Wealthsimple cryptocurrency review
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.
|Product Name||Wealthsimple Cryptocurrency Exchange|
Bank transfer (EFT)
Learn more about Wealthsimple Crypto
What's in this guide?
- What fiat and cryptocurrencies are supported?
- Which payments methods are accepted?
- Fees and limits
- How fast will my funds be available?
- Is Wealthsimple Crypto safe to use?
- How do I create an account at Wealthsimple?
- What else do I need to know about Wealthsimple Crypto?
- In a nutshell
- Compare Wealthsimple Crypto against other exchanges
- Frequently asked questions
What fiat and cryptocurrencies are supported?
- Supported fiat currencies: CAD
- Supported cryptocurrencies: 2 cryptocurrencies
Which payments methods are accepted?
- Bank transfer (EFT)
Fees and limits
The fees below are accurate as of 12 February 2021.
|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
- 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.
- 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.