Best Crypto Wallet Canada 2024 – Top Bitcoin Accounts Compared

Once you have invested in a crypto asset like Bitcoin or Ethereum, you will need to set up a top-rated wallet that offers the ideal combination of convenience and security. You might also consider a crypto wallet that offers in-built exchange services and the ability to earn interest on your investments.

In this guide, we compare the best crypto wallets in Canada for 2024 – with a focus on safety, user-friendliness, core features, fees, and more.

The Best Crypto Wallets Canada Ranked

1. Best Wallet – Overall Best Crypto Wallet in Canada for 2024

Best Wallet is a newly launched crypto wallet in Canada but is alreasdy our overall best wallet as it seeks is a user-friendly platform that simplifies crypto transactions and acts as more than just a place to manage tokens.

It’s a non-custodial software wallet and decentralized platform that leverages AI & NFT integration while prioritizing high security, allowing users to navigate Web3 and other DeFi platforms with ease from its mobile app.

Best Wallet’s support for multiple blockchains ensures seamless interaction with various tokens and whether you plan to transact on Ethereum, Binance Smart Chain, or Polygon, Best Wallet has got you covered.

It also has a built-in DEX to make trading thousands of cryptos possible, while there is the option to purchase select tokens with fiat – although the prices and fees are determined by trusted third-party, Wert.

The decentralized crypto wallet also allows for near-instant and anonymous account creation, with no KYC verification required, and optional advanced security such as two-factor authentication and fingerprint ID.

Best Wallet’s other features are what make it stand out from the crowd, however. The project will soon airdrop $BEST tokens to active users, a highly-anticipated coin that will enable further rewards for holders.

That includes token staking to generate an annual yield percentage, zero gas fees, access to new crypto projects, voting rights, and several other perks. Moreover, the wallet provides early access to presales and offers other unique features to token holders, rewarding them for their loyalty.

Best Wallet also features an advanced AI chatbot to improve user engagement – the OpenAI-powered chatbot delivers personalized portfolio insights, market watch alerts, and efficient platform navigation support, as well as relevant crypto news.

Another top feature is the support for NFTs and not only can users store their  NFTs safely, but also manage them efficiently. The upcoming NFT gallery feature ensures you can view, filter, and sort NFTs in one place.

Best Wallet’s roadmap reveals the wallet’s ambitions. Currently in phase 2, the wallet is live and available as a mobile app on Android and iOS, with the more advanced features expected in 2024.

2. Coinbase – One of the Top Crypto Wallets for Beginners

Coinbase is home to one of the top crypto wallets in Canada for beginners. Just like its primary exchange platform, the Coinbase wallet is extremely easy to use – so you won’t need to have any prior experience. Moreover, in a similar nature to the previously discussed Binance, Coinbase offers a duo of wallet options.

First, the most user-friendly option is to use the main Coinbase web wallet. This means that in order to send or receive funds, it’s just a case of logging in to your Coinbase account. Furthermore, as the web wallet connects seamlessly to your Coinbase account, you can easily buy and sell crypto at the click of a button – more on this shortly.

In terms of security, the Coinbase web wallet is a custodial option, so you don’t need to worry about private keys or backup passphrases. You will be required to go through a two-factor authentication process on each login attempt, and an additional security check is required when using a new IP address or device.

Moreover, 98% of client crypto assets are kept offline at all times in cold storage. Perhaps most importantly, the Coinbase exchange platform is regulated in the US and is now a publicly-listed company on the NASDAQ. As such the Coinbase web wallet offers a great blend of user-friendliness and security.

The other option to consider is the Coinbase non-custodial wallet – which comes via a mobile app. Available on both iOS and Android, this allows you to retain full control over your private keys. Crucially, the app also connects to your main account – so you still have the option of buying and selling crypto.

Should you wish to trade via your chosen Coinbase wallet, you will pay a variable commission of 1.49% per slide. Compared to the other Canadian Bitcoin wallets we have discussed so far, this is pricey. And, should you wish to buy crypto with a credit or debit card, Coinbase will charge you nearly 4% per transaction.

Cryptoassets are a highly volatile unregulated investment product.

3. Kraken – Top Crypto Wallet With 5x Leverage and Excellent Security

Kraken serves over 10 million clients in over 190 countries and is a well-respected wallet and exchange. Over 200 cryptos are available for trading on Kraken and it offers staking rewards up to 24% from 12 assets, which is more than twice the staking APY on other exchanges such as Coinbase.

Kraken offers industry-leading security protocols as well as audited proof of reserves, and rates very highly in terms of its security.  It has achieved ISO/IEC 27001:2013 and SOC 2, Type 1 certifications, has a world-class security team, and makes use of advanced cold storage and hot wallet solutions to secure your funds. So it is a highly secure wallet, something which is important given the exchange hacks that have taken place over the years. 

Additional security features for Kraken Wallet include 2FA (Google Authenticator/ Yubikey) for account security, email confirmations for withdrawals, PGP signed and encrypted email for communication, and encryption for at-rest and in-transit information. There is also zero settlement risk and no chargeback fraud when trading crypto with Kraken. Plus, with Kraken, the fact that 95% of user funds are kept in cold storage means that it’s a very safe and secure wallet. 

Aside from security, where Kraken really excels is in terms of its margin trading features, offering up to 5x leverage. This means that a $1,000 amount can be used to place trades up to $5,000, though margin trading does come with associated levels of risk. Kraken provides over 100 margin-enabled markets with stable rollover fees and high margin limits. 

Kraken also supports all three Bitcoin types (Legacy, SegWit, and Native SegWit), which is important as Bitcoin is the most popular crypto.  The main downsides with Kraken are that it’s a custodial solution with no private keys given to customers, and the fact that users need to pay a small fee when transferring to a wallet address outside of Kraken.

Cryptoassets are a highly volatile unregulated investment product. 

4. Crypto.com – Leading Crypto Wallet on Highly Trusted CEX

Crypto.com is a leading and highly trusted centralized exchange that supports over 250 cryptocurrencies of various market capitalizations and underlying blockchain networks.

And, by downloading the Crypto.com wallet – you can store all of your chosen tokens in a single place. Just like the previously discussed BitBuy, Crypto.com offers its wallet as a mobile app for both iOS and Android. Moreover, the wallet will connect to your main Crypto.com account.

Once again, this means that no matter where you are located – you can buy, sell, and trade crypto assets via the wallet app. In terms of safety, the Crypto.com DeFi wallet is a custodial storage option – so this means that you hold full control over your private keys. This does, however, mean that you are responsible for keeping your wallet safe at all times – more on this later.

Like all of the providers that we review on this page, the Crypto.com wallet allows you to send and receive digital tokens with ease. When transferring funds out of the wallet, you can choose your own speed and network fees. We also like the fact that you can swap DeFi tokens from within the Crypto.com wallet without needing to leave the app.

With all that being said, perhaps the most impressive feature of this leading crypto wallet is that you can earn interest on your digital assets for as long as they are stored. That is to say, by depositing your tokens into a crypto savings account, you will be paid an attractive APY of up to 14.5%.

The APY will, however, depend on a number of variables. For example, although flexible accounts enable you to withdraw your crypto assets at any given time, these come with the lowest interest rates. At the other end of the scale, a 3-month lock-up period will offer the most attractive APYs.

Cryptoassets are a highly volatile unregulated investment product. 

5. BitBuy –Popular Crypto Wallet for Diversifying Portfolios

Our research findings concluded that BitBuy offers another of the best Canadian crypto wallets. This platform is primarily known for offering crypto exchange services to Canadian residents in a safe and low-cost manner.

In fact, safety and legitimacy are assured when using BitBuy – as the platform is approved by the Ontario Securities Commission. Moreover, BitBuy is also registered by FINTRAC as a money services business. In terms of the BitBuy crypto wallet itself, this comes in the shape of a mobile app for both iOS and Android smartphones.

Once installed, you can connect the wallet to your main BitBuy account. And in doing so, you will be able to store, as well as buy and sell 15 leading crypto assets. This means you can buy Bitcoin, Cardano, Ethereum, Solana, AAVE, Chainlink, Litecoin, and more. As such, BitBuy is the best Canadian crypto wallet in Canada for those looking to store multiple tokens in one safe place.

And, should you ever seek access to crypto exchange services – BitBuy has you covered. For a start, the provider allows you to buy and sell crypto tokens at a highly competitive commission rate of just 0.20% per slide. This means that selling $500 worth of Bitcoin, for example, would cost you just $1 in fees.

Furthermore, if you ever need to buy additional crypto assets for your wallet portfolio, BitBuy enables you to pay for your purchase with Canadian dollars. When using Interac e-Transfer for this purpose, a minimum deposit of just $50 is required and you will only be charged a fee of 1.5%.

When it comes to cashing out your crypto investments, you can also withdraw funds via Interac e-Transfer. Another thing we like about BitBuy is that the wallet and exchange provider offers top-rated customer service. In fact, the support team works on a 24/7 basis – so you can seek assistance around the clock.

Cryptoassets are a highly volatile unregulated investment product. 

6. Binance – Great Crypto Wallet for Low trading Commissions

Binance is home to a global ecosystem that consists of a high-volume crypto exchange, leveraged trading products, savings accounts, and multiple wallets. Regarding the latter, Binance allows you to choose from a custodial or a non-custodial wallet in the form of a mobile app or via your main web account.

This means that you don’t need to worry about safeguarding your wallet – as Binance will be in control of your private keys. As such, this option is potentially suitable for beginners with little knowledge of how crypto wallets work. In terms of security, Binance requires all wallet users to set up two-factor authentication.

This means that when you access your Binance wallet online, you will need to confirm access via both email and an SMS code. Accessing your Binance mobile wallet requires just the former. Moreover, the vast bulk of client crypto assets are kept in cold storage and the Binance Safe Asset Fund for Users (SAFU) is in place to cover hacking-related losses.

In choosing a custodial wallet at Binance, this will connect to your main account. And as such, you will have access to a wide range of useful tools and features. This includes the ability to buy cryptocurrency on the world’s largest exchange for trading volume at a commission of just 0.10% per slide.

Moreover, the exchange gives you access to 600 different crypto assets across more than 1,000+ markets. The custodial wallet offered by Binance also allows you to deposit funds into a crypto interest account. Various lock-up terms and supported tokens are offered. With that said, some Canadian investors will prefer to use the non-custodial crypto wallet offered by Binance.

This is branded as Trust Wallet – and it’s arguably the best crypto wallet for iPhone and Android. It offers support for thousands of digital tokens across dozens of blockchain networks. You can also access decentralized exchanges via the Trust Wallet – such as Pancakeswap. Finally, Trust Wallet also supports debit/credit cards, so you can invest in Bitcoin and other tokens with ease.

Cryptoassets are a highly volatile unregulated investment product. No UK or EU investor protection.

7. Trezor – Secure Bitcoin Hardware Wallet for Long-Term Investments

Another option to consider in your search for the best Bitcoin wallet in Canada is a hardware device like Trezor. As a cold hardware wallet, Trezor offers the highest level of security possible when storing your crypto investments. Put simply, this is because Trezor is kept offline at all times – so this alleviates the threat of a remote hack.

The price of Trezor – which looks like a USB device, averages $80 in Canada. With that said, more expensive models are available. Alth0ugh secure, Trezor can be cumbersome when it comes to sending and receiving funds. Moreover, the Trezor app is only supported for Android phones. As such, if you’re looking for the best iOS crypto wallet – consider BitBuy or Crypto.com.

8. Ledger Nano X – Top-Rated Cold Crypto Wallet

Ledger Nano X is a direct competitor of the aforementioned Trezor – and for all intents and purposes, there is little to differentiate the two. In a nutshell, Ledger Nano X is also a cold hardware wallet that remains offline at all times – so it’s super-safe for those holding large amounts of crypto.

Just like Trezor, you need to enter your PIN onto the device itself when you wish to send crypto – which is both highly secure and cumbersome. Moreover, if your Ledger Nano X is stolen, you can remotely retrieve your wallet from another device. In terms of fees, the Ledger Nano X averages $200, albeit, cheaper models are available.

9. Exodus – Good Crypto Wallet for Desktop Users

The next option to consider from our list of the best crypto wallets in Canada is Exodus. This option is suitable for those that wish to keep a wide variety of crypto assets in a single place. This is because the multi-currency wallet offered by Exodus supports over 160+ tokens.

Furthermore, Exodus is available as both a mobile app and desktop software – and each wallet connects via a single account. There are no fees to download Exodus and transactions are charged at the standard blockchain mining fee. Finally, Exodus is great for keeping tabs on your portfolio, as you can view real-time pricing in Canadian dollars.

10. Electrum – Leading Bitcoin Wallet Since 2011

The final option to consider in your search for the best Bitcoin wallet in Canada is Electrum. Launched in 2011, Electrum is one of the original Bitcoin wallets to enter the market – so it has a superb reputation that now spans over 11 years. This should give you the comfort that you are using a legitimate provider.

Electrum – which comes in the form of desktop software for Windows and Linux and a mobile app for Android and OS X,  is undeniably more suited to crypto investors that have a firm understanding of how wallets work. Moreover, Electrum supports just one crypto asset – Bitcoin. As such, this wallet won’t be suitable for storing multiple tokens in one safe place.

The Top Canadian Crypto Wallets Compared

In the sections above, we reviewed the best Bitcoin wallets in Canada for 2024.

Our key findings are summarized in the following comparison table:

What is a Crypto Wallet?

Crypto wallets are required to store digital tokens in a safe manner. They essentially sit between you and the blockchain network – meaning that crypto wallets also allow you to send and receive tokens at the click of a button.

In many ways, the easiest way to view crypto wallets is that they primarily function like a checking account. Only instead of storing Canadian dollars, crypto wallets are used to safeguard digital assets like Bitcoin and XRP.

The vast majority of crypto wallets offer multi-currency storage facilities. Meaning – you can often store all of your crypto assets in one safe place. As such, there is no requirement to open several different wallets to cover your portfolio. 

Another thing to mention is that crypto wallets come in various forms – such as via a mobile app or desktop software. Other options include a web wallet via an exchange or a hardware device. As we cover in more detail shortly, wallets can either come as a custodial or non-custodial setup. 

Why You Need a Crypto Wallet

As noted above, crypto wallets are not only required to store your digital currency investments – but they give you direct access to the blockchain network. The latter is required should you wish to send or receive tokens on a wallet-to-wallet basis. 

• With that said, when you use a trusted exchange to buy crypto – most platforms come with in-built storage options.
• This means that you can access your crypto tokens simply by logging in and thus – you don’t actually need to download or purchase a standalone wallet.

A prime example of this is BitBuy – which is approved to offer exchange and wallet services to Canadian residents. Crucially, you can safely keep your digital asset tokens in your main BitBuy account until you decide to cash out.

How do Crypto Wallets Work?

At first glance, understanding how crypto wallets work can be somewhat daunting. 

However, once you have a firm grasp of the basics – you’ll quickly learn that crypto wallets aren’t that difficult to use at all. 

Here’s everything you need to know about crypto wallets before you choose a provider:

Setting a Crypto Wallet Up

When you download a crypto wallet to your mobile or desktop device, you will initially need to go through a quick setup process. 

In the vast majority of cases, this requires two core steps. 

• First, you will need to choose a suitable PIN or password – depending on the wallet provider in question. Either way, this will be required each and every time you log into your wallet account. 
• Second, and perhaps most importantly, you will need to write down your backup passphrase. This is usually a string of 12 random words. 

Crucially, if you forget your PIN or password, or you lose the device that the wallet is stored on – your backup passphrase will allow you to regain access to your crypto assets remotely. 

This can be achieved by downloading another wallet on a different device and entering your unique backup passphrase in the correct order. 

Make no mistake about it – if somebody has access to this passphrase – they can instantly access your crypto wallet remotely and steal your funds. As such, you must write the string of words down correctly and store the piece of paper somewhere safe. 

Crypto Wallet Address

Once you set up a crypto wallet, it will, of course, be empty. As such, you will need to transfer some tokens across from an external source – such as the third-party crypto exchange you made the purchase with. 

In order to do this, you need to copy the wallet address for the respective token that you wish to deposit. For example, if you want to deposit BTC, you need the wallet address for Bitcoin. 

Each and every wallet address is unique – meaning that no two users have the same credentials. 

Wallet addresses are very similar to traditional bank account numbers, insofar that they allow you to receive funds from somebody else. 

With that said, the key difference is that crypto wallet addresses are public. This means that if somebody knows your wallet address, they can see exactly how many crypto tokens you are holding and at what market value. 

Custodianship 

Our reviews of the best Bitcoin wallets in Canada mentioned custodianship a number of times. In a nutshell, your chosen provider will either offer a custodian or non-custodian wallet. 

Understanding the difference between the two is imperative – so allow us to elaborate. 

Custodian Wallet 

When choosing a custodian wallet, you will not have access to your private keys or backup passphrase. Instead, these security credentials will be managed and safeguarded by your chosen exchange or broker.

On the one hand, this means that you do not need to have any understanding of how crypto wallets work. And, to access your crypto tokens, you simply need to log into your exchange or broker account. 

However, it is important to remember that should the respective provider get hacked – your crypto funds could be at risk. This is why you should only consider a trusted custodial wallet provider like BitBuy or Crypto.com. 

Non-Custodial Wallet 

Non-custodial wallets give you full control over your private keys and backup passphrase. In fact, nobody else will have access to this information. 

And this is the crucial point here – as if your wallet credentials fall into the wrong hands, it’s likely that your funds will be compromised.  

As noted earlier, if someone has access to your private keys or backup passphrase, they can access your wallet remotely from an alternative device – and then simply transfer the tokens out.  

Types of Bitcoin Wallet Accounts?

Another thing to understand when choosing the best crypto wallet in Canada for your requirements is the type of devices that the provider supports. 

For a complete breakdown of the many crypto wallets available in the market – read on. 

Software Wallets 

Software wallets come in one of three forms:

• Mobile App
• Desktop Software
• Web access via an exchange or broker

Your choice of wallet should depend on what your main priorities are. For example, web wallets are a great option if you are planning to actively trade crypto – as you don’t need to keep transferring tokens to and from an exchange. 

Mobile wallets offer a great blend of security and convenience – not least because you will always have your smartphone with you. And, in many cases, the best crypto wallet apps in Canada offer an in-built exchange. 

Desktop wallets, on the other, are really only suitable for those of you that wish to engage directly with the blockchain ledger.  

Hardware Wallets 

Hardware wallets come in the form of a physical device. They offer the greatest level of security, as hardware wallets are kept offline at all times. 

Moreover, in order to transfer funds out of a hardware wallet, you need to enter your chosen PIN onto the device itself. The hardware wallet industry is dominated by two key players – Trezor and Ledger Nano X – both of which we reviewed earlier. 

Although we like hardware wallets for their institutional-grade safety features, they won’t be suitable if you plan to trade crypto regularly. 

This is because you can only transfer funds when you have the device in front of you. 

Paper Wallets 

If you’re looking to buy and hold crypto on a long-term basis – you might even consider a paper wallet. 

• As the name implies, your private keys will literally be printed onto a sheet of paper – usually in the form of a QR code. 
• Then, you will simply keep your paper wallet somewhere safe until you need to cash out. 

When this time does arise, you can import the QR code into a software wallet and then transfer the tokens to a crypto exchange. 

How to Choose the Best Cryptocurrency Wallet for You?

This guide has not only covered reviews of the best Bitcoin wallets in Canada – but we’ve explained the intimate details of how each storage option works.

In this section, we’ll help you choose the best cryptocurrency wallet in Canada for your personal requirements by discussing the most important factors to look for. 

Supported Coins 

The first thing to check when searching for the best Bitcoin account in Canada is which coins the provider supports. 

For example, although Exodus – which was launched over a decade ago, is one of the best Bitcoin wallets in Canada, it doesn’t support any other coins.

And as such, if you own a number of altcoins, this means that you will need to install and maintain multiple wallets. 

Therefore, it’s best to choose a crypto wallet that supports all of the coins you own. In doing so, you keep your entire crypto portfolio in one safe place.     

Device Type and Custodianship 

We covered the various device types available earlier in this guide, so we don’t need to go into any more detail. 

Nonetheless, when choosing the best Bitcoin account in Canada for your requirements, the specific device type should have a major say in your decision-making process. 

Moreover, this is also the case for choosing between a custodian or non-custodial wallet, which again, we covered earlier in this guide.

Security Features 

Once you have checked that the provider supports all of the crypto assets that you own and your preferred device type, you then need to check what security features the wallet comes with. 

• In most cases, this will depend on the type of wallet you opt for and whether this is in the form of custodial or non-custodial storage. 
• For example, if you opt for a web wallet with a provider like BitBuy, you know that you are in safe hands due to its regulatory approval from the Ontario Securities Commission.
• Moreover, an average of 98% of client crypto assets are kept in cold storage. 

Another security feature you should look for is two-factor authentication. This usually requires you to enter a code sent via SMS or email when you attempt to log into your wallet account. 

User Experience 

The user experience of your chosen wallet is another important metric to consider. Electrum, for example, is superb for experienced crypto investors that want direct access to the Bitcoin blockchain network. 

However, beginners will likely find the Electrum interface intimidating. At the other end of the scale, the likes of BitBuy, Crypto.com, and Coinbase represent some of the best crypto wallets in Canada for beginners. 

Fees for Transferring Crypto 

Another thing to look for when searching for the best crypto wallet in Canada is what fees will apply when you transfer tokens.

In some cases, you will simply need to cover the blockchain mining fee quoted at the time of the transaction. This means that the wallet provider does not add a mark-up on this fee.   

However, some crypto wallet providers charge a fixed fee – which can work out expensive.

For instance, Binance charges a fee of 0.0005 BTC when you elect to transfer Bitcoin to another wallet. Based on a market price of $42,000 as of writing, this equates to a transfer fee of $21.

And as such, if you were to transfer just $50, for instance, this would amount to a nominal fee of $42.

Exchange Services 

We mentioned earlier in our reviews of the best Bitcoin wallets in Canada that top-rated providers double up as an exchange. 

This means that you can trade one digital token for another without needing to transfer assets between exchange platforms. 

BitBuy, for instance, which came out as the overall best crypto exchange in Canada – allows you to buy and sell digital currencies at a commission of just 0.20% per slide. 

How to Get a Bitcoin Wallet Canada

If you’re completely new to crypto wallets and require some guidance on how to get set up today – follow the simple walkthrough below. 

In doing so, we’ll show you how to open a crypto wallet account with the leading  platform Best Wallet.

Step 1: Download Mobile App

Best Wallet is available as a mobile app on Android or iOS with a desktop browser extension currently in development.

Simply head to the App Store/Play Store and download the app to get started.

Step 2: Create Account and Set Security

As a decentralized, non-custodial wallet, there is no need for new Best Wallet users to go through laborious KYC verification steps, which can include uploading photo IDs and proof of address.

Instead, all that is needed is an active email address. Once that has been input, Best Wallet will ask user’s to select their security settings.

A four-digit passcode is the minimum requirement, but there is also the option to add two-factor authentication and/or fingerprint ID.

This can be done at this stage or a later date.

Step 3: Use Best Wallet

An account will now have been created and users will be redirected to the home dashboard where they will be able to purchase crypto with fiat, manage their holdings or trade via the built-in DEX.

As mentioned above, the more advanced features are not yet live but will be launched in the first half of 2024.

Conclusion

Choosing the best crypto wallet in Canada for your personal requirements is an important part of the digital asset investment process.  Not only do you need to consider factors surrounding safety, but supported coins, user-friendliness, and whether or not the wallet offers built-in exchange services.  

All in all, after comparing the best crypto wallets in Canada, we selected Best Wallet as our top choice . It is a newly launched non-custody software wallet, available on Android and iOS as a mobile app, with enhanced security features and a built-in DEX to securely and easily purchase, manage and store tokens.

However, it’s the other features that make Best Wallet stand out from the crowd and become more of an all-round DeFi platform than just a crypto wallet.

Holding native token $BEST – which will be airdropped to active users in the near future – allows holders to receive unique insights on trending tokens, earn staking rewards, get early access to hot new crypto projects, and receive reduced gas and trading fees.

Frequently Asked Questions on Crypto Wallets