Not your keys, not your coins. If you hold meaningful amounts of crypto on an exchange, a hardware wallet is the single most important security upgrade you can make.
When you keep crypto on an exchange, the exchange controls your private keys. If the exchange is hacked, goes bankrupt, or freezes withdrawals, your funds are at risk.
You control your private keys and seed phrase. No exchange can freeze or lose your funds. If your seed phrase is lost, the crypto is gone forever.
Always buy directly from the manufacturer - never from third-party resellers on Amazon or eBay.
Convenient for day-to-day use and DeFi but connected to the internet - less secure for significant holdings.
Non-custodial mobile wallet supporting millions of tokens across hundreds of blockchains. Official Binance-acquired wallet. Free and beginner-friendly.
The most widely used Ethereum wallet. Required for most DeFi protocols. Browser extension and mobile app. Not suitable for Bitcoin.
Polished multi-coin wallet with built-in exchange. Good for managing a portfolio. Not open source - some privacy-conscious users prefer alternatives.
The original Bitcoin wallet software. Running a full node validates your own transactions without trusting third parties. Advanced users only.
Your 12-24 word recovery phrase is the master key. Write it on paper (never digitally) and store in multiple secure physical locations. Consider a fireproof safe.
No legitimate company or support agent will ever ask for your seed phrase. If someone asks - it is a scam. This is the number one way Canadians lose crypto.
Only purchase from ledger.com or trezor.io directly. Pre-configured or secondhand hardware wallets can have compromised firmware designed to steal funds.
Before sending crypto, always verify the first and last 6 characters of the receiving address. Clipboard hijacking malware can silently replace copied addresses.
Unlike bank accounts, crypto assets are NOT covered by CDIC. There is no government backstop for losses from hacks or exchange failures.
Every transaction may be a taxable event. Track CAD values at the time of every transaction for accurate CRA reporting. Crypto tax software helps automate this.
Transferring crypto between wallets you own is generally not taxable - keep records of wallet addresses to prove ownership. Swapping tokens within a wallet (e.g. BTC to ETH via Exodus) is a taxable event under CRA rules. See our Tax Guide for details.