin wallet featuring a touchscreen interface and is compatible with over 9,000 coins. Security features include PIN and Passphrase protection as well as a 12-word recovery phrase. But my favourite feature is the ability to regain access to your assets if you lose the physical device. Plus, it allows you to track your portfolio as well as buy, sell, and trade crypto from the app.
Wallet Type: Hardware
Exodus
Exodus is a feature-rich Bitcoin wallet beloved for its user-friendly interface. It is available on both desktop and mobile platforms, as well as a Google Chrome extension. Exodus supports NFTs, thousands of cryptocurrencies, and over 50 blockchain networks. A standout feature is the ability to explore Web3 and optimize your digital assets with countless integrated apps.
The company has partnered with Trezor so you can swap your assets easily between the two wallets. You can even buy crypto with your local currency through your Exodus dashboard. Your account can only be accessed with your private keys.
Wallet Type: Software
Electrum
Electrum is a popular Bitcoin-only wallet compatible with macOS, Linux, and Windows. It’s designed for more experienced users, offering configurable transaction fees and customizable security features. As a result, Electrum is, without a doubt, one of the most secure Bitcoin wallets in the market. Other notable features include a backup seed phrase, permission splitting between multiple wallets, and third-party plugins.
Wallet Type: Software
Bitbuy
Bitbuy is a regulated Canadian exchange that offers superior custodial storage of your assets thanks to robust regulatory compliance and safety features. The platform is approved by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA). This approval signifies a high standard of operational integrity and user protection.
One of Bitbuy’s notable features is the cold storage of 90% of its crypto assets, which provides an additional layer of security against online threats. This, combined with a comprehensive insurance policy, offers you peace of mind, knowing your digital assets are well-protected.
The platform’s user-friendly interface allows for easy trading of a variety of popular cryptocurrencies and altcoins, catering to both beginners and experienced traders. Its status as a FINTRAC-registered money services business further enhances its credibility, making Bitbuy a compelling choice if you’re looking for a stress-free, dependable, secure, and user-centric Bitcoin wallet.
Type of Wallet: Software, custodial cold storage
Coinbase
Coinbase stands out as one of the best Bitcoin wallets in Canada for beginners looking for ease-of-use. Coinbase offers both a custodial Bitcoin wallet built into your account on the platform, as well as a separate self-custody wallet you can download called Coinbase Wallet. As a publicly traded company, Coinbase offers a higher level of operational transparency and scrutiny compared to private companies.
It is especially suited for crypto beginners because it has one of the most user-friendly interfaces and simplifies the crypto trading process with an intuitive layout. At the time of writing, there have been no compromises on its cryptocurrency wallets, which underscores its reliability.
Coinbase supports a wide array of cryptocurrencies and is NFT-compatible. The custodial wallet on the platform offers robust security measures, including cold storage and two-factor authentication. The self-custody option, called Coinbase Wallet, offers AES-256 encryption, biometric fingerprints, 2-factor authentication, and supports over 100 crypto coins.
Type of Wallet: Software, custodial and non-custodial options
Wealthsimple
Wealthsimple is a popular investing and saving platform that also supports crypto trading. Their crypto trading platform offers over 60 cryptocurrencies, which can be held on the platform in their custodial wallet or moved to your private wallet. Wealthsimple is one of the best Bitcoin Wallets in Canada because not only is it a regulated platform with strict security measures, but it’s also a one-stop-shop for almost all your daily banking needs.
Wealthsimple and its custodial partners offer insurance protection against potential cybercrimes, such as hacks and theft. This insurance, including over $75 million in cold storage coverage, ensures that your digital assets are safeguarded against unforeseen circumstances. In the unlikely event of insolvency, your assets remain your property and cannot be accessed by creditors.
Type of Wallet: Software, custodial cold storage
Zengo
Zengo is a self-custodial cryptocurrency wallet that offers free usage with fees incurred only during transactions such as buying, selling, or swaping. Zengo supports a wide range of cryptoassets, including Bitcoin, Ethereum, Polygon, and over 120 others, utilizing MPC (multi-party computation) for enhanced security, eliminating the need for a seed phrase. With its robust 3FA (three-factor authentication) system, account recovery is ensured through an email account, 3D FaceLock (an encrypted biometric scan), and a Zengo recovery file. Purchasing crypto is made simple and secure with options like Apple Pay, credit cards (Visa and Mastercard), bank transfers (SEPA and SWIFT), and PayPal. As a multichain wallet, Zengo allows for easy swaps between over 40 different cryptoassets, offering more than 1,000 trading possibilities.
Type of Wallet: Software, custodial cold storage
