Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Both cater only to Canadian customers, but who has the edge when it comes to Bitbuy or Wealthsimple? Bitbuy is a great introductory exchange with more advanced features if you want them, but its fees are on the high side. While Wealthsimple has created an easily accessible platform, it is a relative newcomer to the crypto space. Here’s our Bitbuy vs. Wealthsimple breakdown to help you choose the platform that’s right for you.
Round 1: Bitbuy vs Wealthsimple on vital statistics
Wealthsimple proudly carries the title of Canada’s first-ever regulated crypto platform. Its crypto service is offered under a time-limited registration through the Canadian Securities Administrators’ Regulatory Sandbox. However, Bitbuy has also adopted a compliance-focused approach to regulators. While it doesn’t have the same regulatory status as Wealthsimple, it is FINTRAC registered as a money services business and it is federally approved as a restricted dealer for digital assets in Canada.
Both exchanges are good introductory exchanges with easy-to-use interfaces, but lack the additional services found on some of the bigger crypto platforms.
One of the drawbacks of Bitbuy is its limited range of cryptocurrencies. In terms of the numbers of coins on offer, including a good variety of altcoins, Wealthsimple wins out. But if you are looking to trade in the main coins of BTC and ETH, you will get what you want from both exchanges.
Bitbuy and Wealthsimple are completely evenly matched when it comes to supported currencies as they are both solely focused on Canadian customers. If you are based in Canada, this isn’t a problem for the majority of what you will want to do on a crypto exchange. However, if you are looking for a greater amount of supported fiat currencies, you are best looking at one of the bigger platforms.
Bitbuy has withdrawal fees for fiat currencies and cryptocurrencies. However, its trading fees are fairly reasonable. In contrast, Wealthsimple likes to keep things simple. You only have to concern yourself with its trading fee, as there are no fees for deposits or withdrawals.
Bitbuy has a built-in wallet for every account with insurance in place through BitGo to cover up to the full price of your assets. Coin holdings are also kept in an offline vault. Wealthsimple also has a custodial wallet that allows users to transfer their crypto in or move it to outside exchanges and platforms. However, both BitBuy and Wealthsimple’s wallets are fairly limited in the number of coins you can withdraw.
Winner: Draw
Round 6: Security
Although small in size, Bitbuy and Wealthsimple are serious about security. Wealthsimple’s crypto trading is offered by Wealthsimple Digital Assets (WDA), a registered derivatives dealer. Cash is also held with a custodial broker, ShareOwner, and crypto is held with Gemini Trust Company, a qualified custodian under Canadian securities regulation. Bitbuy’s security credentials are just as impressive as it is a federally approved restricted dealer for digital assets in Canada. It also holds 95% of all its digital assets in cold storage and has a comprehensive insurance policy with BitGo.
Winner: Draw
Round 7: Ease of Use
Both exchanges are beginner-friendly with features that help new users to get started. Bitbuy’s Express Trade option is a great way to get started buying and selling cryptocurrency instantly. While Wealthsimple has utilized popular features from its trading services to give crypto customers an easy to track portfolio experience and a slick and simple funding process.
Winner: Wealthsimple
Wealthsimple vs. Bitbuy winner: Wealthsimple
Bitbuy and Wealthsimple are pretty evenly matched across a number of key features. However, Wealthsimple wins out in the battle of the Canadian exchanges purely down to cost. Bitbuy’s deposit and withdrawal fees make it confusing for beginners and could lead to costs stacking up. Wealthsimple not only offers security, a slick user interface and more cryptocurrencies, but it also keeps its fee structure simple and easy to understand.
Disclaimer:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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