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Education only · not financial, tax or legal adviceCanadian facts checked 2026-10-31 · a MITEY site
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Tool · Safety & custody

Wallet type chooser

Match how you use crypto to a wallet category: custodial, software, hardware or multisig. No brands.

Runs in your browser · nothing is sent
Mitey the yeti pointing ahead while holding a clipboard, with a padlock
Mitey says: The right wallet is the one you can operate correctly on a bad day.
1. How much would you hold in this setup?
2. How often will you transact?
3. How comfortable are you managing keys and backups?
4. Will you use DeFi apps (lending, swaps, staking)?
5. Will someone else need access, now or for your estate?

Answer all five questions to see the category that fits best.

How this tool works

Five questions about amount, frequency, technical comfort, whether you use DeFi apps, and whether someone else may need access. The tool scores five wallet categories against your answers and shows the best fit, a runner-up and the trade-offs.

Many people end up with two: a hardware wallet for long-term holdings and a separate software wallet with a small balance for using apps. That split limits what a bad approval or phishing click can drain.

Limits

  • Categories only. We do not recommend wallet brands or vendors.
  • Fit depends on your skills and habits; read the linked guides before you move funds.
  • Nothing you enter leaves your browser.

Questions people ask

What is the difference between a hot and a cold wallet?

A hot wallet keeps keys on an internet-connected device, such as a phone or browser extension. A cold wallet keeps keys offline, typically on a dedicated hardware device, and only signs transactions you confirm on it.

Do I need a hardware wallet?

Not always. For small amounts you use often, a software wallet may be reasonable. As the amount you could lose grows, keeping keys off internet-connected devices becomes more important.

What is a multisig wallet?

A multisig wallet needs several keys to approve a transaction, such as two of three. It protects against a single lost or stolen key but is more complex to set up, recover and pass on.

Sources and dates

  • Ethereum wallets — ethereum.orgreference
    No date shown on page · checked 2026-10-31. What wallets are and how they hold keys.
  • Ethereum security and scam prevention — ethereum.orgreference
    No date shown on page · checked 2026-10-31. Wallet security habits and common scams.

Education only. Nothing on this page is financial, investment, tax or legal advice, or a recommendation to buy, sell, stake, lend or borrow any crypto-asset. Crypto-assets can lose some or all of their value and are not covered by CDIC. Canadian rules change: check the dated sources above and talk to a qualified professional about your situation. Full disclaimer.