The Best Crypto Wallets in Canada in 2023

The Ledger Nano X is one of the most popular physical crypto wallets available. The wallet supports over 50 coins, and it can hold up to 100 coin applications. The Ledger Nano X is also one of the most secure crypto wallets in the world. The device lets you set your own eight-digit password. And in case you forget your password, Ledger provides a recovery sheet as a backup. The sheet is a list of 24 words which must be entered in the corresponding order. Another security feature to highlight is a secure certified chip designed to prevent complex cyber hacks.

Using the Ledger Nano X is fairly simple. You use the two buttons to power/turn off the device as well as open and close the various applications installed. The wallet has a small LCD screen that displays the wallet’s content. You will also need to install the Ledger Live app on your phone or computer in order to use the Nano X. You use the app to send or receive crypto. You can also use Ledger Live to view market prices or buy, sell, or swap cryptocurrencies.

Because of its security and ease of use, the Ledger Nano X is one of the top physical crypto wallets. It remains the go-to choice for many crypto traders. However, there are some downsides. They wallet has limited storage space, so there are a finite number of applications you can install on it. Lastly, the Ledger Nana X is expensive. On average, the price is $199.00.

See our full review of the Ledger Nano X

Among the many digital crypto wallets available, Exodus is on of the best. You do not have to set up an account with Exodus. All you have to do is install the application on your phone or computer. From there you can send, receive, or exchange one of the 180 cryptocurrencies supported by the wallet. Exodus also has other crypto related services. One example is Exodus Shares. This an investment service where you can earn interest on your crypto assets. Another example is the SportX betting service. You can place bets on the winner of various ports events using the stablecoin USDC. All wings are immediately sent to your account after the event ends.

While digital wallets are seen as being less secure, Exodus has several security measures in place. Your private key and transaction data is encrypted, which makes it harder for hackers to access/solve. After a certain amount of time your Exodus account will auto-lock, requiring you to sign in again. During the auto-lock, your data is encrypted.

A major positive of Exodus is the many services it offers. This helps you earn money on your crypto holdings as well as diversifying your portfolio. Another plus is that Exodus has a simple user interface that works for both beginners and experienced traders. Lastly Exodus has several security features, which are good for a digital wallet. With that being said, security is still an area of improvement for Exodus. Currently, the wallet does not use MFA or multi-signature, which may be major issue for some users. Another drawback is that Exodus has closed source software. This factor limits Exodus’ security level and the frequency the software is updated.

The world of cryptocurrency is a complex and confusing place. This can intimidate many first time crypto traders. To make crypto investing easier, crypto exchange Coinbase has created its own wallet. The Coinbase Wallet supports thousands of cryptocurrencies, with some estimates hovering around 100,000 coins. That is the most out of any of the wallets on this list. It is a digital wallet, available on web browser or mobile phones.

Setting up Coinbase Wallet is a seamless process. You first download the app, whether it be on your computer or mobile phone. You then acquire your recovery phrase and create your username and password. After that, your ready to use Coinbase Wallet. If you already own a hardware wallet, you can connect with Coinbase Wallet. I decided to connect my Ledger Nano X with Coinbase Wallet. The process was fairly simple. The first step was opening Ledger Live and connecting my Nano X to my computer. I then had to open up the Ethereum app on my Nano X. Coinbase immediately recognized my wallet, and the connection was instant. All I had left to do was create a username and password.

The layout of Coinbase Wallet is simple and straightforward. Instead of displaying complex graphs and financial info, users are greeted with menu screen displaying the balance for your crypto, NFT, or DeFi holdings. Users can easily access the other menus of Coinbase Wallet.

The browser version of Coinbase Wallet.

Another positive to note is Coinbase Wallet’s tutorial section, which is found on the website. If you ever have a crypto related question, chances are you will find a video in the section which solves the issue.

Because of it ease of use, Coinbase Wallet is our pick for the best crypto wallet for beginners. And if you are looking to own multiple coins, this wallet is the one for you. But for experienced traders, they may find Coinbase lacking in advanced features, like investing options. Other users may not like the fact the Coinbase Wallet is a browser extension and not a desktop application. Even though it has security measures in place, Coinbase Wallet carries a higher risk. Hackers can easily access your web browser and steal your funds.

Since most physical crypto wallets command an expensive price, there is always demand for affordable options. And one of the best by far is the Ballet crypto wallet. The wallet resembles a debit/credit card, but it is not made from flimsy plastic; it has a durable metal body. No account set up is needed with the Ballet Crypto Wallet. It is ready to use right out of the box.

Unlike the other products in this guide, you do not set your own private for your Ballet Crypto Wallet. Instead, Ballet provides the private key. It is located on the front of the card, covered by a sticker that contains crypto public address. While some people are unsure about this set up, Ballet has several security measures in place to protect private keys. First, the private key Is encrypted. Secondly, the private key and passcode for the wallet are generated in two separate locations. This means that information is never shared between the two, which also makes it harder for hackers to steal the information; there is no central place to steal the data from. Lastly, Ballet does not store your private key or passcode, users have full control over them.

Although you do not need additional software to use the Ballet Crypto Wallet, I recommend you pair it with its companion app, Ballet Crypto. The app acts as the digital interface for the physical card. Overall, it makes it much easier to manage all of your crypto assets.

The price for this crypto wallet averages $35.00, which is much cheaper than the Ledger Nano X. Plus, the Ballet REAL crypto wallet does not require maintenance or regular software updates. And if you know someone just getting into crypto trading, then this wallet is the perfect gift. But there are some security concerns with the Ballet REAL crypto wallet. Once you remove the stickers that cover your private key and passcode, they are open for all to see. This means that anyone that has your card can use the passcode and private key to steal your cryptocurrency.

Mycelium is a mobile only crypto wallet designed to only hold Bitcoin. However, you can still hold Ethereum and a small number ERC-20 tokens like Tether and USD Coin. Mycelium is a fairly straightforward crypto wallet. Users can use the app to send and receive crypto, as well as trade from them to. The Local Trade feature allows people to buy and sell Bitcoin from others in their area. This feature is only available to Android users. Apple users cannot access the Local Trader feature. While Mycelium certainly has enough features for beginners, experienced crypto traders can take advantage of the wallet’s advanced services.

Mycelium was first launched in 2012 and has since gained a reputation as a secure bitcoin wallet. The app is reproducible, which mean the source code can be duplicated and compared to the original to spot any security flaws. Even though it is a digital wallet, Mycelium has cold storage. A unique security feature for Mycelium is the Watch Only account. This account only lets you view your crypto assets; you can transact crypto with the account. This feature allows you to check up on your balance without using your private key, which lowers the risk of hacks. Lastly, you can set up multiple password layers for your account.

As a dedicated mobile app, Mycelium is best suited for intermediate and expert crypto traders. The various account features can get confusing for beginners. To further highlight this point, Mycelium does not have many tutorial articles. iOS users cannot access the Local Trader feature, and the absence of a desktop version may steer people away from Mycelium. And the fact that Mycelium only hold a select number of coins could be a major dealbreaker for some. Despite these drawbacks, Mycelium is still a secure and adaptable crypto wallet.