Best Bitcoin Wallets in Canada 2024

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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Canadian Bitcoin owners spiked from 5% in 2020 to 13% in 2021. This increase encouraged many investment companies to roll out crypto wallets. And guess what? Opportunistic cybercriminals didn’t lag. That means getting the best Bitcoin wallet in Canada is time-consuming and risky.

But once again, our experts have your back. We researched all the buzz-making and silent crypto wallets in Canada. We then compared the top five picks to determine the overall winner and pinpoint each provider’s unique strength. Our tests and research were based on crucial factors like security, fees, and customer support.

List of the Best Bitcoin Wallets

  • Kraken – Overall Best Bitcoin Wallet for Canadians
  • Binance – Best Bitcoin Wallet for Active Traders in Canada
  • Coinbase – Best Bitcoin Wallet for Canadian Newbies
  • Crypto.com – Best Bitcoin Wallet for Rewards
  • Exodus – Best Bitcoin Wallet for Mobile Users
In This Guide

Canadian Bitcoin Wallets: Comparison Table

It’s easy to fall in love with a Bitcoin wallet that tops any search engine’s result page. We assure you that our due diligence went beyond this basic research process to test most, if not all, of the crypto wallets in Canada.

Our hawk-eyed crew then narrowed down to five providers. We then put them to the test regarding support service, fees, security, supported coins, and other important considerations. We don’t rely on the enticing words on the providers’ websites—our experts scour reputable review sites for real user reviews.

Here’s a brief table of our best Bitcoin wallets in Canada:

Best Bitcoin Wallet CanadaWallet TypeSupport ServicePriceSupported CoinsHardware Wallet
KrakenNon-custodial wallet24/7Free2,000+Yes
BinanceNon-custodial wallet24/7Free1,000+Yes
CoinbaseNon-custodial wallet24/7Free2,000+Yes
Crypto.comNon-custodial wallet24/7Free1,000+Yes
ExodusNon-custodial wallet24/7Free100,000+Yes

Wallets Short Overview

Always consider a provider’s tradable and non-trading charges. A Bitcoin wallet with hefty or hidden fees is like a torn pocket. 

You also don’t want an unreasonable entry barrier in the form of a high minimum deposit requirement. Furthermore, a platform should provide a broad range of assets to help you expand into other cryptocurrencies. The tables below illustrate that our best Bitcoin wallets met these conditions:

Fees

Best Bitcoin Wallet CanadaFeesMinimum Deposit Requirement
Kraken3% conversion fees for converting small balances0.0001 BTC
BinanceFrom 0.009% / 0.018% maker/taker fees.0.00000001 ETH
CoinbaseFrom 0.05%/ 0.00% maker/taker feesNone
Crypto.comNo transaction feesNone
ExodusNo transaction fees10 XRP

Assets

Best Bitcoin Wallet CanadaBitcoinEthereumLitecoinRippleTetherSolana
KrakenYesYesYesYesYesYes
BinanceYesYesYesYesYesYes
CoinbaseYesYesYesYesYesYes
Crypto.comYesYesYesYesYesYes
ExodusYesYesYesYesYesYes

Our Expert Opinion about Bitcoin Wallets

We now take an in-depth look into the best Bitcoin wallets in Canada. Remember, our findings come from our own first-hand trading with these solutions, plus testimonials from real users. We particularly paid special attention to negative reviews to see whether the wallet solved the raised concerns. Doing so also helped us gauge the provider’s level of customer care.

That said, ensure you do your own due diligence to corroborate our research. Furthermore, visit the official website to stay abreast of any changes, such as fees, regulations, and asset range. Also, choose a wallet that suits your budget and goals.

1. Kraken – Overall Best Bitcoin Wallet for Canadians

After days of unbiased research, Kraken won the top position as the overall best Bitcoin wallet in the country. Novice and seasoned users fall in love with this powerhouse of watertight security, intuitive interface, and advanced tools.

This product is a self-custody wallet. That means you get complete control over your Bitcoin. Yes, at Kraken Wallet, “Your keys, your Bitcoin” isn’t just a mantra. And the fact that it’s compatible with your iOS or Android device means you can take your wallet with you wherever you go. 

Kraken Canadian Bitcoin wallet doesn’t joke regarding security. Some of its top-class security features include open-source software with encryption and biometric authentication technologies. Furthermore, the provider’s system doesn’t allow third parties to track your IP address and personal details. This privacy-first approach shows that it’s serious about keeping would-be intruders at bay.

Another boon is that Kraken wallet is an all-in-one access point. Manage all your cryptocurrencies in one place without the hassle of switching between providers. Apart from Bitcoin, it supports several other digital currencies like Dogecoin, Polygon, Ethereum, and Solana. The wallet also delighted us with its NFT management capability when dealing with the various assets.

Do you desire to swap Bitcoin for Ethereum or other cryptocurrencies? Kraken Wallet allows you to do that, thanks to the 200+ trading pairs. You can also exchange it with fiat currencies without worries.

Kraken

✔245+ available crypto
✔Simple user interface

trustpilor logo
5 User Reviews
google
31,100 User Reviews
apple
9,000 User Reviews
financeraters logo
Our Rating
Total Rating:
40,105 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Unmatched privacy and security
  • Complete control over your Bitcoin
  • Free to get and use
  • Competitive fees, especially for high-volume transactions
  • Around-the-clock customer support
  • Supports 2000+ digital assets

Cons

  • Lacks desktop version
  • The self-custody aspect may not be newbie-friendly

Fees are a bone of contention with Kraken because while some praise the platform’s affordability, lenient fees are mostly available to pro users and high-volume traders. For instance, individuals with a 30-day trading volume can enjoysuper-low maker fees starting from 0.00%. On the other hand, the maker/taker fees for low-volume traders can go as high 0.25%/0.4%. We’ve outlined some of the fees that our gurus unearthed while evaluating Kraken in the table below.

Fees and Charges Details
Maker/taker fees From 0.00%/0.10%
Margin trading fees Between 0.01% and 0.02%
Rollover fee Up to 0.02% (per 4 hours)
Instant buy fees Yes
Account inactivity fees No
Minimum deposit requirement 0.00001 BTC

As mentioned, Kraken supports a plethora of cryptocurrencies, from popular names like Bitcoin (BTC) and Ethereum (ETH) to less popular crypto like Astar (ASTR) and the likes. The exchange supports over 280 cryptocurrencies with approximately 100 crypto-to-crypto trading pairs. It also supports NFTs in 5 networks, from Ethereum and Base to Polygon, Solana, Arbitrum, and Optimism. That said, here are some of the most notable cryptocurrencies available in Kraken:

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Solana (SOL)
  • Dogecoin (DOGE)
  • Cardano (ADA)
  • Cosmos (ATOM)
  • Dash (DASH)
  • Dymension (DYM)

2. Binance – Best Bitcoin Wallet for Active Traders in Canada

If a day or week can’t pass without trading cryptocurrencies, we recommend Binance Web3 Wallet. The Binance app has this built-in wallet to help you explore Web3 without stress. Furthermore, its self-custody capability allows you to hold, manage, and control your Bitcoins exclusively.

Access decentralized finance (DeFi) and blockchain-based applications (dApps) with ease. Binance Web3 Wallet helped us perform multi-chain token swapping, earn yields, and interact with a rich network of blockchain platforms.

Decentralized exchanges (DEXs) like Binance Bridge powers cross-chain token swaps. A single tap is enough to switch between centralized finance (CeFi), DeFi, and Web3. That means you can bid farewell to juggling between numerous platforms. And the sweetest part? Enjoy the best prices, high liquidity, and reduced slippage when trading tokens across diverse networks.

We know that scammers can take advantage of our busy trading to cause havoc. Fortunately, the provider hasn’t left security to chance. It has Multi-Party Computation (MPC) technology that removes the need for traditional seed phrases. This cutting-edge technology creates three ‘key shares.’ 

While seed phrases are usually stored in one location, Binance Web3 Wallet provides three storage locations, including your device and the cloud. This reduces the exposure risks and adds a robust security layer to your bitcoins. Furthermore, you’ll get a prompt notification if you use a risk-laden blockchain or token.

Earn passive income and grow your portfolio using those idle Bitcoins. For instance, you can yield farming or stake opportunities in DAI, ETH, or USDC. The juicier part is that these investment opportunities happen in seconds rather than hours.

Pros & Cons

Pros

  • Multi-chain token swaps
  • Cutting-edge MPC security
  • Built-in risk controls
  • Intuitive and user-friendly interface
  • Integrated DeFi and dApp access
  • Yield earning opportunities
  • Self-custody control

Cons

  • The lack of the traditional seed phrase can confuse some users
  • The steep learning curve in advanced features

3. Coinbase – Best Bitcoin Wallet in Canada for Newbies

Novice users dread the complexity of most cryptocurrencies. It seems Coinbase crypto wallet realized this worry.

That’s why they have a beginner-friendly and intuitive wallet. Furthermore, they provide in-depth instructions and educational resources. After consuming these materials, you’ll be ready to start using the app.

Funding is Coinbase’s other forte. Purchase Bitcoins through a bank account, debit/credit card, or your favorite local payment method. Why should you worry about using an unfamiliar payment method even before mastering the world of digital assets? Furthermore, converting your Bitcoins into cash is a breeze.

The app is a one-stop storage and management location for your digital assets. You can use it for Bitcoins or other thousands of assets, including Ethereum, Solana, and Dogecoin.

It’s also a gateway to the fantastic planet of DeFi apps and DEXs. Once you land here, you can be part of a decentralized autonomous organization (DAO), earn yield via the DeFi liquidity pools, or swap assets.

Once you download the app on your iOS or Android device, these features are just a few taps away. You’ll also enjoy self-custodial control over your assets, keys, rare NFTs, and details.

Did you run into an issue when using Coinbase wallet? The provider’s responsive team is always on standby to rescue you. You can begin with the comprehensive Help Centre, which provides a rich collection of information. Whether you want to understand the verification process or Coinbase’s pricing structure, you’ll find an article for your inquiry. You can also browse guidance by topic or product.

As a newbie, it’s easy to fall into the hands of cybercriminals. But Coinbase has your back. Apart from providing rock-solid security measures, the wallet educates you on how to frustrate a hacker in case of suspicious activity. Learn to lock or unlock your account without waiting for a live agent.

Coinbase

✔Available in over 100 countries
✔Authorized, licensed and regulated

trustpilor logo
5 User Reviews
google
863,000 User Reviews
apple
1,800,000 User Reviews
financeraters logo
Our Rating
Total Rating:
2,663,005 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • In-depth educational resources for newbies
  • User-friendly interface
  • Easy fiat ramps
  • Self-taught security measures
  • Access to diverse assets

Cons

  • Lacks a standalone desktop app
  • Limited live support channels

Coinbase doesn’t have a fixed minimum deposit requirement, which should be terrific news to people working with a limited budget. Moreover, the exchange covers transaction charges on behalf of its clients, so you don’t have to worry about additional costs while topping up your Coinbase account. To make everything better, the company allows its users to send crypto to other Coinbase users free of charge.

That said, our experts discovered numerous fees and charges while researching and evaluating Coinbase. For starters, the company charges a 0.1%C Lighting Network fee as well as variable exchange fees that depend on numerous factors, including market conditions, order size, and the involved payment method. Coinbase users who require asset recovery services are also subject to network and recovery fees.

Let’s review some of the fees and charges that you might encounter while trading with Coinbase:

Fees and Charges Details
Minimum deposit None
Fiat deposit fees $10 (wire), €0.15 (SEPA)
Fiat withdrawal fees $25 (wire), £1 (SEPA)
Crypto transfer fee None
Exchange fees From 5bps/0bps taker/maker fees
Lightning Network fee 0.1%
Staking commission From 25%

Coinbase supports hundreds of cryptos, from Bitcoin to popular altcoins like Ethereum and Dogecoin. If you have a favorite digital asset you’d like to trade or invest in, please check if it’s on the exchange’s supported cryptocurrencies list before signing up or committing financially. With that in mind, here’s a snapshot of popular crypto assets that Coinbase users have access to:

  • Bitcoin
  • XRP
  • Monero
  • Uniswap
  • Litecoin
  • Polygon
  • Polkadot
  • Cardano
  • Avalanche

4. Crypto.com – Best Bitcoin Wallet for Earning Rewards

We all yearn to maximize our cryptocurrencies. Welcome Crypto DeFi wallet in your investment world to achieve this dream. Enjoy complete control over your assets and access a whole world of DeFi.

The wallet is among the providers with excellent earning potential. Earn rebates on 25+ diverse tokens, including TONIC, CRO, VVS, and ATOM. Turn your idle Bitcoins into a growing investment over time. The great returns plus flexible terms will make any rewards enthusiast happy.

Cypto.com DeFi wallet also boasts of fluidic integration with DeFi protocols. Enter the world of famous dApps, swap, mine, farm, and connect like a boss on the same platform. Do you desire more diversification and reward opportunities? Swap 1000+ tokens across 30+ chains like Cosmos, Cronos, and Ethereum.

The wallet prioritizes securities in this hackers-infested cryptocurrency world. They use top-in-class technologies to encrypt private keys to your device locally. Additional security layers include 2FA and biometric authentication. 

The outstanding non-custodial element allows you to control your Bitcoins and private keys better. And if you already own a wallet, you can import Bitcoins using the 12/18/24-word recovery phrase.

This provider remembered NFT enthusiasts. You can view, manage, and share your NFT without logging out of the wallet. Furthermore, you’ll love the versatility of accessing diverse formats and blockchains when dealing with these assets.

You can continue earning rewards even when you switch from your mobile device to the desktop version. The wallet extension boosts the connection between its app and the desktop browser. This cross-platform power enables you to view balances, confirm dAP transactions, send, and receive Bitcoin without changing devices.

Crypto.com DeFi Wallet

✔Decentralized wallet
✔Over 25 tokens

trustpilor logo
5 User Reviews
google
34,800 User Reviews
apple
11,200 User Reviews
financeraters logo
Our Rating
Total Rating:
46,005 User Reviews
Pros & Cons
Fees
Trading Assets

Pros

  • Provides mobile apps, browser-based versions, and desktop apps
  • Complete non-custodial control over assets and private keys
  • Frictionless dApp integration
  • Supports NFT across chains
  • High-yield earning potential

Cons

  • Potential network charges on popular blockchains
  • Limited customer support

The Crypto.com wallet is free, so you don’t have to worry about spending your hard-earned money on subscription fees and similar charges. That said, while using this wallet, you may be subject to transaction fees, swap fees, and other costs. They often vary from time to time, so we highly encourage you to review the company’s terms and conditions and stay on top of all arising developments.

The Crypto.com wallet supports over 30 blockchains, including popular options like Ethereum, Cronos, and the Crypto.org Chain. This feature makes it possible for this product’s users to store, manage, and swap over 1,000 crypto assets, from Bitcoin and Polkadot to Ethereum and Cronos.

Besides such assets, you can deposit a wide variety of NFTs into your Crypto.com wallet. You can also use the same solution to keep an eye on your NFTs, learn about some of your NFT assets, and share your favorite NFTs on social media.

Here’s a brief list of some of the assets supported by the Crypto.com wallet:

  • Major coins: Crypto.com users can store and manage a wide range of major cryptos in their wallet, including Bitcoin, Litecoin, and Dogecoin.
  • Popular altcoins: The Crypto.com wallet supports a considerable selection of altcoins, from ApeCoin and Polygon to Uniswap, Chainlink, and Polkadot.
  • Stablecoins: You can store and manage multiple stablecoins, including DAI, USDT, and USDC.

5. Exodus – Best Bitcoin Wallet for Mobile Users

Exodus won the race for the best mobile wallet. Its user-friendly interface and robust features will power your Bitcoin on-the-go management game. All this happens under tight security.

Access 100,000+ digital currencies. Apart from Bitcoin, you can transact with other significant assets like Ethereum and Litecoin. Each year, this provider adds more cryptocurrencies to the list.

Wallets that tie you to desktop versions can cost you an opportunity. The story changes for Exodus users. Thanks to the responsive mobile app, you can swap or trade your Bitcoins within seconds. What we admired most is the app’s simplicity, void of “tech speak.” But if you want to return to the desktop, there’s no problem.

In fact, our cross-device experience was unmatched in the industry. The system seamlessly syncs your portfolio between devices to keep your transactions uninterrupted. All you need to shift onto another device is a 12-word backup phrase.

As an active mobile user, it’s understandable to be concerned about privacy and security. We assure you the wallet didn’t fail here. It employs user-centric security measures, such as data and private key encryption.

Also, you have to pass fingerprint or face scanning to access the app. The wallet goes further by examining all addresses to ensure error-free transactions. Such features often give hackers and prying eyes a tough time.

Exodus also scoops massive points regarding buying cryptocurrency. You can fish out your debit/credit card, use the bank transfer method, or use Apple Pay. We found that the wallet currently supports all these methods for Canadian traders.

Pros & Cons

Pros

  • Intuitive interface
  • Supports 100,000+ cryptocurrencies
  • Around-the-clock support
  • Manage bitcoins without registration
  • Built-in exchanges and swapping
  • Cross-platform sync between mobile and desktop devices

Cons

  • Lacks 2FA security feature
  • Limited advanced features

Bitcoin Trading in Canada

Bitcoin Trading in Canada

Canada boasts of international-grade Bitcoin trading regulations. The FINTRAC oversees all crypto wallets and exchanges in the country to prevent money laundering, terrorism financing, and other cybercrimes.

A reputable wallet and exchange should be FINTRAC-registered, have KYC procedures, report dubious activities, and keep proper records. It should also be authorized to operate by CSA, another oversight authority. This regulatory body monitors several elements of cryptocurrencies to safeguard you, the investor, and maintain market integrity.

Generally, a Bitcoin trader must be at least 18 or 19 years old. The exact minimum age depends on the province’s regulations.

The Canada Revenue Authority (CRA) views Bitcoin as a commodity. You must pay Capital Gains Tax (CGT) at 50% of your marginal tax rate if you trade Bitcoin occasionally. Is the trade more frequent or as a business? In this case, you pay business income tax on the profits.

How to Start Bitcoin Trading in Canada?

How to Start Bitcoin Trading in Canada?

Are you a newbie in the Bitcoin trading world? Relax. After choosing one of our recommended wallets and exchanges, go through the following secure steps:

  1. Create an account: Specify your email address and create a hard-to-guess password. The wallet will send a confirmation email. Verify your email address to get started.
  2. Provide personal details: The crypto wallet will require personal information like name and address. Ensure you can upload a Canada-issued ID like a DL, provincial photo ID card, or passport.
  3. Identity verification: The wallet may require your selfie holding the ID. This FINTRAC-enforced step helps prevent cybercrimes.
  4. Fund account: Once verified, deposit money into your wallet. The wallet offers popular payment methods, including bank transfers, debit/credit cards, and online solutions like PayPal.
  5. Start trading: Kudos for coming this far. The adventure now starts. A Canadian-friendly exchange provides CAD trading pairs with which to trade assets using the familiar currency.

Remember, these are general steps. Check the wallet and exchange for exact procedures and requirements.

How to Choose the Best Bitcoin Wallet in CA

We get it—choosing the best wallet can overwhelm even seasoned traders. But the trick is to consider the following must-know factors:

Your Needs
Trading and non-trading fees
Asset range
Security
Funding method
User-friendly
Customer support
Countrywide reputation

If you intend to focus on Bitcoin trading, ensure the wallet supports this coin. Do you plan to diversify into other cryptocurrencies like Ethereum? The platform must have a wide range of digital currencies for your future diversification.

If the fees are high, your profitability may take a nosedive. So, go for a wallet with reasonable and clear pricing structures. Watch out for platforms that entice you with lower trading fees only to slap you with exorbitant deposit or withdrawal charges.

While Bitcoin trading may be your main goal, you may desire to venture into other vehicles. A reputable crypto wallet has a diverse range of altcoins, such as Dogecoin and Ethereum.

Fraudsters are always looking for the next loophole in cryptocurrency systems. So, security is a non-negotiable factor. Top crypto wallets implement hard-to-penetrate security features like 2FA, encryption protocols, and biometric authentication.

A lack of familiar payment methods can be a roadblock to Bitcoin trading. The wallet should provide various payment methods, including bank transfer, debit/credit cards, and PayPal.

A great wallet allows you to access Bitcoins, trade, and do more in just a few clicks. On the contrary, a cluttered interface or clumsy app can cost you a juicy opportunity. The crème de la crème provider supports your preferred language.

Bitcoin trading is not without roadblocks. So look for a wallet with responsive and helpful customer support. Ensure the provider has a comprehensive help center with diverse support contact channels.

What are other Canadian traders saying about the crypto wallet? Visit reputable review websites for testimonials from real users, such as Google Play, the App Store, and TrustPilot. How did the provider handle the negative reviews? You don’t want to fall victim to the same issue or a non-caring platform.

Is it Safe to Use a Bitcoin Wallet for Your Needs?

A BTC wallet is safe if you follow our guide and cherry-pick the right provider. Sure, cold wallets are the safest in the industry. However, our top picks of hot wallets provide equally excellent security alongside a perk of other benefits, including quick access.

But conduct your own due diligence on a wallet’s security features. Don’t overlook elements like 2FA, private key control, backup, and recovery. Also, educate yourself on standard regulations and ensure your chosen provider is abreast of set measures.

Conclusion

You can conquer the dynamic and diverse world of Bitcoin trading in Canada. But first things first: ensure your chosen solution aligns with your goals and is secure, affordable, and caring. We did the legwork for you. From our crowned King Kraken to the rewarding Crypto.com, you can get the right fit.

However, remember to stay alert while trading. Set SMART financial goals and long-term strategies. Stick to your guns amidst whirlwinds of emotions, risks, and shiny objects. Furthermore, you can diversify to other digital assets to boost your bottom line and reduce risk exposure. 

author image
Thadeus Geodfrey

Thadeus Geodfrey is an experienced and celebrated writer and self-taught trader specialising in cryptocurrencies and forex. Market analysis, identifying fraudulent brokers, and security are his cup of tea. At BrokerRaters Thadeus develops educational materials and user-guides, offer market insights, ensures our content conforms to the best standards. Join Thadeus to succeed in your trading endeavours.

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