9 best cold wallets in Canada

We’ve extensively reviewed the market to find the best cold wallet in Canada. To arrive at our top picks, we looked at the best hardware wallets on the market for safety, functionality, cost and supported digital assets—including coins, tokens and NFTs.

Best cold wallets in Canada for 2025

• Ledger Nano X—Best cold wallet overall
• Ledger Nano S Plus—Best value hardware wallet
• Trezor Model T—Best cold wallet for advanced users
• SafePal S1—Best budget hardware wallet
• Ledger wallets—Best hardware wallets for staking
• Trezor Model One—The original hardware wallet
• Ledger Stax—Best-designed hardware wallet
• COLDCARD Mk4—Best hardware wallet for Bitcoin
• Blockstream Jade—Best wallet for Bitcoin Layer 2 assets
• Billfodl—Bonus: Best recovery phrase backup device

You’ve probably noticed that brands like Ledger and Trezor dominate our list of the best cold wallets. These companies created some of the first-ever cold storage wallets, and each has a long track record of producing devices that have successfully protected customers’ assets. But that doesn’t mean you shouldn’t consider getting a cold wallet or hardware wallet from another brand.

Due diligence is especially important regarding crypto self-custody, so we’ve chosen to only showcase wallets that our team has first-hand experience with or that meet our strict criteria for inclusion.

Find a crypto cold wallet

Here you can compare the most popular cryptocurrency cold storage and hardware wallets by price and the number of supported coins.

1 - 7 of 7

Product GXFCY-WLT	Wallet type	Supported assets	Price (USD)	Offer	Disclaimer	Go to site
Ledger Nano X Wallet	Hardware	5,500+	$149	Free shipping		Go to site	loading Fetching your data...
Trezor Model T Wallet	Hardware	1,000+	$129			Go to site	loading Fetching your data...
Trezor Model One Wallet	Hardware	9,000+	$59			Go to site	loading Fetching your data...
Ledger Nano S Plus Wallet	Hardware	5,500+	$79			Go to site	loading Fetching your data...
SafePal S1 Wallet	Hardware	30,000+	$49.99	Free shipping when you buy 2 or more products. T&Cs apply.		Go to site	loading Fetching your data...
Blockstream Jade	Hardware	4+	$64.99			Go to site	loading Fetching your data...
COLDCARD Mk4	Hardware	1	$167.94			Read review	loading Fetching your data...

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1. Best cold wallet overall: Ledger Nano X

Go to siteRead review

Ledger Nano X Wallet

★★★★★
Finder score

$149
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger
• Pros & cons

Free shipping

Our pick for the best overall hardware wallet, the Ledger Nano X is a top-tier, USB-style hardware wallet from Ledger, which has produced industry-leading security for crypto self-custody since 2014. This cold wallet lets you securely store keys to over 5,500 crypto assets and NFTs and put your assets to work through staking. Unlike the cheaper Nano S Plus, the Nano X works with Bluetooth and is compatible with both Android and iOS.

Pros

• Supports 5,500+ cryptos
• Stores NFT private keys
• Install up to 100 blockchain apps
• Desktop and mobile (Android/iOS) compatible
• Bluetooth compatible
• CC EAL 5+ security rating

Cons

• Fairly expensive (yet similar to the cheaper Nano S Plus)
• Mostly (not entirely) open-source software

2. Best value hardware wallet: Ledger Nano S Plus

Go to siteRead review

Ledger Nano S Plus Wallet

★★★★★
Finder score

$79
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger
• Pros & cons

The Ledger Nano S Plus is our top contender for value because it offers the same high level of security as the Ledger Nano X and most of the same features—but at nearly half the price. Store 5,500+ crypto coins, tokens and NFTs, and access staking and exchange features via the Ledger Live app. If you want an offline, cold storage wallet but don't need on-the-go mobile access—the Nano S Plus isn't Bluetooth compatible—this hardware wallet ticks off a lot of boxes.

Pros

• Supports 5,500+ cryptos
• Stores NFT private keys
• Install up to 100 blockchain apps
• Desktop and mobile (Android) compatible
• CC EAL 6+ security rating

Cons

• Not Bluetooth compatible
• Not iOS compatible
• Mostly (not entirely) open-source software

3. Best cold wallet for advanced users: Trezor Model T

Go to siteRead review

Trezor Model T Wallet

★★★★★
Finder score

$129
Price (USD)

1,000+
Assets

Hardware
Wallet type

• Why we chose Trezor
• Pros & cons

We think the Trezor Model T is the best cold wallet for experienced users because it offers features that will really appeal to pros, including multisignature capabilities and Taproot, which upgrade the Bitcoin network's safety and efficiency. Anonymize your transactions via the Tor network using the Trezor Suite interface. For added security, Shamir backup makes it possible to require more than one share (similar to a seed phrase) to recover your wallet.

Pros

• Advanced Bitcoin transaction types
• Large touchscreen
• Customizable security features
• Transaction anonymity
• Integration with MetaMask for additional usability and DeFi
• In-app swaps and purchases

Cons

• Trezor Suite only supports around 14 blockchains (more with third-party apps)
• Expensive
• Not iOS compatible

4. Best budget hardware wallet: SafePal S1

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SafePal S1 Wallet

$49.99
Price (USD)

30,000+
Assets

Hardware
Wallet type

• Why we chose SafePal
• Pros & cons

Free shipping when you buy 2 or more products. T&Cs apply.

Developed by Binance Labs, the SafePal S1 hardware wallet lets you store crypto on 54 different blockchains and access unlimited dApps. It has the same internal security hardware—the Secure Element chip—that the more expensive Ledger cold storage wallets have, but it's way more affordable. However, setting up the SafePal S1 and sending transactions can be difficult for some, so it might not be the best option for crypto newbies.

Pros

• Affordably priced
• Supports 15 languages and 54 blockchains
• EAL 5+ security rating
• Self-destruct mechanism for added security
• Total cold storage (100% offline, air-gapped signing mechanism)

Cons

• Reportedly difficult to activate and send transactions
• Cannot pair with any apps besides SafePal

5. Best hardware wallets for staking: Ledger wallets

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Ledger wallets

$79
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger
• Pros & cons

You can use the Ledger Nano X, Nano S Plus and even the retired Nano S to stake a limited number of cryptos like Ether (ETH), Solana (SOL), Cosmos (ATOM) and Polkadot (DOT) through the native Ledger Live app. To stake even more digital assets, sync your Ledger hardware wallet with third-party apps like MetaMask or the Crypto.com DeFi Wallet—all while safely storing your private keys offline.

Pros

• Stake ETH, SOL, ATOM and DOT and more via Ledger Live
• Easily sync with third-party apps to stake other assets
• Keep private keys offline while staking

Cons

• Less convenient than staking with a hot (online) wallet
• Ledger software is mostly (not entirely) open-source

6. The original hardware wallet: Trezor Model One

Go to siteRead review

Trezor Model One Wallet

★★★★★
Finder score

$59
Price (USD)

9,000+
Assets

Hardware
Wallet type

• Why we chose Trezor
• Pros & cons

The Trezor Model One is the original cryptocurrency hardware wallet. It's a small USB device designed to securely store the private keys to your digital assets offline in cold storage. This cold wallet is all you need to manage major cryptos like Bitcoin (BTC) and Ether (ETH), and it's excellent for using with DeFi applications on Ethereum, including Layer 2 networks.

Pros

• Affordable hardware wallet
• Easy-to-use interface and software
• Can be linked with MetaMask for use with Web3 and DeFi

Cons

• Not iOS compatible
• Doesn't support some cryptos like XRP, SOL, ADA and XMR

"I’ve been using a Trezor One for over five years, and it is still my daily wallet for crypto, despite now owning other more advanced and expensive hardware wallets. It’s simplicity makes it much easier and faster to use than other wallets I own, which is key for DeFi."

James Edwards

Editor

7. Best-designed hardware wallet: Ledger Stax

Go to siteRead review

Ledger Stax Wallet

★★★★★
Finder score

$399
Price (USD)

5,500+
Assets

Hardware
Wallet type

• Why we chose Ledger
• Pros & cons

Free shipping

The Ledger Stax was created by Tony Fadell, who co-created the iPod and iPhone. It's just as secure as previous Ledger hardware wallets, but it's more stylish and was designed with everyday users in mind, not just tech geeks. The thin, sleek device comes with a 3.7in (672x400px) electronic ink (E Ink) touchscreen, which makes managing your assets and clear-signing transactions easy. Other standout features include wireless charging and the ability to customize your lock screen with an NFT.

Pros

• Large E Ink touchscreen
• Wireless Qi charging
• Bluetooth-enabled
• Clear Signing helps prevent hacks and phishing
• CC EAL6+ security rating
• Customize your lock screen with NFTs
• Desktop, Android and iOS compatibility

Cons

• Expensive
• Not many additional features to other Ledger wallets
• Mostly (not entirely) open-source software

8. Best hardware wallet for Bitcoin: COLDCARD Mk4

COLDCARD Mk4

$167.94
Price (USD)

1
Assets

Hardware
Wallet type

• Why we chose COLDCARD
• Pros & cons

A dedicated Bitcoin hardware wallet, the COLDCARD Mk4 has fewer features than Ledger and Trezor devices, but it'll keep your BTC private keys securely stored offline. In addition to its own microprocessor, the Mk4 uses two chips from different vendors, making it hard for thieves to get ahold of your funds. You can connect to your COLDCARD via USB-C, microSD card (you'll need to buy an adaptor), NFC Tap or virtual disk.

Pros

• No computer connection required
• Multiple chips from different vendors for added security
• High-contrast OLED screen
• Multisig-enabled

Cons

• Only supports BTC
• Expensive
• Not possible to factory reset
• MicroSD card adapter sold separately

9. Best for Bitcoin Layer 2 assets: Blockstream Jade

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Blockstream Jade

$64.99
Price (USD)

4+
Assets

Hardware
Wallet type

• Why we chose Blockstream
• Pros & cons

Blockstream is involved in many Bitcoin-related initiatives, so it's no wonder that the Blockstream Jade is highly respected by the Bitcoin community. This secure Bitcoin cold storage wallet is designed with open-source code and multisig capabilities. Unlike the COLDCARD Mk4, the Blockstream Jade is way cheaper, has native software (Blockstream Green) and supports assets like Tether (USDT) on the Liquid Network.

Pros

• Air-gapped with built-in camera for scanning QR codes
• Open-source code
• Multisig support
• Remote blind server authentication and optional passphrases for added security
• Bluetooth compatible (mobile only)

Cons

• Only supports the Bitcoin blockchain
• No Secure Element chip (unlike Ledger wallets and the COLDCARD Mk4)

★ Bonus ★ Best recovery phrase backup device: Billfodl

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Billfodl

$89
Price (USD)

N/A
Assets

Seed backup device
Wallet type

• Why we chose Ledger
• Pros & cons

Free shipping

We're giving Billfoldl an honourable mention because it helps protect your hardware wallet recovery phrase from fire, flooding and decay. While most hardware wallets prompt you to write down your recovery phrase, Billfodl is a solid steel case that lets you stamp up to 24 words using metal tiles engraved with letters. The tiles slide onto the device and can be concealed with a swivel cover.

Pros

• Works with any wallet
• Better preserves your recovery phrase than pen and paper
• Quality stainless steel design

Cons

• Pricey add-on to your crypto hardware (but cheaper than some competitors)
• Sliding tiles into place can be a clumsy experience

What is a hardware wallet?

A hardware wallet is a physical vault designed to safely store your cryptocurrency private keys. This specially designed hard drive usually connects to your computer or smartphone via USB and holds your coins and tokens in cold storage (offline).

Hardware wallets contain a range of security features to protect your digital currency keys like a PIN, a screen for viewing transaction details and buttons on the device for manually verifying transactions.

There are essentially two separate parts to a hardware wallet. The first part is an internet-connected desktop, mobile or web client that performs nearly all the same functions as any ordinary hot (online) wallet.

This software-reliant wallet creates, but can’t sign, transactions—which is where the second part, the physical hardware wallet with your private keys, comes in. Any transaction must be sent to your offline hardware wallet, verified by you and signed by the device before it can be completed.

Hot or Cold?

A hot wallet is any wallet that has an active connection to, or is hosted, on the internet. Hot wallets are more common than cold wallets and are often more user-friendly. Thanks to being connected to the internet, moving funds in and out of these wallets is quick and easy.

Unfortunately, this ease of use also comes with disadvantages, such as being susceptible to hackers, phishing scams and other threats. Examples of hot wallets include those offered by exchanges or web wallets like MyEtherWallet.

A cold wallet refers to any wallet stored offline. Cold wallet storage can refer to numerous methods, such as creating a paper wallet with a QR code, storing a wallet on an air-gapped computer (disconnected from the internet) or using a hardware wallet.

While considered more secure than a hot wallet, a cold wallet requires a physical object, is often slow to use and can be damaged in ways that hot wallets can’t. Hardware wallets are a particular type of cold wallet, popular for their additional security and redundancy features.

Why use a hardware wallet?

Generally speaking, crypto hardware wallets are considered the safest way to store the private keys to your digital assets for the following reasons:

• Private keys stored offline. Unlike browser extensions, mobile and desktop wallets—which are exposed to risks like hacking, malware and phishing scams—hardware wallets store the private keys to your assets offline.
• 12- to 24-word recovery phrase. If you lose your hardware wallet, you can regain access to your private keys using your 12- to 24-word recovery phrase.
• PIN and password protected. Hardware wallets are PIN or password protected for additional security.

"A hardware wallet is essential for anyone serious about cryptocurrency. They offer the highest level of security for your long-term investments and can be paired with a Web3 wallet for use with DeFi. I never use crypto without one. After security, the main difference is the number of blockchains supported, so make sure to choose one that suits your portfolio."

James Edwards

Editor

How to choose the best hardware wallet

If you’ve decided that offline storage in a hardware wallet is the best option, the next step is actually choosing a wallet. There are several reputable options available, so make sure you consider the following factors when deciding which one is right for you:

• Security features. How secure is the wallet, and what features does it offer? Is it secured by a PIN? Does it include its own screen? Can you verify transactions by manually pressing buttons? Have there ever been any reported instances of security breaches involving the wallet?
• Ease of use. Consider how easy the wallet is to set up and use. If you don’t completely understand the processes involved, there’s a very real risk of losing some or all of your funds. With this in mind, make sure the wallet makes keeping track of your crypto simple and straightforward.
• Supported coins. Check the fine print to make sure the coins, tokens or NFTs you want to store are actually supported by the wallet you’re considering using.
• Supported operating systems. Is the device compatible with the operating system your computer or smartphone uses?
• How you actually access your crypto. Hardware wallets usually come with native software (like Ledger Live or Trezor Suite). Many devices also let you interact with your crypto using a third-party wallet.
• Back up and restore. Read up on the process required to back up your wallet and restore your coins if something goes wrong. Is this process easy, and will it increase the level of security for your funds?
• Price. This is an important factor for many, as hardware wallets aren’t free. Compare the prices of competing wallets, including exchange rates and shipping costs if you’re buying from an overseas retailer, to get a better idea of which option offers the best value.
• Portability. This may not be an important feature for all users, but if you want to transport your wallet with you, consider how easy it would be to carry it around daily.
• Independent reviews. Find independent customer reviews for the wallet you’re considering. What do reviewers list as its pros and cons? What problems (if any) have they had when using it, and do they recommend it?

By considering these important features, you’ll have a much better idea of which hardware wallet is right for you.

Ask the experts: What are the most important features in a crypto wallet, besides security?

A wallet should have an intuitive and easy-to-use interface, making it accessible to both beginners and experienced users. The ability to store and manage a variety of cryptocurrencies is crucial, as the crypto market consists of numerous digital assets. A good wallet should provide a reliable backup and recovery system to protect against data loss or theft of the wallet's private keys. Access to transaction history and reporting features is essential for tracking your cryptocurrency holdings and activities.

Paul Levy
Senior Lecturer, University of Brighton

Interoperability with web3-enabled sites is probably the most important feature after security for crypto wallets today. WalletConnect makes it possible to use a wide range of wallets to interact with web3 sites. Cross-chain compatibility and the ability to do swaps inside the wallet can also make life a lot easier.

Ruadhan O'Flanagan
Creator, Seasonal Tokens

The wallet should be easy to use and navigate. Users should be able to easily send, receive, and store their cryptocurrencies. The wallet should support the cryptocurrencies that users want to use. Multi-signature wallets require multiple signatures to authorize transactions. This makes them more secure than single-signature wallets. Cold storage wallets allow users to store their cryptocurrencies offline. This is the most secure way to store cryptocurrencies, as it protects them from hackers. Some crypto wallets offer additional features, such as staking, lending, and decentralized exchange (DEX) integration.

Mitesh Shah
Founder & CEO, Omnia Markets

Hardware wallet pros and cons

Hardware wallet security tips

Keep the following tips in mind to help ensure the security of your crypto coins and tokens:

• No wallet is 100% secure. If you want to ensure the safety of your funds, the buck stops with you. The most secure wallet in the world is useless unless you properly follow wallet setup or security instructions, so exercise caution at all times.
• Only buy from a reputable seller. Only buy your hardware wallet direct from the manufacturer or an authorized reseller, since buying a second-hand wallet puts you at risk of hacks and theft.
• Keep private details private. You should never disclose your hardware wallet’s secure PIN or your crypto private keys to anyone.
• Don’t lose your recovery seed. You need your recovery seed to access your crypto coins if your wallet is lost or stolen. So, make sure you write this seed on a piece of paper and keep it safe. Better yet, write it on several pieces of paper and keep them all in separate, secure places. Consider purchasing a recovery phrase backup device like Billfodl for even greater peace of mind.

Risks of using a crypto wallet

When you use a non-custodial crypto wallet, you reduce the risk of a third-party custodian like a crypto exchange going under and taking your funds with it. However, there are still risks to using both software and hardware crypto wallets.

Software wallets are always connected to the internet, and, for that reason, can more easily be hacked. Also, if the code for a software wallet is closed-source, you are placing trust in the creator of that wallet to not extract your private keys and, therefore, gain access to the digital assets you manage via the wallet.

Hardware wallets are generally more secure than software wallets in that they remain disconnected from the internet when they aren’t in use, while some never have to be connected to the internet. However, if you use a hardware wallet that has native software — like a Ledger or Trezor wallet — there is always the risk that your private keys can be extracted through an issue with the underlying software.

For extra safety, it’s best to create a multisignature—or “multisig”—set up in which you use two or more wallets to sign transactions and protect your crypto.

Bottom line

You might balk at spending more money to protect your crypto investments, but as countless well-publicized stories of exchange theft and insolvency have demonstrated over the years, “not your keys, not your coins.”

Storing the private keys to your crypto assets on a hardware wallet is widely recommended for anyone planning to make significant investments or hold crypto for the long term. Cold wallet crypto has a lower chance of being stolen than crypto kept in hot wallets like exchange wallets, which are easier to hack.

As always, though, do your own research to find the best cold wallet for your needs. Our guide to the best crypto wallets covers different types of wallets to help you decide which is best for you.

Crypto market update: December 2024

The crypto markets have dampened the spirits in the leadup to Christmas. Bitcoin dropped to US$96,000 after getting as high as US$108,000, bringing the rest of the market down with it as the US Federal Reserve signaled there would be fewer rate cuts than expected in 2025.

Thomas Stelzer is an investing publisher at Finder

FAQs about the best cold wallets

• Do I need a cold wallet?

  A hardware wallet isn't essential, no. You can leave the private keys for your crypto in the hands of a centralized exchange. But you risk losing access to your assets if the exchange becomes insolvent or gets hacked. You can also custody the private keys to your digital assets with a non-custodial wallet like Exodus or MetaMask.

• Is a hardware wallet the same as a cold wallet?

  Hardware wallets are sometimes called cold wallets, although hardware wallets are actually only a type of cold wallet. Another type of cold wallet is a paper wallet, which is a paper or metal device that stores your private keys.

• Can hardware wallets store any crypto?

  No. Different hardware wallets support different cryptocurrencies. For example, Ledger wallets can store the private keys to over 5,500 crypto assets, while the COLDCARD Mk4 can only store the private keys to your Bitcoin.

• Which cold wallet supports the most coins?

  Of the hardware wallets we reviewed, Ledger's support for more than 5,500 coins, tokens and NFTs puts its nose ahead of the competition. Popular cold wallet cryptos you can hold in Ledger wallets include bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP) and Dogecoin (DOGE).

• Which is the most secure hardware wallet?

  Of the wallets we reviewed, Ledger wallets have a fairly strong security track record. Researchers have pointed out vulnerabilities in older versions of the COLDCARD wallet and the Trezor Model One, each of which has now been addressed by the wallets' teams.

To make sure you get accurate and helpful information, this guide has been edited by Stacie Hurst as part of our fact-checking process.

Written by

Frank Corva

Writer

Frank Corva is business-to-business (B2B) correspondent for Bitcoin Magazine and formerly the cryptocurrency writer and analyst for digital assets at Finder. Frank has turned his hobby of studying and writing about crypto into a career with a mission of educating the world about this burgeoning sector of finance. He worked in Ghana and Venezuela before earning a degree in applied linguistics at Teachers College, Columbia University. He also taught writing and entertainment business courses in Japan and worked with UNICEF in Namibia before returning to the US to teach at universities in New York City. Earlier in his career, he spent years working as a publicist and graphic designer for record labels like Warner Music Group and Triple Crown Records. During that time, he was also a music journalist whose writing and photography was in published in Alternative Press, Spin and other outlets. See full bio