The 8 Best Bitcoin Wallets in Canada

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    If crypto scandals like Quadriga and FTX have taught us anything, it’s that the importance of safeguarding your digital gold cannot be overstated. Now, the quest at hand is to explore the best Bitcoin wallets in Canada. So we’ve rounded up the top contenders that are easy to use and offer robust security features. This list includes the best of hardware, software, and regulated exchange wallets. Here are the 8 best Bitcoin wallets in Canada and their standout features.

    Bitcoin Wallet
    Best For
    Most People
    Active Crypto Traders
    Advanced Security Features
    Integrated Web3 Apps
    Experienced Bitcoin Users
    Regulatory Compliance and Transparency
    Crypto Beginners
    Traditional Investors
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    Ledger Nano S Plus

    The Ledger Nano S Plus is considered the overall best Bitcoin wallet in Canada by crypto enthusiasts. It supports over 5,500 coins and NFTs. It’s a hardware wallet known for its security track record, offering a Certified Secured Element Chip, PIN protection, and a 24-word recovery phrase. This Bitcoin wallet is compatible with Windows, Mac, Android, and Linux operating systems as well as over 50 third-party crypto wallets.

    Wallet Type: Hardware

    Ledger Nano X

    For the more active and experienced crypto users, the Ledger Nano X goes a step further. The Bluetooth feature connects to your smart devices to give you mobile on-the-go access. Plus, it’s Apple iOs compatible, a feature lacking from the S Plus model. These added features make the Ledger Nano X one of the best Bitcoin wallets in Canada for serious crypto traders.

    Wallet Type: Hardware

    Trezor Model T

    The Trexor Model T is a renowned hardware Bitcoin wallet featuring a touchscreen interface and is compatible with over 9,000 coins. Security features include PIN and Passphrase protection as well as a 12-word recovery phrase. But my favourite feature is the ability to regain access to your assets if you lose the physical device. Plus, it allows you to track your portfolio as well as buy, sell, and trade crypto from the app.

    Wallet Type: Hardware


    Exodus is a feature-rich Bitcoin wallet beloved for its user-friendly interface. It is available on both desktop and mobile platforms, as well as a Google Chrome extension. Exodus supports NFTs, thousands of cryptocurrencies, and over 50 blockchain networks. A standout feature is the ability to explore Web3 and optimize your digital assets with countless integrated apps.

    The company has partnered with Trezor so you can swap your assets easily between the two wallets. You can even buy crypto with your local currency through your Exodus dashboard. Your account can only be accessed with your private keys.

    Wallet Type: Software


    Electrum is a popular Bitcoin-only wallet compatible with macOS, Linux, and Windows. It’s designed for more experienced users, offering configurable transaction fees and customizable security features. As a result, Electrum is, without a doubt, one of the most secure Bitcoin wallets in the market. Other notable features include a backup seed phrase, permission splitting between multiple wallets, and third-party plugins.

    Wallet Type: Software


    Bitbuy is a regulated Canadian exchange that offers superior custodial storage of your assets thanks to robust regulatory compliance and safety features. The platform is approved by the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA). This approval signifies a high standard of operational integrity and user protection.

    One of Bitbuy’s notable features is the cold storage of 90% of its crypto assets, which provides an additional layer of security against online threats. This, combined with a comprehensive insurance policy, offers you peace of mind, knowing your digital assets are well-protected.

    The platform’s user-friendly interface allows for easy trading of a variety of popular cryptocurrencies and altcoins, catering to both beginners and experienced traders. Its status as a FINTRAC-registered money services business further enhances its credibility, making Bitbuy a compelling choice if you’re looking for a stress-free, dependable, secure, and user-centric Bitcoin wallet.

    Type of Wallet: Software, custodial cold storage


    Coinbase stands out as one of the best Bitcoin wallets in Canada for beginners looking for ease-of-use. Coinbase offers both a custodial Bitcoin wallet built into your account on the platform, as well as a separate self-custody wallet you can download called Coinbase Wallet. As a publicly traded company, Coinbase offers a higher level of operational transparency and scrutiny compared to private companies.

    It is especially suited for crypto beginners because it has one of the most user-friendly interfaces and simplifies the crypto trading process with an intuitive layout. At the time of writing, there have been no compromises on its cryptocurrency wallets, which underscores its reliability.

    Coinbase supports a wide array of cryptocurrencies and is NFT-compatible. The custodial wallet on the platform offers robust security measures, including cold storage and two-factor authentication. The self-custody option, called Coinbase Wallet, offers AES-256 encryption, biometric fingerprints, 2-factor authentication, and supports over 100 crypto coins.

    Type of Wallet: Software, custodial and non-custodial options


    Wealthsimple is a popular investing and saving platform that also supports crypto trading. Their crypto trading platform offers over 60 cryptocurrencies, which can be held on the platform in their custodial wallet or moved to your private wallet. Wealthsimple is one of the best Bitcoin Wallets in Canada because not only is it a regulated platform with strict security measures, but it’s also a one-stop-shop for almost all your daily banking needs.

    Wealthsimple and its custodial partners offer insurance protection against potential cybercrimes, such as hacks and theft. This insurance, including over $75 million in cold storage coverage, ensures that your digital assets are safeguarded against unforeseen circumstances. In the unlikely event of insolvency, your assets remain your property and cannot be accessed by creditors.

    Type of Wallet: Software, custodial cold storage

    Frequently asked questions about Bitcoin wallets

    Are crypto wallets safe?

    Hardware wallets are considered the safest wallets because they’re not connected to the internet. Since many documented hacking instances take place on the internet, Hardware wallets eliminate a significant degree of risk from being compromised and hacked by not being linked to the internet.

    What is the best Crypto wallet in Canada?

    If you prefer security, hardware wallets such as the Ledger Nano X and Ledger Nano S Plus are excellent choices. They are, without a doubt, one of the most user-friendly, engaging, and secure cryptocurrency wallets in Canada and the rest of the world. Furthermore, they offer a wide variety of crypto assets and allow you to stake and trade right from the wallet.

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    Heidi Unrau is a senior finance journalist at Hardbacon. She studied Economics at the University of Winnipeg, where she fell in love with all-things-finance. At 25, she kicked-off her financial career in retail banking as a teller. She quickly progressed to become a Credit Analyst and then Private Lender. This hands-on industry experience uniquely positions her to provide expert insight on loans, credit scores, credit cards, debt, and banking services. She has been featured in publications such as WealthRocket, Scary Mommy, Credello, and Plooto. When she's not chasing after her two little boys, you'll find her hiding in the car listening to the Freakonomics podcast, or binge-watching financial crime documentaries with a bowl of ice cream. Fun Fact: Heidi has lived in five different provinces across Canada and her blood type is coffee.