Coinbase vs Wealthsimple: Which crypto platform is better?

If you want to start trading crypto, Coinbase and Wealthsimple are two of the most popular platforms in Canada. Both platforms support a wide range of assets and make it quick and easy for crypto novices to start trading.

But which is the better option? Let’s compare Coinbase vs Wealthsimple side-by-side to find out.

Coinbase vs Wealthsimple: Supported coins and tokens

Coinbase and Wealthsimple both allow you to trade an extensive range of crypto assets.

Coinbase is a popular global exchange that lets you trade over 200 coins and tokens. These include major cryptos like Bitcoin, Ethereum and Solana as well as hundreds of other altcoins.

Wealthsimple is a Canadian fintech that lets you buy and sell over 140 cryptocurrencies. And while many major digital assets are supported, in our full Wealthsimple review, we found that 7 of the top 20 cryptos in terms of market cap are not available on Wealthsimple.

Who’s the winner?

Coinbase supports more coins and tokens.

Coinbase vs Wealthsimple: Fees

Who’s the winner?

The lower fees available through Coinbase Advanced see Coinbase take the win here. But if you just want to buy crypto quickly with Canadian dollars, it’s worth comparing Coinbase and Wealthsimple for your specific transaction to see which is cheaper.

Coinbase vs Wealthsimple: Canadian regulatory bodies

Wealthsimple is a member of the Canadian Investment Regulatory Organization (CIRO) and is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). Coinbase is also registered with FINTRAC as an MSB.

Both platforms are listed by the Canadian Securities Administrators (CSA) as crypto platforms authorized to do business with Canadians. But while Coinbase is registered as a Restricted Dealer with the Ontario Securities Commission, Wealthsimple is registered as an Investment Dealer.

Who’s the winner?

Wealthsimple’s Investment Dealer registration status sees it come out on top.

Coinbase vs Wealthsimple: Crypto purchase limit

Coinbase and Wealthsimple set no purchase limits for Bitcoin, Ethereum, Litecoin, Bitcoin Cash and USD Coin. For all other crypto, in line with Canadian regulations, you’re limited to a combined total of $30,000 per year.

These purchase limits don’t apply to investors in Alberta, British Columbia, Manitoba, Quebec or Saskatchewan.

Who’s the winner?

It’s a tie.

Coinbase vs Wealthsimple: Payment methods

Coinbase users in Canada can choose from the following payment methods: Interac e-Transfers, electronic funds transfers, debit/credit card payments, wire transfers, PayPal, Samsung Pay and crypto deposits.

Wealthsimple accepts Interac e-Transfers, electronic funds transfers, wire transfers, Visa and Mastercard debit cards, and crypto deposits. You also have the option to transfer funds over from your Wealthsimple Chequing Account.

Who’s the winner?

It’s a tie. Coinbase and Wealthsimple both have enough payment options to keep everyone happy.

Coinbase vs Wealthsimple: Trading tools

Coinbase and Wealthsimple are both very well set up for crypto novices. They offer a simple sign-up process, user-friendly web and mobile platforms, and make it easy to buy crypto with Canadian dollars in a matter of minutes.

But what about for advanced traders?

Wealthsimple offers trading tools like automated recurring purchases, market and limit orders, and easy crypto swaps. What it doesn’t offer is much in the way of advanced trading tools.

But Coinbase offers a host of features for more experienced traders with Coinbase Advanced (formerly Coinbase Pro). This free platform features real-time order books across over more than 550 markets, advanced TradingView charts and technical indicators. You also get plenty of flexibility when customizing your charts and trading interface to suit your needs.

Who’s the winner?

Coinbase offers more advanced tools for experienced crypto traders.

Coinbase vs Wealthsimple: Security features

If security is your top priority, Coinbase and Wealthsimple have got you covered. Both are legit and reputable exchanges, and both have a host of measures in place to help ensure the security of customer funds.

Coinbase holds around 98% of customer assets in cold storage. It also uses bank-grade encryption, mandatory two-factor authentication, and multi-approval withdrawals from Coinbase Vault for added security.

Most of Wealthsimple’s crypto assets are held in trust in offline cold storage with three custodial partners:

• Tetra Trust Company—Calgary, Canada
• Coinbase Custody Trust Company LLC—New York, USA
• BitGo Trust Company Inc.—South Dakota, USA

These partners all have over $75 million of insurance coverage, while two-factor authentication, 256-bit encryption and a full-time security team are other key protective measures.

Who’s the winner?

It’s a tie.

How do the mobile apps for Coinbase vs Wealthsimple compare?

Coinbase and Wealthsimple both offer free Android and iOS apps. Both have received hundreds of thousands of user ratings, and both offer a slick and streamlined user interface that’s easy for crypto newcomers to navigate.

You can use both apps to:

• Deposit and withdraw funds
• Buy and sell crypto
• Stake your crypto assets
• Check your balance and portfolio performance
• Set up automatic recurring purchases
• Check crypto prices and set price alerts

Who’s the winner?

Coinbase. Wealthsimple loses points for the mixed feedback for its Android app.

Other features we like about Coinbase vs Wealthsimple

Staking

Coinbase lets you stake 19 crypto assets, including Ethereum, Solana, Cardano and Cosmos. Meanwhile, Wealthsimple only supports staking of 4 cryptocurrencies—Ethereum, Solana, Cardano and Polkadot. So if you want to maximize your earning opportunities, Coinbase comes out on top.

Other investments

Coinbase is a crypto-focused platform. While it now allows eligible US customers to trade other assets such as stocks and ETFs, this is not currently available in Canada.

Where Wealthsimple shines is that you can also use its platform and app to invest in stocks, ETFs, options and even physical gold. Wealthsimple offers other financial products too, including a chequing account, credit card and robo-advice investing services.

OTC trading

Coinbase offers Coinbase Prime, a full-service brokerage platform for institutional clients. It supports the trading of over 260 crypto assets, while coin custody services are also available for over 420 cryptocurrencies. Wealthsimple does not have a dedicated crypto OTC trading desk.

Margin trading

If you want to trade with leverage, neither Coinbase nor Wealthsimple supports margin trading in Canada. You will need to consider other platforms instead.

What does Reddit think of the Coinbase vs Wealthsimple debate?

On the plus side, Coinbase and Wealthsimple both earn praise for being legit, reputable platforms that make it easy to buy crypto. But both providers receive negative Reddit feedback too, with high fees across both platforms being a common bugbear for users.

Browse Reddit feedback on either Coinbase or Wealthsimple, and it soon becomes clear that there are several other crypto platforms users recommend checking out first. That’s why it’s always a good idea to compare a range of platforms before deciding where to place your first trade.

Alternatives to Coinbase and Wealthsimple

There are plenty of other reputable crypto exchanges worth checking out if Coinbase or Wealthsimple aren’t right for you. Here are some popular options to consider.

Bitbuy

Bitbuy is a Toronto-based exchange that first launched in 2016. It supports over 65 coins and tokens, which you can trade online or via a mobile app, and it offers Interac e-Transfer as one of multiple deposit methods. You can sign up for a Bitbuy account or learn more about how it stacks up against the competition in our Bitbuy vs Coinbase guide.

Kraken

Founded in 2011, Kraken is one of the world’s oldest crypto exchanges. Kraken users get access to crypto trading in over 190 countries worldwide, with support for over 350 coins and tokens. It also offers features to suit beginners as well as advanced traders, while 24/7 live chat support is available if you need help with your account.

Paybis

Global exchange Paybis is available in over 180 countries, including Canada. Once you sign up, you’ll be able to buy 80+ cryptos. One of its big selling points is that you can buy crypto with a debit or credit card in a matter of minutes. 24/7 online support is available too, but it’s worth noting that you can only sell fewer than 10 cryptocurrencies on this platform.

VirgoCX

VirgoCX is a Canadian crypto trading platform headquartered in Toronto. Founded in 2018, VirgoCX aims to offer fast and easy crypto purchases. It offers free deposits and withdrawals, support for e-Transfers as well as debit and credit card deposits, and provides access to over 90 cryptocurrencies.

Frequently asked questions about Coinbase vs Wealthsimple

• Is Coinbase good to use in Canada?

  Coinbase is a solid option for anyone looking to buy crypto in Canada. It's easy to use, allows you to buy over 200 cryptocurrencies with Canadian dollars, and is a legit platform that is regulated in Canada. However, other crypto exchanges have lower fees.

• Can I buy crypto with Canadian dollars on Coinbase?

  Yes, Coinbase allows you to buy cryptocurrency with Canadian dollars. To get started, you'll need to provide your personal information and contact details, then verify your ID to open an account. Several payment methods are supported, including Interac e-Transfers and PayPal.

• Are Coinbase and Wealthsimple available outside of Canada?

  Coinbase is a large global exchange that offers crypto trading in over 100 countries around the world. However, Wealthsimple is only available to Canadian residents.

• What eligibility requirements do I need to meet to open an account with Coinbase or Wealthsimple?

  If you want to open a Coinbase account, you will need to be the age of majority in your province or territory, have a valid phone number and provide government-issued photo ID.

  Meanwhile, to be eligible to open a Wealthsimple account, you will need to be a Canadian resident, the age of majority in your province or territory, have a valid phone number and provide your SIN.

• Coinbase vs Wealthsimple—which is better for beginners?

  If you're new to crypto, you really can't go wrong with either platform. Both offer clean and intuitive user interfaces, and both make it quick and easy to buy crypto online or via their respective mobile apps. Choosing a platform may come down to finding out which provider supports all the cryptos you want to trade and offers the lowest fee(s) for your specific transaction.

Written by

Tim Falk

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Tim Falk is a freelance writer for Finder. Over the course of his 20-year writing career, he has reported on a wide range of personal finance topics. Whether you're investing in stocks and ETFs, comparing savings accounts or choosing a credit card, Tim wants to make it easier for you to understand. When he’s not staring at his computer, you can usually find him exploring the great outdoors. See full bio

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