FAQ

Frequently Asked Questions

Everything you need to know about hardware wallets and cold storage security.

What is a hardware wallet?

A hardware wallet is a physical device that stores your cryptocurrency's private keys offline, making them inaccessible to hackers. Unlike exchange wallets or software wallets, your private keys never leave the device.

Do I need a hardware wallet?

If you hold more than $500 CAD in crypto that you plan to keep long-term, yes — we strongly recommend it. Exchange hacks and phishing attacks are common enough that self-custody cold storage is worth the one-time cost.

Which hardware wallet is best for Canadians?

For most Canadians, the Ledger Nano X (mobile-friendly Bluetooth) or Trezor Safe 5 (open-source EAL6+) are our top picks in 2026. If budget is the priority, the Ledger Nano S Plus at ~$109 CAD is excellent.

Is it safe to buy a hardware wallet from Amazon?

Only if it's sold and shipped directly by the official brand (e.g., 'Sold by Ledger'). Never buy a used or reseller-sourced hardware wallet — they can be pre-compromised.

What happens if I lose my hardware wallet?

As long as you have your 24-word recovery seed written down and stored securely, you can restore your funds to any compatible wallet — on any brand. The coins are on the blockchain, not the device itself.

Can I use a hardware wallet with my iPhone?

The Ledger Nano X is the only major wallet with full iOS support via Bluetooth. Most other wallets (Trezor, Nano S Plus) require a computer or Android device.

Are hardware wallets compatible with DeFi and NFTs?

Yes. All major hardware wallets work with MetaMask — giving you full DeFi and NFT access while keeping your private keys secure. The Trezor Safe 5 and Ledger devices have the best MetaMask integration.

How often should I update my hardware wallet's firmware?

Update whenever the manufacturer pushes an update — they are usually critical security patches. Both Ledger Live and Trezor Suite prompt you automatically when updates are available.

Still have questions?