Best Cold Wallet (October 2022) + Get up to $200 in bonuses - Comparewise
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Zengo

Zengo
Wallet App
$10
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  • Get $10 cash back on 1st purchase
  • Earn up to 8% yield on crypto
  • Compatable with 70+ coins
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Popular
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KeepKey

KeepKey
Hardware Wallet
$49
Wallet Cost
  • Limitless wallet addresses
  • Compatable with 40+ coins
  • Store private keys offline
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Best Value
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Trezor Model One

Trezor Model One
Hardware Wallet
$69
Wallet Cost
  • Supports 1000+ coins
  • User-friendly design
  • Get set up in 10 minutes
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Ledger Nano S

Ledger Nano S
Hardware Wallet
$114
Wallet Cost
  • High-quality design
  • High level of security
  • Regular software updates
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Extra Details
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Trezor Model T

Trezor Model T
Hardware Wallet
$249
Wallet Cost
  • Compatable with 1,500+ coins
  • Open source code for max security
  • Great user experience
Pros & Cons
Extra Details
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Ledger Nano X

Ledger Nano X
Hardware Wallet
$199
Wallet Cost
  • 1300+ crypto assets & tokens
  • Strictest hardware wallet security
  • Use with a phone & bluetooth
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Coinbase

Coinbase
Wallet App
$16
Welcome Bonus
  • Insured up to a max of $250k
  • Supported in 100+ countries
  • Crypto stored securely offline
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Guarda Wallet

Guarda Wallet
Web-based Wallet
Fee-free
Crypto Storage
  • Store 400,000+ coins
  • Supports 50+ blockchains
  • Reliable customer support
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Best Cold Wallet (October 2022)

Your digital money is stored in an offline wallet known as a cold wallet, which can only be accessed through a direct internet connection. Whenever a USB is attached to your computer, you have the ability to use cold wallets to participate in active trading of your bitcoin. Check out the best cold wallet.

This occurs automatically. Hackers will have an extremely tough time gaining access to the system as a result of this. When it comes to the storage of cryptocurrencies for a lengthy period of time, cold wallets are often regarded as the optimal option to choose as the most advantageous option. However, cold wallets do come with a few drawbacks of their own in addition to their other benefits.

Because of the extra layers of security, trading and transfer times often take a great deal more time than they do when using hot wallets. In addition to this, there is no way to reclaim your assets if you lose either the USB key or the paper wallet. Neither of these two items can save your private keys.

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Pros of the Best Cold Wallet

High Levels of Security: As was said before, it is extremely difficult to get into a cold wallet, unless the owner is tricked into believing a phishing scam by an imposter.

Cons of the Best Cold Wallet

Paper wallets are one sort of cold storage that are accessible, however they are notoriously difficult to recover from. To use this kind of wallet, you will need to write down both your private keys and your access codes and maintain them in a separate physical location.

In the event that you were to misplace this actual piece of paper, you would find yourself in a very precarious situation since you would no longer have access to the bitcoin assets you own.

Best Cold Wallet Picks

Ledger Nano X

  • Transfer and receive 1300+ crypto assets and tokens
  • Satisfies the strictest criteria for hardware wallet security
  • Option to use it with your phone using Bluetooth
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Ledger Nano X

If you are quite interested in trading bitcoins on a long-term basis, it is absolutely necessary for you to have this particular piece of gear. The Ledger Nano X is one of the most cutting-edge hardware wallets that Ledger has available at this time in their product lineup.

When it comes to giving Canadians a choice that is both secure and dependable, this is one of the most dependable cryptocurrency wallets that is currently accessible and the reviews are quite high too. When you purchase bitcoin, the only thing you really get ownership of are the private keys that provide you access to the cryptocurrency.

Any individual who is in possession of the private key to a cryptocurrency wallet has the power to access any coin that is stored in that wallet. This ability applies to all cryptocurrencies.

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It is very necessary for you to save your private keys in a safe location. On the Ledger Nano X hardware wallet, your private keys are carefully kept away from prying eyes. You may use Bluetooth to connect the Ledger Nano X crypto wallet to your phone or computer so that you can use your Ledger Live account to perform transactions.

Alternatively, you can use the USB cable that is included with the wallet. It works with mobile operating systems such as iOS and Android. You will be required to employ the hardware wallet in order for the transaction to be successfully verified.

Your private keys will never be kept anywhere other than the device you use to access them. They are kept in an offline condition for an indeterminate amount of time. The Ledger Nano X is compatible with more than 1800 coins, and the Ledger Live software enables users to manage 50 of those cryptocurrencies.

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If you want to store other cryptocurrencies on your Ledger Nano X wallet, you will need to connect them with accepted third-party wallets like XRP Toolkit. This is a must in order to do so. If you have any additional cryptocurrencies, you are obliged to do this step.

Utilizing one of these specialized hardware wallets allows you to safely store one hundred distinct cryptocurrencies in cold storage. This is made possible by the fact that the Ledger Nano X supports the simultaneous installation of one hundred apps.

You are able to buy and sell cryptocurrencies using Ledger by utilizing Coinify, which is the company’s partner. After that, you will have the option of having your assets sent directly to the bitcoin wallet that you have configured on your Ledger device.

There are a number of cryptocurrencies, like Algorand, Tezos, TRON, Cosmos, and Polkadot, that provide users the ability to stake their coins and get rewards in a passive way. The Ledger Nano X is simple to set up and use, and its user interface is intuitive.

Because your private keys are kept in an offline location, this cold wallet offers the highest level of protection that can be obtained. Even though it does not have a touchscreen, learning how to utilize the device’s buttons makes it quite simple to perform anything you need to do with it.

As a result of all of these qualities, it is widely acknowledged as being among the best cold storage cryptocurrency wallets that are openly accessible to residents of Canada.

Trezor Model T

  • Compatible with 1,500+ cryptocurrencies
  • Open source code for a high level of security
  • Great user experience
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Trezor Model T

The Trezor Model T is yet another hardware bitcoin wallet that is widely considered as one of the most reliable digital wallets for those residing in Canada. It was designed by the same company as the original Trezor.

Because its source code is totally open to the public, anybody can read it and confirm that the way it keeps your private keys does not include any actions that may be considered dubious. Because of this, the vast majority of people choose Trevor over the other crypto wallets, which is the key reason why its price is greater compared to that of the goods that are competing with it on the market.

Similar to the Ledger cryptocurrency wallet, the Trezor cryptocurrency wallet stores your private keys locally on the device itself. This eliminates the possibility of those keys getting into the wrong hands in the case of a data breach. You will need to connect the Trezor to either your laptop or Android phone using the USB adapter that is provided in order to utilize either device.

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Trezor does not yet provide support for iOS devices such as iPhones at this time. Bluetooth is incompatible with Trezor at this time. As a result of this, it is presently the hardware cryptocurrency wallet that offers the highest level of security and can be bought on the market.

The Trezor Model T bitcoin wallet boasts a very user-friendly graphical user interface (GUI), as well as a touchscreen display that is color and supports the complete color gamut.

There is support for more than 1,600 distinct cryptocurrencies, and the storage of these cryptocurrencies may be handled either by the Trezor Suite itself or by a third-party wallet that is also supported. As long as the cryptocurrency you want to use is one that is supported by Trezor, you are able to store an infinite amount of coins on your Trezor at the same time without incurring any fees.

The maximum number of coins that may be stored in other wallets for cryptocurrencies is around 100. The Trezor Suite is a user-friendly and uncomplicated software package that includes both a desktop application and a web application.

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You are also able to monitor your cryptocurrency holdings, buy and sell cryptocurrencies, and make use of Trezor’s secure password manager so that all of your online credentials may be saved in one area. In addition, you are able to track your cryptocurrency holdings.

The Trezor Model T is quite a secure cold wallet that can actually store hundreds of different cryptocurrencies and has an intuitive touchscreen interface designed with novice users in mind.

The Trezor Model T comes with a high recommendation from the United States, despite the fact that it has a premium price tag and does not permit staking in any direct way. It comes highly recommended due to the fact that it is one of the best cold cryptocurrency wallets that are now available for usage by Canadians.

Coinbase
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Coinbase Wallet

The Coinbase Wallet is a non-custodial cryptocurrency wallet that enables users to store more than 44,000 digital assets in a secure environment, interact with decentralized applications, and manage Ethereum-based NFTs. Users may do all of these things using the Coinbase Wallet.

Coinbase is responsible for the development of the Coinbase Wallet. The following cryptocurrency networks are supported in Coinbase Wallet: Bitcoin, Ethereum, Binance Smart Chain, Dogecoin, Litecoin, Polygon, Stellar, and Ripple. In addition to this, it is compatible with a wide range of Ethereum Layer-2 solutions.

Within the app’s decentralized exchange capability, users have the opportunity to trade assets based on Ethereum as well as Polygon. It is possible to buy assets that are not based on Ethereum or Polygon by using the in-app cryptocurrency purchasing option.

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Customers of Coinbase are given the ability to earn interest on their bitcoin holdings in a simplified and straightforward way by using the user-friendly mobile wallet that is provided by Coinbase. One of the most exciting features that the Coinbase Wallet has to offer is the ability for users to manage Ethereum-based non-fungible tokens.

This feature has been called “one of the most intriguing parts of the wallet.” Digital artwork, collectibles, music, and other forms of material that can be independently confirmed as being one of a kind may now be offered for sale by producers, businesses, and artists thanks to a technology known as the blockchain, which is the foundation of NFTs.

Finally, but certainly not least, the decentralized wallet does not charge any wallet fees; rather, it only charges expenses for utilizing the blockchain network, which makes it among the most cost-effective cryptocurrency wallets that are presently accessible.

The protection of users’ confidentiality and safety is of the utmost importance to Coinbase Wallet. This ensures that the user alone has access to the private keys linked with their wallet at all times. Because of this, even if the systems that Coinbase uses are penetrated, bad actors will not be able to get their hands on the currency that is housed in Coinbase Wallets.

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Users of the wallet have the option of creating a personal identification number, also known as a PIN, or a password (depending on whether they are using the mobile app version or the browser extension version of the wallet), and the wallet also provides biometric verification for users of the mobile app version of the wallet.

The code of Coinbase Wallet does not seem to have been hacked and does not appear to offer any security concerns to its users. However, users of Coinbase.com have been the victims of fraud and hacks. Coinbase Wallet does not appear to present any security issues to its customers.

ZenGo

The ZenGo mobile wallet is a cold wallet that gives Canadians the chance to store their cryptocurrencies in a safe way. This service is also available to Canadian residents.

In addition, you may buy, sell, and trade cryptocurrencies from almost any place on the earth. It is very possible that this cold wallet application is the most widely used one in the whole world.

When it comes to convenience, utilizing a software wallet like ZenGo rather than a hardware wallet like Ledger is by far the better option. In addition, while you are using ZenGo, you do not need to be concerned about the safety of your private keys.

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Instead, ZenGo will make use of the biometric information that you have supplied in order to retrieve your wallet in the event that it is essential to do so. When you make a new wallet using ZenGo, the firm will capture a picture of your face and save it as an encrypted map on their server. This happens whenever you make a new wallet.

Whenever you find that you need to retrieve your wallet, you will have access to this map. ZenGo safeguards the protection of your cryptocurrency by using its own proprietary security technology. Before the transaction can be performed, your mobile device and the servers that are running ZenGo need to communicate with one another so that the signature can be generated.

Your encryption will continue to be safe and usable even in the event that anything goes terribly wrong. Because it comes with a plethora of advanced capabilities, ZenGo is more than just a cryptocurrency wallet in the sense that it can store a variety of cryptocurrencies.

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You may be able to make a passive income from your bitcoin assets by participating in activities such as lending and staking. When you lend stablecoins, you will get an annual percentage yield of 8%, while lending bitcoin will earn you 5% annual percentage yield and lending Ethereum will earn you 4% annual percentage yield.

When you choose to lend your cryptocurrency, you are actually lending it to Nexo, which is ZenGo’s partner and a financial institution that is both regulated and licensed.

When you lend your cryptocurrency, you are really lending it to Nexo. You will not be charged any transaction fees when you buy Terra coins with ZenGo, and the platform offers a wide number of payment methods, including debit and credit cards.

Additionally, you may utilize ZenGo to purchase other cryptocurrencies. When using ZenGo to trade cryptocurrencies, you will have the ability to choose from three distinct network speeds depending on your preferences.

Determine how quickly you need the transaction handled before making your choice between the normal, the regular express, and the fast transfer ways. Choose the fast option, for example, if you are willing to pay the maximum potential network fee in order to ensure that the transaction will be executed instantly.

You also have the opportunity to get a payback of $10 in Bitcoin on any amount spent up to $200 if you make your purchase while using the code from ZenGo. There are real people working behind the scenes at ZenGo, and they are always ready to provide a hand to customers who need it at any given time.

Why Is It Important for Me to Have a Crypto Wallet in Canada

It’s quite possible that Canadians who are concerned about the safety of their cryptocurrency holdings may make the final decision to move their cryptocurrency away from the cryptocurrency exchange where it was bought in order to store it in a more secure location.

On a cryptocurrency exchange, a user may store digital assets or fiat cash such as Canadian dollars in what is known as a crypto wallet, which is a kind of online storage. In other words, a crypto wallet is a type of online storage which is not really a safe environment.

Despite the fact that this makes it much simpler for you to trade, buy, and sell your cryptocurrency, the fact that you do not have control over the private keys to your wallet is a disadvantage of using cryptocurrency.

The cryptocurrency exchange is in possession of the private keys to every cryptocurrency wallet that is hosted on its platform. If your cryptocurrency assets are stored on an exchange, for example, and that exchange were to become the target of a hacking attempt, there is a chance that you may end up losing all of your cryptocurrency holdings.

If you leave your bitcoin assets on an exchange, you put yourself at risk, despite the fact that the great majority of reputable cryptocurrency exchanges will put them in cold storage for you. As a result of this, a lot of individuals in Canada have chosen to look for the best cryptocurrency cold wallet so that they can store their crypto assets in a safe way. This is because they want to avoid the risk of losing their crypto assets.

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How To Determine Which Cold Wallet Is Best For You

The given reviews of some of the safest and most respected cold wallets that are currently on the market in Canada are not enough, you should also go deeply into the inner workings of each and every storage option. So in order to select the most suitable cold cryptocurrency wallet in Canada for your individual requirements. You will need to understand the most important characteristics.

Coins That Had Been Backed In This Way

Checking to discover which currencies are supported by a service provider is the first thing you should do when you are searching for the best cold wallet in Canada. You can do this by going to the website of the provider.

For instance, despite the fact that Coinbase, which has been in business for more than a decade, is widely regarded as one of the most dependable Bitcoin wallets in Canada, it does not support any other cryptocurrencies. And as a result of this, if you possess a number of different cryptocurrencies, it follows that you will be forced to establish and maintain a number of separate wallets for each of those cryptocurrencies that you hold.

As a result, it is strongly suggested that you choose a cryptocurrency wallet that is compatible with each of the currencies that you already own. This is because you hold many different currencies. That way you can assure the safety of your whole crypto assets by carrying out the steps outlined in the previous sentence.

The Characteristics of the Device, as well as Who Owns It

When it comes to picking the best cold wallet in Canada that is most suited for your requirements, the kind of device you want to use should play a key part in the decision-making process. This is because Bitcoin can only be used on computers.

In addition, this is also true when picking between a custodial wallet and a non-custodial wallet. A non-custodial wallet does not need a third party to hold your cryptocurrency for you.

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Efforts Made to Ensure Safety and Comfort

The next thing you should do after making certain that the wallet service supports all of the digital assets that you currently own and the kind of device that you wish to use, is to explore the degree of safety that the wallet provides. This will, in the majority of cases, be defined by the kind of wallet you choose to use, as well as the nature of the storage arrangement, which may either be custodial or non-custodial.

For example, if you choose to use an online wallet with a service provider such as Keepkey, you may utilize your money without worrying about the safety of your financial information since the Ontario Securities Commission has given the firm regulatory approval.

In addition, a customer’s cryptocurrency holdings make up an average of 98 percent of the wallet’s total value when the wallet is used for cold storage. You should also search for something known as two-factor authentication since it is an extra security element that you should look into.

When you attempt to access the account associated with your wallet, you will often be prompted to enter a code that has been sent to you in the form of an email or a text message.

User Experience

You should also give careful thought to how comfortable your chosen wallet is to carry about and use. This is an important factor. For example, Coinbase is a great option for seasoned cryptocurrency investors who want direct access to the Bitcoin blockchain network. Coinbase is one of the most popular cryptocurrency wallets.

On the other hand, users who are not acquainted with cryptocurrencies may discover that the Coinbase UI is difficult to navigate. On the other end of the scale are crypto wallets like Keepkey, Binance, Trust Wallet, which are some of the best alternatives for individuals who are just starting with cryptocurrency in Canada and are some of the most popular options overall in the country.

The Transaction Fees Involved in Cryptocurrency Transactions

When you are searching for the best cryptocurrency wallet in Canada, one other thing that you should take into consideration is the fees that are related to transferring tokens. You would need to do nothing more than pay the cost of blockchain mining that was estimated at the time of the transaction if you find yourself in certain situations.

This signifies that the price will not have any markup applied to it by the wallet provider. However, some companies that offer cryptocurrency wallets require users to pay a fixed charge in order to use their services, which may make utilizing these wallets fairly pricey.

For instance, if you wish to transfer Bitcoin from one wallet to another, Binance will charge you a fee equivalent to 0.0005 BTC. This cost must be paid before the transaction can be completed.

Services Relating to Trading and Exchanges

When we were evaluating the top cold wallets in Canada, it was mentioned that many of the providers also function as exchanges. This is because the finest wallets provide both services. Because exchanges are such an important component of the Bitcoin ecosystem. This means that you are able to trade one digital token for another without the need of transporting assets across exchange systems. This opens up a lot of trading possibilities.

Best Cold Wallet Conclusion

One of the phases involved in the process of investing in digital assets is picking the cryptocurrency wallet from among those that are offered in Canada that is most suited to the unique requirements that you have. This step is one of a number of steps included in the process.

You need to think about not just the factors that pertain to the wallet’s security, but also the currencies that are supported, how user-friendly the wallet is, and whether or not it comes equipped with built-in exchange facilities. Thanks for checking out the best cold wallet.

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August 18, 2022
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FAQs about the Best Cold Wallet

Is it dangerous to store cryptocurrency in a wallet?

Hardware wallets provide the highest level of security when it comes to storing bitcoin private keys because of the offline storage space they give. When compared to physical wallets, digital wallets stored on your computer are more convenient and provide a greater degree of protection. On the other hand, since digital wallets stored on your computer are connected to the internet, they are vulnerable to being hacked. Paper wallets are another alternative that perform the same functions as their digital counterparts, so long as they are kept in a secure location.

Where in Canada can I get a digital currency wallet that has the best reputation for security?

When its price point, degree of security, quantity of currencies and tokens it supports, and the ability to stake directly from the wallet are taken into account, the Ledger Nano X is the best cryptocurrency or bitcoin wallet that can be purchased in Canada at this time.

Should digital money be kept in a wallet or should it be traded on an exchange instead?

It's possible to add an extra layer of security to your cryptocurrency holdings by moving them to a "hot wallet" or an even more secure hardware wallet. On the other hand, the vast majority of cryptocurrency experts are of the opinion that it is perfectly safe to leave your cryptocurrency on an exchange so long as the site you used to purchase cryptocurrencies was a trustworthy one.

Where can I locate the bitcoin wallet that has the best reputation?

Currently, the most dependable bitcoin wallets are produced by Ledger and Trezor, two separate companies.

What is the going rate for buying a bitcoin wallet at the moment?

It all depends on your requirements and how you want to put it to use. It's possible to spend anywhere from $100 to $300 or even more on a trustworthy hardware wallet. Prices may go much higher.

In what specific ways may one make use of a bitcoin wallet?

It is believed that the blockchain is the repository for cryptographic evidence, and the only method to access this evidence is through a private key. Because crypto wallets are where you store your private keys, it is imperative that you choose one that is dependable and trustworthy if you want to protect them from being stolen.

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