Are crypto transactions safe in Canada? Yes, but despite all of the great benefits that cryptocurrencies provide, there are some security risks that cause many people to consider them dangerous. As these transactions are publicly displayed, you can say hackers can trace all the records. However, with a reliable VPN, you can easily avoid all of these risks.
A good VPN secures your connection from one end to another, making your connection nearly impossible to trace. VPNs provide private tunnels through which you can make safe crypto transactions. Thus, VPNs are the best solution for improving your online security and crypto transactions.
So, having a VPN is important if you’re a crypto trader or own any cryptocurrency. Here, we’ll also talk about the VPNs for crypto, which our experts shortlisted after extensive testing. To know how crypto transactions are safe, stay tuned!
Are crypto transactions safe in Canada & How to better secure them?
Yes, cryptographic transactions are safe, but they can become safer if you buy the best VPN for Crypto Trading in Canada. Besides VPNs, there are other methods by which you can confirm that you are safe. Although those methods are not as convenient as a VPN, we’ll still look at them!
Well, here are certain ways to protect your online wallet better.
- Hot and Cold crypto wallet
Hot and cold crypto wallets are very important terms to discuss, as both are different. Gladly, we’ll be discussing both here.
A hot crypto wallet is an online wallet that refers to a digital money wallet accessible via the internet and enables virtual transactions between the owner and end users. As it’s online, there are many chances it can get compromised. So you’ll need a complex and strong password to prevent cyber attackers from uncovering it.
Similarly, on the other side, a cold crypto wallet is an offline wallet, and it’s relatively more secure than a hot crypto wallet.
Cold crypto wallets are a type of digital wallet that stores cryptocurrency that is not connected to the internet. Users need to download an app after creating an account to manage funds. The application will build a special key that will allow you to access the wallet.
Furthermore, user money stored in the hardware devices is more secure, preventing hackers from gaining access.
- Offline Private key
A private key is more like a source code that enables users to access their crypto assets and make transactions from their accounts. Anyone with this key can easily log in and check all of your assets.
Most of the time, private keys are readily stored online or on the wallet’s network. This implies that hackers will also access your private key if that network gets compromised. However, if you store this key offline, then you can prevent this from happening.
- VPNs
VPN is software that has been quite useful in online communications. VPNs provide seamless security over online transactions; they provide you with a separate tunnel for browsing and encrypting your internet traffic. It’s best for such a sensitive task.
So with the help of a top-quality VPN, you can immensely enhance your online security. VPNs ensure that nobody can see your online activity or breach your information (like a private key) while transferring or receiving payments.
VPNs are thus an excellent choice if you want to add some extra layers of security to your crypto wallet. Check out the FAQs to know how crypto transactions are helping in the digital world.
Why you should use a VPN when working with crypto transactions?
Primarily, VPNs aim to provide safety when working with crypto transactions. Well, you may have heard that popular cryptocurrencies like Bitcoin and other cryptocurrencies have pseudonymity. This means that hackers can track all financial activity by going through a KYC/AML verification. In addition, all transactions are recorded on a public distributed ledger, and cryptocurrency exchanges keep track of your IP address.
So in such a case, VPNs can prevent hackers from tracking your IP address and online activities. Most exchange sites use strong HTTPS end-to-end encryption, which is trustworthy and hard to break. But on top of this high-end encryption, a VPN will provide you with some extra layers of security.
Here’re some reasons why you should use a VPN over crypto.
- Encrypts Your Data— VPNs promote secrecy by encrypting data, providing authentication to only authorized entities, and integrity by identifying message tampering.
- Adds Another Layer Of Security— Top-quality VPNs have 256-bit encryption. This type of encryption is very strong and effective against hackers. It’s very effective against malware, viruses, and phishing attacks in Canada.
- Hides Your IP Address— VPNs encrypt your traffic and make you completely anonymous. It helps you hide your identity by providing you with a new IP address. So, this can be good while buying and selling cryptocurrency.
- Doesn’t Store Logs and a Kill Switch— To maintain high anonymity, a VPN uses advanced features like a no-log policy where the VPN will keep no record of your activity. Besides that, if your connection drops at any moment, VPN will protect data by using a kill switch in Canada.
- Don’t Fall for Free VPNs Crypto Activities— Free VPN service providers typically make money by selling your personal information. If you value your privacy and security, invest in a paid VPN, which is more trustworthy and secure.
Here’re some reasons why you should use a VPN over crypto.
- Encrypts Your Data— VPNs promote secrecy by encrypting data, providing authentication to only authorized entities, and integrity by identifying message tampering.
- Adds Another Layer Of Security— Top-quality VPNs have 256-bit encryption. This type of encryption is very strong and effective against hackers. It’s very effective against malware, viruses, and phishing attacks in Canada.
- Hides Your IP Address— VPNs encrypt your traffic and make you completely anonymous. It helps you hide your identity by providing you with a new IP address. So, this can be good while buying and selling cryptocurrency.
- Doesn’t Store Logs and a Kill Switch— To maintain high anonymity, a VPN uses advanced features like a no-log policy where the VPN will keep no record of your activity. Besides that, if your connection drops at any moment, VPN will protect data by using a kill switch in Canada.
- Don’t Fall for Free VPNs Crypto Activities— Free VPN service providers typically make money by selling your personal information. If you value your privacy and security, invest in a paid VPN, which is more trustworthy and secure.
How do crypto payments work?
The process isn’t very technical, and it takes very little time. Normally, you simply sign up for an online cryptocurrency exchange. After that, you’ll get an online digital wallet to deposit or send crypto-currencies. Similarly, you can also go for a “cold wallet,” where you get the option to store money offline.
Overall, a crypto wallet includes both a public and a private key. The private key is a source code for your security, enabling you to access the wallet. The public key allows others to transfer you their crypto-currency.
If you want to transfer money to anyone, you must look for that user’s public key. Overall, companies share their public key in the form of QR Codes. Once you have scanned that QR code, the software will process and recognize the account. After that, you can send a crypto payment or a payment request.
If someone wishes to send you money, you simply need to share your public key with someone who wants to send you cryptocurrency. The sender can transmit the cryptocurrency payment directly to your online wallet using that key.
How can a VPN secure your crypto transactions?
A VPN protects your crypto transactions by encrypting your internet traffic. This process is very significant as it will prevent connections from being monitored. A VPN uses advanced features to make you anonymous to governments, ISPs, and hackers by routing your data through a secure tunnel to a VPN server. Encryption renders your data unreadable to anyone who comes into contact with it.
A good VPN allows you to link to any of its servers worldwide. When you do so, you hide your originating IP address and thereby anonymize your internet activity. This also changes your virtual IP location in Canada, allowing you to circumvent censorship and geo-blockage.
The people who are facing geo-restrictions on cryptocurrency in their country can also bypass censorship through a VPN. This means you can indulge in crypto trading even in a country where cryptocurrency is totally banned. best VPN for Bybit in Canada
Furthermore, because there are so many crypto scammers and phishing attempts, certain VPNs have advanced features that can detect threats for you. Malicious website filters are also included in the best VPN deals in Canada.. They alert you to fake sites and advertisements that may infect your device.
Which VPN should I use for cryptocurrency transactions?
In the market, many VPN companies claim they are the best for cryptocurrency, but we’ll discuss only a few. Our recommendations are thoroughly tested over a lengthy evaluation period so that you can rely on them.
- ExpressVPN – Best VPN for crypto transactions that is ideal for people who wish to add some extra levels of security during their trading activities. It offers superb features that promote high anonymity over online crypto sessions. ExpressVPN has around 3000 servers in around 105.
- Surfshark – Budget-Friendly VPN for Crypro transactions that provides amazing features at pocket-friendly rates. Surfshark provides users with advanced features, like Multihop, camouflage mode, modern VPN protocols, and many more, and offers 3200 servers in 100 countries.
- NordVPN – It has the largest server network and is famous for providing exceptional protection. NordVPN has some great advanced features like Nordlynx protocol, Double VPN, threat manager, IP static, and many more. It has distributed 6000 servers in around 61 countries.
Although all three options are highly trustworthy, ExpressVPN is our top recommendation.
Quick Comparison Table
In case you’re wondering which VPN is best for cryptocurrency use, here’s a quick comparison table of our top recommendations. It’ll help you understand their features much better. So let’s see!
| VPNs |  |
 |
 |
|---|---|---|---|
| Famous for | Best VPN overall | Budget-friendly VPN | Largest server network |
| Encryption | AES-256-bit encryption technology | AES-256-bit encryption technology | AES-256-bit encryption technology |
| Servers | 3000+ servers in 105 countries. | 3200 servers in over 100 countries. | 6000 servers across 61 countries. |
| Simultaneous Device Connections | 5 | Unlimited | 6 |
| Average Speed (Base: 100 Mbps) | 89.42 Mbps on a 100 Mbps | 81.32 Mbps on a 100 Mbps | 83.82 Mbps on a 100 Mbps |
| Streaming feature | SmartDNS feature. | SmartDNS feature. | SmartDNS feature. |
| Lowest Price | CA$ 9.11/mo (US$ 6.67/mo) - Save up to 49% with exclusive 1-year plans + 3 months free | CA$ 3.4/mo (US$ 2.49/mo) - Save up to 77% with exclusive 2-year plan + 30-day money-back guarantee | CA$ 5.45/mo (US$ 3.99/mo) - Save up to 63% with exclusive 2-year plan + 3 months free for a friend |
Overall, you can see that ExpressVPN is a much better option in terms of providing safety to its users; therefore, we recommend using ExpressVPN for crypto transactions.
Hackers are targeting crypto-transactions in Canada
As cryptocurrency becomes more popular, hackers are more likely to ramp up their attacks, particularly against crypto transactions. Here are a few of the threats that you might face from hackers.
1. ICO Fraud:
ICOs allow investors to buy coins at a discounted rate before they are offered on the public market. Unfortunately, hackers have been known to create fake ICOs and collect the funds raised by unsuspecting investors. By creating a clone website with fake credentials and a whitepaper, they can easily steal millions of dollars in crypto investments.
2. Crypto-jacking:
Crypto-jacking is another common type of attack that hackers use to gain access to a user’s computer in order to mine cryptocurrency. Depending on the level of sophistication, these attacks can be extremely hard to detect and prevent. In addition, miners often use the victim’s processing power without their knowledge or consent.
3. Phishing attacks:
Phishing is a way for hackers to collect sensitive information such as passwords, usernames, and credit card numbers in order to gain access to a user’s account. Crypto-phishing involves sending out emails or links that appear to be from legitimate sources but actually contain malicious code.
Phishing attempts targeting cryptocurrencies are nothing new. You should be cautious with that because, in 2020, 130 Twitter accounts were hijacked and used to scam Bitcoin users. This attack compromised the accounts of well-known public figures such as Bill Gates, Barack Obama, Warren Buffett, and Jeff Bezos. Due to this reason, people are trying to find alternatives to Bitcoins in Canada.
Among a lot of VPNs in the market, ExpressVPN is one of the most secure VPNs in Canada, which offers a variety of features and protocols to protect users from crypto crime. It enables you to browse securely, block malicious websites, and even offer dedicated cryptocurrency transaction servers.
FAQs- Are crypto transactions safe in Canada?
Will a VPN protect my cryptocurrency in Canada?
Yes, VPNs are best suited to protect cryptocurrency since they provide privacy and security .
VPN will secure your internet connection and make it impossible to track. Moreover, it’ll help you protect yourself from online phishing attacks. With a top-quality VPN service in Canada, you are less likely to be vulnerable to cyberattacks, as a VPN ensures safety by providing you with a separate tunnel for crypto trading.
How a VPN can help you secure your crypto funds in Canada?
A VPN can provide a secure connection between your device and the internet, allowing you to transmit data securely while protecting your privacy. Additionally, it can also help protect your crypto funds from hackers by encrypting all of your online activities and preventing them from being intercepted or accessed by malicious actors in Canada.
This way, even if a hacker were to gain access to your device, they would be unable to access or steal your crypto funds.
What VPN to use for safe crypto transactions in Canada?
Among various VPNs, ExpressVPN is the safest for crypto in Canada. ExpressVPN provides its users with advanced features. The service included 3000+ servers around the globe, with the ability to bypass any restricted trading site. Also, it has the most modern kind of encryption technology to save users’ data and prevent them from cyberattacks.
ExpressVPN increases anonymity by changing your IP and giving you a protected IP address, which means your physical location will not be easily shown with your blockchain wallet address. You can also check our ExpressVPN review in Canada .
Wrapping Up
Cryptocurrencies and blockchain technology have many benefits but pose some cyber risks. That’s where VPNs come into the picture. We’ve already discussed how VPNs can protect your cryptocurrency transactions and which are the best VPNs.
It’s great to buy a VPN while making cryptocurrency payments to keep your funds safe in Canada.. A VPN will encrypt your traffic and help you hide your IP address. This will protect your transactions against surveillance and phishing. It’ll also make sure that nobody can trace back your transaction records.
But when using a VPN, be sure to go for a trustworthy service that offers strong encryption, anonymity, and no-logging policies. Never use a free VPN for cryptocurrency transactions; they’re not worth it.
That’s all for today! If you have any questions about Are crypto transactions safe in Canada ? ask us in the comment section.