Most Popular Crypto Wallets in Canada
There is a fairly large selection of Canada bitcoin wallets. To choose the right one for you, you’ll need to consider which factors are most important to you. In a nutshell, the type of wallet you choose, i.e cold storage or hot storage, will come down to a trade-off between convenience and security.
These are effectively a programme that is downloaded to your desktop computer and can only be accessed on that particular device. Desktop wallets are convenient as they allow you to easily send and receive Bitcoin. However, they are open to cyber-attacks and you won’t be able to move Bitcoin around on the go.
Online wallets are arguably the most convenient Bitcoin wallets in Canada. They are stored online and accessed via your web browser. This makes them ideal for sending and receiving Bitcoin to trading platforms but does leave them vulnerable to hacking.
As the name suggests, hardware wallets require you to buy a physical device to store your crypto on. These are highly secure as they store your tokens offline. However, devices can be pricey and require you to carry the device with you if you want to make transactions.
Similar to desktop versions, a mobile wallet is basically an app for your device that allows you to send, receive and store crypto. These are great for convenience but precautions must be taken with regards to security.
The name Paper wallet usually refers to a programme or app that generates a wallet key that you then print and store. Paper wallets are highly secure, as they cannot be accessed from any device. However, you will need to transfer crypto back to a hot wallet before you can make transactions.
Who Should Make Use of this Canada Bitcoin Wallets Comparison?
Anyone looking interested in Bitcoin trading or considering cryptocurrency to invest in will need bitcoin wallets. However, choosing the best Bitcoin wallet for Canada may not be as straightforward as it seems. For example, those looking for a crypto exchange in Canada may find that Ethereum wallet reviews draw different conclusions to Ripple wallet reviews, or perhaps that the most user-friendly crypto wallets do not offer the security they need. This comparison of Bitcoin wallets for Canada will help both novice traders and more advanced users to ascertain what factors are important to them, which in turn will make it easier to decide which is the most suitable option. Simply put, if you’re interested in finding the best Bitcoin wallet for Canada, then this comparison is for you.
Editor’s Recommendation – The Best Wallet
When considering Canada Bitcoin wallets, our review team found that there were several practical options. It should also be noted that the Bitcoin SV wallet reviews will often differ from, say, Tether wallet reviews, or Litecoin wallet reviews. With this in mind, it’s important to check out the other pointers in our review of the best Bitcoin wallets for Canada to ensure you choose the best wallet for you, based on your individual requirements as an investor.
However, for balancing security, convenience and functionality, it is hard to beat the Ledger series of hardware wallets. These devices act as a ‘cold’ wallet – storing all of your crypto offline. Ledger wallets benefit from being the first of such devices to be certified for security by ANSSI – the French cybersecurity agency. They also have their own proprietary operating system, for further protection against cyber attacks. Another major advantage of Ledger wallets is their convenience. Despite being a cold wallet, the small devices can easily be connected to your mobile device or PC via Bluetooth. You can then send and receive crypto directly from the Ledger device. Ledger wallets also allow you to manage all your crypto on a single device – with support for over 1500 tokens and coins. Whilst hardware wallets are more costly than most desktop or web-based wallets, many traders will find the enhanced security is more than worth the extra spend.
This Is How Our Experts Test Wallets
To ensure you can build an accurate picture of the top Bitcoin wallets in Canada, our experts subject each one to a thorough appraisal, based on several key criteria. What follows is a brief overview of how we test Canada Bitcoin wallets:
Reviews and Reputation
We start with a consideration of each wallet’s reputation – how well respected it is in the crypto industry and what sort of reviews it has received. Generally, poor quality Canada Bitcoin wallets are quickly called out by the community, whilst the top products will receive widespread support.
There can be little doubt that security is of primary concern when choosing the best Bitcoin wallet for Canada. As such, we take a look at the features offered by a wallet – whether it has any advanced protocols beyond the industry standard and what options are available for enhanced security.
History and Previous Security Breaches
Whilst a range of security features is essential for any crypto wallet, sometimes they alone do not paint a full picture – especially for those new to the industry who may not understand technical terms. As such, we research the history of each wallet to check for past security issues and what steps – if any – were taken to deal with them.
Whilst some crypto wallets are extremely straightforward to use, others have additional features that make them slightly more complicated. In any case, it’s always good to know there is help available should you need it. With this in mind, we take a look at the customer support offered by each company.
Practical Tests: Ease of Use and Practicality
Once we have considered the company itself, we then take a closer look at the operation of each wallet. This includes how easy they are to set up and what’s involved in buying and sending cryptocurrency. We also provide an overview of the user interface and how innovative it is for both new and experienced users.
Practical Tests: What Options Are Available?
Many wallets have several options when it comes to both operation and security. For example, some will offer two-factor authentication as standard, whilst others offer it as an additional option. The same goes for multi-signature support and biometrics. We take a further look at each wallet and consider what enhanced options are available for each device or platform.
Practical Tests: Speed
Speed is often important to crypto traders and when it comes to Bitcoin wallets, is something that depends on several factors. For example, offline wallets might be the most secure, but if they cannot quickly connect to an internet-enabled device then they can be of little use to the high volume trader. Similarly, additional security measures offered by wallets need to be innovative in how they are implemented, otherwise, this can slow down transactions considerably. We consider these factors and more when appraising the overall speed of each wallet.
As we have discussed, the practicality of different wallets will often depend on the user. As part of our Canada bitcoin wallets review, we take a look at how each wallet fares against its competitors and ascertain where its strengths and weaknesses lie.
Finding the Right Wallet For You
As we’ve discussed, there are several factors to consider when considering Canada Bitcoin wallets. Of course, if you’re going to be trusting a wallet to keep your cryptocurrency secure, then you’ll want to know it is reliable and safe from hacking and other cybercrime risks. Whatever reasons you may have for seeking a new crypto wallet, the following tips should help you identify which factors are important to you and what to look out for.
What Security Features Does it Offer?
Security is arguably the most important factor when considering Canada Bitcoin wallets. You should always make it a priority to check what security features a wallet offers and how they compare with the wider industry offering. As standard, you should expect two-factor authentication and automatic session-ending. However, the more security conscious might want to find wallets that offer multi-signature support, which requires more than one authenticator to make transactions or even biometric authentication. Wallets have been known to be hacked so a thorough offering of encryption and website security is also paramount if opting for a web-based wallet.
Do You Require Support for Multiple Cryptocurrencies?
The best crypto wallets in Canada will normally offer support for multiple cryptocurrencies, but this isn’t always the case. Before deciding on a wallet, you should consider how diverse your crypto portfolio is and make sure you know the difference between the different tokens. For example, the best wallet for Bitcoin Cash is not necessarily the best wallet for Ethereum. Of course, you could also opt for different wallets for each token, but for convenience, a wallet with multiple currency support will be a better option.
What Platform Will You Be Using?
A factor often overlooked when considering the best Bitcoin Wallet for Canada is whether it is optimized for a particular platform. For example, some desktop wallets might work much better with a Windows machine than on Mac OS. Alternatively, some web wallets provide an interface that has been optimized for both desktop and mobile devices, whilst others focus on one or the other.
How Often Will You Be Sending/Receiving Crypto?
Another important factor is how often you plan on making transactions. For example, if you are a fan of crypto casinos and regularly make deposits to your account, then you may be better served by a web wallet that is compatible with the top Bitcoin casinos in Canada, as opposed to storing your crypto offline. However, most high volume traders will opt for both a hot and a cold wallet – storing the majority of their crypt offline with only a nominal amount in a hot wallet as and when it is needed.
Take Responsibility for Security
Finally, even the most secure wallet in the world cannot protect you from user negligence. Whichever wallet you opt for, be sure to research any potential security risks and see what advice the platform offers on what you can do to keep your crypto secure, such as using a strong password, keeping your recovery phrase secure and never sharing your crypto key.
Bitcoin trading in Canada is an increasingly popular option for investors looking to diversify as well as a viable option for supplementing income. However, just as with crypto mining in Canada, it is important for users to be up to speed on all aspects of the industry – and that includes how to securely store cryptocurrency, as well as identifying suitable crypto exchanges. Only by having a clear idea of the factors involved in each means of trading and acquiring crypto will you be able to make an informed choice as to the best Bitcoin wallet for Canada.
There are numerous wallets on the market, with some offering support for hundreds of tokens, whilst some offer dedicated support for particular tokens. You can get more info on coin-specific wallets by checking out our dedicated pages, such as our, EOS wallet review, Bitcoin Cash wallet review or Binance Coin wallet review. By considering the factors we have discussed above, you should be able to find a secure wallet that offers all the functionality you need, as well as the peace of mind that your crypto is safely protected.