Best Crypto Wallet App 2024 Revealed!

If you wish to invest in cryptocurrency, you should consider using a wallet that allows you to pick from the wide range of coins and tokens available, as well as send, receive, and store your digital assets seamlessly and securely.

In this guide, we take a look at the best crypto wallets in Canada right now, their advantages, and some safety tips for using them successfully. Keep reading to learn more!

Best Crypto Wallet Apps 2022 – A Closer Look

1. eToro – Overall Best Crypto Wallet App In Canada For 2024

eToro has a wallet app that can be downloaded on iOS and Android devices called eToro Money. eToroX is the parent company that owns and operates the wallet, which is regulated and is part of the global trading platform’s vision to expand its Blockchain-related services in the coming years.

With eToro Money, you can keep your digital token investments within your trading account portfolio, which offers safety and convenience. In addition, if you have an eToro trading account, you can easily transfer cryptocurrencies between your eToro crypto wallet and your eToro trading account. There are more than 500 crypto-crypto pairs within the wallet that you can swap between at any time, making it possible to trade seamlessly between many popular altcoins.

Machine learning and digital signatures are used by eToro to understand normal wallet usage patterns. The crypto wallet activity on your account may be notified when unusual login activity is detected by eToro. As well as DDoS protection, the eToro Money app offers a standardized protocol and prevents distributed denial-of-service attacks. Additionally, the 2FA security layer is supported.

Moreover, a useful feature of eToro Money is that if you lose your login credentials or private keys, the provider can help you develop a way to regain access to your account.

Setting up the mobile wallet is free of charge, and you only pay when you make a transaction or convert a currency. eToro Money wallet offers several features, such as an inbuilt exchange, so you can convert one cryptocurrency into another without transferring funds. Furthermore, you can even buy cryptocurrencies using a credit or debit card directly from your wallet.

It is noteworthy that the eToro wallet also offers crypto staking as one of its components — Tron, Cardano, and Ethereum all support staking.

Users can also make fee-free deposits with eToro Money starting as low as $10. Additionally, eToro Money offers instant withdrawals for your funds. This enables you to easily spend and trade your funds without waiting for them to be withdrawn.

Pros

• Easy registration and user-friendly interface
• Manage your eToro account funds
• Easy registration and user-friendly interface
• Manage your eToro account funds
• Provides you with assistance in recovering your keys.
• Several cryptocurrencies are accepted, including Bitcoin.
• Getting started is as easy as $10.

Cons

• If you need a non-custodial wallet, this is not the wallet for you 
• It is necessary to go through KYC 

Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.

2. Crypto.com – Top Crypto Exchange Featuring A Comprehensive DeFi Wallet

Crypto.com is a popular exchange that offers a DeFi wallet to users. Crypto.com’s DeFi wallet is not custodial, but the Crypto.com exchange is. Integrated into a single ecosystem, all three applications work seamlessly together.

This DeFi wallet is the ideal choice for users starting out on their journey into decentralized finance. In terms of security, it offers users complete control over their digital assets and private keys, which they are responsible for keeping safe. In addition, a one-to-one crypto swap feature and a wide variety of tools for earning passive income are also available with this type of wallet.

Crypto.com offers a very user-friendly wallet that can be easily integrated with its other services. Users no longer need to copy and paste addresses between applications. Instead, they can hook up their wallet directly to the rest of their Crypto.com account.

The DeFi Wallet for Crypto.com is free and can be used for day-to-day crypto activities without requiring an account on Crypto.com’s exchange. There is also the option for users to stake cryptocurrencies and earn passive income on those coins using the Crypto.com DeFi wallet, such as CRO and DOT.

As a non-custodial wallet, Crypto.com gives you complete control over your cryptocurrency. This means that you own the cryptocurrency at all times. Therefore, it is recommended that you keep your wallet safe by storing your private keys in a secure location, such as a fireproof safe.

This cryptocurrency wallet app offers several layers of security to ensure funds are safe, including biometric authentication of your fingerprint, two-factor authentication of your credentials, and Secure Enclave technology on iOS devices. Additionally, it allows for creating multiple digital wallets, importing other wallets, and connecting to other decentralized apps via the WalletConnect tool.

In the Crypto.com ecosystem, there are no additional fees for transferring funds from one account to another. However, you must be aware that all transactions are on the blockchain. The cost of transactions varies from blockchain to blockchain, so you might not know the exact amount until you execute the transaction.

Pros

• With this app, you can buy, sell, and use cryptocurrency in multiple ways
• Features 2FA and passcodes as standard security features
• An intuitive and simple user interface

Cons

• Every transaction happens on-chain

Your capital is at risk.

3. MetaMask – Superb Cryptocurrency Wallet App for Web3 Applications

With over 30 million monthly active users, MetaMask is one of the most popular Ethereum wallets available. In addition to its ease of use and accessibility, it is attractive to beginners looking for a wallet that stores and sends cryptocurrencies compatible with Ethereum and allows them to engage with decentralized applications.

Before Metamask was available, you had to provide your cryptocurrency wallet private keys to interact with dApps – a high-risk move. By requesting permission through Metamask rather than sending your private keys to dApps, dApps are now much more secure regarding accessing funds.

There are no transaction fees in the wallet, but users are still expected to pay the standard gas fee. Gas represents the computing power spent to execute a transaction on the Ethereum blockchain. In general, the more complex the transaction, the more gas will be required, and the fee will be higher. Gas prices are also affected by network congestion.

This wallet is built with open-source code, allowing developers and security experts to review it for security. In addition, because MetaMask accounts are encrypted and stored locally, users retain full control of their private keys.

MetaMask has the advantage of being extremely easy to use. The wallet appeals to crypto veterans looking to expand their portfolio and crypto beginners looking for a simple introduction to the industry. You won’t even have to provide your email address when you set up MetaMask; it will only take a few minutes.

With MetaMask, you can also use five hardware wallets: Trezor, Ledger, Lattice, Keystone, and AirGap Vault. Unlike electronic wallets, hardware wallets physically store digital currencies and assets like a hard drive. As a result, hackers can’t access a non-internet-connected device, so this is the most secure way to store crypto. Therefore, using MetaMask with hardware wallets will ensure that your long-term assets are securely stored.

MetaMask wallet can be downloaded as an extension for popular browsers, including Google Chrome, Microsoft Edge, Mozilla Firefox, or Brave. Moreover, if you want to use MetaMask on your mobile device, you can download the MetaMask app for Android or iOS devices.

Pros

• Multi-browser network accessible open source software
• Browser-controlled private keys
• Integrating ledger devices

Cons

• There is no option to reset your password
• It doesn’t support the Bitcoin wallet feature

Your capital is at risk.

4. Trust Wallet – NFT-compatible Crypto Wallet With User-friendly Interface

Using hot storage, Trust Wallet is a non-custodial digital wallet. This cryptocurrency wallet is regarded as one of the most reliable because it is extremely secure, free, and supports many blockchains and cryptocurrencies. Trust Wallet became Binance’s official decentralized wallet in 2018, one of the world’s leading cryptocurrency exchanges.

Trust Wallet is a wise choice if you are interested in investing in various cryptocurrencies and diversifying your portfolio. This wallet supports over 50 blockchains and over a million cryptocurrencies. In addition, it will allow you to organize all your digital currencies in one place so that you don’t have to worry about losing track of them.

Trust Wallet is a superb option for those interested in NFT and decentralized apps. By using Trust Wallet, you can interact with any decentralized applications (dApps) that are running on Ethereum or the Binance Smart Chain through its browser. For instance, this feature allows users to look, purchase, and store tokens without leaving the app.

Additionally, as part of Trust Wallet’s development team, DApps are regularly vetted and optimized before being added to the main marketplace.

When you hold certain cryptocurrencies, you can earn rewards in the form of crypto tokens. Trust Wallet can also generate passive income through its staking feature. On the Staking page of the Trust Wallet, a staking calculator can be found. By using the current APR at the time, you can calculate your estimated earnings based on the estimated earnings. Daily, monthly, and annual earnings will be displayed for each coin available for staking.

This wallet supports smartphones and tablets. Using it requires downloading Trust Wallet from the App Store or Google Play. In contrast to many other hot wallets, this one does not have a web version or browser extension.

Pros

• Easy to use and very comfortable
• Over 1 million cryptocurrencies are supported
• Setup and use on smartphones are convenient
• The wallet makes it easy to buy and stake cryptocurrency

Cons

• Lost accounts cannot be recovered through customer support

Your capital is at risk.

5. Coinbase Wallet – Best Crypto Wallet App For Beginners

The Coinbase Wallet is one of the most trusted and reputable online cryptocurrency wallets on the market. Although it offers integration with Coinbase.com, it’s quite popular among crypto investors who use this wallet to store their funds as a self-custody option.

More than 45,000 digital assets are supported by Coinbase Wallet, including Bitcoin, Litecoin, Dogecoin, Ripple, ERC-20 tokens, and tokens on EVM-compatible blockchains.

Upon signing up for Coinbase Wallet, you will not only get access to the wallet but also to the decentralized exchange (DEX) integration that Coinbase provides. By doing this, you can trade the tokens on decentralized exchanges through your wallet easily and conveniently. It is possible to trade assets based on the BNB Chain, Ethereum blockchain, and the Polygon network.

No need to open an account with Coinbase to use its non-custodial wallet since the private key is stored on your device instead of on Coinbase servers. In this way, you no longer need to worry about your currencies being locked for undefined reasons or exposed to cyberattacks on the website due to security concerns.

Users can also purchase items at stores that accept bitcoin using their Coinbase wallet. QR codes are used at checkout to represent cryptocurrency addresses and payment amounts. With QR codes, it is easy to pay with a wallet app on a mobile device, such as the Coinbase Wallet app that can be downloaded for Android or iOS.

There are no wallet fees associated with Coinbase Wallet. However, blockchain transaction fees apply when sending funds or interacting with smart contracts. Nevertheless, the great thing about Coinbase Wallet blockchain fees is that they can be customized to fit your needs. As a result, you can decide how much you want to spend on blockchain fees based on your budget. In general, the more fees you pay, the faster the transaction will be settled.

When you trade crypto assets on a decentralized exchange, Coinbase Wallet also charges conversion fees. All conversions are charged a flat rate of 1%.

Pros

• Simple to use
• Provides support for a wide range of crypto assets
• Authentication with two factors and a unique login code supported
• Supported by a reputable trading platform that can recover assets that have been stolen or lost

Cons

• There are high usage fees

Your capital is at risk.

Are Crypto Wallet Apps Safe?

The security of a crypto wallet depends on how you set it up. Although many crypto wallets have many security layers and are considered very safe, malicious software can exploit many underlying vulnerabilities. When malware finds its way into a cryptocurrency wallet, one of the most common reasons people lose them is that they lose access to their local storage.

It is also possible for crypto wallet security to be compromised as a result of a lack of authentication. There are times when viruses and bad-intentioned software can do this regardless of whether financial data is being accessed on a particular computer at the time. This is especially true if the computer is accessed via an unsecured mobile device.

Keeping your crypto offline while keeping a part of it for trading will ensure that most of your holdings are safe and secure. Regarding web wallets, if you prefer a convenient and safe method to access your funds, you need to ensure that your chosen provider stores the vast majority of client funds in cold storage.

When choosing a safe crypto wallet, items such as biometric login, two-factor authentication, and IP address safe listing are other useful security features you should keep an eye out for.

What Is The Best Crypto Wallet App?

Before moving on, consider which wallet type is most appropriate for your needs. It is generally the case that mobile wallet apps offer both convenience and protection.

In light of this fact, you should consider buying a hardware wallet when you own many digital tokens, and their valuation is very high. You can also use a regulated broker like eToro to purchase your digital assets if you prefer. Doing so allows the provider to handle your tokens securely on your behalf, and you won’t have to worry about them.

The user experience offered by a crypto wallet is another factor you should keep in mind when searching for top crypto wallets in Canada. Various crypto wallets target users such as beginners and experienced investors.

Having a look at the provider’s website will usually allow you to determine whether a crypto wallet fits your skill set. It’s worth considering eToro if you’re looking for a user-friendly crypto wallet with plenty of tools and high-security levels.

What Are The Advantages Of Using A Crypto Wallet App?

1. Planning and managing portfolios: The way you manage crypto is similar to how you handle other assets you possess. Using one of these wallets, you’ll be able to see them in real time. For monitoring the efficiency of each of your underlying currencies, you will need access to various graphs and analysis techniques.
2. Simplicity: Crypto wallets are extremely simple and have a straightforward interface, and you can prioritize the features you want.
3. Multi-currency access: Using well-known cryptocurrency wallets is one of the best ways to invest and hold your virtual currencies because you have a wide variety of currencies to choose from. Coins can spread financial assets, reduce risk, and increase earnings for those who can afford them.
4. Transaction and account confidentiality: When you use a virtual or cryptocurrency wallet, your information, identification, and capital are secure. Signing in usually requires you to enter an encrypted ID and password. If you properly do this, you can ensure that other people cannot access your accounts until you explicitly grant them access.

Top Tips For Using A Crypto Wallet App Safely

If you are searching for the best app for crypto wallet, you should place security at the top of your list. This short list of tips you can keep in mind when using a crypto wallet.

Use A Secure Internet Connection

Keep your online crypto wallets away from public wifi. As much as it might seem like a convenient offer, cybercriminals make full use of it to benefit themselves.

You can avoid public networks altogether by switching to a mobile modem and not using public networks. HTTPS-encrypted websites should also be used.

Never Share Your Private Keys

As their name suggests, private keys should be kept private. So, it is never a smart idea to share your private keys with anyone. As someone can access your account and funds and transfer them to their own wallet you will lose all your funds and may be unable to get them back.

Ideally, you’ll want to store your private keys safely, such as in a paper wallet or a hardware wallet. In this case, the keys are not stored on a blockchain, so they cannot be accessed by third parties. Rather, they can be saved in an encrypted file accessible from anywhere.

Always Lock Your Phone/Laptop

It is worth mentioning that many crypto wallet password managers are kept online using cloud-based services. However, some password managers are kept on local computers. Therefore, you may find it useful if your password manager can be stored locally on your computer or phone, making it available for offline use when you need it.

In this case, we recommend always locking your phone or laptop when you are not using it. Using a password to lock your device will add an extra layer of security to your wallet.

Chose A Reliable Application

A cryptocurrency wallet should be protected by solid security measures to ensure the safety of your tokens. Today’s security standards include two-factor authentication as the bare minimum.

Investors should also consider the customer support channels available when choosing a crypto wallet, especially since any governmental agency does not regulate most wallets.

Best Crypto Wallet Apps 2022 – Conclusion

This guide examined the leading crypto wallet apps available right now in Canada and included a discussion of what you should take into account when using a crypto wallet for your personal needs.

As a result of our research considering items such as security, regulation, tools, and user-friendliness, we found that eToro is the best crypto wallet for 2024. It offers brokerage and exchange services and support for many different cryptocurrencies and blockchain networks on top of its multi-currency wallet feature.

Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.

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