Wealthsimple Crypto review
- Fiat currencies
- 2
- Supported assets
- 65
Our verdict
Canada's first ever regulated crypto platform, Wealthsimple Crypto, offers 55+ tokens and 24/7 customer support. Here's our hands-on review.
Wealthsimple is a Canadian exchange that gives you access to stocks, ETFs and crypto assets.
The crypto portion of the exchange is easy to use and enables you to gain access to 55 crypto assets.
And with zero deposit fees and nearly instant deposit times, the platform allows users to easily fund their accounts with fiat or crypto. Fiat withdrawals are also free. Crypto withdrawals are not yet permitted.
The 1.5-2% operations fees for trades is a bit hefty, but they are a decent trade off when you consider how convenient Wealthsimple is to use.
Pros
- Quick signup. It only takes a few minutes to get started.
- No account minimums. You can open an account with zero dollars.
- Easy to use. Designed to be extremely straightforward and easy for beginners.
- Trade stocks and crypto. As of the time of writing, Wealthsimple Crypto is the only platform in Canada that lets you trade stocks & crypto in one app.
- Crypto wallets. You can transfer your coins into and out of your Wealthsimple Crypto wallet.
Cons
- No crypto trading pairs.
- CAD only. Wealthsimple Crypto currently only supports CAD.
- Withdrawal limitations. As of the time of writing, only 23 of the 55+ cryptocurrencies that you can trade through Wealthsimple can be withdrawn to an external wallet including Bitcoin, Ethereum, Dogecoin, Litecoin and Bitcoin cash.
Details
Product details
| Product Name | Wealthsimple Crypto |
| Fiat Currencies | CAD, USD |
| Cryptocurrencies | BTC,ETH,XRP,BCH,LTC,ADA,XLM,ZRX,MKR,DOGE & 55 more |
| Deposit Methods |
Cryptocurrency Interac e-Transfer Wire transfer Linked bank account Bank transfer (EFT) Online wallet Debit/credit cards |
| Trading Fee | 0.5-2% |
| Deposit Fees | None |
| Withdrawal Fees | None |
Ratings methodology - how we scored Wealthsimple
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Wealthsimple — company background
Wealthsimple Crypto is a piece of the Wealthsimple platform, the latter being founded in 2019. Crypto was added to the company’s offerings in 2020. Wealthsimple is a Canadian company and its services are only available to Canadian residents.
Listed Wealthsimple crypto exchange assets
Wealthsimple supports over 65 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 14 of the top 20 cryptos are available on Wealthsimple.
Popular assets on WealthsimpleWealthsimple fees
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | None |
| Withdraw funds | None |
Wealthsimple deposit methods
- Cryptocurrency
- Interac e-Transfer
- Wire transfer
- Linked bank account
- Bank transfer (EFT)
- Online wallet
- Debit/credit cards
How to sign up on Wealthsimple exchange
Before you can even get started trading on Wealthsimple, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Wealthsimple's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Wealthsimple account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Wealthsimple.
Using the Wealthsimple app
The Wealthsimple Crypto app is easy to use. Not only can you buy and sell crypto via the app, but you can track your crypto portfolio through it, too.
Is Wealthsimple safe?
Regulation. Wealthsimple Crypto is offered by Wealthsimple Digital Assets (WDA). On request it purchases or sells crypto on your behalf. WDA serves Canadians with a regulatory approach coordinated by the Canadian Securities Administrators’ Regulatory Sandbox. WDA is registered as a derivatives dealer in Québec, and a restricted dealer in jurisdictions other than Québec. In short, it’s closely regulated.
Verification process. Identity verification is required before you can buy and sell on Wealthsimple. This involves providing some personal details such as your name, and proof of your identity.
Security features. Cash in your account is held with Wealthsimple’s affiliated custodial broker, ShareOwner, while crypto in your account is custodied with Gemini Trust Company, a qualified custodian under Canadian securities regulations.
Keeping your crypto secure
All centralised exchanges, including Wealthsimple, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 9,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $179 |
Price (USD) $49.99 |
See more of the best crypto wallets
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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