Have you heard of this cliché, “not your keys, not your crypto?” This is talking about keeping your Bitcoin or other crypto assets in custodial wallets that have control over your coins as against using non-custodial wallets that give you 100% control over the private keys to your wallet. The ease of use and accessibility of these non-custodial wallets on your mobile device is a big deal in Canada, even as there are many choices. Thus, the reason to know the best mobile Bitcoin wallets for Canadians.
1. Exodus Wallet
Exodus Wallet is notable for its security and design. It has a beginner-friendly user interface with easy navigation, making the wallet easy to monitor and track your portfolio at a glance. Exodus Wallet encrypts your private keys and stores them locally on your mobile device – giving you control over your data privacy and personal ownership.
There is no know-your-customer (KYC) procedure or account set up to use this wallet. It supports over 319 crypto assets, including Bitcoin, with the option of exchanging your asset for another within the wallet. You can secure your Exodus Wallet with a face or touch ID, as well as a password, which makes it one of the best Bitcoin wallets for iPhone users and those using Android devices.
2. Trust Wallet
Trust Wallet provides a secure wallet with the private keys being locally stored and encrypted on Canadians’ devices – hence making it ideal to keep and have control over your Bitcoin. This wallet also comes with a QR code scanner that enables you to use your Bitcoin on the go for transactions.
This wallet has a sleek interface, making it one of the best Bitcoin wallets for Android users, as well as those using iOS devices. Canadians can also purchase Bitcoin and other crypto assets directly on Trust Wallet, an in-built crypto exchange that allows you to swap coins and tokens without KYC.
3. Coinbase Wallet
Coinbase Wallet is another top mobile Bitcoin wallet available for Android and iOS users in Canada. This wallet supports Bitcoin, Dogecoin, Ethereum, Solana, and thousands of tokens. It is also helpful for making local payments in crypto.
The private keys for Coinbase Wallet are encrypted and well stored on the user’s device, as the app is also secured with biometric authentication and a password.
4. Zengo Wallet
Zengo Wallet is a mobile wallet that enables an average user to benefit from Multi-Party Computational (MPC) security, which is an institutional-grade approach to security. It supports Bitcoin and over 120 crypto assets like Ethereum, Dogecoin, USDT, USDC, Shiba Inu, etc.
This wallet is believed to be the first mobile wallet that does not rely on seed phrases, thereby removing the single point of failure threat prevalent with other wallets in the market. Zengo Wallet enables Canadian users to recover their wallet trustless through a “Secure 3-factor recovery” feature, with different security features like biometric authentication.
There is no KYC procedure to use this wallet, but you may need to complete the identity verification process if you withdraw funds to your bank account after you sell Bitcoin or other crypto assets for fiat currency within the wallet.
5. Mycelium Bitcoin Wallet
Mycelium Bitcoin Wallet is one of the earliest Bitcoin wallets that provide function over designs as it supports multiple types of accounts. These include Hierarchical Deterministic (HD), watch-only accounts, single address accounts, Bit ID accounts, etc. It also provides escrow-protected transactions and crypto-asset creation.
This mobile Bitcoin wallet is available for Android and iOS Canadian users with QR code support for peer-to-peer (P2P) transactions. You can buy Bitcoin directly on the wallet using a bank account or credit card.
In addition, there is a Mycelium Marketplace feature that enables Bitcoin users to locally find other Mycelium users who seek to buy or sell Bitcoin for P2P transactions.
Frequently Asked Questions (FAQs) About Mobile Bitcoin Wallets For Canadians
What Is A Mobile Bitcoin Wallet?
A mobile Bitcoin wallet is a self-custodial digital wallet that allows you to store, manage, and transfer Bitcoin on your mobile device.
Are Mobile Bitcoin Wallets Safe In Canada?
Mobile Bitcoin wallets are safe when you use a reputable wallet, download from an official source, and take proper security measures to keep your wallet secure. Some of the best practices are strong passwords and avoiding the use of public Wi-Fi networks.
Can I Use Mobile Bitcoin Wallet On Multiple Devices?
Mobile wallets are usually designed to be used on a single device for added security. However, some wallets may have the ability to sync between multiple devices.
Can I Use My Mobile Bitcoin Wallet For Multiple Cryptocurrencies?
Yes, you can use your mobile wallet with other crypto assets. This is because many mobile wallets support multiple cryptocurrencies. But, you must ensure that your preferred mobile wallet supports your cryptocurrencies of choice.
Conclusion
Mobile Bitcoin wallets continue to exert confidence in the minds of Bitcoin users as they can have absolute control over their coins with a low chance of hacks or scams. That is why most mobile wallets employ advanced security features to forestall the loss of funds to malicious entities that lurk around custodial wallets.
However, it is important to choose the best mobile Bitcoin wallet that meets your security and privacy preferences before storing your BTC on the platform.
