Ethereum has made a lot of progress in the previous year. From launching their Proof of Stake (PoS) protocol to making strides in the decentralized finance (DeFi),non-fungible tokens (NFT), and blockchain games space. Ethereum had one hell of a performance last year, and this year, it’s expected to come out with more surprises. So, if you have your hands on some Ether, then you’re in for some luck. In this article, we’ll list some of the best Ethereum wallets in Canada and how you can get started with one.
- What is Ethereum
- Keeping your assets safe
- What’s an Ethereum wallet?
- What should you look for in an Ethereum wallet?
- Development Record
- Control over your keys
- Ease of use and accessibility
- Smart Contract Functionality
- Token and Coin Compatibility
- The 10 best Ethereum wallets
- Hardware wallets
- Software wallets
- Exchange wallets
- Ether wallet FAQs
What is Ethereum
Launched in 2016, Ethereum is the world’s second-largest cryptocurrency by market cap. It is just behind Bitcoin. Trading at $3,700 per token, the Ethereum network is worth over $440 billion USD and has an impressive daily trading volume of $11 billion USD, according to CoinMarketCap.
The reason it has such high regard is because of the influence it has had on the cryptocurrency space over the years. Ethereum evolved the cryptocurrency space by introducing smart contracts and decentralized apps. Today, the Ethereum network is home to numerous DeFi protocols, NFT marketplaces, blockchain games, and even tokens.
The Ethereum network created a revolution by replacing centrally controlled apps with open-source, decentralized apps that operated on an immutable and unstoppable network made possible by blockchains and virtual machines. This revolution brought with it an onslaught of apps, games, metaverse coins, and financial services that anyone with an internet connection and a smartphone could access at any given time of day from anywhere in the world.
Ethereum’s vision gave cryptocurrencies a new direction, and it can be seen changing the future of finance, games, entertainment, art, and other sectors one step at a time. Ethereum’s influence certainly bloomed in the previous year, and it’s expected to do much more once Ethereum 2.0 launches and its Sharding technology is live. The promise that Ethereum shows is one reason why there’s an increasing number of investors flocking into the crypto market to pump their portfolios with Ether.
If you're interested in getting your hands on Ethereum because of its recent growth and success, you can do so on a number of popular cryptocurrency exchanges in Canada. Unfortunately, with the number of crypto exchanges growing by the day, finding a decent price can be quite difficult. Hardbacon, on the other hand, makes it easier to compare crypto exchanges to get the best bargain.
Keeping your assets safe
The rise of Ethereum and other cryptocurrencies has branched into the surge of publicized hacking events. With an increasing number of investors joining the crypto ecosystem, it is not surprising that some people try to steal currency and information. With people investing in different crypto assets, especially Ethereum, there has been an alarmingly surging number of malicious attempts.
The Cryptocurrency sector can be a tad bit technical and needs some degree of knowledge before joining in. Now, computers, networking, trading, and cryptography aren’t everyone’s cup of tea. However, joining the crypto ecosystem does require you to have some knowledge. You must perform your due diligence when investing in Ethereum, and it’s even more important to keep your Ether secure.
Now you might be wondering how do you keep your Ether safe and where do you store them? One way you can ensure your Ether is safe is by keeping them in a safe place. These safe places can be in digital wallets, hardware wallets, or even on exchange wallets. To find out more about the differences and the best choice, keep reading to find out more.
What’s an Ethereum wallet?
Before we can understand what Ethereum Wallets are and how they work, we need to understand the basic composition of Ether. Ether is the main utility token of the Ethereum Network. It powers everything on the Ethereum network, from smart contracts to decentralized apps to transactions.
Ether is composed of keys that give a user access to a specific token. A key is typically a set of encrypted characters paired to a private key and a public key. Every Ether has a public key and a private key. The public key allows users to receive transactions from other users on the network, while the private key allows users to unlock the transaction and gain access to the token.
Now private keys help users prove ownership of their tokens and allow them to access the assets linked to their public addresses. If your private key is compromised or lost, you could lose access to your assets. Since transactions on the blockchain are immutable, there’s no chance you will get your assets back, which is why wallets were introduced.
The advantages of an Ethereum wallet
An Ethereum wallet is an interface that users can use to safely store, transfer, and spend their Ether. An Ethereum wallet does a bunch of cool things, from dealing with private keys and public keys to providing an interactive user interface to monitor your balance, send money, and conduct other important operations. An Ethereum wallet works similarly to a bank account that stores your fiat currency. However, they’re decentralized and extremely accessible, unlike banks.
An Ethereum wallet comes in many shapes and forms, each with its own features, advantages, and disadvantages. Typically, Ethereum wallets are categorized into three types:
- Hardware wallets
- Software wallets
- Exchange Wallets
What should you look for in an Ethereum wallet?
A lot of consideration and research should go into choosing your Ethereum wallet. An Ethereum Wallet is responsible for the security of your assets; it also serves as the main interface for your Ether, through which you can spend, monitor, and conduct other important operations. To save you a lot of time. Here are some metrics that you should be focusing on when choosing your Ethereum wallet:
Security should be your main focus when choosing an Ethereum Wallet. Choose a hardware or software wallet that supports 2FA and ensures your keys are encrypted and safe. It is worth spending money for security.
Wallets are essentially pieces of open-source hardware or software that protect your assets. Users put a lot of trust into wallets, and it’s imperative that the people behind the wallet are trustworthy. Therefore, make sure you choose wallets that are regularly updated and patched and have an excellent developmental track record.
Control over your keys
The whole point of having a wallet is having custody of your Ether and the keys associated with it. Although there are a lot of custodial wallets in the market, you should look for non-custodial wallets. They give you complete control over your assets.
Ease of use and accessibility
Navigating through Cryptocurrency networks and the Crypto space can be quite hard. It requires a lot of knowledge and experience in various cryptographic and computing fields. However, wallets and other apps make navigating the space much easier. When choosing a wallet, select one with many easy-to-use features and is easily accessible across various platforms and devices.
Smart Contract Functionality
Ethereum is home to an array of diverse decentralized apps, games, metaverses, and marketplaces run by smart contracts. And it’s important that your Ethereum wallet is compatible with various platforms and protocols run by smart contracts on the Ethereum blockchain. Otherwise you are limiting yourself.
Token and Coin Compatibility
When choosing an Ethereum wallet, the coins it supports are indicative of how successful, compatible, and accessible a wallet can be. Ensure the wallet you choose supports ERC-20 tokens and is compatible with other crypto assets. The more coins it can support, the better off you will be.
The 10 best Ethereum wallets
Now that we know what we should be on the look for, here’s a list we’ve curated that are undoubtedly some of the best Ethereum Wallets in Canada this year. For the sake of ease and preference, we’ve divided our list into Hardware, Software, and Exchange wallets. The differences will become clear.
Trezor Model T
Developed by SatoshiLabs, Trezor Model T is one of the most impressive and safest Ethereum wallets in the market. The Trezor Model T is one of the first hardware crypto wallets introduced to the market. It was primarily designed for Bitcoin, but today it supports numerous other cryptocurrencies.
The Trezor Model T is equipped with a large interactive touchscreen for easy navigation and convenience with crypto storage. Moreover, it also comes with a USB-C plug, which means you can easily connect and manage your Ethereum from your smartphone even without a computer. What’s more is that this wallet is also compatible with MyEtherWallet and other third-party desktop or web platforms on this list, making it a breeze to manage, use, and monitor your Ether. The Trezor Model T is compatible with over 1600 unique cryptocurrency tokens and Coins, including Ethereum, Bitcoin Cash, Dash, Litecoin, Zcash, and more.
Ledger Nano S
To date, Ledger has been the leading manufacturer of hardware wallets for the cryptocurrency industry. The Ledger Nano S was the first hardware wallet from their line up to hit the markets. Although it has fewer features than its successor, the Ledger Nano X, it's still rated as one of the cheapest and most functional Ethereum hardware wallets.
It comes with a compact OLED screen that you can use to monitor your Ethereum and conduct other important operations. Moreover, it also comes with many security features such as 2-Factor Authentication, making it extremely hard to hack. The Ledger Nano S works in tandem with the Ledger Live Mobile App that you can download from any Appstore. With Ledger Live, you can gain complete control over your tokens and maximize the security of your assets.
Currently, the Ledger Nano S supports over 1500 unique cryptocurrency coins and tokens, including Ethereum, Bitcoin, Stellar, Bitcoin Cash, EOS, and more. However, despite its extensive list of features, the Ledger Nano S doesn’t support Bluetooth functionality. Plus it uses a USB Type Micro-B connector, which may not be compatible with most new smartphones.
Ledger Nano X
Improving on the gaps of its predecessor, the Ledger Nano S, The Ledger Nano X is a Bluetooth-enabled hardware wallet that has been all the rage nowadays. It’s one of the most popular hardware wallets for Ethereum in the market. Equipped with a long-lasting battery, Bluetooth, and OLED display, the Ledger Nano X is a deeply immersive and interactive hardware wallet that makes your life easier.
It has many of the same features as the Ledger Nano S, such as compatibility with the Ledger Live mobile app. However, this time, you can connect your Ledger Nano S with the app through Bluetooth and manage your assets on the go using your smartphone or PC. With better security protocols and an extensive list of 1800 supported coins, the Ledger Nano X can be regarded as the best hardware wallet in the space.
Atomic Wallet is an impressive desktop and mobile Ethereum wallet that is compatible with numerous cryptocurrency exchanges and hardware wallets. What’s special about Atomic Wallet is that it provides a unique user experience and interface that traders can use to store, exchange, and buy Ether or other ERC-20 tokens with a credit card. Funding is made easier.
Supporting over 300 unique cryptocurrencies, including Ethereum, Bitcoin, Litecoin, BCH, XRP, and more, users can use the wallet to trade their favorite assets under one secure platform. Moreover, the Atomic wallet also supports staking. Users can stake tokens like TRON, ATOM, TEZOS, and BAND to earn interest up to 23% APR.
MetaMask has quickly become a household name in the crypto-wallet space. Metamask is a web 3.0 digital wallet that also works as a browser extension that users can use to access an Ethereum wallet. You can also access the Ethereum blockchain without downloading an Ethereum node.
What’s unique about Metamask is that it stores your private keys locally on your computer instead of storing them online so that you can export them any time you want. Moreover, it utilizes an intuitive and immersive interface that enables you to switch between the main Ethereum network and the test network. You can get your MetaMask wallet on almost any platform, including iOS, Android, Firefox, Brave, Opera, Edge, and Chrome.
After installing your Metamask wallet, you can access your Ethereum wallet, store and send Ethereum tokens, and interact with Ethereum DApps directly from your phone or browser. It’s important to note that Metamask only supports Ethereum cryptocurrency and Ethereum-based tokens. Examples of these tokens are Tether, Ethereum Classic, USDC, and other ERC-20 tokens.
MyEtherWallet is Ethereum’s most-trusted and popular wallet used to store Ether and other ERC-20 tokens. The wallet offers a free, client-side interface that delivers an easy-to-use interface for the Ethereum blockchain. With MyEtherWallet, users can generate wallets, interact with smart contracts, and swap various coins and tokens, including Bitcoin, Ethereum, and other ERC-20 tokens.
Moreover, MyEtherWallet has set up robust security protocols such as 2-Factor Authentication and 24/7 customer support to facilitate transactions from within the wallet. MyEtherWallet is also compatible with some of the leading exchanges in the world, such as Bity, KyberNetwork, Simplex, and Changelly. The web-based app also supports NFTs, Stablecoin, DeFi, and DApps. What’s more is that MyEtherWallet is also compatible with major hardware wallets, including Trezor, Ledger, and others, so that you can easily export or import your crypto tokens using MyEther browser.
Exodus is an upcoming and highly functioning Ethereum wallet that supports multiple cryptocurrencies, has robust security features, and more. Exodus utilizes a simple and beginner-friendly user interface. It’s also equipped with built-in exchange and supports smart contracts.
Exodus is ideal for newcomers who don't have much experience with the Ethereum network. Although Exodus doesn't offer 2-Factor Authentication, your data is stored on your machine, and you have complete control over your private keys. Exodus is partnered with numerous leading cryptocurrency exchanges in Canada, including Shapeshift and more.
Users can use Exodus to store, send, receive, and exchange various cryptocurrency tokens. You can use Exodus on both mobile and desktop. It supports over 130 unique digital tokens, including Ethereum, Bitcoin, Bitcoin Cash, LiteCoin, and more.
Binance is a globally leading cryptocurrency exchange and has quickly become a household name in the cryptocurrency space. Binance's Trust Wallet has caught our eye as one of the most impressive and robust Ethereum wallets in the market. There is good reason why.
Launched in 2018, the Trust wallet is rated as one of the best Ethereum mobile wallets in the space. The wallet is compatible with Ethereum, an extensive list of ERC-20 tokens, and NFTs. Besides that, it's free to download! The Trust wallet is equipped with amazing features, including a browser for decentralized applications (DApps), and more. Users can readily access, send, receive, and manage a diverse range of crypto assets, NFTs, and tokens via their phones or web browsers without worrying about losing their data. Trust wallet supports 53 blockchains and over 160,000 digital assets, with more being added each month by its developers.
CoinSmart is one of the largest and most popular exchanges in Canada and has influenced a lot of the Canadian crypto space. CoinSmart offers a cold digital wallet for Ethereum, which you can fund through your CoinSmart Account using Interac e-transfers, bank wires, bank drafts, or crypto deposits. CoinSmart is one of the few platforms in Canada that accepts credit card payments.
Moreover, the wallet also offers robust and impenetrable security features such as 2-Factor Authorization. Even better, 95% of CoinSmart’s crypto assets are stored in a cold wallet, making it an extremely safe option for custodial exchanges. The CoinSmart wallet supports numerous tokens, including Ethereum, Bitcoin, Bitcoin Cash, Stellar, Cardano, LiteCoin, XRP, and more.
Wealthsimple Crypto is yet another emerging cryptocurrency exchange in Canada that has quickly risen to fame thanks to its performance over the years. With over $10 billion in investment assets, Wealthsimple is one of Canada’s few successful cryptocurrency exchanges. Wealthsimple offers a unique and highly functional web-based Ethereum wallet enabled by Gemini. Gemini is a regulated custodian with over $200 million in cold storage insurance coverage.
Since Wealthsimple’s wallet is a custodial wallet, you won’t be getting access to a personal wallet and might not have complete control over your keys; however, it’s one of the best web-based wallets for beginners who’re looking to get into the cryptocurrency trading space and want an easy-to-use interface. Moreover, with Wealthsimple, new users get a lot of rewards, from sign-up bonuses to commission-free trades.
Ether wallet FAQs
As the name suggests, An Ethereum paper wallet is when you write your private keys on a piece of paper and store them in a safe place. If you’re responsible, it’s one of the most basic and secure ways of storing your Ethereum tokens.
If you prefer security, Hardware wallets like Ledger Nano X and Ledger Nano S are ideal options. They’re undoubtedly one of the most intuitive, interactive, and secure crypto wallets in Canada and the rest of the world. In addition, they support a wide range of crypto assets and enable you to stake and trade directly from the wallet.
Cold storage wallets are wallets that are not connected to the internet. Because many publicised hacking occurrences occur on the internet, Cold Storage wallets eliminate a significant amount of risk from being compromised and hacked by not being linked to the internet.