Wealthsimple Crypto Review 2021 | Finder Canada
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Wealthsimple cryptocurrency review

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Buy and sell Bitcoin and Ethereum quickly and easily with Wealthsimple Crypto.

  • Good for easily buying BTC and ETH.
  • Not so great for more advanced users.

1

Fiat currencies

2

Cryptocurrencies

Details

Product Name Wealthsimple Cryptocurrency Exchange
Fiat Currencies CAD
Cryptocurrencies BTC, ETH
Deposit Methods Bank transfer (EFT)
Trading Fee 1.5%
Deposit Fees None
Withdrawal Fees None
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.

Learn more about Wealthsimple Crypto

What fiat and cryptocurrencies are supported?

  • Supported fiat currencies: CAD
  • Supported cryptocurrencies: 2 cryptocurrencies
  • BTC
  • ETH

Which payments methods are accepted?

  • Bank transfer (EFT)

Fees and limits

The fees below are accurate as of 12 February 2021.

Commission fee1.5%
Other feesNone
Limits$50,000 maximum per deposit

The only fee is a 1.5% commission 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.

The maximum amount you can deposit into Wealthsimple with a single transaction is $50,000.

How fast will my funds be available?

BTC and ETH purchases will reflect in your account as soon as they’re made.

You cannot withdraw cryptocurrency from Wealthsimple. You can only buy and sell BTC and ETH within the app.

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 an account at Wealthsimple?

What else do I need to know about Wealthsimple Crypto?

Wealthsimple is a Canadian finance app. As of February 2021 it had more than 1.5 million users and over $8 billion in assets under management.

Wealthsimple Crypto is a more recent addition to its lineup, now letting users buy and sell crypto.

Compared to other cryptocurrency exchanges, it’s an extremely simple and straightforward offering.

In a nutshell

Pros

  • Quick signup. It only takes a few minutes to get started.
  • Very simple and easy to use. Wealthsimple was designed to be extremely straightforward and easy.
  • No hidden fees. The only fees are the 1.5% commission included in each transaction.

Cons

  • Limited selection. Wealthsimple Crypto only offers BTC and ETH
  • CAD only. You cannot withdraw crypto assets from your account.
  • Limited choice. The 1.5% commission fee is higher than other platforms and could take a bite out of potential profits.

Compare Wealthsimple Crypto against other exchanges

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

7
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.
CoinSmart Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Bank Wire, Bank Draft
CAD

10
cryptocurrencies

Get a $20 bonus in BTC when you open an account and deposit at least CAD$100. T&Cs apply.
Buy and sell cryptocurrency quickly and easily, with instant verification and 24/7 customer support, on this Canadian exchange.
Coinberry Cryptocurrency Exchange
Credit card, Debit card, Interac e-Transfer, Wire transfer
CAD

6
cryptocurrencies

Get a $20 bonus when you buy or sell at least CAD$50 in digital currency. T&Cs apply.
Buy and sell cryptocurrency with Canadian dollars on this beginner-friendly Canadian exchange.
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Frequently asked questions

Disclaimer: 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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