Thadeus Geodfrey is a leading voice in the financial industry. You’ll appreciate the expert ease with which he does this. He deciphers the intricate link between emotions and behavior in trading and investment. With extensive experience as a senior trading writer, Thadeus imparts his knowledge and confidence to guide your trading boat. He’ll make you conquer your fears, break barriers, and capitalize on every potential opportunity. Follow his pieces and develop your knack for trading.
Fact checked
Advertising Disclosure
We may receive compensation from our partners for placement of their products or services, which helps to maintain our site. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn’t influence our assessment of those products.
By 2022, there were over 84 million crypto wallet users. The surprising spike in the number of people who use digital wallets has encouraged many companies to develop countless products. Now, to a Canadian trader or investor, finding a reliable and trustworthy crypto wallet is a nightmarish, time-consuming task.
But don’t fret. We are here to help you find the best crypto wallet in Canada without breaking a sweat. Our experts have already done the grunt work by researching and evaluating countless solutions provided in Canada. Finally, we’ve picked 5 that deserve your attention.
In a Nutshell
- Many crypto wallets are available today. However, understand that the market is dominated by fraudulent providers. You should be keen to make a suitable choice.
- Choose crypto wallets based on their security, online reputation, and track record.
- You should also consider factors like fees and supported assets while selecting the best crypto wallets for your trading and investment needs.
- With a crypto wallet, you can buy, sell, and store your tokens. You simply need to identify the best option for your needs.
- Invezty is dedicated to making your life easier. Our experts have evaluated countless crypto wallets, compared them, and selected 5 that stand out from the crowd.
List of the Best Crypto Wallets in Canada
- Kraken – Overall Best Crypto Wallet for Canadians
- Binance – Best Crypto Wallet for Canadian Investors with Diverse Portfolios
- Coinbase – Best Crypto Wallet for Beginners in Canada
- Crypto.com – Best Canadian Crypto Wallet for Comprehensive Services
- Exodus – Best Crypto Wallet for Desktop Users in Canada
In This Guide
Compare Canadian Crypto Wallets
Our team of experts evaluated and tested many crypto wallets available in Canada. We also compared our shortlisted options based on the type of wallet they offer, their price, supported coins, and support service. Our objective was to zero in on 5 products that boast most, if not all, of the qualities that make crypto wallets exceptional.
But, at Invezty, we prioritize covering everything we can and providing accurate insights untainted by bias or ungrounded opinions. For that reason, we also read hundreds of testimonials on Trustpilot, Google Play, and the App Store. That proved incredibly helpful since we picked up a few perks and drawbacks we’d overlooked and weeded out wallets with too many issues.
Allow us to introduce you to the crypto wallets we identified after toiling for many hours. Use the comparison table below to select a suitable wallet for your needs.
| Best Crypto Wallet Canada | Wallet Type | Support Service | Price | Supported Coins | Hardware Wallet |
|---|---|---|---|---|---|
| Kraken | Non-custodial wallet | 24/7 | Free | 2,000+ | Yes |
| Binance | Non-custodial wallet | 24/7 | Free | 1,000+ | Yes |
| Coinbase | Non-custodial wallet | 24/7 | Free | 2,000+ | Yes |
| Crypto.com | Non-custodial wallet | 24/7 | Free | 1,000+ | Yes |
| Exodus | Non-custodial wallet | 24/7 | Free | 100,000+ | Yes |
Wallets Overview
Over the years, we’ve learned that a specific crypto wallet’s fees and minimum deposit requirements can affect your overall experience and profitability. That is why we also vetted the best crypto wallet in Canada based on these elements. The ones we picked had reasonable costs and minimum deposit requirements, as illustrated in the table below.
Fees
| Best Crypto Wallet Canada | Fees | Minimum Deposit Requirement |
|---|---|---|
| Kraken | 3% conversion fees for converting small balances | 0.0001 BTC |
| Binance | From 0.009% / 0.018% maker/taker fees | 0.00000001 ETH |
| Coinbase | From 0.05% / 0.00% maker/taker fees | None |
| Crypto.com | No transaction fees | None |
| Exodus | No transaction fees | 10 XRP |
Assets
| Best Crypto Wallet Canada | Bitcoin | Ethereum | Litecoin | Ripple | Tether | Solana |
|---|---|---|---|---|---|---|
| Kraken | Yes | Yes | Yes | Yes | Yes | Yes |
| Binance | Yes | Yes | Yes | Yes | Yes | Yes |
| Coinbase | Yes | Yes | Yes | Yes | Yes | Yes |
| Crypto.com | Yes | Yes | Yes | Yes | Yes | Yes |
| Exodus | Yes | Yes | Yes | Yes | Yes | Yes |
Our Opinion about Crypto Wallets in Canada
Here’s an in-depth overview of what we discovered while researching and evaluating the best crypto wallet in Canada. Remember, whatever we discuss here comes from first-hand experience and insights from past user testimonials. Our opinions and information aren’t biased or ungrounded. At Invezty.com, we are solely committed to educating and informing our readers.
That aside, we highly encourage you to read every review carefully and research the crypto wallets mentioned here before picking one. You should also compare them to isolate a solution that’s more likely to help you achieve your crypto trading and investment goals.
1. Kraken – Overall Best Crypto Wallet for Canadians
After extensive research and comparison, we have ranked Kraken as the best crypto wallet in Canada. We love this product because it’s a simple powerhouse. Its user-friendly, intuitive interface is alluring and extremely easy to navigate.
With the Kraken non-custodial wallet, you can keep and manage all your crypto and NFTs from a unified place. And, since it’s self-custodial, you, the user, have complete control over your wallet and assets. Moreover, this wallet uses open-source software with world-class encryption technology and biometric authentication to optimize the safety of your crypto assets.
The Kraken wallet is compatible with Android and IOS devices. Most importantly, it never tracks or shares your personal data or IP address with third parties, making it ideal for investors who value unmatched privacy.
Kraken
✔Over 200 cryptocurrencies
✔24/7 support service
Pros & Cons
Fees
Trading Assets
Pros
- Unparalleled security and privacy
- Free to acquire and use
- Compatible with thousands of assets
- Fees as low as 0.00% for high-volume traders
- No inactivity fees
- 24/7 customer support
Cons
- No desktop app
- Fewer funding options compared to its peers
Based on our experience, Kraken is one of the most affordable cryptocurrency exchanges. We signed up for trading and investment accounts and incurred no registration fees. Plus, the exchange’s minimum deposit requirement is $10, which we believe is among the lowest in the financial investment industry.
When it comes to instant buy and sell services, Kraken imposes spreads, which are included in an asset’s price. The spreads may vary, depending on the payment method and platform you use. For instance, the exchange applies a 3% fee for converting balances less than the minimum order size using the “Convert small balances” feature.
For investors using the Kraken Pro platform, expect a maker-taker fee schedule. This comes with volume incentives based on investors’ activities in the past 30 days. On average, you will incur a 0.25% maker fee and a 0.40% taker fee for transactions between $0 and $10,000. Overall, Kraken Pro fees are charged on a per-trade basis.
When it comes to transactions, Kraken supports a variety of deposit methods. Most deposits are free, but expect to incur withdrawal charges, depending on the payment method you transat with. You may also pay a currency conversion fee. This of course will depend on the fiat currency you are converting to.
2. Binance – Best Crypto Wallet for Canadian Investors with Diverse Portfolios
If you are searching for a secure crypto wallet that supports portfolio diversification with myriad assets, Binance has your answer. This excellent solution allows users to trade a wide variety of tokens, from Bitcoin and Ethereum to Tron and Binance Coin. Its users can also access outstanding dApps like Venus, Lido, and Uniswap V3.
We also recommend Binance to dedicated traders and investors since this Web3 wallet lets users transfer assets from the Binance exchange without any hassles. This has made transactions more streamlined for Binance’s 170 million+ customers, many of which need reliable crypto wallets. It also means that this product is backed by one of the most established exchanges today.
Note that this wallet is built into the Binance app. That means you have to get the latter to enjoy the perks associated with the Binance crypto wallet. Fortunately, the Binance app is available for Android, IOS, and PC users.
Binance
✔Lists over 350 cryptocurrencies
✔Supports copy trading
Pros & Cons
Fees
Trading Assets
Pros
- Provided by one of the most reputable crypto exchanges today
- Offers 4/7 customer support
- Supports multiple tokens, blockchains, and dApps
- Implements robust security protocols, including 2FA
Cons
- Too complex for beginners
- Limited educational resources
We signed up for investment accounts at Binance, and there were no registration charges. The exchange also does not have a minimum deposit requirement, thus allowing us to get started with any amount of money we could afford.
We analyzed Binance’s fee structure and concluded that it is among the most affordable cryptocurrency exchanges we have tested. Its maker and taker fees are low, but this depends on the trading volume and Binance Coin balance. Simply put, higher-volume trades are subject to low trading fees.
Regarding transactions, Binance does not charge deposit fees for cryptocurrency deposits. However, investors will incur withdrawal charges depending on the crypto token they use to transact.
You can also transact using fiat currencies at Binance. While some currencies do not attract deposit fees, others do. For instance, you will pay a 0.65% deposit fee when you make deposits using the AED currency via online banking. Withdrawal charges on fiat currency transactions also apply depending on the currency you transact with.
3. Coinbase – Best Crypto Wallet for Beginners in Canada
To most newbies, crypto wallets are incomprehensible puzzles. That is understandable since many products have complex setup processes and interfaces tailored for seasoned pros. But we can’t say the same for Coinbase.
Coinbase is a user-friendly crypto wallet designed for novices. It’s intuitive and provides detailed instructions to new users, which we found incredibly helpful the first time we used the app. Coinbase, the exchange behind the Coinbase crypto wallet, also has a multitude of educational resources and materials for beginners.
The other noteworthy quality that Coinbase has relates to funding. This wallet lets users purchase crypto using bank accounts, card payments, and local payment methods. That simplifies things for novices still figuring out the intricacies of investing in crypto. You can download Coinbase wallet for IOS, Android, Chrome, and Brave.
Coinbase Wallet
✔Available in 100+ countries
✔No hidden fees
Pros & Cons
Fees
Trading Assets
Pros
- Supports thousands of tokens, NFTs, and more
- Simple, beginner-friendly user interface
- Rich, informative tutorials and educational materials
- 24/7 customer support
Cons
- No standalone desktop app
- Limited live support channels
The Coinbase wallet costs nothing—it’s free to acquire and set up. That said, we encounter some charges while using the Coinbase wallet, including gas fees. These are transaction costs that involve the Ethereum blockchain. Gas fees act as remuneration for validators, who are professionals who secure and maintain the network. Gas fees can increase or decrease depending on network capacity, demand, and supply. Significant spikes often happen when the network is congested.
With that in mind, the Coinbase wallet doesn’t have transfer charges. So, you can transfer cryptoassets from your Coinbase wallet to another wallet without paying a dime. Moreover, Coinbase offers free storage services. You can keep crypto in this wallet for as long as possible without fretting over spiking charges.
4. Crypto.com – Best Canadian Crypto Wallet for Comprehensive Services
The Crypto.com wallet is compatible with almost all Android and IOS devices. We love it since it allows users to store, grow, and earn crypto assets. With this solution, you can interact with hundreds of different cryptocurrencies, from Bitcoin and Ethereum to ERC20s and Compound. You can also stake your assets or keep them in a growth account to earn interest.
Also, consider choosing the Crypto.com wallet for your assets because it supports the app supports the importation of existing wallets and the creation of new ones. Furthermore, the Crypto.com crypto wallet protects your private keys with biometric and two-factor authentication.
Not to forget, Crypto.com has a user-friendly interface that newbies and professionals alike can learn to navigate quickly.
Crypto.com DeFi Wallet
✔Available in 100+ countries
✔Supported 34+ blockchains
Pros & Cons
Fees
Trading Assets
Pros
- Browser-based, mobile, and desktop apps available
- 24/7 customer support
- Zero fees for crypto deposits
- Optimum security
- Intuitive and user-friendly interface
Cons
- Limited educational materials
The Crypto.com DeFi wallet is free. You can get this product and start using it without paying a dime. Furthermore, you don’t need a Crypto.com account to enjoy the perks of using this wallet. Not to forget, the wallet charges zero network fees.
With that in mind, we used this wallet and noticed a few things you should be aware of. For starters, any transaction you initiate using the Crypto.com DeFi wallet is submitted on-chain directly. As such, you have to cover a network fee whose sole purpose is to provide the incentive that the corresponding blockchain network needs to validate and confirm transaction requests. The fee goes to miners and validators who use their computational resources to process and secure network transactions.
The network fee you’ll incur at any given period will depend on various factors, including the involved blockchain network’s consensus mechanism. Additionally, charges may rise or dip depending on how much traffic a network is receiving. Network fees often increase when the corresponding network is congested.
Not to forget, if you trade with the Crypto.com DeFi wallet, you will be exposed to numerous charges. For starters, you will incur protocol and bridge service fees which are charged by the underlying protocol and the Crypto.com App, respectively. The Crypto.com DeFi wallet also charges service fees to traders.
5. Exodus – Best Crypto Wallet for Desktop Users in Canada
Suppose you are a desktop user and crypto enthusiast. Get the Exodus Bitcoin and crypto wallet for desktop and use it to keep your digital assets safe and secure. This state-of-the-art wallet allows you to manage your investment portfolio seamlessly with an in-built swap feature.
We tried the Exodus desktop wallet and discovered a few aspects that impressed us. First, it’s exquisitely designed and tailored to make navigation easy. But here’s the most outstanding part: the Exodus Desktop wallet supports over 100,000 crypto assets, including popular options like Bitcoin, Ripple, and Ethereum.
Not to forget, the Exodus Desktop wallet allows users to swap cryptos 24/7 without having to register first. You can also link your Exodus crypto wallet with a Trezor hardware wallet to enhance the security of your assets.
Exodus
✔Allows you to connect to over 50 networks
✔Regular update schedules
Pros & Cons
Fees
Trading Assets
Pros
- Dedicated apps for Windows and Linux devices are available
- Supports a broad range of digital assets
- Beautiful desktop wallet interface design
- No additional transaction costs besides gas fees
Cons
- Limited support channels
- Few educational materials for beginners
Exodus is among the digital wallets that have no fees for downloading and setting up accounts. From our exploitation, the wallet does not charge any fees when you receive and store cryptocurrencies. However, expect to incur network or gas fees when you send cryptocurrencies. The best part is that this Exodus wallet fee can be customized, although this option is limited to Bitcoin, Ethereum, and ERC20 transactions.
Cryptocurrency sending charges vary based on the blockchain network you use. Therefore, always understand applicable charges to plan accordingly. Exodus automatically checks all addresses to ensure seamless transactions with no errors.
Crypto Trading in Canada
Crypto trading is legal in the Great White North. This activity is regulated by securities regulators in different provinces. But nationwide, it is more or less supervised by the Canadian Securities Administrators (CSA), an umbrella body consisting of Canadian territorial and provincial securities regulators.
That said, crypto trading is for Canadians aged 18 and above. Although some crypto wallets don’t ask users to verify their age, most regulated exchanges have strict KYC requirements. No minor can use a wallet provided by a regulated exchange or even buy or sell crypto on these platforms.
If you are an adult, you can invest in crypto, and if you play your cards right, you can earn juicy returns. But you’ll need an excellent digital wallet to keep your assets safe. Cybercriminals are becoming savvier and more dangerous by the day. In 2022 alone, they stole assets worth $3.8 billion. You don’t want to take your chances with modern criminals.
There are two types of wallets that you can use today: hot and cold wallets. Hot crypto wallets are based on the internet, making them highly susceptible to cybercrime. On the other hand, cold wallets store users’ private keys offline. But don’t worry; the hot wallets we’ve reviewed here implement advanced security measures like 2FA and biometrics, making them nearly impervious to issues like hacking.
How to Choose the Right Crypto Wallet in Canada
As a Canadian investor, you are spoilt for choice where crypto wallets are involved. But that doesn’t mean you should pick the first solution you come across. That would be a terrible idea since you might end up with a sub-par wallet that will expose you to issues like hacking, lousy support, and limited functionality.
To avoid such complications, factor in the following when selecting the best crypto wallet in Canada:
Type of wallet
Security features
Supported assets
Reputation and track record
Customer support
Charges
There are three broad categories of digital wallets: software, hardware, and paper. You can pick any type you like, provided it matches your needs and preferences. But the most important thing here is to ensure the crypto wallet you go with aligns with your goals and preferences. For instance, look for a cold wallet if you want top-notch security. However, a hot wallet would be better if you prefer accessing your crypto quickly and easily.
Cybercriminals target crypto wallets since they hold valuable assets. To be safe, use a crypto wallet that allows users to enhance security through measures like two-factor authentication and biometric identification. Also, check online for security-related complaints like frequent hacking. Avoid any wallet with too many security problems.
You have certain assets you’d like to trade and invest in, right? Pick a wallet that supports your preferred cryptocurrencies. Otherwise, your goals and objectives will be frustrated. Additionally, if you are willing to explore new crypto assets, you should prioritize using a wallet that regularly updates its list of supported assets.
No one can give you better insights into a crypto wallet than people who’ve used it before. Before committing to a specific wallet, you should check online ratings, reviews, and testimonials on Trustpilot, Google Play, and the App Store. You should also consider seeking advice from people in active crypto forums and communities.
You might encounter numerous grave issues while using a crypto wallet, including transaction errors and software glitches. Exceptional support technicians should be able to help you resolve such problems. But they have to be knowledgeable and respond to your queries. Therefore, pick and use crypto wallets that guarantee top-notch support services.
Crypto wallets have different fee structures. Some charge variable transaction fees, while others offer free deposits and withdrawals. You should go with a crypto wallet whose fees you consider affordable. Also, note that the best cold wallets cost a pretty penny. If you don’t have much to spend, consider using a premium hot wallet.
How To Register an Account with a Crypto Wallet in Canada
Opening an account with a crypto wallet may sound intimidating, but it’s not. We have done it countless times and have never faced any significant hurdles. But to enjoy the same luxury, you have to cooperate with your wallet. If it asks for your details or documents, give them out.
Here is a brief step-by-step guide to registering with a crypto wallet:
Step 1: Visit the crypto wallet’s official site
Step 2: Acquire the wallet
Step 3: Set up your wallet
Step 4: Fund your wallet
Step 5: Trade or invest
You must check the features and functionalities of your chosen crypto wallet before using it. To do that, visit the wallet’s official website and look around. You can skim over it, but pay attention to vital aspects like the fee structures, supported assets, and customer support availability.
If you’re satisfied with the wallet and what it offers, download it. Most products are compatible with IOS and Android devices. However, few service providers have wallet apps for desktops. Keep that in mind while choosing a suitable crypto wallet. If you don’t want an app, look for a web-based wallet that allows you to register, acquire, and manage assets from your browser.
Open your application and choose to set up a new wallet. Follow all stipulated instructions and provide all necessary information. Then, set a strong, unique password to protect your assets. Finally, note down your private keys and recovery phrase. Keep these elements offline in a safe location. Depending on your chosen wallet, you can also activate biometrics and 2FA.
Many crypto wallets allow users to purchase digital assets using fiat in their bank accounts and credit cards. Therefore, funding your wallet and purchasing tokens should be easy. You can also open an account with a reputable exchange, buy crypto, and transfer it to your wallet.
After acquiring crypto, check your wallet balance. If the transaction is successful, you can trade or swap your assets for others. You can also transfer your assets to an exchange where more features and functionalities are available. But remember that cryptocurrencies are subject to high volatility and rapid price fluctuations. Have realistic goals and diversify your portfolio to mitigate risk exposure.
Conclusion
There you have it: a comprehensive review of 5 top-shelf crypto wallets. The only left is to pick a fitting solution. But don’t take our word for it or pick unquestioningly. Check out the recommended wallets and compare them to what you need. Then, make your decision.
Once you start investing in crypto, do your homework and employ common sense. That is the easiest way to dodge common problems like rug pulls.
Related Articles: