Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Wealthsimple Crypto review

Canada's first ever regulated crypto platform, Wealthsimple Crypto, offers 30+ tokens and 24/7 customer support.

  • Good for easily trading 30+ cryptocurrencies and traditional stocks in one app.
  • Not so great for more advanced crypto traders.

1

Fiat currencies

34

Cryptocurrencies

Details

Product Name Wealthsimple Crypto
Fiat Currencies CAD
Cryptocurrencies BTC, ETH, SHIB, LTC, UNI, BAL, BCH, CRV, FIL, MKR, YFI, ADA, SOL, AXS & more
Deposit Methods Bank transfer (EFT)
Trading Fee 1.5%
Deposit Fees None
Withdrawal Fees None

What is Wealthsimple Crypto?

Wealthsimple Crypto is Canada’s first ever regulated crypto platform. Its parent, Wealthsimple, is a Canadian finance app, which has more than 1.5 million users and over $15 billion in assets under management (as of November 2021).

At the time of writing, it is the only platform in Canada that lets you trade stocks and crypto in one app. Wealthsimple Crypto just introduced crypto wallets so users can now buy and sell Bitcoin and Ethereum as well as transfer their crypto assets into (and soon out of) their Wealthsimple account.

In a nutshell

Pros

  • Quick signup. It only takes a few minutes to get started.
  • 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.
  • 30+ tokens available. Bitcoin, Ethereum, Doge, Shiba Inu, Cardano, Solana, Axie Infinity etc.
  • Crypto wallets. You can transfer your coins into (and soon out of) your Wealthsimple Crypto wallet.
  • No hidden fees. The only fee is the 1.5% operations fee included in each transaction.
  • 24/7 customer support. Email, phone, live chat.

Cons

  • CAD only. Wealthsimple Crypto currently only supports CAD.
  • Limited wallet functionality. As of the time of writing, Wealthsimple only support deposits of Bitcoin and Ethereum from external wallets to Wealthsimple Crypto, although withdrawals will be available soon.

What fiat and cryptocurrencies are supported by Wealthsimple Crypto?

  • Supported fiat currencies: CAD
  • Supported cryptocurrencies: Approximately 34 cryptocurrencies

Which payment methods does Wealthsimple Crypto accept?

  • Bank transfer (EFT)

Fees and limits

The fees below are accurate as of November 2021.

Commission fee$0
EFT deposit fee$0
EFT withdrawal fee$0
Account opening/closing fee$0
Operations fee1.5-2% per transaction
Limits$50,000 maximum per deposit

The only fee is a 1.5% operations fee per transaction. In other words, whenever you buy or sell crypto through the Wealthsimple app, a 1.5% fee is added to the cost. This is charged by applying a spread on the bid and ask prices at which buy orders and sell orders execute.

Is Wealthsimple Crypto safe to use?

  • 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.

How do I create a Wealthsimple Crypto account?

Go to Wealthsimple's website

Compare Wealthsimple against other crypto platforms

Name Product Deposit methods Fiat Currencies Cryptocurrencies
Bitbuy Digital Currency Exchange
Cryptocurrency, Interac e-Transfer, Wire transfer
CAD

16
cryptocurrencies

Get a $20 bonus when you open an account and deposit at least CAD$250. T&Cs apply.
At this Canada-based cryptocurrency exchange, you can fund your account in CAD via Interac eTransfer and bank wire.
Wealthsimple Crypto
Bank transfer (EFT)
CAD

34
cryptocurrencies

Get a $50 cash bonus and commission-free trades when you open a Wealthsimple Trade or Crypto account and deposit and trade at least $150. Sign-up today to take advantage of this offer!
Buy and sell a range of cryptocurrencies instantly with no deposit or withdrawal fees.
NDAX Cryptocurrency Exchange
Bank transfer (ACH)
CAD

24
cryptocurrencies

Get a $10 bonus when you open an account and deposit at least CAD$100. T&Cs apply.
NDAX is a Canada-based digital asset exchange with CAD currency pairs and with options for advanced traders.
loading

Compare up to 4 providers

Frequently asked questions

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.
Go to site