Wealthsimple Crypto review
- Fiat currencies
- 2
- Supported assets
- 121
Our verdict
Trade 115+ cryptos with Canada's first ever regulated crypto platform.
Wealthsimple is a Canadian exchange that gives you access to stocks, ETFs and crypto assets. Trading crypto is easy on this beginner-friendly platform, which offers access to 115+ crypto assets with no fees for deposits or standard withdrawals (instant withdrawals to a Visa Debit card cost 2.5%).
But Wealthsimple Crypto might not be the best choice if you want to trade a wider range of cryptos, including less popular coins, or you need to fund trades with currencies other than CAD or USD.
Pros
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Beginner-friendly platform
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No deposit or withdrawal fees
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Start trading with as little as $1
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Trade stocks & crypto in the Wealthsimple app
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Registered with the Canadian Securities Administrators (CSA) & Ontario Securities Commission (OSC)
Cons
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2.5% fee for instant withdrawals (free withdrawals in 1–3 business days)
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Doesn't support all the same cryptos for deposits and withdrawals
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No futures, options or margin trading for crypto
Details
Product details
| Product Name | Wealthsimple Crypto |
| Fiat Currencies | CAD, USD |
| Cryptocurrencies | BTC, ETH, XRP, ADA, XLM, DOGE and 95+ more |
| Deposit Methods |
Cryptocurrency Debit card Interac e-Transfer Wire transfer Linked bank account Bank transfer (Direct Deposit) Online wallet |
| Trading Fee | 0.5%–2% |
| Deposit Fees | None |
| Withdrawal Fees | None |
About Wealthsimple — company background
Wealthsimple Crypto is part of the broader Wealthsimple investment platform, founded in 2014. Crypto was added to the company’s offerings in 2020. Wealthsimple is a Toronto-based Canadian company, and its services are only available to residents of Canada.
Listed Wealthsimple crypto exchange assets
Wealthsimple supports over 121 cryptocurrencies, but some notable assets are missing. Namely, Tether, TRON 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
- Debit card
- Interac e-Transfer
- Wire transfer
- Linked bank account
- Bank transfer (Direct Deposit)
- Online wallet
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 also track your crypto portfolio and even trade stocks.
Is Wealthsimple safe?
Regulation. Wealthsimple Crypto is offered by Wealthsimple Investment Inc., a regulated member of the Canadian Investment Regulatory Organisation (CIRO). The company's crypto platform was the first in Canada to become authorised and regulated by the Canadian Securities Administrators (CSA), and it's also registered with the Ontario Securities Commission (OSC).
Verification process. Identity verification is required before you can buy and sell on Wealthsimple. This involves providing personal details like your name and proof of your identity.
Insurance. Cash (not crypto) in your account is insured up to specified limits by the Canadian Investor Protection Fund (CIPF). Most crypto assets are held in trust by regulated third party custodians and are therefore protected in the event that Wealthsimple experiences financial difficulty.
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 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
Alternatives to Wealthsimple
Finder Score for crypto exchanges
To make comparing even easier we came up with the Finder Score. Supported coins, account fees and features across 28 cryptocurrency trading platforms are all weighted and scaled to produce a score out of 10. The higher the score, the better the exchange—simple.
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