As a Canadian, you can sign up for an account and have crypto wallets with so many crypto exchange platforms. However, the question is, what is the best crypto wallet for you?
The best crypto wallet is the most secure one with the lowest possible fees, no matter if you live in Canada or any other country. However, Canada is a highly regulated country, and Canadians like to work with companies that are registered and regulated in Canada. So, what is the best crypto wallet in Canada, with the most secure system, lowest possible fees and registered/regulated in Canada?
There are several platforms that provide crypto wallets for Canadians. I have tried many of them. However, I am currently using one of them that I think is the best. I will share it with you and will tell you why it is currently the best crypto wallet in Canada. I will also tell you a little about other services and why they are good but not the best for Canadians. So, please make sure to read this short article entirely.
You can use Canadian and non-Canadian crypto wallets in Canada. There are currently some Canadian crypto wallets that are really good. I will share them here and will explain why they are the best options now because I am using them, and so I know them very well while I have also used many of non-Canadian crypto wallets.
What Is the Best Crypto Wallet in Canada?
The best crypto wallets in Canada are the Canadian-registered ones. I mean they have to be Canadian and registered and regulated in Canada. There are not too many of them because this business is somehow new. However, I am using one of them which is great and I am so happy with it, because It is secure and error-free while it is registered and regulated in Canada and you can contact them directly.
There are some other websites claiming that they are Canadians. They offer their services to Canadians, but you cannot see any Canadian phone number or address on their websites. You must avoid these companies.
So here is the best crypto wallet in Canada which is my most favorite one at least for now:
NetCoins
Click here to sign up for an account with NetCoins and get a $10 reward now 🙂
After using several other crypto wallets, I know NetCoins as the best crypto wallet in Canada for several important reasons:
Easy to Sign Up
You can create an account with NetCoins and verify your Canadian identity and address within few minutes. They use artificial intelligence to verify your ID and proof of address, and so you won’t have to wait for a few days for your account approval. I could start using my account almost instantly after I signed up.
Safe, Secure and Regulated
NetCoins is extremely safe and secure. You can activate the 2-factor authentication on your account, so that no one can login to your account but you.
On the other hand, NetCoins is registered and regulated in Canada. Their head-office is in Vancouver, and they have clear contact information.
Easy to Fund
They support Interac e-Transfer which is my favorite funding method. They also support bank wire which is the method I recommend if you want to transfer more than $3,000CAD to your NetCoins account. They also support online bill payments method that needs you to have an account with Credit Union. I haven’t used this method.
It takes about 5-30 minutes to receive your funds in your NetCoins account, if you use Interac e-Transfer. There is no fee on receiving funds in your account.
Great CAD to Cryptocurrencies Rates
I have tried some Canadian and non-Canadian crypto wallets. However, NetCoins rates are the best so far, and this is one of the most important reasons that NetCoins is the best crypto wallet in Canada.
For example, NetCoins currently gives me 2374.33 USDT in exchange with $3,000CAD, which is 220.08, 71.55 and 30.58 USDT better than Simplex, Banxa and Crypto.com respectively (see the below explanations).
This makes a huge difference if you are after using your crypto wallet for long. No doubt that you cannot rely on Binance or even Banxa and Crypto.com rates for long because they will make you lose a lot. While NetCoins is strongly registered and regulated in Canada, offering great CAD to cryptocurrencies rates makes it the currently best crypto wallet in Canada. Click here to sign up for an account with NetCoins and get a $10 reward now 🙂
Non-Canadian Crypto Wallets:
There are some non-Canadian crypto wallets that offer their services to Canadians too. I have worked with a few of them that I have described below. They are safe and secure, but I am not happy with their rates. You can try them in case you cannot or do not want to use NetCoins or NetCoins doesn’t support all the features and cryptocurrencies you want:
Binance
As a Canadian, you can Click Here to create an account with Binance. It is extremely secure and they allow Canadians to open accounts with them. Although Canadian banks have blocked making payments on Binance with Canadian debit and credit cards, Binance is linked to some other services like Simplex and Banxa that allow you to make online payments to buy cryptocurrencies and keep them in your Binance wallets.
You can still use your Canadian credit cards to make payments on Simplex. However, this platform is too expensive. Their rates are too high and you lose a lot of money on converting your Canadian currency into cryptocurrencies. So, I don’t recommend you use Simplex, either through Binance or without using Binance. Simplex doesn’t offer any crypto wallets. It just handles your payments and sends the cryptocurrencies you buy from them to the wallet address that you give them. I don’t recommend using Simplex, either through Binance or independently because it is too expensive and their rates are so unfair and even horrible.
On the screenshot blow, you can see that I am using Simplex on my Binance account while Simplex is giving me 2,154.25 USDT in exchange with $3,000CAD which is really bad. Of course, rates always change, but Simplex rates are always bad. The current CAD to USD rate is 0.79 which means I should receive 2,370 USDT for $3,000CAD. I am not saying that Simplex should not charge me anything, but charging 216 USD above the current rate is really unfair:
The only good thing with Simplex is that you can pay with your Canadian credit cards that Canadian banks haven’t blocked Simplex yet. Also, payment through Simplex is 100% secure.
Binance is linked to Banxa as well. In addition to credit cards, with Banxa, you can pay through Interac e-Transfer or Email Money which is so easy, fast and secure. However, there is the same problem here as well: although their CAD to cryptocurrencies rate are much better than Simplex, but they are still too high.
In the screenshot blow, you can see that Banxa is giving me 2,302.78 USDT in exchange with $3,000CAD, which is 148.53 USDT better than Simplex:
Therefore, on Binance, you cannot directly buy cryptos with your Canadian credit or debit cards, but you can use Simplex or Banxa to pay with credit cards or Interac e-Transfer which is great, while their CAD to cryptos rates are not good and are even terrible with Simplex.
Binance hasn’t been registered an regulated in Canada, but Canadians have no problem to open accounts with them. It is just the Canadian banks that have blocked payments on Binance, but this problem is also resolved by using Simplex and Banxa on Binance.
Crypto
Click here to create an account with Crypto. Crypto is also secure and fast-growing and is adding more services and options for Canadians. For example, they have just announced on Twitter that bank transfers are now available via Interac e-Transfer with zero fees. This means you can transfer Canadian Dollar from your bank account to your Crypto account and use it to buy cryptocurrencies and save them in your crypto wallets.
Canadian Dollar to cryptocurrencies rates on Crypto are better than Binance and even better than the rates that Banxa offers. For example, it is giving me 2,343.75 USDT in exchange with $3,000CAD, which is 40.97 USDT better than Banxa and 189.5 USDT better than Simplex.
