Is Wealthsimple better than Kraken?

It depends on your crypto trading needs. We think Kraken is a better choice than Wealthsimple for more people—it offers more cryptos, lower fees and a simple trading experience—but there are also situations where Wealthsimple may be a better option for you. One of Wealthsimple's strengths is that it makes it quick and easy to buy crypto with CAD, so it's worth considering if you're new to digital assets. Wealthsimple also offers stock, ETF and gold trading, plus things like a chequing account and a credit card, so it provides a more diversified range of products if you want more than just crypto trading.

Is Wealthsimple crypto secure?

Yes, Wealthsimple implements a range of security measures to help protect your funds and data. Data encryption, two-factor authentication and suspicious activity monitoring combine to protect your funds, while any cash you hold with Wealthsimple is covered by the Canadian Investor Protection Fund (CIPF). Most cryptos held with Wealthsimple are held in trust in cold storage with three custodial partners, each of which has more than $75 million of insurance coverage.

Is my money safe on Kraken?

Kraken is generally regarded as a safe and secure crypto platform. It has ISO/IEC 27001:2022 security certification and uses measures such as two-factor authentication, email confirmations when you add a new withdrawal address, and data encryption. Kraken is also properly regulated in Canada and is authorized to do business with Canadians.

Are Wealthsimple and Kraken available outside Canada?

Wealthsimple is a Canadian platform that is not available in other countries. But Kraken is a global crypto exchange that operates in over 190 countries around the world.

Are Wealthsimple and Kraken good for beginners?

Yes, both Wealthsimple and Kraken are suitable for beginners. Both platforms offer a user-friendly interface and make it quick and easy to buy crypto with Canadian dollars. They support multiple payment methods and are both simple to understand straight away, particularly Wealthsimple, while Kraken also provides access to a range of more advanced tools for experienced traders.

Sam Baran, Writer at Finder

Sam Baran

Writer

Sam Baran is a writer for Finder, covering topics across the tech, telco and utilities sectors. They enjoy decrypting technical jargon and helping people compare complex products easily. When they aren't writing, you'll find Sam's head buried in a book or working on their latest short story. Sam has a Bachelor of Advanced Science from the University of Sydney.