Wealthsimple Crypto is a crypto trading platform recently introduced by Canada’s most popular Robo-advisor, Wealthsimple, to make buying, selling, and trading cryptocurrencies easy for Canadians.
Wealthsimple, popularly known as the Robinhood of Canada, offers Canadians a simple and more innovative way to invest in stocks by removing barriers that stop Canadians from growing their wealth every day.
Wealthsimple Crypto offers an accessible and easy-to-use trading platform for Canadians looking to get into the world of cryptocurrencies.
Though it was recently introduced, Wealthsimple Crypto offers many exciting features like zero deposit or withdrawal fees, third-party custody, and an excellent user interface.
It gives you access to more than 40 major crypto coins for buying, selling, and trading.
This Wealthsimple Crypto review covers what Wealthsimple Crypto is, how it works, its pros and cons, fees and features and how it compares to other crypto exchanges.
What is Wealthsimple Crypto and How Does It Work?
Wealthsimple Crypto is the latest addition to the Wealthsimple Company, and it offers you access to more than 40 cryptocurrencies. It is an easy-to-use platform where beginners can easily buy and sell crypto assets.
Wealthsimple Crypto offers major crypto coins with no account minimum, and you can easily fund your account from your bank account.
If you have never invested before, then Wealthsimple Crypto is your platform. It is easy and accessible, and the user interface is intuitive and elegant. It takes about 5 to 10 minutes to get your account running.
Wealthsimple Crypto platform is straightforward to use. Firstly, you must be a Canadian citizen or permanent resident to create an account.
Wealthsimple Crypto will request your full name, address, phone number, address, Social Insurance Number, and employment information. Because Wealthsimple is regulated, they are required to collect this information before you can trade.
Once your profile is created, follow the prompts and check a few boxes. The process might take a few minutes to complete. Fund your account, and you can start trading.
Wealthsimple Crypto Features
No Fees for Deposit or Withdrawals: Wealthsimple does not charge any deposit or withdrawal fees. There is no minimum deposit as you can start investing with $1.
You can quickly move funds from your Canadian bank account into your Wealthsimple Crypto accounts through Electronic Fund Transfer (ETF).
Beginner-Friendly Interface: Wealthsimple Crypto offers a very friendly and easy-to-use platform. Its interface is perfect for beginners in the world of cryptocurrency.
The interface is also easy to navigate, making trading faster for experienced traders.
Third-Party Custodian: Gemini Custody, founded by the Winklevoss brothers (Facebook co-founders), keeps your crypto coins safe. Even if Wealthsimple is hacked, your crypto assets will remain secure.
Gemini has $200m in cold storage insurance and is regulated by the New York State Department of Financial Services (NYSDFS).
Pros and Cons of Wealthsimple Crypto
- Easy to grasp crypto trading
- Savings accounts available
- Simple interface with no fee for trading
- Suitable for beginners as it has a large number of educational resources for new investors
- No account minimum required
- It has a wide bid-ask spread (1.5%-2.5%)
- Wealthsimple Crypto is only available in Canada at this time
- You can’t transfer crypto out from the app to a digital wallet
- Trading fees are hidden in buy and sell price spreads
Wealthsimple Crypto Fees
Wealthsimple Crypto prides itself as a ‘no-fee’ trading platform, but this does not mean there are no fees for using the Wealthsimple Crypto platform.
Wealthsimple charges a fee of 1.5% to 2% for every buy and sell transaction you make. This is called a spread.
So, if you buy worth $40 Bitcoin, your $40 will only purchase $39.41 worth of Bitcoin. The spread here is $0.59. Wealthsimple Crypto will keep the spread.
Wealthsimple does not charge any other fee aside from the spread. There is no fee for account opening or closing, deposit or withdrawal, inactive accounts, or electronic statements of trade confirmations.
Is Wealthsimple Crypto Safe for Trading?
Yes. Wealthsimple Crypto is safe for trading, and it is fully regulated in Canada. Wealthsimple Crypto is also registered as a derivatives dealer in Quebec and is authorized by FINTRAC.
Also, your cryptocurrencies are insured by a US-based cryptocurrency custodian, Gemini Trust Company LLC. This company is regulated by the New York State Department of Financial Services (NYSDFS).
Although Wealthsimple Crypto doesn’t offer 2FA verification, however, it uses Touch ID or Face ID anytime you log in.
In all, even though Wealthsimple’s crypto assets are not insured by Canada Deposit Insurance Corporation (CIDC) or the Canadian Investor Protection Fund (CIPF). However, we can still say that Wealthsimple Crypto is adequately safe for trading.
Even though it is often considered a disadvantage that you cannot move crypto coins out of the Wealthsimple app, Wealthsimple Crypto has a more secure system.
Cryptocurrencies on Wealthsimple Crypto
Wealthsimple gives you access to over 40 crypto coins to buy, sell and trade. Here is a list of the best crypto to buy on Wealthsimple Crypto.
Chainlink (LINK) | Litecoin (LTC) | |
Compound (COMP) | ApeCoin (APE) | |
Aave (AAVE) | Curve (CRV) | |
Fantom (FTM) | Filecoin (FIL) | |
Solana (SOL) | Bitcoin Cash (BCH) | SushiSwap (SUSHI) |
Basic Attention Token (BAT) | Kyber Network (KNC) | Avalanche (AVAX) |
Polkadot (DOT) | Ren (REN) | Uma (UMA) |
Cosmos (ATOM) | Axie Infinity (AXS) | Yearn.Finance (YFI) |
Terra (LUNA) | Dai (DAI) | Balancer (BAL) |
Maker (MKR) | Tezos (XTZ) | Loopring (LRC) |
How to Create a Wealthsimple Crypto Account
To create an account, you need to download the Wealthsimple Trade app. Wealthsimple crypto shares the same app with the Wealthsimple Trade. When the download is complete, follow these steps to create your account.
- Select the Wealthsimple Crypto option on the Wealthsimple Trade app.
- You will need to answer questions about your experiences with investment platforms.
- The risks involved in cryptocurrency trading will be explained to you by Wealthsimple. You will be asked to confirm that you have read and understood the risks involved.
- You will sign three other disclosure statements.
- Next, add funds to your account.
- Then, you can start trading with your Wealthsimple Crypto account.
How Does Wealthsimple Compare to Other Crypto Exchanges?
There are other great trading platforms for trading cryptocurrencies in Canada. Let’s look at how Wealthsimple Crypto compares to each of these platforms.
Wealthsimple vs Coinsmart vs Bitbuy vs Newton
Features | Wealthsimple Crypto | |||
Coins Supported | 40+ coins | 17 coins | 16 coins | 71 coins |
Security | Cold storage | 2FA Cold storage | 2FA Cold storage | 2FA Cold storage |
Fees | Spread of 1.5-2% | 0.1% - 0.2% Trading fees | 0.2% Trading fees | Spread of 0.5-0.7% |
Apps | Andriod/iOS | Andriod/iOS | Andriod/iOS | Andriod/iOS |
Regulator | FINTRAC | FINTRAC | FINTRAC | FINTRAC |
CDIC Coverage | No | No | No | No |
Funding Options | CAD (Electronic Fund Transfer) | Interac e-Transfer, Bank Transfer | Interac e-Transfer, Credit & Debit card, Bank Transfer, Bank draft | Interac e-Transfer, Wire transfers, Pre-authorized bank transfers through Plaid, transfers from external wallets |
Promotion | $100 bonus when you make a trade of at least $300 | $40 bonus when you make a minimum initial deposit of $250 | $30 bonus when you make a minimum initial deposit of $100 | $25 bonus when you make a minimum initial deposit of $100 |
Wealthsimple vs Coinbase
Coinbase offers a broader selection of cryptocurrency compared to Wealthsimple Crypto. Coinbase offers over 160 crypto coins, whereas Wealthsimple Crypto offers just 40+ currencies.
Wealthsimple vs KuCoin
KuCoin is a trading platform that is not regulated in Canada. However, it offers more cryptocurrencies compared to Wealthsimple Crypto. KuCoin offers 500+ crypto coins.
While Wealthsimple doesn’t charge any fee for trading, KuCoin charges 0.1% for all trades.
Wealthsimple vs Shakepay
Shakepay and Wealthsimple Crypto are the only cryptocurrency trading platforms that were designed with beginners in mind.
Although both trading platforms charge $0 for deposits and withdrawals, Wealthsimple Crypto charges a higher spread than Shakepay.
Wealthsimple charges 1.5% to 2%, while Shakepay charges 1.75%.
Wealthsimple vs Crypto.com
Crypto.com and Wealthsimple Crypto are online platforms that provide financial services to earn higher returns.
Wealthsimple Crypto allows both cash and cryptocurrencies. However, Crypto.com doesn’t allow the trade of fiat currencies but only allows cryptocurrencies.
What is Wealthsimple?
Wealthsimple is a company based in Toronto, Canada, and it is Canada’s most popular no-fee Robo-advisor with over 100,000 clients.
To help Canadians reach their financial goal, Wealthsimple provides automated investment services like tax plans and portfolio rebalancing through simple and low-cost investments.
Wealthsimple has many products, including the Wealthsimple Invest, Wealthsimple Trade, Wealthsimple Cash, Wealthsimple Tax, and Wealthsimple Crypto.
The Wealthsimple Invest platform manages investments for Canadians, and the Wealthsimple Trade platform allows Canadians to manage their investment themselves.
It recently added the Wealthsimple Crypto as a section under the Wealthsimple Trade to make buying, selling, and trading cryptocurrencies easy for Canadians.
Final Thoughts on Wealthsimple Crypto Review
If you are new to the cryptocurrency market or an expert and seasoned trader, Wealthsimple Crypto is a platform you should try out.
Its no-fees label, easy-to-use interface, and third-party custodian make it one of Canada’s best cryptocurrency platforms. I’d personally recommend it.
FAQs on Wealthsimple Crypto Review
Is Wealthsimple Crypto legit?
Yes. Wealthsimple is a reputable company designed to make investing in cryptocurrency easy for Canadians. Wealthsimple Crypto is one of Canada’s best crypto exchanges.
What countries are supported by Wealthsimple Crypto?
Wealthsimple is only available to Canadian residents.
Is Wealthsimple Crypto Legal In Canada?
Yes. Wealthsimple Crypto is legal to use in Canada. It is offered under a time-limited regulatory approach by the CSA’s Regulatory Sandbox.
Is there a Wealthsimple Crypto app?
Yes, but the app is not strictly for Wealthsimple Crypto. The Wealthsimple Trade app shares a section with Wealthsimple Crypto.
How fast will my funds be available?
When you purchase cryptocurrency, it will reflect in your account as soon as they are made.
What other products does Wealthsimple offer?
Wealthsimple company offers Wealthsimple Invest, a Robo-advisor, and Wealthsimple Trade for direct investing.
Is Wealthsimple Crypto free to use?
Yes. Wealthsimple Crypto is free. However, you should know that for every purchase or sale of cryptocurrency, Wealthsimple Crypto charges a 1.5-2% fee, applied as a spread on each transaction.
Who can open an account with Wealthsimple Crypto?
To be eligible for a Wealthsimple Crypto account, you must be either a Canadian citizen or resident, above 18 years, have a residential address, a Canadian social insurance number, and be able to produce a valid means of identification.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
