Wealthsimple Crypto Review

Wealthsimple Crypto Review 2022

Woman investing with Wealthsimple Crypto

The world of cryptocurrencies is a heavily populated one. With more than 17,500 unique assets traded across 450+ exchanges (and counting), competing with each other for a fair share in a multi-trillion dollar market, it may be confusing to find your way as an investor.

But what if you had the assistance of Canada’s first-ever regulated crypto platform by your side? Wealthsimple Crypto makes it easy to invest in the crypto space. In this Wealthsimple Crypto review, we discuss how the platform functions, how you can sign up, the pros and cons of buying crypto on Wealthsimple as well as safety features.

Table of Contents

WealthsimpleLogo

Get a $50 bonus when you open and fund your first Wealthsimple Invest account* (min. $500 initial deposit).

What Is Wealthsimple Crypto?

Positioning itself as a safe and simple way to trade crypto, Wealthsimple is a super-inclusive crypto platform that lets you enter the diverse world of crypto with as little as $1. Opening a crypto account with Wealthsimple means that you can build a portfolio of top-notch coins and trade in them with utmost safety. Buying crypto on Wealthsimple also comes with the benefits of traditional stock market transactions. For instance, you can set price limits (more on that later). 

To make the process even more convenient, Wealthsimple has recently come up with a native wallet that one can use to store, trade, and receive Bitcoin and Ether, all in one app. Overall, Wealthsimple Crypto in Canada provides a convergence of multiple services, features, and benefits, to make the life of a regular crypto investor simple. 

How To Open An Account With Wealthsimple Crypto

Step 1: Download the Wealthsimple Trade App (Android and iOS) or use their desktop version.

Wealthsimple Crypto App

Step 2: Create a new account and get $50 as a cash bonus. You can choose between a TFSA, RRSP, Personal or Crypto account. Choose Crypto!

Step 3: Answer some basic questions about your investment goals, risk appetite and investment experience.

Step 4: Read and accept Terms & Conditions

Step 5: Add money to your account

Step 6: Start buying or selling Ethereum, Bitcoin or any of the 40 other cryptocurrencies available!

Buying Crypto on Wealthsimple

There are more than 40 cryptocurrencies available for buying or selling on the Wealthsimple platform 24/7. Wealthsimple also allows the fractional purchase of assets which means you don’t have to purchase a whole coin. You can buy exactly as much your specified dollar value. You can use both the Wealthsimple app as well as the desktop platform to trade crypto. Here's how to get started:

  • Sign in to your ‘Trade and Crypto’ profile
  • Go to the magnifying glass icon at the top of the page and type the name or symbol of the currency you wish to buy
  • Enter the amount you wish to buy in dollar value and click on the Buy option
  • Review the order details and select the Place Order option

When you place an order on Wealthsimple, you can go for one of these two buying options: Market Orders (Default) and Limit Orders. Market Orders are where you buy or sell crypto at the best available price at the time of placing the order. On the other hand, Limit Orders are where you buy or sell the crypto asset at a specific limit price.

Wealthsimple crypto does not charge withdrawal fees or deposit fees when done via bank transfer. There are no commission fees, account opening or closing fees, or inactivity fees. You won’t be charged for electronic statements or trade confirmations either. However, there is an operations fee that ranges between 1.5% and 2% per transaction.

Wealthsimple Crypto App

Cryptocurrencies On Wealthsimple

There are 40 different types of cryptocurrencies available on Wealthsimple including 0x, 1inch, Aave, Avalanche, Bitcoin and Bitcoin Cash, Cardano, Chainlink, Ethereum, Litecoin, Polkadot, Terra, and many more.

Wealthsimple Crypto Wallet

Recently, Wealthsimple launched its own hosted, custodial wallet. This is to ensure that users' crypto-assets are secure in offline cold storage. This wallet is protected by insurance provisions.

Wealthsimple Crypto Pros & Cons

Pros: The Good Stuff

Logo You can set your preferred trading prices

LogoYou can securely transfer crypto from external wallets to Wealthsimple with just a few taps

Logo 40 top-notch crypto assets in all-in-one pricing with no account opening or closure fees

Logo Gemini Trust, a regulated crypto custodian with $200 million in cold storage insurance coverage, offers you custodial coverage

Logo Collaboration with CoinCover keeps your coins safe from theft

Logo One of the best-in-class encryption mechanisms to handle your financial info efficiently, along with the protection of 2-Factor authentication

Cons: The Not So Good Stuff

Logo Only available for customers in Canada

Logo If you want to transfer coins out of Wealthsimple, you will need a self-custody wallet

Wealthsimple Crypto Features

Costs and Fees

One of the most enticing aspects of Wealthsimple is that the only fee they charge on crypto assets is a 1.5% to 2% operations fee per transaction. There are no commission fees, no account opening or closing fees, no charges for deposits and withdrawals via bank transfer, electronic statements and trade confirmations, and inactive accounts.

Usability and Interface

Wealthsimple has an interactive and intuitive interface that is easy to use. Its mobile application also features a cleaner and more engaging design aimed at younger or beginner investors looking for easy and automatic investments. The interface also has visuals to show the user how the investments have been performing.

Customer Support

Wealthsimple’s team of financial advisors is available 24/7 by phone, email and live chat.

Account Types

A Wealthsimple Crypto account is a non-registered personal account. The implication of holding such an account is that the holder needs to report capital gains or losses incurred from buying and selling cryptocurrencies for tax purposes.

As per government rules, you cannot specify beneficiaries for non-registered accounts. It is possible to manage the process through an estate, such as a will.

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Wealthsimple Crypto vs Coinbase vs Coinsmart

Wealthsimple Crypto Coinbase Coinsmart
Mobile App
iOS and Android
iOS and Android
iOS and Android
Desktop interface
Yes
Yes
Yes
Security
Coins stored offline
Gemini Trust
98% coins stored offline
95% coins stored offline
CIPF/CIDC Insured
No
No
No
Fees
1.5-2% on trades
$25 USD fund
withdrawal fee;
upto 2% on trades
1.5% on Interac e-transfer;
0.20% on crypto trades;
$15 fund withdrawal
Minimum investment
$1
$2 USD
$100
Currencies Supported
CAD
EUR, GBP, USD
CAD, USD, EUR
Customer Service
Email, live chat,
phone, 24/7
Email, live chat,
Mon-Fri
Email, live chat,
phone, 24/7

Is It Safe To Buy Crypto On Wealthsimple?

Gemini Trust Company, a regulated crypto custodian with $200 million in cold-storage insurance coverage, holds Weathsimple’s crypto assets. Coincover keeps its assets safe from theft. Financial information and data protection provisions have the best-in-class data encryption features and two-factor authentication. Some of the biggest names in large-scale investing backed Wealthsimple with US$380 million.

A Wealthsimple Crypto Review for 2022

Wealthsimple brings inclusivity and ease of ownership to the world of crypto. Its reputation as Canada’s first-ever regulated crypto platform is beyond doubt. Wealthsimple crypto makes it easy for first-time investors and small-scale depositors to conveniently make an investment with as little as $1. Almost all the well-known assets, along with high-potential projects, are available for trade on the platform. It keeps expanding the list by adding up and coming DeFi coins at regular intervals. The platform also has its team of financial experts available 24 hours a day, seven days a week.

Frequently Asked Questions

Great question! That entirely depends on your comfort with investing in general and crypto in particular. Wealthsimple Crypto is ideal for beginner investors or those who trade intermittently. It also helps that there is no minimum investment amount, and it supports 40 crypto assets, including Bitcoin and Ethereum. Wealthsimple is regulated by the government and its assets are protected by the Gemini Trust Company and Coinover. End-to-end encryptions and two-factor authentication make it all the more secure in terms of data and information integrity.

It takes 2-3 business days to withdraw funds from a Wealthsimple crypto account. However, in some cases, it may take up to five business days. Also, funds must settle in the user’s account for five business days before they can be withdrawn. There are no charges or fees for making withdrawals via bank transfer.

Quite the contrary. Wealthsimple does not charge any fees in commission or for account opening, account closing, deposits, or withdrawals via bank transfer. There are no inactivity fees either. The only charge is an operations fee ranging anywhere between 1.5-2% per transaction. This fee is determined by the spread applied on the bid and ask prices at which you executes the buy and sell orders.

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