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.
|Product Name||Wealthsimple Crypto|
|Cryptocurrencies||BTC, ETH, SHIB, LTC, UNI, BAL, BCH, CRV, FIL, MKR, YFI, ADA, SOL, AXS & more|
Bank transfer (EFT)
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
- 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.
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.
|EFT deposit fee||$0|
|EFT withdrawal fee||$0|
|Account opening/closing fee||$0|
|Operations fee||1.5-2% 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.