In this guide

  • Our verdict
  • Details
    • Product details
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Wealthsimple Crypto review

  • Evan Jones's headshot
  • Frank Corva's headshot
Wealthsimple Crypto
4.0
★★★★★
Finder score
Fiat currencies
2
Supported assets
65
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.

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.

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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 As of the time of writing, only 23 of the 55+ cryptocurrencies that you can trade through Wealthsimple can be withdrawn to an external wallet including Bitcoin, Ethereum, Dogecoin, Litecoin and Bitcoin cash.

In this guide

  • Our verdict
  • Details
    • Product details

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 Wealthsimple
supports
Bitcoin (BTC)
supports
Ethereum (ETH)
does not support
Tether (USDT)
does not support
BNB (BNB)
supports
Solana (SOL)
supports
USDC (USDC)
does not support
Lido Staked Ether (STETH)
supports
XRP (XRP)
does not support
Toncoin (TON)
supports
Dogecoin (DOGE)
supports
Cardano (ADA)
does not support
TRON (TRX)
supports
Shiba Inu (SHIB)
supports
Avalanche (AVAX)
does not support
Wrapped Bitcoin (WBTC)
supports
Polkadot (DOT)
supports
Chainlink (LINK)
supports
Bitcoin Cash (BCH)
supports
Uniswap (UNI)
supports
NEAR Protocol (NEAR)

Wealthsimple 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.

  1. Get started
    After selecting the Get Started button, fill in the create account form.
  2. 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.
  3. 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.
  4. 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

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Supported assets

5,500+

Supported assets

9,000+

Price (USD)

$149

Price (USD)

$179

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Disclaimer: Star ratings are only displayed for products with 10 or more reviews.
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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.
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