Canada has become a hotbed for cryptocurrency and blockchain innovation, with a growing number of startups, businesses, and organizations working on blockchain-based projects.
As cryptocurrencies increase in popularity in Canada, people need cryptocurrency wallets to properly store their crypto holdings. This article will explore the best crypto wallets in Canada.
Table of Contents
Bitbuy
Bitbuy is a Canadian cryptocurrency exchange that offers a cryptocurrency wallet service.
The Bitbuy wallet is a custodial wallet, meaning that Bitbuy holds the private keys to your cryptocurrency wallet.
Bitbuy offers a variety of security features to help protect your funds, including two-factor authentication, multi-signature technology, and cold storage of funds.
The exchange also has a strong reputation for security and has not experienced any major security breaches.
In addition to the security features, Bitbuy’s wallet is user-friendly and allows for easy buying and selling of cryptocurrencies within the wallet interface.
The wallet supports 25 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar and Ripple. The wallet is only available for citizens and residents of Canada and also allows deposits in Canadian dollars.
Coinomi
Coinomi, a popular multi-asset cryptocurrency wallet for mobile and desktop, was created by George Kimionis in 2014.
It is a non-custodial wallet that supports over 1770 cryptocurrencies and more than 125 blockchains
It features a user-friendly interface and lets users easily send and receive cryptocurrency from their mobile devices.
Coinomi gives users complete control over their private keys, allowing them to have full ownership and control over their cryptocurrency holdings.
Coinomi wallet offers advanced security features such as seed phrase backup, PIN code protection, and 2-factor authentication to protect users’ funds from unauthorized access.
Coinomi encrypts users’ private keys and passwords with AES-256 encryption, a highly secure standard banks and financial institutions use.
In addition, the wallet has undergone independent security audits to ensure that it is safe and free of vulnerabilities for bitcoin enthusiasts in Canada.
Crypto.com
Crypto.com is one of the best crypto wallets in Canada. The wallet has over 70 million users and supports over 250 cryptocurrencies.
It has a user-friendly interface that makes it suitable for both beginner and advanced crypto users to transfer crypto assets.
The Crypto.com DeFi Wallet, introduced in May 2020, is a non-custodial wallet that allows users to store their cryptocurrencies securely offline.
It supports various DeFi tokens and offers users safe access to various DeFi projects. The wallet is protected by biometric authentication, seed phrase backup and 2-factor authentication.
Crypto.com experienced a security breach that affected 483 users on 17 January 2022; the company disclosed that approximately $33.8 million in crypto assets was stolen.
However, the company took immediate action to address the breach, including conducting an investigation, suspending all withdrawals for almost 14 hours and changing the 2FA infrastructure.
Crypto.com has insurance coverage for its users’ assets, providing an additional layer of protection in case of unexpected events.
Keepkey
KeepKey is one of Canada’s best hardware crypto wallets designed to store cryptocurrencies securely.
KeepKey allows users to keep their private keys offline in a secure environment to protect them from potential hacking. The wallet supports over 40 cryptos.
One of the unique features of KeepKey is its large OLED display that allows users to easily navigate and verify transactions without needing to use a computer.
KeepKey is also compatible with popular software wallets, including Electrum and MyEtherWallet.
KeepKey offers advanced security features, such as PIN code protection, device encryption, and creating a custom recovery phrase for enhanced security.
ZenGo
ZenGo is a cryptocurrency wallet that offers a non-custodial, decentralized, and user-friendly solution for managing digital assets.
ZenGo’s unique selling proposition is its keyless security system, which eliminates users needing to keep track of private keys or seed phrases.
Instead, ZenGo uses multi-party computation (MPC) technology, which splits a user’s private key into multiple parts and distributes them across different servers.
This system ensures that no single entity can access a user’s private key and that the user retains complete control over their funds.
ZenGo supports over 70 crypto assets, including Bitcoin, Ethereum, Solana, etc.
In addition to its keyless security system, ZenGo offers features such as the ability to buy and sell cryptocurrencies directly from the app, a built-in exchange, and a user-friendly interface.
The wallet also supports biometric authentication, such as Face ID and Touch ID, for added convenience and security.
Final Thought
Canada has a thriving cryptocurrency and blockchain industry. We believe the above list of the best crypto wallets in Canada will be a guide to choosing the safest one when trading digital assets.
As more and more people begin to realize the benefits of cryptocurrency and start to invest in cryptocurrencies, the demand for cryptocurrency wallets is also increasing.