Are you looking for where and how to get the safest bitcoin wallets in Canada? This article will provide you with all the details you need to know about the Bitcoin wallet and the safest Bitcoin wallet, along with its features, pros, and cons. But before we move further, let’s look at what a Bitcoin wallet is all about.
A Bitcoin wallet is a wallet that helps store your public and private keys. A Bitcoin wallet helps you hold your crypto holdings securely while also giving you access to receive and spend cryptocurrencies. Since BTC prices took off recently, finding ways to store them has become essential safely.
Which Bitcoin Wallet is Best for Canada?
A Bitcoin wallet comes in many forms and shapes; each wallet has its unique features, pros, and cons. Typically BTC wallets are categorized into three types:
- Paper wallet: A paper wallet is the most basic type of cryptocurrency wallet. Bitcoin private keys can be written on paper and stored securely offline.
- Software wallet: A software wallet is a wallet that can be installed on your smartphone or PC and are easily accessible whenever you want to. The challenge with this wallet is that your device could become corrupted or hacked.
- Hardware wallets: Hardware wallets are among the most secure wallets you can use to store cryptocurrency. You get an offline physical device, and a lot more difficult to corrupt or hack.
10 Safest Bitcoin Wallets in Canada
1. Ledger Nano X
Ledger Nano X is one of the best-rated hardware wallets. Ledger Nano X uses a certified secure chip to protect your private keys and supports more than 1,900 cryptocurrency assets, including Ethereum, Bitcoin, Dogecoin, Litecoin, Ripple, Neo, etc.
It comes with a Ledger Live mobile application that works through Bluetooth, so you can manage your account using your smartphone.
Features
- This platform can hardly be hacked
- You can send and receive coins
- It supports over 1300 currencies
Pros
- It supports over 1300 currencies
- It supports all mobile operating systems and desktop
- You can store up to 100 apps
- Private keys are stored inside the hardware wallets chip
Cons
- It is quite expensive
- Bluetooth is not compatible with desktop
- You cannot purchase an asset or token through this platform
2. Ledger Nano S
Ledger Nano S wallet is rated by users as one of the best crypto and bitcoin hardware wallets on the market, and based on its price point; it is also one of the cheapest for newcomers.
This wallet supports 4 to 20 apps on your device at any time and access to 1,500 tokens. Ledger Nano S uses a USB Type Micro-B connector which may not be compatible with newer smartphones, and it doesn’t use Bluetooth.
Features
- Ledger Nano S comes with a built-in display panel that allows you to check and confirm transactions
- It has robust security features
- It supports various companion applications such as other cryptos wallet
- Multi- cryptocurrencies support
Pros
- It is portable and malware proof
- Multi- cryptocurrencies support
- It is a reputable wallet with over 1 million units sold
Cons
- It lacks passphrase support
- Lengthy 24 words seed phrase
3. Trezor Model T
The Trezor Model T is an advanced crypto wallet to store your private keys securely and digital assets and doubles up as a password manager. Trezor wallet supports more than 1,000 currencies, including Bitcoin, Litecoin, Ethereum, Bitcoin Cash, Zcash, Dash, etc. It can be connected using a USB-C connector to your mobile phone or PC.
Features
- Desktop OS, web browser, and android supported
- It supports over 1500 coins and tokens
- Purchase cryptos with fiat currencies and exchange them with the wallet
Pros
- An open-source
- It is easy to set up and use
- This wallet supports over 1500 coins
Cons
- More expensive than its peer
- It is only supported on Android mobile
4. Binance (Trust Wallet)
Binance is the largest crypto exchange globally for Bitcoin and hundreds of altcoins. It acquired Trust Wallet and now manages the mobile wallet.
Binance trust Wallet is free to use and supports more than 42 blockchains. It also supports staking, which means you can earn more coins using your current holdings.
Features
- Binance is one of the safest bitcoin wallets with 24/7 customer care service.
- The app is fully compatible with android, web, iOS, and windows.
- This platform has a daily trading volume of 1.2 billion dollars and over 1,500,000 transactions per second.
Pros
- It supports multiple cryptos
- It is very secure
- This platform is one of the most trusted platforms in the crypto world
Cons
- Low customer support
- Complex for beginners to understand
5. Exodus
Exodus is a multi-currency wallet that supports over 100 crypto assets and is available on mobile phones and desktops. It supports swapping and staking, has a built-in crypto exchange, and is compatible with the Trezor cold storage wallet.
Features
- This wallet supports all major cryptos as well as an extensive array of altcoins
- It has an excellent design
- It is swift and convenient
- All assets are fully encrypted and secured
Pros
- It has an excellent design and user interface
- It offers exceptional support to users
- It has a built-in crypto exchange and supports over 100 cryptocurrencies
Cons
- Its security features are limited
- There is an application for mobile
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6. Electrum
Electrum is an online Bitcoin wallet that has been around since 2011. It is one of the most secure wallets compared to the average hot wallet. It supports hardware wallets such as Trezor and Ledger and can be used on mobile phones and PC.
Features
- This platform offers complete control of the user’s private keys, and it is encrypted and stored on the user’s computer.
- The transaction made on this platform is verified using Simple Payment Verification.
- Electrum servers are decentralized and redundant
- The platform supports hardware wallet integration with other hardware wallets such as KeepKey, Trezor, and Ledger-Nano.
Pros
- This wallet is easy to set up
- It is a widely used wallet
- This platform offers several privacy features
- This platform provides integration with other hardware wallets for extra security
Cons
- It is not beginner-friendly
- This platform only supports bitcoin
7. Wealthsimple Crypto
Wealthsimple Crypto is one of the best crypto apps in Canada for beginners who want to buy Ethereum, Bitcoin, and several other cryptocurrencies.
Features
- A platform that is safe and insured by many regulators.
- It is an all-in-one application that features stocks, banking, and cryptocurrency options.
Pros
- Users can put funds into investment in the traditional financial market
- Availability of educational resources for new investors
- Availability of savings account
Cons
- Setup of custodial wallet
- Real fees for cryptocurrency asset purchase is high
- It is only available in Canada
8. ZenGo
This wallet is a non-custodial, keyless crypto wallet that’s more secure than traditional wallets, and it is straightforward to use. It supports more than 70 cryptocurrency assets, and it takes less than 32 seconds to open your free ZenGo wallet.
This wallet is a free software wallet; receiving and sending crypto to and from your ZenGo wallet is also free, and they offer 24/7 customer support.
Features
- A hybrid of a non-custodial and custodial wallet
- No private keys, no password, no seed phrases
- User interface is easy to understand by beginners
Pros
- An intuitive way of securing holdings without a password
- Its fee is relatively low compared to another crypto wallet
- Passive income without mining
Cons
- An internet connection is needed to trade
- Security features are not good
- It supports limited cryptocurrencies
9. Coinbase
Coinbase is one of the best Bitcoin wallets in Canada for customers who want to dive deeper into the cryptocurrency universe. With this cryptocurrency app, you can do everything from sell and buy cryptos on the Coinbase exchange to store and trade NFTs. This wallet offers access to many DeFi applications that enable peer-to-peer crypto trading and let you borrow cryptocurrency from massive liquidity pools.
Features
- It allows you to store your crypto and trade with them
- It manages private key
- It allows you to store and trade NFTs
Pros
- The company is well-funded to recoup stolen or lost digital assets.
- It uses a two-factor authentication
- The wallet has advanced capabilities of restricting access as well as providing access to the digital financial instruments such as altcoins, NFTs and stablecoin
Cons
- Coinbase wallet may act as a hosted wallet by storing the private keys somewhere else
10. Bitbuy
BitBuy is a crypto app in Canada. You can sell, buy and store 15 of the most popular cryptos with Bitbuy. The selection includes Bitcoin, Dogecoin, Ethereum, Litecoin, and more. Bitbuy wallet is built right into your BitBuy crypto exchange account, and it is available on mobile phones and the web.
Features
- It allows users to sell, buy, store and transfer digital currency
- It is a secure platform, and it is trusted
Pros
- High level of security
- Very easy to navigate UI
- This platform has good customer service
Cons
- Availability of cryptocurrencies is limited
- This platform is only available in Canada
- Lacks earning tools and protocol
The Safest Place to Buy Bitcoin in Canada
The safest crypto exchange in Canada is Bitbuy, a Money Service Business registered with FINTRAC. They have high bank-level security protocols, hold your crypto offline in a cold storage wallet, and let you move your crypto on or off of the exchange at any time.
A Bitcoin wallet help stores your public and private keys and hold your crypto holdings securely while also giving you access to receive and spend cryptocurrencies.
Watch the video below to know the safest Bitcoin wallets in Canada:
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