Canada has long been one of the most welcoming and receptive countries towards cryptocurrencies globally, with crypto now being used in several sectors, and crypto ETFs also gaining approval to launch on the Toronto Stock Exchange. Thus, with this growing popularity, it is also important for Canadians to know where and how they can store their crypto tokens. Crypto wallets are the answer, and here we will look at some of the best wallets, of all types, that Canadians can use to store their cryptocurrencies.
Before looking at specific wallets, it is important to understand the different types of crypto wallets that are available.
Paper wallets – these are the simplest form of wallets. All you need to do here is write down your private keys on a piece of paper and store it safely somewhere. The downside is that you can risk losing that piece of paper, and consequently lose access to your wallet.
Software wallets – software wallets are apps or programs that can be downloaded onto your phone or computer. They make it extremely easy to access your crypto holdings, and the only danger here is if your device is hacked.
Hardware wallets – these are the most secure wallets for storing crypto. A physical device, akin to a USB stick, is used to store your crypto data, and since it is offline, it is a lot more difficult to hack into.
Now, we will consider some specific wallets that are relevant for Canadians.
Ledger Nano X
This is one of the best hardware crypto wallets available at the moment. Ledger Nano X uses a certified secure chip to protect your private keys and supports more than 1,800 crypto assets. You can use the wallet to buy and sell crypto, check account balances, and verify transactions. It works with a Ledger Live mobile app that allows users to manage their accounts remotely, with the app connecting your phone to the wallet via Bluetooth.
Trezor Model T
The Trezor Model T, developed by SatoshiLabs, is another excellent hardware wallet that can be used to store digital assets and private keys. It supports more than 1,000 crypto and digital currencies, and can also be used as a password manager for other websites. The wallet can be connected to your computer or phone via a USB-C connector.
While this wallet is only limited to storing Bitcoin, it is one of the best free wallets out there. Armory offers Bitcoin cold storage, which means that it stores your coins in a wallet on a computer that is not connected to the internet, and therefore cannot be hacked. This makes it a lot more secure than regular digital wallets, and given that it is free, is a great option for Bitcoin traders and owners in Canada.
Coinbase is one of the largest crypto platforms in the world, and its software wallet is one of the most convenient to use. It is extremely easy to transfer coins from the exchange to the wallet, and storage is for free, although miner fees do need to be paid. It supports multiple cryptocurrencies, with the access keys being stored on your phone for easy retrieval.
Another of the big global crypto platforms, Binance acquired Trust Wallet in 2018, and therefore now manages the mobile wallet. It is free to use and supports more than 40 blockchains and thousands of crypto assets. It also supports staking, which means that you can earn more crypto through your current holdings as well.
These are some of the best hardware and software wallets for Canadian users to consider using for their crypto assets this year.