Your adventure into the crypto space is lagging when you don’t have a crypto wallet. That is similar to doing mountain hiking without the necessary gears. You will get tired and would want to rest. What will be your support during those times? But it is vital to equip yourself with the best gears to have exciting moments.
This applies in the crypto space. If you want to have the best crypto trading or investment experience, you must use the best crypto wallet regardless of your experience as an investor or trader. There are some inquiries about the best crypto wallet in Canada. This guide provides you with quality information on the best crypto wallets in Canada and which one to choose for use.
What is a Crypto Wallet?
If you are a bank user, you know definitely that you need a bank account that can hold your money. In turn, you use that bank account to conduct traditional transactions, send money or receive money from your friends, family, or business partners. Now, think of a crypto wallet as a virtual bank account.
A crypto wallet is a virtual address or storage where you keep your cryptocurrencies, and it is required for transaction validation while using your digital coin. Every crypto wallet has a private key (or seed phrase) that validates your transactions.
Likewise, it acts as a digital signature when using crypto for purchases or swapping it for other digital assets. As a result, no other person can access your crypto wallet, digital assets or alter any transaction you did in the past. But most times, people believe that a crypto wallet is a part of a crypto exchange. Thus, it is where you keep your cryptocurrencies – such as Bitcoin – or fiat money for transactions.
How Crypto Wallet Works
The blockchain is a public network that allows different cryptocurrency transactions via crypto wallets. As such, there is a process of value transfer between crypto wallets when a transaction is taking place. Often, one crypto holder or trader exchanges a particular worth of crypto for other digital assets or uses it as payment for the service provided.
Each crypto wallet signs and validates the transactions during a transaction using its secret data. This gives a logical explanation of how you are the owner of the crypto wallet, whether you are buying new cryptocurrencies or selling the ones with you. However, know that you can keep many cryptocurrencies in your crypto wallet as much as you want.
What is the Cost of Owning or Using a Crypto Wallet in Canada?
If your main aim is to HODL cryptocurrencies over a certain period, then using a crypto wallet doesn’t come with any cost. On the other hand, there are various charges attached to owning a crypto wallet if you are conducting a crypto transaction. This fee depends on the kind of crypto exchange you are using and the trades.
5 Best Crypto Wallets in Canada
PTPWallet is a Canadian crypto wallet specifically built to securely store users’ digital assets and conduct crypto transactions with low transaction fees. It is the best crypto wallet in Canada because it supports above 200 cryptocurrencies, and the team offers different crypto white label solutions to business owners and corporations.
PTPWallet various crypto white label solutions are White Label Crypto Wallet, Crypto Wallet for ICO or Crowdfunding, White Label Crypto Exchange, and White Label Public Offering Solution. These crypto white label solutions are built for brands to leverage and allow crypto inclusion for their customers. This will, in turn, increase their customer retention as the movement of crypto adoption spikes up.
- Ledger Nano X
Ledger Nano X is one of the most secure cold wallets in the crypto space. It is one of the hardware wallets in the crypto ecosystem that allows you to access and store your digital assets. You only need to connect it to your devices via Bluetooth or USB. This product of crypto wallet has dominated the crypto ecosystem over a long period. And its offline security is its edged selling point.
Despite being a cold wallet, the Ledger team released a Ledger Live software that provides users with an interface for their crypto holdings. With the live software, you can add more crypto wallets to your device and manage your crypto portfolios from there.
- Trezor Model T
Trezor Model T is yet another hardware crypto wallet. You can regard it as an offline or cold wallet, and it is one of the best cold wallets recommended for Canadians. It is open-source to remain transparent to the public and users, and the private keys are saved on the device. As a result, you have no fear of your digital assets being stolen due to a hack.
Before using your Trezor Model T cold wallet, you have to connect it to your device via the type C USB cable. It doesn’t support iPhone, nor does it have Bluetooth. But there is an interactive touchscreen display, and it supports several cryptocurrencies provided your preferred coins are listed for support on the wallet.
With the Trezor Suite, you can manage your portfolio, conduct crypto transactions and leverage the unique password manager feature on the device. This password manager allows you to keep all your online passwords in a single place.
- AABB Wallet
Initially, AABB Wallet was built to support token circulation for AABB Gold Tokens. This was to support revenue generation and token price stabilization once it starts trading on the open market. But beyond that, AABB Wallet is a digital wallet that keeps your cryptocurrencies safe. Part of its best features is how it keeps you in total control of your digital assets.
It has a unique feature regarded as iTransfer. This feature allows you to send AABB Gold Token and other cryptocurrencies via email, SMS, or social media. However, you should note that your transactions are private, and their high level of security gives you peace of mind against a hack or theft.
- Exodus Wallet
If you are a beginner living in Canada and anywhere globally, the Exodus Wallet is a great way to begin your navigation in the crypto space. Exodus wallet is one of the best crypto wallets you can have on your computer and smartphone. It works across different operating systems, both on your computer and smartphone devices.
Part of the advantages of using Exodus as a beginner is the in-built exchange and the cold wallet option integrated into it. This crypto wallet is secure because it saves your private keys on your local computer. Thus, you don’t have to worry about theft from a third party. However, your private keys are as safe as how your computer is secure.
What is the best crypto wallet in Canada?
If you want to store your digital assets in a secure wallet that allows you to transact with your wallet, PTPWallet is the best crypto wallet for Canadians. The low transaction fees and cashback features (for PTPWallet) are parts of what make it the best crypto wallet to use.
Likewise, its security measures ensure that no one has access to your account or uses your wallet without your validating passphrase or PIN code.
What is the safest crypto wallet in Canada?
First, it is crucial to understand that your preference will determine your choice of a safe crypto wallet. Either you are HODLing your digital asset over a long period, or you want to conduct crypto transactions often.
Regardless of either, PTPWallet is the safest crypto wallet in Canada. Their security is top-notch, and there are varieties of ways you can send crypto to other parties. You can do that via email, SMS, and other means like social media.