Best Cardano (ADA) Wallets In Canada

Best Cardano (ADA) Wallets In Canada

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated May 19, 2022

If you hold Cardano cryptocurrency, you’ll want to store it in a secure wallet rather than leave it on an exchange, especially if you hold a lot of it. But from cold offline wallets to software wallets, to mobile app wallets, which is best to store your Cardano?

We compared several Cardano wallets to help you choose the best one to store your crypto safely. 

What Is Cardano?

Cardano is a blockchain platform that allows peer-to-peer transactions with its cryptocurrency, ADA. It’s one of the biggest cryptocurrencies, with a market cap of approximately $27.8 billion. 

Cardano Wallets 

A Cardano wallet is a crypto wallet that is used to send, receive, and store the Cardano (ADA) cryptocurrency. Wallets for ADA are available on a variety of platforms, including software, hardware, online, and apps. 

How To Choose A Cardano (ADA) Wallet

When looking for a crypto wallet, consider the following factors:

  • Security – Look for a wallet that features layers of security to keep your crypto safe, such as 2-factor authentication and encryption for private keys.
  • Supported Cryptos – If you want to invest in Cardano (ADA), be sure that the wallet you choose supports this crypto. And if you want to buy and store multiple digital assets, look for a wallet that supports those as well. 
  • Continued Innovation Crypto wallets should regularly undergo developments and upgrades to keep them up-to-date.
  • Smart Interface – Choose a crypto wallet with an easy-to-use interface.
  • Backups Data should be regularly backed up on the wallet you choose. 

Find out if you should buy crypto directly or as an ETF?

Best Cardano (ADA) Wallets In Canada

There are plenty of crypto wallets available to house your digital assets. To help you narrow down your options, the following is a list of the best Cardano (ADA) wallets in Canada:

ADA WalletADA Wallet TypeSupported CurrenciesPrice
Ledger Nano SHardware1,500+$89
Ledger Nano XHardware1,800+$199
Trezor Model THardware1,600+~ $263
Binance TrustWalletSoftware160K+Free
NDAXHot and cold storage wallets30+Free
DaedalusDesktopADAFree
Wealthsimple CryptoWeb-based34+Free
CoinSmartWeb-based and cold storage wallet16+Free
Infinito Wallet Mobile app2,000+Free
YoroiWeb-based and mobile appADAFree

Best Hardware ADA Wallets

Ledger Nano S

The Ledger Nano S is a popular Cardano hardware or cold wallet that lets you store crypto in offline. It features a digital screen for easy navigation and supports 2-factor authentication. Like Ledger Nano X, you can use it to trade, buy, sell, and even borrow crypto from your wallet when you use it with the Ledger Live app. 

  • Price: $89
  • Wallet type: Hardware
  • Currencies supported: 1,500+

Ledger Nano X

Ledger Nano X is a hardware wallet that allows you to store your Cardano offline in cold storage. The wallet comes with a large screen, making it easy to use. When used with the Ledger Live app, you can buy, sell, and trade crypto straight from your wallet. This wallet also comes with Bluetooth capabilities and more memory than the Ledger Nano S. 

  • Price: $199 
  • Wallet type: Hardware 
  • Currencies supported: 1,800+ 

Trezor Model T

The Trezor Model T wallet is a hardware wallet that includes several handy features, including a large touchscreen, a USB-C plug to connect to your mobile device, and robust processing. Trezor is a great way to protect your ADA cryptocurrencies from malware and hackers. Its advanced safety features allow you to safely store your Cardano, tokens, passwords and other private keys. 

  • Price: Approx. $263
  • Wallet type: Hardware
  • Currencies supported: 1,600+

Best ADA Software Wallets

NDAX

NDAX offers both hot and cold wallets for free. You can store over 30 cryptocurrencies including major ones like Cardano, Bitcoin, Dogecoin, and Ether. You can use their wallets to store, buy, sell or trade any of the supported cryptocurrencies. It supports 2-factor authentication and is partnered with Ledger Vault to secure crypto assets.

  • Price: Free
  • Wallet type: Hot and cold storage wallets
  • Currencies supported: 30+

Binance Trust Wallet

Binance Trust Wallet is a free software wallet used to store Cardano, as well as thousands of other digital assets and over 50 blockchains. This includes Cardano, Bitcoin, Bitcoin Cash, and Ethereum. Like the other wallets, you can use it to store, buy, sell, stake or trade your Cardano. You can also use it to collect NFTs. 

  • Price: Free
  • Wallet type: Software
  • Currencies supported: 160K+

Best Mobile And Web-Based ADA Wallets

Daedalus

Daedalus is the official crypto wallet for ADA and is an open-source software platform for Windows and Mac. It currently only supports ADA, but it may soon support bitcoin (BTC) and Ether (ETH). Daedalus is perfect for those who wish to manage multiple wallets, as it’s a hierarchical deterministic wallet. You’ll also have full control over your keys and how you manage your funds. 

  • Price: Free
  • Wallet type: Desktop
  • Currencies supported: ADA

Wealthsimple Crypto

Wealthsimple Crypto is a cryptocurrency platform that allows you to trade crypto along with stocks and ETFs. It comes with a free ADA wallet which is offered through Gemini Trust, which stores crypto offline (cold storage). This web-based ADA wallet also comes with over $200 million in insurance coverage. 

  • Price: Free
  • Wallet type: Web-based
  • Currencies supported: 34+

CoinSmart

CoinSmart is a crypto trading platform that lets you trade and store digital currencies in cold storage. The platform supports 2-factor authentication to keep digital assets secure. 

  • Price: Free
  • Wallet type: Web-based and cold storage wallet
  • Currencies supported: 16+

Infinito Wallet 

Infinito Wallet is a free mobile wallet that allows you to send, receive and store several currencies and tokens, including ADA, BTC, BCH and ETH. It’s accessible on both Android and IOS devices. It stores your private keys on your mobile device, which are fully encrypted.

  • Price: Free
  • Wallet type: Mobile app
  • Currencies supported: 2,000+

Yoroi Wallet

Yoroi is a web light wallet for ADA that comes in a Chrome extension on desktop and is available as a mobile app. It’s a free, open-source wallet that stores private keys on your computer with secure encryption. 

  • Price: Free
  • Wallet type: Web-based and mobile app 
  • Currencies supported: ADA

Best Ways To Store Your Cardano Safely

Like cash, you want to make sure you store your crypto safely. If steps aren’t taken to guard your crypto, it may be vulnerable to hackers.

Keep the following safety precautions in place to avoid your crypto from being lost or stolen. 

  • Store your crypto offline. If your crypto is stored offline in a cold wallet, there’s no chance of it being exposed to potential hacking. Cold offline wallets are safer than wallets connected to the Web, especially if you’re holding a lot of crypto of high value. In this case, hardware is the way to go.
  • Protect your password. Not only should you create a strong password that’s nearly impossible to guess or figure out, but you should also protect it so it stays out of other people’s hands.
  • Back up your data. Be sure to back up your wallet on a regular basis so it’s up-to-date and accessible in case something goes wrong.
  • Use security features. If your wallet supports 2-factor authentication, use it. That goes for any other security feature your wallet offers to protect your cryptocurrencies.
  • Install antivirus software. Consider installing antivirus software and anti-malware to avoid the hassles and dangers of viruses purposely unleashed to make your crypto vulnerable to theft.
  • Avoid scam wallets. Scammers are increasingly creating scam crypto wallets, so keep an eye out for these nefarious wallets and only hold your crypto with trusted providers.

ADA Wallet FAQs

Is there a wallet for Cardano?

Yes, Daedalus and Yoroi are official crypto wallets for Cardano. 

Can I use my wallet to stake Cardano?

Yes, you can stake on Daedalus and Yoroi wallets, as long as you have ADA in your wallet.

Should I store my ADA on an exchange?

In general, it is not recommended to store your Cardano or any cryptocurrencies on an exchange, especially if you have a lot of them. Exchange wallets are more susceptible to hacking and fraud. Exchange wallets are a good source for storage if you plan on making a trade soon or need to access it quickly. 

Final Thoughts

When it comes to storing your Cardano or other cryptocurrencies, you’ve got plenty of options. The one you choose will depend on how much Cardano you hold and your personal preferences. 

Lisa has been working as a writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same. She's used a variety of financial tools over the years and is currently growing her money with Wealthsimple, while stashing some capital in a liquid high-interest savings account so that she always has a financial cushion to fall back on. She's also been avidly using her Aeroplan TD credit card to collect as many Aeroplan points as possible to put towards her travels!

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