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Wealthsimple Crypto review

Canada's first ever regulated crypto platform, Wealthsimple Crypto, offers 55+ tokens and 24/7 customer support. Here's our hands-on review.

  • Good for easily trading 55+ cryptocurrencies and traditional stocks in one app.
  • Fund your account for free and nearly instantly in order to buy crypto.
  • Not so great for more advanced crypto traders.
  • No trading pairs between cryptocurrencies.’s rating: 4 / 5.0



Fiat currencies




Product Name Wealthsimple Crypto
Fiat Currencies CAD
Cryptocurrencies BTC, ETH, BCH, LTC, ADA, XLM, ZRX, MKR, DOGE, BAT & 45+ more
Deposit Methods Cryptocurrency
Debit card
Linked bank account
Bank transfer (EFT)
Online wallet
Trading Fee 1.5%
Deposit Fees None
Withdrawal Fees None

What is Wealthsimple Crypto?

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 is only available to Canadian residents. Users have access to more than 55 crypto coins and tokens on Wealthsimple Crypto. It is an easy-to-use trading platform that has no fees for fiat withdrawals and deposits and offers nearly instant deposit times. Rather than use trading fees, operational fees are built into the prices quoted by Wealthsimple Crypto.

For traders looking to get started with crypto trading, Wealthsimple Crypto is easy to access and use. Finder has reviewed the most important aspects of the exchange to help traders make informed decisions.

Canadians can also now set up free, unlimited price alerts for crypto.

Our quick take:

  • If this is your first exchange: Wealthsimple Crypto has an easy-to-use interface and offers major cryptoassets at low fees with no account minimums. You can fund your account via direct account transfer, linked bank account, linked debit card or an external wallet.
  • If you’re switching exchanges: You can deposit your crypto into your Wealthsimple account but the list of accepted cryptocurrencies is limited. There are no trading pairs between cryptoassets. If you want more control over your crypto, you may need to look elsewhere.

Wealthsimple Crypto review: Pros and cons


  • 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.
  • 55+ coins and tokens available. Bitcoin, Ethereum, Doge, Shiba Inu, Cardano, Solana, Axie Infinity etc.
  • Crypto wallets. You can transfer your coins into and 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.


  • 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.
Go to Wealthsimple's website

Is Wealthsimple Crypto worth it?

Wealthsimple Crypto provides an easily accessible platform for Canadians to buy and sell digital assets. With zero deposit fees and nearly instant deposit times, the platform allows users to easily fund their accounts. There are no withdrawal fees for fiat either. While there are no direct crypto trading pairs, Wealthsimple Crypto does offer more than 55 coins and tokens for buying and selling. Users can deposit some cryptoassets and withdrawals are coming soon. There is a 1.5-2% operations fee on trades that is built into the prices seen, and the platform is easy to navigate and use.

What to know about Wealthsimple Crypto

Though Wealthsimple Crypto allows users to buy and sell crypto, the platform is still new to the sector. The trading fees on the exchange are built into the prices that are displayed on the page and are 1.5-2%. This fee is high compared to maker and taker fees on most standard crypto exchanges. However, the speed at which you can fund a Wealthsimple account with fiat for no fee helps make up the discrepancy.

While there are 55+ assets on Wealthsimple Crypto, there are no stablecoins available, and there are some major assets, such as Terra, missing. Even though you cannot withdraw crypto at this time, crypto deposits are available. With $0 withdrawal fees for fiat, Wealthsimple Crypto is an attractive option to cash out into Canadian dollars.

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Wealthsimple crypto wallet

As of February 2022, Wealthsimple added crypto wallet functionality to its platform. Wealthsimple crypto wallets are hosted, or custodial, wallets. Previously, any crypto users bought through Wealthsimple was basically locked in the user’s accounts. It was a closed-loop system where users could trade crypto but they couldn’t transfer it in or out of Wealthsimple. Now, users can can move their digital assets between outside exchanges and platforms and their Wealthsimple crypto wallet.

So, for example, if you bought BTC on another platform, you can move it into your Wealthsimple crypto wallet to have all your BTC in one place. You can also transfer your crypto out of your Wealthsimple crypto wallet to your own personal, self-custody wallet. As of the time of writing, you can only withdraw BTC, ETH, DOGE, LTC, and BCH but Wealthsimple says that it will enable withdrawals for more coins soon.

What fiat and cryptocurrencies are supported by Wealthsimple Crypto?

  • Supported fiat currencies: CAD
  • Supported cryptocurrencies: Approximately 57 cryptocurrencies

Which payment methods does Wealthsimple Crypto accept?

Transferring fiat to and from Wealthsimple is easy. The interface is easy to navigate, and deposited funds are available instantly up to CAD$1,500 (per week). The funds do not come out of users’ bank accounts immediately, so it is important to ensure the balance required to pay Wealthsimple remains available to avoid issues. Only certain cryptoassets can be deposited into the app, with times varying. Withdrawals for crypto are unavailable.

Wealthsimple Crypto fees and limits

There are no fees for fiat deposits or withdrawals. Funds can be deposited via direct account transfer, linked bank account, linked debit card or an external wallet. US dollars can be transferred to Wealthsimple Crypto, but it will be automatically converted to Canadian dollars. Crypto deposits are free apart from network fees. There are no trading fees on the exchange, but all transactions incur a 1.5-2% operations fee that is built into the prices displayed.
The fees below are accurate as of January, 2022.

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?

Step 1. Sign up

Click on the button below to go to Wealthsimple’s website and create a login using your email address, and choose a password.

Go to Wealthsimple's website

Step 2. Download app

Download the Wealthsimple Trade app. You use Wealthsimple Crypto through the same Wealthsimple app.

Step 3. Open a crypto account

Open the Wealthsimple Trade app or login to your Wealthsimple account online and create a new Crypto account by clicking on Crypto. Because it’s separate to the other Wealthsimple products, you will need to do this even if you’re already using Wealthsimple.

Step 4. Buy and sell

Once you’ve created your crypto account, you can start buying and selling BTC, ETH and other cryptocurrencies.

What is it like to use Wealthsimple Crypto?

Wealthsimple Crypto is an easy-to-use platform. It allows you to easily track your portfolio and markets as well as fund your account. In addition, the app allows access to both crypto and traditional stock trading.

Portfolio tracking

Wealthsimple Crypto makes it easy to track a portfolio. It notes gains, losses, percentage of portfolio and allows tracking by varying timeframes.

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Wealthsimple Crypto lets users scroll through available assets. Simply click the one you want to buy to begin the process.

Wealthsimple fig 2

Funding interface

Funding an account is easy and fast. Select the source you want to use to fund your account and make an instant deposit.

Wealthsimple fig 3

Customer service

You can access customer service in a variety of ways through Wealthsimple Crypto. Support is offered directly through the app with options provided.

Wealthsimple fig 5

Crypto deposits and withdrawals

Deposits for crypto are available with withdrawals coming soon. This is a new feature of the platform and is still being developed.

Wealthsimple fig 6

Go to Wealthsimple's website

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

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Frequently asked questions about Wealthsimple Crypto

What countries are supported by Wealthsimple Crypto?

Wealthsimple is available to Canadian residents.

Is there a Wealthsimple Crypto app?

Yes., but it’s not a dedicated Wealthsimple Crypto app. The Wealthsimple Trade app is required to use Wealthsimple Crypto.

How fast will my funds be available?

Cryptocurrency purchases will reflect in your account as soon as they’re made.

What’s the verification process for Wealthsimple Crypto?

You will need to provide personal information and proof of your identity to set up an account.

What customer support does Wealthsimple offer?

You can email Wealthsimple customer support via the website, or by reach it by phone at 1-855-255-9038, available 9am to 5.30pm (EST) Monday to Friday.

What other products does Wealthsimple offer?

Wealthsimple offers Wealthsimple Trade for direct investing and Wealthsimple Invest, a robo-advisor.

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.
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