With the recent legalization of cryptocurrency, many Canadian entrepreneurs are searching for the best crypto wallets in Canada. This rush is expected when you consider the various innovations that digital coins have brought to the financial scene. If those innovations are not enough, then the profits from trading cryptocurrency are enough to motivate many Canadians.
Canada’s best crypto wallets include CoinSmart, Bitbuy, VirgoCX, Binance, Coinbase, and many more. All these wallets offer impressive security features and mobile apps, while some offer cryptocurrency exchanges. Nonetheless, all these crypto wallets offer impressive security features.
You can read this article to learn more about the best cryptocurrency wallets in Canada.
Best Crypto Wallets in Canada
Below are 10 of the best cryptocurrency wallets that Canadians can choose:
CoinSmart is a crypto exchange that was established by Justin Hartzman, and Jeremy Koven in 2018. They founded this crypto exchange when they saw how tedious it was to get verified on or fund other exchanges. Alongside the Coinsmart cryptocurrency exchange came the CoinSmart wallet, one of Canada’s best crypto wallets.
This wallet is known for charging very little on its trading fees, which makes it advantageous to many individuals. Although the CoinSmart platform offers all popular cryptocurrencies like Bitcoin and Ethereum, its actual crypto assets collection isn’t much.
CoinSmart offers an easy-to-use interface that even newbies can comprehend. Besides accommodating newbies, it also offers advanced crypto wallet features that’ll benefit advanced traders. CoinSmart is also registered with the Financial Transactions and Reports Analysis Centre of Canada, as a money service.
Many Canadians have also benefited from the fast account verification of CoinSmart. Their account verification process is also easy and doesn’t require much from a customer, which makes it suitable for newbies.
- The smart trade option makes it easy for newbies to use CoinSmart
- 2-factor verification offers increased security
- The fingerprint login procedure offers increased security for mobile phone users
- 95% of the digital coins on this platform are stored in cold storage
- Deposit/withdrawal transactions are completed using credit/debit cards, e-transfer, and bank wire
- Customer support channels include email, telephone, and chatbot
- Transaction fees range from 0.2% to 0.40%
Best For: Easy debit/credit card deposits
Binance is the crypto wallet to go for if you’re usually engaged in high-volume cryptocurrency deals. This is the best crypto wallet for Canada’s cryptocurrency entrepreneurs. One of Binance’s newest innovations is targeted at entrepreneurs, as it connects the mobile app to a web account.
This gives Canadian entrepreneurs the advantage of owning both custodial and non-custodial wallets. The custodial wallet is the Binance mobile app, while the non-custodial wallet is the Binance platform.
Although Binance offers an easy-to-use interface, it might not be easily understood by newcomers to the crypto space. This is usually because of the many complex features on the site.
Users of this digital coin storage platform can run multiple wallets simultaneously. Binance is also one of the platforms where users can stake their coins and earn from them. Most coins stored with Binance are kept in cold storage and secured with the Binance Safe Asset Fund for Users (SAFU).
- Cryptocurrencies on Binance are stored in cold storage
- 2-factor authentication offers extra security
- More than 600 cryptocurrencies are available on Binance
- Customer support channels include social media messages on Twitter, chatbots, and submitting a ticket
- Supports debit/credit card transactions
- Low transaction fees of 0.1% to 0.5%
Best For: Regular cryptocurrency trading activities and low transaction fees.
Tezro is a crypto wallet that was created with the modern businessperson in mind. The developers behind this wallet understood that lots of conversations go ahead of a cryptocurrency transaction. So, they created a wallet that came along with an integrated chat platform, one that doesn’t require leaving the Tezro platform.
This crypto wallet comes with an easy-to-use interface that even newbies can understand.
The explore section of the Tezro platform is available for new users who wish to learn more about crypto space. This explore section also provides solutions for business owners who are having issues with their businesses.
The Tezro crypto wallet is a non-custodial wallet that provides users with complete control over their digital assets. This wallet can store multiple cryptocurrencies at once.
Contrary to what other wallets would do, no feature of Tezro is locked behind a paywall. All features on the Tezro platform are available to everyone.
- Numerous cryptocurrencies are available for trading on the Tezro platform
- Tezro is available on smartphones and computers
- Tezro features military-grade SSL encryptions
- Users can purchase digital coins using fiat currencies
- Online purchases are available
Best For: Crypto wallet with an integrated chat platform
If you’re someone who feels safer when your wallet offers numerous security features, Crypto.com is a good choice to consider. As one of Canada’s best crypto wallets, Crypto.com offers security features such as 2-factor authentication and biometric authentication. This platform also allows users to swap digital coins on a 1-on-1 basis.
This is one of the few wallets around that offer users complete control over their private keys and other digital assets. When using the Crypto.com wallet, you can also use it to connect to their cryptocurrency platform. When trading with Crypto.com, Canadians can choose the speed and network fees of their transaction.
Although Crypto.com offers many admirable features, its transaction fees are on the high side. One way to enjoy low transaction fees on this platform is when you stake CRO tokens. You can also enjoy low transaction fees when you purchase cryptocurrency using bank transfers or credit/debit cards.
- The Crypto.com mobile app is available for iOS and Android phones
- com uses Secure Enclave Technology on its platform
- A Crypto.com account is secured with several layers of security
- Debit/credit card transactions are available
- Lending services are available for users
- Users can create multiple digital wallets on the Crypto.com platform
- 4% transaction fee, and 0.4% to 2.99% deposit fee
Best For: Security and Encryption features
Coinbase is one of the best crypto wallet apps in Canada for newbies to the crypto space. It’s an easy-to-use wallet with a user interface that new investors can understand.
This wallet also connects to the Coinbase platform, allowing Canadians to trade cryptocurrency. Connecting to the Coinbase platform is very easy for wallet owners, as it doesn’t go beyond signing into your wallet account.
As a custodial wallet, the Coinbase platform offers good security features, such as 2-factor authentication on each login attempt. Additional checks are also required for the first time that you sign in with a new device. The non-custodial Coinbase wallet is a mobile app, which allows users free control over their private keys.
Besides crypto investors in Canada, investors in Africa, Asia, South America, North America, and Europe can also use Coinbase. This cryptocurrency wallet supports more than 50 popular digital coins and only charges 1.49% per slide for trading fees.
- Coinbase offers 2-factor verification
- Customer support includes multiple customer support channels such as telephone, email, and live chat
- This wallet is available for Android phones and iPhones
- Coinbase offers AES-256 encryption and biometric fingerprints as security features
- Supports more than 500 cryptocurrencies
- Easy registration process
- 5% to 4.5% for transaction fees.
Best For: New traders in the crypto space.
Bitbuy is the best crypto wallet in Canada if you value safety, but don’t want to spend much money. Bitbuy is suitable for both newbies and advanced traders due to its express trading and pro trading features. The Bitbuy express trading option is for beginners, while the pro trading feature is for experienced traders.
Unlike other crypto wallets on this list, you can’t stake on Bitbuy. However, you can store more than 15 different cryptocurrencies such as Ethereum, Cardano, Solana, and Litecoin at once.
The crypto exchange that’s connected to the Bitbuy wallet allows users to purchase various cryptocurrencies. Besides exchanging with other virtual coins, Canadians can also purchase their preferred coin with the Canadian dollar.
This crypto wallet also receives government recognition, as the Ontario Securities Commission approves its safe storage. Bitbuy is also registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a money service business. If you aren’t a resident of Canada, you won’t be able to use bitbuy, though.
- User-friendly platform for amateurs
- A pro-trade feature is available for advanced traders
- Pro Trade Advanced charts are available
- Deposits are available through Interac-Transfer and wire transfer
- Bitbuy supports Android and iOS smartphones
- The customer support channels for Bitbuy include email, live chat, and support page messaging
- 50% flat transaction fee
Best For: Cold storage facility.
Developed by SatoshiLabs, Trezor is one of the best options if you’re looking for a hardware wallet. As one of the best crypto wallets for Canada, Trezor allows Canadians to secure their digital coins and private keys. In this way, it can also double as your password manager.
The security of this hardware wallet is very good, and it’s also evident by the fact that it’s an offline wallet. Since it doesn’t need an internet connection to function, the risk of hackers is reduced.
Trezor is a versatile crypto wallet, which makes it suitable for more than 1000 cryptocurrencies including Ethereum, Bitcoin, Dash, etc. This versatile wallet can be cumbersome since you need to plug it into a computer or smartphone to use it. Nonetheless, many investors see this as a small price to pay for security.
To use this wallet, you just need to connect it via a USB-C connector to your computer or your smartphone.
- This hardware wallet can only be used on Android phones
- Trezor supports more than 1800 cryptocurrencies
- The trading fee when using Trezor is only the Bitcoin fee
- In case of theft, a recover wallet is available through a backup phrase
Best For: Investors who want a secure hardware wallet for long-term investment
VirgoCX is another one of Canada’s best crypto wallets. This crypto wallet aims to make trading cryptocurrency safe, affordable, and easy for all Canadians. Funding a VirgoCX wallet requires wire transfers, Interac e-Transfers, and other popular methods.
Although VirgoCX offers a good collection of virtual coins, their capacity is less than other popular exchanges. So, users have to deal with a small amount of liquidity when trading or purchasing virtual coins.
Notwithstanding this disadvantage, many people still prefer VirgoCX due to its Over-The-Counter (OTC) service. The VirgoCX OTC service allows users to anonymously trade their digital coins between themselves. You can also say that this service balances their low liquidity, as it allows for large-scale trades above $30,000.
The VirgoCX OTC service is also free and doesn’t require users to pay any transaction fees. Slippage (the price fluctuation that occurs due to time differences in trading) is eliminated with the OTC service.
- Numerous cryptocurrencies are available for trading on the VirgoCX platform
- 0% transaction fees on crypto trading and wire transfer deposits
- Low withdrawal fees
- Impressive security features that have yet to be broken
- The customer support channel is a 24/7 live chat in various languages
Best For: Wallet security that has yet to be breached
Exodus is another one of the best crypto wallet apps in Canada. This mobile wallet comes with a user-friendly interface that anyone can use without special instructions. This wallet supports more than 100 popular cryptocurrencies.
Besides offering features for storing virtual coins, it also offers an exchange where investors can trade their cryptocurrency. Although this crypto wallet provides an exchange for trading cryptocurrency, it doesn’t offer facilities for crypto-to-fiat conversions.
The Exodus crypto storage system is also unique. That’s because the private keys that you store on this app can also be kept hidden from Exodus’ servers.
This feature is perfect if you value secrecy above all. However, it’ll make all private key recovery processes useless if an issue occurs with your account.
Exodus is free to download and doesn’t charge users any fees for using its services. The real-time pricing feature on this wallet makes it easy for Canadian investors to manage their portfolios.
- Exodus allows users to stake their coins
- This platform can encrypt the private keys and passwords of users
- A mobile app is available for Android and iOS users
- A desktop app is available for Windows, Macintosh, and Linux users
- Customer support channels include email and live chat
- Exodus can integrate well with Shapeshift
- No transaction fees or deposit fees are required
- This wallet can also be paired with hardware wallets like the Trezor model T and Trezor one
- Credit/debit card transactions are available
Best For: Crypto wallet mobile app with a mobile exchange.
Ellipal is one of the few hardware wallets on this list; one of the best options for offline digital coin storage. This wallet doesn’t require any wired connections to work, either. Its isolation from all sorts of network connections adds to the security of the crypto wallet.
If you fear handling cheaply-made hardware wallets, then Ellipal is a good choice for you. This metal-steeled, air-gapped, tamper-proof wallet is famous for being the first of its kind. It’s a rugged wallet that allows users to transmit their data through QR codes.
Apart from their wallet, Ellipal also offers an exchange where Canadians can go to acquire digital coins. On this exchange, users can find numerous digital coins and ERC-20 tokens.
The Ellipal crypto exchange allows a single user to utilize multiple wallets on the platform. The platform also displays the real-market prices of digital coins, which can help investors plan their purchases better.
- Ellipal is a FIDO-certified crypto wallet
- This wallet supports Android phones and iPhones
- This wallet offers a deletion security feature that’ll delete all user data in case of a data breach
- The battery of this hardware wallet is 1400 mAh, which comes with a standby time of 259 hours
- Customer support channels include email and a customer support page
- Staking of cryptocurrency is available on this platform
- No transaction fees
Best For: Security from malware attacks.
These are 10 of the best crypto wallets in Canada, chosen for their impressive features. Regardless of what you use your cryptocurrency for, you’ll find a wallet that suits your needs.
Frequently asked questions
Are crypto wallets legal in Canada?
Yes, crypto wallets are legal in Canada. The Canadian government recognizes cryptocurrencies as a digital asset, and individuals are allowed to buy, sell, and hold cryptocurrencies, including using crypto wallets to store their digital assets.
Which Is the Best Crypto Wallet App in Canada?
The best crypto wallet in Canada is Bitbuy. This crypto wallet app is suitable for beginners, offers pro features, comes with decent security, and has many other benefits.
Which Cryptocurrency Wallet in Canada Has the Lowest Fees?
The cryptocurrency wallet with the lowest fees is Binance. This wallet offers transaction fees that are as low as 0.1%.
How do I choose a crypto wallet in Canada?
When selecting a crypto wallet in Canada, it’s important to consider factors such as security, supported cryptocurrencies, fees, reputation, backup and recovery options, and platform compatibility.
What Is the Safest Crypto Wallet in Canada?
The safest crypto wallet is Crypto.com. This Canadian wallet app uses Security Enclave technology, and it also offers 2-factor verification and biometric authentication.