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Claire Maumo has experience in investment banking, strategic consultancy, and journalism. She has a Bachelor’s degree in Business Management and a Master’s in finance. She has a knack for making complex concepts easy to understand. Her primary focus is on crypto, blockchain, and financial instruments. Follow her for expert insights on trading and investment.
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Canada continues to strengthen its regulations on cryptocurrency trading to ensure the financial market remains safe. However, there is still no guarantee that your acquired digital asset will be secure in a crypto exchange for a more extended period. For this reason, it is best to acquire cold or hot storage for your cryptos for maximum safety.
With hundreds of crypto wallets in the Canadian market, choosing the best can be an overwhelming task, especially for newbies who are still learning the ropes. Note that many crypto wallets in the region are highly secured, support a wide range of digital tokens, and more. Luckily, we did all the market research, so you do not have to. Below are some of the best crypto wallets in Canada 2024 that have proven secure and reliable.
List of the Best Crypto Wallets
- Kraken – Overall Best Crypto Wallet in Canada
- Coinbase – Top Crypto Wallet With a Vast Asset Selection
- Crypto.com – Beginner-Friendly Crypto Wallet in Canada
- Exodus – Top Crypto Wallet For Mobile Canadian Traders
- Binance – Best Crypto Wallet For Professional Traders in Canada
In This Guide
Canadian Crypto Wallets: Comparison Table
Our research process for the best crypto wallets Canada took hundreds of hours. Various lengthy procedures were involved, starting with us collecting as many secure crypto wallets as possible. We then tested them multiple times and compared them based on various elements. These include security measures, supported tokens, exchange integration, fees, and more. These processes enabled us to shortlist a few that met our stringent specifications.
Besides conducting multiple tests and comparisons, our research led us to Google Play, the App Store, and Trustpilot. We believe that understanding previous and current user experiences sheds more light on the wallets’ strengths and weaknesses. Plus, combining our user testimonial findings with the test results helps us make unbiased recommendations.
Here is our comparison table, showing some of the wallets’ features we looked into during the research. We hope it will help you make solid comparisons and an informed choice.
| Best Crypto Wallet Canada | Wallet Type | Support Service | Price | Supported Coins | Hardware Wallet |
|---|---|---|---|---|---|
| Kraken | Non-custodial wallet | 24/7 | Free | 2,000+ | 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 |
| Binance | Non-custodial wallet | 24/7 | Free | 1,000+ | Yes |
Wallets Short Overview
Cryptocurrency wallets in Canada have varying fees and support different digital tokens. If you have been struggling to choose an affordable wallet hosting the right assets, we are here to help you using our tables below. The tables highlight short overviews of the applicable charges and asset offerings once you commit to these wallets.
Fees
| Best Crypto Wallet Canada | Fees | Minimum Deposit Requirement |
|---|---|---|
| Kraken | 3% conversion fees for converting small balances | 0.0001 BTC |
| Coinbase | From 0.05%/ 0.00% maker/taker fees | None |
| Crypto.com | No transaction fees | None |
| Exodus | No transaction fees | 10 XRP |
| Binance | From 0.009% / 0.018% maker/taker fees. | 0.00000001 ETH |
Assets
| Best Crypto Wallet Canada | Bitcoin | Ethereum | Litecoin | Ripple | Tether | Solana |
|---|---|---|---|---|---|---|
| Kraken | 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 |
| Binance | Yes | Yes | Yes | Yes | Yes | Yes |
Our Expert Opinion about Crypto Wallets in Canada
1. Kraken – Overall Best Crypto Wallet in Canada
We found many crypto wallets to be the best for Canadian investors, but Kraken stood out for various reasons. Besides being trusted by millions of global crypto investors, the wallet is user-friendly and has a modern design. Moreover, we like the fact that this wallet operates seamlessly on mobile devices. You can download and install it from Google Play or the App Store. This self-custody wallet is built for users looking to securely connect to the decentralized web.
We also like that Kraken is a multi-chain wallet that supports over 2,000 digital coins, including popular ones like Bitcoin, Ethereum, Litecoin, and more. Plus, Canadian investors can use it to manage their NFT collections across Ethereum, Polygon, Solana, Arbitrum, Base, and Optimism networks from a single location. With an in-built crypto exchange, Kraken is reliable, as you are guaranteed a vast selection of learning and market analysis tools.
Kraken
✔245+ available crypto
✔Simple user interface
Pros & Cons
Fees
Trading Assets
Pros
- A user-friendly and intuitive design open-source crypto wallet
- Low transaction charges across all networks
- Supports over 2,000 cryptocurrencies
- Highly secured with SSL encryption, two-factor authentication, and more
- Opportunity to buy cryptos with as little as C$10
Cons
- Its advanced features can inconvenience newbies
- Limited support for fiat currencies compared to its peers
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 |
2. Coinbase – Top Crypto Wallet With a Vast Asset Selection
We explored the Coinbase wallet and discovered more than 2,000 digital tokens across Bitcoin, Ethereum, Dogecoin, Solana, and all Ethereum-compatible networks. The wallet is also home to thousands of NFTs, which gives users numerous options to invest in and diversify their portfolios with. This self-custody wallet is highly secured and encrypted, making it reliable and efficient for your transactions. Plus, it gives easy access to the decentralized web and is integrated with an exchange to ensure all users are comfortable.
Another excellent feature we noted at Coinbase is its ability to allow users to purchase cryptos using fiat currencies. This means you can fund your account with the CAD currency via a bank account, card payment, or other local payment methods. For beginners, this wallet is user-friendly and hosts a plethora of learning materials for skills development. On top of that, it features crypto staking for rewards and is compatible with both desktop and mobile devices.
Coinbase
✔Available in over 100 countries
✔Authorized, licensed and regulated
Pros & Cons
Fees
Trading Assets
Pros
- Supports multiple addresses
- A user-friendly self-custody Web3 wallet, giving you full access to your private keys
- Its crypto exchange makes it easier for users to trade, buy, and sell digital currencies while enjoying advanced features
- Highly encrypted with advanced security measures like passwords, biometrics, etc
Cons
- Many users wish to have its support service improved
- No desktop application
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% |
3. Crypto.com – Beginner-Friendly Crypto Wallet in Canada
Beginner crypto traders looking for a reliable and secure digital wallet should try Crypto.com. Based on our test and analysis findings, the wallet is user-friendly and easily navigable. Plus, its educational section features numerous learning resources for skill development. We also like its reliable support service, which operates round the clock every day. This is a bonus for any newbie, as you can trade or invest knowing that you have the best team at your beck and call if need be.
Over 1,000 cryptocurrencies are supported at Crypto.com, including popular options like Bitcoin, Ethereum, and more. The supported tokens are available across 30+ blockchains, including Cronos, Ethereum, and Crypto.org Chain. Furthermore, we find Crypto.com a flexible wallet for newbies, as it allows users to export their existing wallets with secure 12/18/24-word recovery phrases. And when it comes to device compatibility, this wallet operates seamlessly on Android and iOS mobile devices. You can also connect its app to your browser and enjoy additional features like token swapping, exploring dApps, and more.
Crypto.com DeFi Wallet
✔Decentralized wallet
✔Over 25 tokens
Pros & Cons
Fees
Trading Assets
Pros
- Supports over 1,000 cryptocurrencies
- Available for mobile, desktop, and browser-based devices
- A user-friendly and modern design platform
- Highly secured and reputable among global users
Cons
- DeFi rewards come with additional charges
- High transaction charges compared to its peers
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.
4. Exodus – Top Crypto Wallet For Mobile Canadian Traders
We find Exodus an excellent option for mobile crypto traders due to its seamless integration and navigation on both Android and iOS devices. The wallet supports thousands of digital currencies across 50+ networks, giving you endless options to keep you engaged long-term. Moreover, it features a Web3 wallet supporting 15+ networks, including Ethereum, Solana, and BSC, with the Exodus Chrome browser extension. It also supports fiat currency purchases using the CAD or any other option of your choice like the USD, EUR, and more.
Another element we like about Exodus is its integration with the Trezor wallet. Users can easily swap tokens between Trezor and Exodus, providing more flexibility to your investments. Furthermore, the wallet has its own in-built exchange, which you can use for trading and investing, considering its additional excellent features. Other elements worth noting at Exodus include crypto staking for rewards, quality learning resources, and a reliable 24/7 support service.
Pros & Cons
Pros
- User-friendly with modern design perfect for newbies
- It has an integrated exchange with advanced features
- Available for desktop and mobile devices
- Offers users an opportunity to earn crypto rewards by staking their digital tokens
Cons
- Limited learning resources compared to its peers
- Higher charges on debit/credit card transactions
5. Binance – Best Crypto Wallet For Professional Traders in Canada
Binance is trusted by over 200 million users, which proves its credibility in the Canadian crypto space. Our tests led us to conclude that it suits professional traders, primarily due to its vast selection of trading instruments. The Web3 wallet has numerous digital tokens across multiple networks. Plus, it features an in-built exchange to streamline your token transfers and investment experience. Its numerous learning resources will also ensure you keep advancing your skills and get updated with the latest market trends.
Thanks to deep liquidity and low slippage, we find Binance among the most affordable exchanges. You can swap tokens cross-chain and transact multiple times without worrying about spending a lot of money. This is perfect for any professional trader looking to manage multiple positions within a day. On top of that, Binance offers users an opportunity to earn cryptos on their idle digital tokens.
Pros & Cons
Pros
- Hosts thousands of digital tokens, including popular options like Bitcoin and Ethereum
- A highly secured wallet with over 200 million global users
- Has an in-built exchange with advanced features
- Allows crypto staking and swapping
Cons
- Its vast selection of resources can confuse beginners
- Its support service response rate can be improved
Additionally, explore our other article about Bitcoin Wallets in Canada.
Crypto Trading in Canada
Canada is one of the global countries with a friendly regulatory environment for cryptocurrency trading. The activity is legal in the region, and any individual above 18 years of age can participate in cryptocurrency trading. Note that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is responsible for registering all crypto exchanges and wallet providers in Canada. This is a way to ensure that these firms adhere to anti-money laundering and KYC rules. As a result, the trading or investing environment remains safe for traders, and they enjoy favourable trading conditions.
When it comes to tax rules on crypto trading in Canada, the activity is considered a commodity or business venture. This means that any profits you earn from the activity, whether through long-term investment or short-term trades, must be reported to the Canada Revenue Authority (CRA). It is crucial to understand the tax laws on cryptocurrency trading to plan accordingly.
Overall, cryptocurrency trading carries risks, and having the best exchange or wallet does not guarantee profits. While making the best choices and decisions will maximize your potential, always conduct thorough market analysis for solid strategies. This is because cryptocurrencies are highly volatile assets, and their prices tend to constantly fluctuate. Plus, always stay abreast of the latest market developments since the future of cryptocurrencies is unpredictable. Regulations can change and affect how the tokens are traded or taxed.
What is a Crypto Wallet?
A crypto/cryptocurrency wallet is a digital that traders use to store and manage their acquired digital tokens. Note that crypto wallets do not essentially store the tokens but the private/public keys you will use to access your asset from a blockchain.
Note that there are two different types of crypt wallets, including software and hardware. Also called hot wallets, software crypt wallets are online-based. You need an internet-enabled desktop or mobile device to manage them. While being online makes them more prone to hacking, they are the best for frequent transactions.
When it comes to the hardware or cold wallets, they are managed offline using a hardware tool. You do not need to be connected to the internet to use a hardware wallet. They have proven more secure than software wallets but are the best for long-term investment and storage.
How to Start Crypto Trading in Canada?
Now that you are familiar with the best crypto wallets in Canada, do you know how to get started and explore the crypto market? If you are new to this venture, follow the procedures below to start trading.
Step 1: Choose a crypto wallet and visit its official website
Step 2: Complete the account registration procedure
Step 3: Participate in the KYC
Step 4: Make a deposit
Step 5: Start trading crypto
Choose the crypto wallet Canada from our list above, and then click any links we have shared on this page to access its official website. It is essential to fully understand a wallet’s features and terms of service before making a commitment. Also, download and install the wallet on your mobile device to continue tracking and managing your tokens while on the go. If you prefer a hardware wallet, purchase it from the relevant provider.
Complete the account registration. Unlike brokerage firms that require many personal details, crypto exchanges only request your name and email address. You will also be required to create a unique username and strong password to secure your trading account from unauthorized access. Plus, you will be given your private keys to manage your tokens, which you must keep safe and only accessible to you.
Before your account is fully activated, most exchanges will engage you in a KYC procedure as a standard protocol to keep the online trading environment safe. Share the required copies of your personal documents, whether it’s your government-issued ID card, passport, or driver’s license. Some exchanges may also request you to send your selfie photo holding your ID card.
Once your crypto wallet Canada is activated, you will receive an email notification from your wallet’s provider. At this point, you are free to transfer cryptocurrencies from your exchange to the wallet. We believe you will be familiar with all the applicable fees and are comfortable to transact.
Start transacting with your funded crypto wallet by sending assets to another wallet. You can also send your cryptos to another exchange with amazing features that will maximize your trading experience. Remember, crypto wallets are primarily tailored for secure storage. Therefore, only move the tokens you want to trade and leave the rest for future use.
If you are a beginner, note that the crypto market is highly volatile, and asset prices frequently fluctuate. For this reason, start small, explore a token you are familiar with, and consider portfolio diversification.
How to Choose the Best Crypto Wallet in Canada
Choosing the right crypto wallet exposes you to diverse opportunities that will maximize your potential. If you have been having a challenge making a suitable choice, simply consider the elements below.
Security
Wallet Type
Fees
Performance
Token Availability
Support Service
User Testimonials
You must consider your cryptocurrency security when choosing a crypto wallet in Canada. This means that the wallet you select must be highly encrypted and be FINTRAC registered. The last thing you want is to fall victim to scammers looking to take off with your hard-earned cryptos. Additionally, ensure your wallet has additional safety measures like strong passwords and biometrics. Hacking history should also be checked, and whether your private keys will be secured online or offline.
Always understand your investment goals before choosing a crypto wallet in Canada. For instance, if you are looking to buy cryptos and secure them for a long time, choose a hardware wallet. Those looking for frequent and short-term investments should consider software wallets, as they make your private keys easily accessible using an internet-powered desktop or mobile device.
Analyze a crypto wallet’s fee structure and ensure it aligns with your budget. Every wallet has its own transaction charges, so compare various options to settle for the best. For hardware wallets, note that you must buy and ship them, which will also require money. Simply put, a crypto wallet must be affordable for an exciting experience.
The best crypto wallet Canada must be user-friendly with an intuitive design for an exciting experience. It must also support additional features and allow you to efficiently send and receive cryptocurrencies. And if you are considering an independent wallet, confirm whether it can be integrated with your preferred exchange for seamless transactions. Most importantly, it should be compatible with both desktop and mobile devices.
Check the availability of tokens supported by a Canadian crypto wallet. Whether you prefer investing in Bitcoin, Ethereum, Litecoin, or more, your wallet must support the buying, selling, trading, and storing the tokens. Having multiple options should be a plus, as you will easily explore new options and identify those that fit your portfolio diversification.
Having a cryptocurrency wallet in Canada with the best support service will ensure that your concerns and challenges are addressed on time. To confirm the reliability, reach out to your preferred wallet’s team and gauge their responsiveness. If they are prompt and offer relevant solutions, then the wallet is worth your commitment. Plus, their availability must align with your schedule and be reachable via convenient channels like live chat, phone calls, and email.
Besides comparing crypto wallets Canada based on the above features, consider incorporating user testimonials into this process. By understanding what other users say regarding their experiences, it will be easier to fully understand what comes with committing to a crypto wallet. Therefore, visit legit platforms like Trustpilot, Google Play, or the App Store for honest user comments and ratings.
Is it Safe to Use Crypto Wallets to Store Your Crypto?
This is a common question traders ask before venturing into cryptocurrencies using a crypto wallet. To clear your doubts, securing your digital wallets in a crypto wallet is safe for as long as you use a highly encrypted and reportable wallet. Plus, ensure you keep your private keys to yourself and do not share them with anyone. Remember, once they fall into the wrong hands, your digital wallet will be compromised, and you may end up losing all your assets.
Hardware wallets have proven more secure than software wallets since they store your private keys offline on a physical device. However, they can still be compromised if you do not use them correctly or if they get infected with keystroke logging software.
Overall, a secure wallet adheres to local financial market regulations. We share above some of the safest options that have been tested and approved by experts. From our experience, securing your digital tokens in a wallet is more secure than leaving them in an exchange. This is especially if you are looking to invest in cryptos long-term.
Conclusion
Making the best choices and decisions when trading or investing in cryptocurrencies will maximize your experience and potential. As a beginner, we hope our guide above will give you a good headstart on your ventures. However, understand that the crypto market is highly volatile, so do not expect quick returns, as losses are inevitable. Instead, conduct thorough market research before opening a position and risk funds you are comfortable losing. Once you make your first purchase and store the tokens in your wallet, keep your private keys away from anyone. You should also stay abreast with the latest market news or developments so you can know the best time to sell your cryptos for profit.
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