The online world is flush with cryptocurrency wallets, and they all tend to bring something unique to the table. There are those that cater more to the everyday investor over professional traders or businesses, though.
Sorting through the collection of these shouldn’t be something that consumes too much of your time when you want to start investing. That’s why lists like those provided by bestcryptowallet.com can be ideal in helping with this.
For a more in-depth look at the best crypto wallets for the everyday Canadian investor, you can also follow our guide.
Fresh off the news that Kraken has secured a Restricted Dealer registration in Canada, meaning it can operate under the Ontario regulatory framework, it is ideal to know about crypto wallets. Not just for this cryptocurrency, but for any used by the regular, everyday trader.
A crypto wallet serves as a digital tool that stores private keys, rather than the cryptocurrency itself. These allow you to access and manage all your digital assets on the blockchain. A crypto wallet is essential for storing and transacting with cryptocurrencies.
Without a wallet, you wouldn’t be able to send or receive digital currencies or have somewhere to keep your crypto funds safe and secure while stored.
Canada is becoming a hub for cryptocurrency. Why? Because of its abundant renewable energy sources and favorable regulatory environment. In 2025, it is projected that the percentage of the population using cryptocurrencies will reach 33.89%.
The first Bitcoin ATM opened in Vancouver in 2013 and in the proceeding decade, crypto adoption has continued to generate much interest. It helps that there are clear registration guidelines and rules for cryptocurrency trading platforms in Canada. This has played a key role in increasing Canadians’ confidence in entering the digital asset market.
There are two different types of crypto wallet – hot or cold. The hot wallets offer a high level of convenience but are also more exposed to risks like hacking and malware. Cold wallets have a higher level of protection included, as they are offline. Yet they do require more attention to detail in terms of physical security.
The best cold wallet to use, in our opinion, is a Ledger crypto wallet. It stores your private keys in a secure environment, which is offline, therefore giving you peace of mind. You also have complete control over your assets.
In terms of a hot wallet, these aren’t ideal to recommend for frequent everyday use, as they’re constantly connected to the online world. Exodus is as good a hot wallet as any, though. It was built with beginner crypto users in mind, but does work favorably for mainstream enthusiasts, too.
There are often security issues surrounding cryptocurrency and crypto wallets.
It’s important to highlight that you should always adhere to strict security measures. This includes using two-factor authentication, regularly updating your passwords and keeping your private keys offline. The practical fix for this is to ensure you follow all protocols around wallet safety.
Another common oversight is failing to back up your crypto wallet(s). Should your device fail, and you lose access to your wallet without any back-up, you lose your crypto assets, too. Maintain regular back-ups and be sure to store them in separate locations.
If you hold more than one cryptocurrency, a common mistake can be keeping them all in one wallet. Spread your assets across multiple wallets instead, so you mitigate the potential for losing them all in one go.
Don’t use unreliable wallets, either. You need to conduct at least some research before you opt for a wallet, so you know how secure it is and what its reputation is like. Choose a wallet that puts an emphasis on security and has a strong track record with users.
Like anything today, crypto wallet technology is evolving and getting better. Ottawa City Council discusses many things, including land purchase deals, debates regarding definitions on racism, and more. Doubtless, it has held discussions over the fact that cryptocurrency wallets are constantly evolving and how they can play a role in everyday life for people in Canada.
Wallet technology is constantly moving towards enhanced security for users, with this being a prime focus around the globe. Hot wallets are also improving their game in this area. A variety of exciting, advanced features are being added to these digital currency holders. Additions and enhancements like password encryption, biometric verifications and secret recovery phrases are consistently being adapted to suit modern needs.
Both individuals and businesses have turned to the crypto landscape for help with their finances. Some companies have even looked to it as a way of resolving business tax debt in an effective way. If you want to get involved with it, then there are certain things to remember to benefit from it in the best way.
You may find yourself tempted to buy a bulk amount of cryptocurrency. Yet most financial experts recommend that you don’t invest more than you can afford to lose on any digital assets. Instead, it’s a better option to limit your exposure to crypto, with less than 5% of your total portfolio being in this form.
If you’re new to cryptocurrencies, between 1% and 2% is probably more ideal, to allow you to get used to it. Cryptocurrencies can, after all, be very volatile.
As with anything, cryptocurrency investors in Canada have experienced both success and failure.
Claude Lauzon of Edmonton, Alberta, said that after clicking a Facebook ad in 2021 and filling out some information, someone called him to tell him he could make money by investing in crypto. While he started out small, he eventually handed over his life savings, which led to him being scammed out of $500,000.
Another story focuses on Gerald Cotten, who was a Bitcoin entrepreneur. He owned the company QuadrigaCX – a crypto exchange – which expanded significantly over a four-year period on the success of Bitcoin. He and his wife, Jennifer, quickly became wealthy.
It was even the case that so much money rolled in at a fast pace, they sometimes had huge piles of cash on their kitchen counter. Unfortunately, when Cotten unexpectedly passed away on a holiday in India in 2018, Jennifer had no access to their funds or those of the customers of QuadrigaCX.
Cotten was the only one who possessed the key to the online vaults. The money couldn’t be traced, but 115,000 customers of the exchange were owed up to $250 million in funds.
Photo: unsplash.com/@drawkit
