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How to choose the best Bitcoin wallet in Canada

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How to choose the best Bitcoin wallet in Canada

How to choose the best Bitcoin wallet in Canada

Sat Oct 30 2021 05:50:00 GMT+0000 (Coordinated Universal Time)

Despite Bitcoin’s volatility, the cryptocurrency hit its all-time high of $64,863 on April 14, 2021. This only proves that the world’s digital gold isn’t going anywhere anytime soon and its continuous price increase can potentially benefit your investment prospects. 

Digital assets aside from Bitcoin are also going mainstream since they are a more convenient way of sending and receiving money. Moreover, these cryptocurrencies are also properly encrypted with sophisticated blockchain technology that ensures the safety and security of crypto users. 

Now is the time to invest in cryptocurrency and store it in the best Bitcoin wallet available in the Canadian crypto sphere for 2022 and beyond. If you are curious and looking for the right crypto storage for your needs, then read on for information on how to get a good Bitcoin wallet.

What are Bitcoin wallets?

Bitcoin wallets can either be a physical medium, program or service that allows you to store your assets privately and securely through a private key. Below are the different types of Bitcoin wallets that you should know about:

Cold wallets

Digital assets can be stored in analogue techniques like writing the private keys down on a piece of paper. Paper wallets are one of the safest ways to store your digital assets because they can only be accessed by the one holding the copy of the keycode. 

However, losing your paper wallet can result in tragic consequences including being unable to access your account forever. That’s the reason why crypto investors opt to use hardware wallets instead. 

This type of Bitcoin wallet balances both security and convenience. The key is stored in a USB flash drive-type device that you can keep off the internet when not in use. 

Hot wallets

The simplest way to get started on crypto is by using hot wallets such as software wallets. This makes it easier for you to send and receive digital coins since it allows you to store crypto assets in a mobile app or software. 

It’s similar to an online bank account wherein both security and convenience are prioritised, allowing users for quick and easy transactions. This differs from a cold wallet because it’s stored online and allows you access to the assets whenever needed.

Exchanges can also be considered as software wallets. Many of these sites including Coinbase, Gemini and Binance have built-in wallets that let their users store crypto assets securely using 2-factor authentication (2FA). 

This also allows users flexibility in their transactions since you’re encouraged to store and trade your purchased assets. 

Top Bitcoin wallets 2022 has to offer

Start trading or HODLing crypto assets with the different wallets reviewed below. These are categorised as innovative solutions perfect for various types of crypto investors or traders

Overall best Bitcoin wallets

Binance

Binance is one of the world’s largest cryptocurrency exchanges that offers more than 150 cryptocurrencies for users to invest in. The platform has a built-in wallet wherein users can manage their crypto assets. This allows flexibility for users to trade or HODL their assets whenever they please.

The platform also supports a wide range of payment options that gives the users an accessible way of purchasing digital assets through bank transfer, credit card, debit card or cash. Its inclusivity also extends to its software design, giving users the ability to access their accounts through mobile devices and desktop computers.

Coinbase

Much like Binance, Coinbase also offers an array of altcoins other than BTC which gives investors plenty of options to choose from. 

Accessibility is also one of the top priorities of Coinbase besides strict 2FA security. It’s easy to navigate the website since the layout is neat and simple. Most functions are self-explanatory allowing beginners to learn a few tricks as they go along. 

However, Coinbase has higher fees compared to its competitors. This may deter some advanced investors but the fees are a good trade-off for its seamless and efficient interface.

Best cold wallets for Bitcoin enthusiasts

Ledger 

When it comes to crypto security, one of the best Bitcoin wallets is Ledger. It’s a hardware wallet that’s about the size of a flash drive. You can connect it either to your mobile device or desktop computer. The device can also run through Bluetooth connectivity that can make your transactions faster and more seamless. 

When using Ledger, your assets are stored offline. This means that it’s less likely to be subjected to malicious hacks compared to software wallets that are always online. Aside from that, the device also utilises 2FA to maximise security. 

You can access more than 1,800 digital coins and tokens using your Ledger wallet. The hardware device is also encrypted to the Ledger Live application that allows you to view your balance and receive rewards through coin staking. 

This tech-savvy device is sold at around CA$100 to CA$200 depending on the model you’ll get. Ledger Nano S, while adaptable and handy, can only support 3 applications at a time. On the other hand, the Ledger Nano X can hold up to 100 applications in one go. 

If you want complete financial freedom and optimised security, Ledger is worth investing in. However, it can prove challenging to operate for crypto users who are still trying to navigate the crypto sphere

Trezor Model T

A contender to Ledger’s security is Trezor’s hardware wallet, especially the Model T. This second-generation hardware wallet offers more than 1,600 digital coins and tokens for its users with an open-sourced security feature that allows you to store digital assets offline. 

This device is also connected to Trezor Suite that’s designed to run natively on desktop computers. Although, you can also access your account and connect the hardware wallet through the Trezor website. 

Aside from this, Trezor also has an integrated exchange that allows you to buy and sell digital assets. The device also has a built-in touchscreen that you can use to manage your account. 

Just like Ledger, the Trezor Model T can be a bit pricey, selling at around CA$245. However, this is a good investment if your goal is to store your assets in an encrypted multi-factor authenticated device. Just remember where you place it since this is your only key to accessing your cryptocurrencies. 

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Best Bitcoin wallets for beginners

Gemini

Gemini is a good platform for novice investors to start their crypto purchases and trade. It’s a custodian platform that stores digital assets on your behalf which can be helpful for traders who aren’t as tech-savvy as others. 

Currently, the exchange lets users access more than 40 cryptocurrencies including the most popular ones such as BTC, ETH, ADA and BNB. The interface is also designed for easy use with integrated features that you can utilise even with little skill in trading. 

Another helpful feature of Gemini is its interest-bearing accounts. You can earn additional crypto profits from your assets even when you HODL the coins. A 2% to 4% annual interest will be applied to your stored assets.

It’s also highly regulated with top-notch security features making it a good option for those only starting with their crypto investments. 

Exodus

Exodus is one of the best Bitcoin wallets for multi-currency storage. It can support hundreds of digital assets including BTC, ETH, USDT and DOGE giving you plenty of options when purchasing your first cryptocurrencies. 

Its platform is focused on desktop computer utilisation and is designed specifically for Mac, Windows and Linux operating systems. However, the company did expand to mobile and can currently support both Android and Apple devices. 

The software wallet is also connected with the main exchange platform of Exodus. This allows users seamless crypto transactions without having to create an account at a different exchange. Moreover, its interface is straightforward, designed specifically for beginners that aren’t fully familiar with crypto storage and trading. 

Although helpful for beginners, advanced traders may find it too simple for their trading activities. Exodus is a wallet that implements simplified payment verification. This prevents the application from downloading complete blockchain data. Instead, the wallet uses a series of servers to track the balances for each account. 

Best software wallets for security

CEX.IO

For large volume crypto trading, you’ll need a secure and efficient exchange with a built-in wallet to help you out. CEX.IO is a platform that’s best suited for this need. You can purchase digital assets using funds from your Visa, Mastercard or Paypal accounts for quick and easy transactions. 

The platform is fully encrypted and designed to counter distributed denial-of-service (DDoS) attacks. This feature gives your account a fortified security measure that keeps your assets safe. It also allows you to fully download reports of real-time balance and transaction history. 

GreenAdress

Online software wallets often get a bad reputation for being susceptible to malicious hacks. That’s because some security measures are toned down for a more accessible and efficient crypto transaction between users. 

However, open-source digital wallets like GreenAdress give you both flexibility and optimised security through several layers of 2FA processes. 

Moreover, you can access your wallet through your desktop, GreenAddress mobile app or a Chrome extension. This makes it easily accessible for anyone who needs it, especially when trading digital assets. 

Although a secure way to store your BTC assets, it cannot support any other cryptocurrencies aside from that. Its limitations can hinder you from fully using the wallet for specific trading purposes. However, it is a great wallet to HODL your BTC since it’s heavily encrypted and secured. 

Best mobile wallets

Mycelium

Gone are the days where storing your crypto is only limited to desktop exchanges and hardware wallets. Using the Mycelium wallet, you can have access to your crypto assets using either iOS or Android smartphones. 

Mycelium has been around the crypto sphere since the beginning. It’s one of the best Bitcoin wallets to offer both secure encryption and ease of use. Moreover, the platform is noncustodial, meaning you have full control over your private keys and PINs unlike popular crypto exchanges and software wallets. 

Its customisable features can be daunting for crypto beginners but significantly useful for advanced traders. One of its most notable features is its QR-code-based payments that make transactions faster and more efficient. 

Moreover, the wallet allows you to set customised transaction fees that can help you trade with other exchanges. It’s also compatible with other cold hardware wallets such as Trezor and Ledger if you want to transfer your digital assets to more secure storage. 

The only downside is that Mycelium does not have a desktop application or Chrome extension. You can only access your account through a mobile phone. However, this is highly beneficial for people who don’t have time to check in on their laptops or computers for their crypto trading activities.

Edge

Simplified access to your digital assets doesn’t have to compromise your wallet’s security. That’s what Edge offers to their users, especially for those that are only starting in cryptocurrencies. It’s as accessible as Mycelium and also allows iOS and Android users access to its efficient features. 

The sign-up process is also fairly easy. All you need to do is have a decent internet connection to download the mobile app. You can also log into your account on multiple devices which gives you flexibility in usage applications.

This is the perfect wallet for crypto traders on the go since you can seamlessly shift between the more than 30 different digital assets that it supports. You can also utilise its touch ID feature as part of its 2FA security for quicker access to your wallet and digital currencies.

Edge is a good software wallet for both beginners and advanced crypto traders. Its straightforward design and top-notch features make storage and trading accessible and efficient. 

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Tips on choosing the right Bitcoin wallet for your crypto needs

Now that you know the various Bitcoin wallet Canada has to offer, it’s high time that you choose the right one that’ll fit your needs. Every crypto trader needs a wallet that works best with your needs and that can sometimes depend on your skill level and knowledge of the crypto sphere. 

A word of advice for beginners 

It can be challenging to research cryptocurrencies, especially when you are not that knowledgeable about the trends in the market. This is why it’s best to start slow and look for exchanges with built-in crypto wallets that offer top-notch security. 

Make sure that the exchange you sign-up for is well reputable and regulated so that your assets are protected from malicious attacks. Also, keep in mind that not every platform offers tightly encrypted security measures. That’s why going for exchanges with high user reviews is advised. 

Pointers for advanced crypto enthusiasts

Not every trader is interested in capitalising on profit. Some enjoy the novelty of collecting and HODLing digital assets in secured storage systems. If you are that kind of crypto trader then your best option is to invest in costly and durable hardware wallets. 

Cold hardware storage ensures that your digital assets are safe from malicious attacks. Only you have access to the unique physical device that stores your private keys. Even the best cryptographers won’t be able to penetrate that level of security. 

The possible downside of this is losing your device. This can be prevented by storing the hardware wallet in a secure location that you only know. 

Recommendations for expert traders

Exchanges with built-in wallets are highly recommended for expert traders who transact with large volumes of digital assets. This can give you the flexibility to seamlessly purchase digital coins and tokens using fiat currencies and to trade them whenever you see fit. 

However, security breaches cannot be avoided with these exchanges and software wallets. You need to choose a platform that’s well reputable when it comes to security. Also, researching the site’s security measures and insurance policies can help you have an understanding of what they can offer. 

Another thing you need to consider is an exchange’s compatibility with hardware wallets. The one you choose should allow you to transfer your assets to your preferred wallets whenever necessary. 

How to get a Bitcoin wallet?

Registration can vary depending on the platform you choose. Some applications can easily be downloaded through your mobile device while others may require additional steps to authenticate your account. 

Here are a few things to remember on how to get a wallet and store Bitcoin and altcoins:

Crypto exchanges and software wallets

The first thing you need to do is decide which of the various exchanges you’re going to use for your trading needs. Sign-up for an account, provide the necessary detail and know-your-customer (KYC) requirements. 

Once that’s done, find out the supported payment options that the exchange allows to top-up your account and start trading. 

Cold storage and hardware wallets

Cold storage can quite be complicated to set up. You’ll first need to purchase the device where you’ll store the private keys. These can be USB flash drive-type devices in stainless steel cases that can withstand various temperatures and natural elements. 

What you need to do is find a secure place where you can store the device like a safe where it won’t get damaged. After that, you’ll need to install the necessary software the hardware wallet requires for you to access its features and built-in exchange. 

Enjoy the Bitcasino experience to the fullest with your Bitcoin wallet

Make the most of your crypto trading with only the best Bitcoin wallets. These platforms can give you a seamless experience that can help you maximise your investment goals as well as expand your crypto knowledge. 

As you further your trading activities, don’t forget to have fun and lay off some steam by playing crypto games! Use your new Bitcoin wallet to top-up your Bitcoin account and start playing awesome casino games here. 

Words by: Ryah Sunday Carreon


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How to choose the best Bitcoin wallet in Canada