If you’re a Canadian investor interested in entering the cryptocurrency market, Wealthsimple Crypto is the ideal choice for you. Wealthsimple Crypto is a cryptocurrency trading platform designed to make buying, selling, and trading cryptocurrencies easy for Canadians.
Although it’s a recent addition to the market, Wealthsimple Crypto offers numerous enticing features, such as zero deposit or withdrawal fees, third-party custody, and an outstanding user interface.
In this comprehensive Wealthsimple Crypto review, we will provide an overview of the platform, detailing how it operates, its advantages and disadvantages, fees, features, and a comparison with other crypto exchanges in Canada.
What is Wealthsimple Crypto and How Does It Work?
Wealthsimple Crypto is the latest addition to Wealthsimple Digital Assets Inc, and it offers 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.
To use the Wealthsimple Crypto trading platform, you must be a Canadian citizen or permanent resident. Wealthsimple Crypto will request your full name, address, phone number, address, Social Insurance Number, and employment information.
Wealthsimple is regulated, so they are required to collect this information before you can trade. The process might take a few minutes to complete. Then, fund your account, and you can start trading.
Wealthsimple Crypto Features
Wealthsimple Crypto has some amazing features that distinguish it from other crypto exchanges in Canada. These features include:
1. No Fees for Deposits or Withdrawals
Wealthsimple does not charge any deposit or withdrawal fees. There is no minimum deposit as you can start investing with $1.
Also, you can quickly move funds from your Canadian bank account into your Wealthsimple Crypto accounts through Electronic Fund Transfer (ETF).
2. 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 easy to navigate, making trading faster for experienced traders.
3. 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
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.
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, it uses Touch ID or Face ID anytime you log in.
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
At its launch, Wealthsimple Crypto offered access to Bitcoin and Ethereum to buy, sell and trade. But it recently expanded to a wide variety of crypto coins. 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 as 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 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 Crypto 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 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.
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-fee label, easy-to-use interface, and third-party custodian make it one of Canada’s best cryptocurrency platforms. I’d personally recommend it.
Hence, this Wealthsimple Crypto review is positive.
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.
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, and a Canadian social insurance number, and be able to produce a valid means of identification.
