We’ve scoured the market to find the best non-custodial wallet in Canada, reviewing products for safety, functionality, cost and supported digital assets—including coins, tokens and NFTs. The safest non-custodial wallets are hardware wallets, but we’ve included a range of self-custodial options to help you decide which is best for your needs.
Billfodl–Bonus: Best recovery phrase back-up device
To find the best non-custodial wallet in Canada, we compared 10+ cold storage and hardware wallets on a range of criteria, including:
Supported cryptos and blockchains. Is the wallet compatible with a wide variety of coins, tokens and blockchains?
User experience. Is there a steep learning curve to use the wallet, or is it suitable for beginners?
Security. How is the recovery phrase stored, and what backup options are available?
Value. What are the wallet’s upfront or ongoing costs, and how does it compare to similar wallets?
Extra features. Are there features like in-app crypto trading, staking and NFT storage?
Mobile management. Can you manage your portfolio via smartphone?
Web3 accessibility. Can you access Web3 and decentralized applications (dApps) from the wallet?
“Best for” picks are those we’ve chosen as the best for certain features or categories. If we show a “Promoted” pick, it’s been chosen from among our commercial partners based on factors like special features, offers and the commission we receive.
Our picks for the best non-custodial wallet in Canada are just suggestions and don’t reflect every self-custody wallet on the market. The best crypto wallet for you depends on your individual needs.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
1. Best non-custodial wallet overall: Trezor Model T
The Trezor Model T is our pick for best non-custodial wallet for it's dynamic, security-rich features. Its large, colorful touch screen makes signing off on transactions easy. Crypto pros will appreciate the Model T's support for Taproot, which upgrades the Bitcoin network's safety and efficiency. Plus, you can set up Multi-share backup (similar to multisignature) to split up your recovery phrase into multiple parts.
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
2. Best anonymous non-custodial wallet: Best Wallet
Best Wallet is our pick for best anonymous non-custodial wallet as it doesn't require verification, ID or KYC. This wallet is a smartphone wallet that offers convenient in-app crypto purchases via providers like Banxa, GateConnect and Moonpay. It also supports an impressive range of payment methods including PayID, debit card, credit card, PayPal, ApplePay, GooglePay and more. It supports hundreds of tokens across the Ethereum, Binance Smart Chain and Polygon networks, and you can swap tokens directly in the app. Security features like FaceID and two-factor authentication help keep your account secure.
Pros
Huge range of payment options
Convenient in-app purchases
Cons
Only supports Ethereum, Polygon and BNB networks
No desktop app (mobile only)
3. Best value non-custodial wallet: Trezor Model One
For many years, the Trezor Model One—the original hardware wallet—has been a go to for private key management among crypto enthusiasts. This small, USB cold-storage device lets you securely hold your private keys in cold storage and put your digital assets to work via staking. It's also great 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
4. Best non-custodial wallet for beginners: Exodus
Our top self-custodial wallet for beginners, Exodus is a desktop and mobile software wallet that supports many cryptos and has a built-in exchange. While many wallets only let you manage coins on a single network, Exodus supports unlimited tokens on popular Web3 networks. The portfolio overview makes it easy to see what you own, and you can store asset keys on a Trezor hardware wallet, making it easy to upgrade down the road.
Pros
Easy-to-use interface
Supports tokens and coins on a variety of blockchains
Great customer support
Cons
Does not support two-factor authentication (2FA)
Less secure than a hardware wallet
5. Safest non-custodial crypto wallet: NGRAVE ZERO
The NGRAVE ZERO is a non-custodial crypto hardware wallet with an impressive EAL7 security rating. It's fully air-gapped, allowing you to securely store the private keys to digital assets like BTC, ETH, XRP, DOGE and SOL as well as ERC-20 or MultiversX (ESDT) tokens offline 100% of the time. Use the NGRAVE LIQUID app (available for Android and iOS) when you wan to transact crypto.
Pros
Fully air-gapped (100% offline)
High EAL7 security rating
Optional passphrases and biometric authentication
Integrates with MetaMask and Rabby Wallet
4 inch colour touchscreen and sturdy build
Cons
Expensive
Code isn't fully open-source
Doesn't support some popular cryptos like ADA and DOT
No native staking support (requires third-party app)
6. Best non-custodial exchange wallet: Coinbase Wallet
The Coinbase Wallet seamlessly integrates with the Coinbase exchange, so users can easily trade crypto. The self-custodial wallet works on desktop or via mobile app and features an easy-to-follow interface as well as support for many blockchains, including Ethereum, Solana and all EVM-compatible chains.
MetaMask is a go-to wallet in the crypto community, impressing millions with its range of features, including dApp connectivity, NFT support and the ability to trade crypto across several blockchains. As a non-custodial wallet, MetaMask doesn't store any personal info—asset ownership is entirely in your hands and you can buy and sell crypto without providing any personal information.
Pros
Easy to set up and install
No personal identification required
Supports multiple blockchains, including testnets
Set spending limits for added security
Buy and sell crypto in the app
Cons
Only supports ETH and ETH-based tokens (no native BTC support)
Limited customer support
8. Best non-custodial wallet for Bitcoin: COLDCARD Mk4
The COLDCARD Mk4 may not be as feature-rich as popular Ledger or Trezor wallets, but Bitcoiners love its uncompromising security and bitcoin-exclusive design. Created by cypherpunks—technologists who advocate for privacy-enhancing cryptography—the Mk4 uses its own microprocessor as well as two chips from different vendors. You can connect to your wallet via USB-C, AirGap SneakerNET (microSD card), NFC Tap and 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 non-custodial desktop wallet for Bitcoin: Sparrow Wallet
Sparrow is a free non-custodial Bitcoin wallet that you can use as a standalone desktop application (hot wallet) or as an interface for a hardware wallet. The lightweight, open-source software has multisig capability and works with major hardware wallets in both USB and air-gapped mode. For a free non-custodial wallet, Sparrow has a lot to offer, but it's best suited to tech-savvy bitcoin experts, not crypto newbies.
Pros
Free and open source
Desktop hot wallet or hardware wallet integration
Lets you label transactions
Multisig-enabled
Connect to a public server, Bitcoin Core node or private Electrum server to manage BTC
Cons
Only supports BTC
No mobile app
Not beginner-friendly
Very limited customer support
10. Best non-custodial wallet for staking: Ledger Nano S Plus
When used with the Ledger Live app, the Ledger Nano S Plus hardware wallet can be used to stake a variety of crypto assets, including Ethereum (ETH), Solana (SOL), Cardano (ADA) and Polkadot (DOT). To stake even more digital assets, connect your wallet to third-party apps like MetaMask or the Crypto.com DeFi Wallet. Ledger Live can also be used to buy or swap crypto.
Pros
Supports 5,500+ tokens
CC EAL6+ security rating
Stores NFT private keys
Syncs with 25+ third party apps
Similar to the Nano X but cheaper
Cons
Not Bluetooth enabled
Not iOS compatible
Mostly (not fully) open-source code
11. Best on-the-go non-custodial hardware wallet: Ledger Nano X
Unlike the Ledger Nano S Plus, the Ledger Nano X hardware wallet is Bluetooth enabled and can be used with Android or iOS mobile devices, making it a great travel companion. The Nano X's convenient features and wide range of supported cryptos are part of why we think it's a great option for the best non-custodial wallet in Canada.
Pros
Supports 5,500+ cryptos
CC EAL 5+ security rating
Desktop and mobile (Android/iOS) compatible
Stores NFT private keys
Syncs with 25+ third-party apps
Cons
Fairly expensive (yet similar to the cheaper Nano S Plus)
Mostly (not fully) open-source code
12. Best non-custodial wallet for NFTs: Ctrl Wallet (formerly XDEFI)
XDEFI, Ctrl's predecessor, was the first multichain wallet in the world. The recently rebranded Ctrl software wallet supports millions of assets and NFTs on more than 2,300 blockchains and testnets—far more than just about every other wallet. The non-custodial wallet's gallery makes it easy to see your NFTs from 30+ blockchains in a single place. For extra safety, you can connect to Ledger and Trezor hardware wallets.
Pros
Supports 15 blockchains for NFTs and 200+ blockchains for crypto trading
View NFTs/assets across blockchains in one place
Broad desktop and mobile compatibility
Connect to Ledger and Trezor hardware wallets
Easy login via Google or social accounts
Cons
Ctrl was recently released, so reviews are sparse
Ctrl Wallet is still early access, as of the time of writing
★ Bonus ★ Best recovery phrase backup device: Billfodl
Billfoldl deserves an honourable mention because it safeguards your hardware wallet recovery phrase in the event of fire, flooding or decay. With most hardware wallets, you have to write down a recovery phrase. But Billfodl lets you stamp up to 24 words using letters engraved on metal tiles that slide on and off the device. The phrase is concealable with a solid steel swivel case.
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 non-custodial wallet?
Also known as a self-custodial wallet, a non-custodial wallet is a digital or physical device used to store the private keys to your crypto or other digital assets. If you lose the wallet, you can recover your private keys using a 12- to 24-word seed phrase (recovery phrase).
A common misconception is that digital assets are stored in non-custodial wallets. In fact, digital assets are stored on blockchains, and a wallet stores your private keys to these assets.
Some non-custodial wallets are software wallets, which remain connected to the internet at all times. Examples of non-custodial software wallets include Exodus and MetaMask.
Other non-custodial wallets are hardware wallets, which are disconnected from the internet (offline) when not in use. Examples include wallets made by Trezor, Ledger and COLDCARD. Storing private keys offline is sometimes referred to as cold storage.
Why are non-custodial wallets important?
When you leave your crypto in the custody of a centralized exchange like Coinbase or Kraken, you don’t technically own it. Instead, you own an IOU for it, and that IOU is only as good as the solvency of the exchange that holds it for you.
Crypto has a chequered history when it comes to insolvent exchanges, including high profile cases like FTX and BlockFi. While security has improved over time, there will always be a risk associated with leaving your crypto on an exchange.
To actually take ownership of the digital assets you’ve purchased, you have to move the assets from the custody of an exchange to a non-custodial wallet, which lets you hold the private keys to your assets.
If the best non-custodial wallet you’ve found is a software wallet, it’s good practice to pair it with a hardware wallet for added security and to use multisig protection if possible.
🔑 What is a private key?
Sometimes referred to as secret keys, private keys are long, randomly generated strings of letters and numbers that cannot easily be guessed. When paired with a specific public key, a private key is used to access cryptographically encoded information.
Private keys should be stored securely in secret locations.
Custodial vs. non-custodial wallet
Here are the key differences between a custodial and non-custodial wallet.
Custodial wallet
Private keys are held by a third party like a crypto exchange
Third party custodian may be considered the true owner of your crypto, even though you bought it. If the third party fails, you may lose your crypto.
Usually connected to the internet (“hot wallet”)
Access digital assets via custodian. No need to keep track of a seed recovery phrase.
Non-custodial wallet
You hold the private keys to your digital assets. Therefore, you’re the true owner.
Disconnected from the internet most of the time (“cold storage wallet”)
You must write down a 12- to 24-word seed recovery phrase
How do I know if I’m using a non-custodial wallet?
You know you’re using a non-custodial wallet if you had to write down a 12- to 24-word seed phrase—sometimes called a recovery phrase—when you set up the wallet. If you weren’t prompted to write down such a phrase, then you’re using a custodial wallet and the private keys to your digital assets aren’t in your control.
Non-custodial wallet pros and cons
Pros
You have true ownership of your digital assets
You’re don’t rely on the solvency of a third-party custodian like a centralized exchange
You can use your digital assets in decentralized applications
Cons
You’re fully responsible for managing the private keys to your digital assets
There may be an upfront cost if you decide to purchase a hardware wallet
How to choose the best non-custodial wallet
There are a number of factors to consider when choosing the best non-custodial wallet for your needs.
Software vs. hardware. Custodial software wallets are always connected to the internet and are therefore less secure. Non-custodial hardware wallets remain mostly disconnected from the internet and are therefore more secure.
Price. Non-custodial software wallets are often free to download, while you have to purchase a non-custodial hardware wallet.
Features. Consider if you want to do more than just hold the private keys to your digital assets in your own custody. Some non-custodial wallets let you stake your digital assets or access dApps.
User interface (UI). You might want to test out a few non-custodial wallets or watch a few YouTube tutorials before deciding which is best designed 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.
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.
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.
Consider the following risks of using a non-custodial wallet:
Personal responsibility. You bear the responsibility of writing down and securely storing your 12- to 24-word seed phrase.
Sending assets to the wrong address. You run the risk of accidentally transferring your assets to the wrong address.
Inputting the wrong passcode. It’s possible to get locked out of a hardware wallet if you enter the wrong passcode enough times. In this case, you’d have to purchase a new hardware wallet and regain access to the private keys for your digital assets using your 12- to 24-word seed phrase.
Internet connectivity. Software wallets are always connected to the internet and more easily hacked. Plus, if a software wallet uses closed-source code, you’re trusting the creator of that wallet to not extract your private keys and gain access to your digital assets.
Software vulnerabilities. Hardware wallets are usually (sometimes always) offline when not in use and are generally more secure than software wallets. But if the wallet has software issues, your private keys could possibly be extracted. If available, enable multisig security, so two or more wallet keys must sign transactions before your crypto can be accessed.
Bottom line
Taking self-custody of the private keys to your digital assets can be empowering, but it comes with responsibility. It’s important to do your research to choose the bets non-custodial wallet for your needs. Consider cost, supported cryptos, additional features and whether you’d like a software or hardware wallet.
By building a deeper understanding of secure digital asset storage and comparing a number of the best crypto wallets on the market, you’ll be in a better position to keep your crypto investments safe.
Frequntly asked questions
Yes, non-custodial wallets can be hacked. Like any other online apps, software wallets are susceptible to common attacks like phishing scams. Hardware wallets are unlikely to be hacked, but research has proven that there are hackable flaws in the designs of some earlier iterations of hardware wallets.
The safest non-custodial wallets tend to be hardware wallets, as these remain mostly disconnected from the internet. The NGRAVE ZERO is our top pick for the safest non-custodial crypto wallet, as it has a high EAL7 security rating and is fully air-gapped, meaning that it operates completely offline.
Coinbase offers both custodial and non-custodial wallets in Canada. When you purchase digital assets via the Coinbase exchange, you're automatically provided a custodial wallet.
The Coinbase non-custodial wallet is a browser extension product called Coinbase Wallet. Unlike the exchange-based wallet, you'll be prompted to write down a 12- to 24-word seed phrase when you start using Coinbase Wallet.
Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.
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
Stacie Hurst is an editor at Finder, specializing in loans, banking, investing and money transfers. She has a Bachelor of Arts in Psychology and Writing, and she has completed FP Canada Institute's Financial Management Course. Before working in the publishing industry, Stacie completed one year of law school in the United States. When not working, she can usually be found watching K-dramas or playing games with her friends and family. See full bio
See how the Trezor One compares in the world of crypto hardware wallets.
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