The Wealthsimple platform allows investors to trade cryptocurrencies via the Wealthsimple Crypto app.
It also offers commission-free stocks and ETFs to self-directed investors and professionally managed investment portfolios for hand-off investors.
So if you are looking to invest with a well-balanced portfolio of stocks, ETFs, and crypto in one platform, Wealthsimple is a great place to be.
If you open a Wealthsimple account and deposit $150 or more, you will receive a $25 cash bonus.
Is Wealthsimple Crypto safe? That’s the focus of this Wealthsimple Crypto review.
We cover everything you need to know about the Wealthsimple crypto app, including its top features, supported cryptocurrencies, Wealthsimple Crypto fee, pros and cons, and how it compares to other crypto exchanges in Canada.
What is Wealthsimple Crypto?
Wealthsimple Crypto is a crypto trading app that allows Canadians to access commission-free stocks, ETFs, and crypto in one platform.
It is managed by Wealthsimple Digital Asset Inc. as part of the Wealthsimple Trade app, a self-directed online brokerage that allows DIY investors to trade stocks, ETFs, and cryptocurrencies without trading fees.
The parent company, Wealthsimple, was launched in 2014 and is a well-known Robo-advisor and wealth management company in Canada with over $15 billion in assets under management.
In 2020, Wealthsimple integrated a crypto trading feature on the Wealthsimple Trade platform to allow the more than 1.5 million Canadians who use the platform to invest in cryptocurrencies.
Wealthsimple Crypto Features
- Easily and safely trade crypto with a personal non-registered account
- Beginner-friendly platform with an easy trading process
- Supports 50+ crypto coins
- All-in-one pricing with no extra trading or account fees
- Crypto assets are held with Gemini Trust Company, a regulated crypto custodian
- State-of-the-art data encryption and 2FA protection
- Limit orders to help you set your own prices
- Trade crypto and stocks in the same place
How To Open a Wealthsimple Crypto Account
To get started on Wealthsimple Crypto, you need to open a personal non-registered account. Follow these steps:
- Visit Wealthsimple Crypto and hit the Get Started button
- Enter your email, choose a password and click Sign up
- Verify your email and proceed to complete the sign up form and accept the terms
- Fund your account via E-transfer or crypto deposit
- Go ahead and buy any of the supported crypto tokens
Wealthsimple Crypto Asset List
The Wealthsimple Crypto app allows users to buy and sell 50+ cryptocurrencies. Below is the list of crypto coins on Wealthsimple Crypto.
|0x (ZRX)||Compound (COMP)||Pax Gold (PAXG)|
|1 inch (1INCH)||Cosmos (ATOM)||Polkadot (DOT)|
|Aave (AAVE)||COTI (COTI)||Polygon (MATIC)|
|ApeCoin (APE)||Curve (CRV)||Quant (QNT)|
|Amp (AMP)||Dai (DAI)||Ren (REN)|
|Ankr (ANKR)||Decentraland (MANA)||Sandbox (SAND)|
|Avalanche (AVAX)||Dogecoin (DOGE)||Shiba Inu (SHIB)|
|Axie Infinity (AXS)||dYdX (DYDX)||Skale (SKL)|
|Balancer (BAL)||Enjin (ENJ)||Solana (SOL)|
|Bancor (BNT)||Ethereum (ETH)||Stellar (XLM)|
|Band (BAND)||Fantom (FTM)||Storj (STORJ)|
|Basic Attention Token (BAT)||Filecoin (FIL)||SushiSwap (SUSHI)|
|Bitcoin (BTC)||Gala (GALA)||Synthetix (SNX)|
|Bitcoin Cash (BCH)||The Graph (GRT)||Tezos (XTZ)|
|Cardano (ADA)||Hedera (HBAR)||Uma (UMA)|
|Cartesi (CTSI)||Kyber Network (KNC)||Uniswap (UNI)|
|Celo (CELO)||Litecoin (LTC)||USD Coin (USDC)|
|Chainlink (LINK)||Loopring (LRC)||Yearn Finance (YFI)|
|Chiliz (CHZ)||Maker (MKR)|
|Chromia (CHR)||NEAR Protocol (NEAR)|
How Does Wealthsimple Crypto Work?
Wealthsimple Crypto is not a standalone crypto exchange like Coinbase or CoinSmart. Thus, it doesn’t offer a custodial Wealthsimple Crypto wallet.
Instead, the platform allows you to buy, sell, and trade cryptocurrencies with a non-registered investment account, hence providing a safe and simple way to add crypto coins to your portfolio.
Traditional registered accounts on the platform like TFSA and RRSP cannot be used to hold crypto.
Your crypto assets are then held with the Gemini Trust Company, a crypto exchange that dabbles as a registered digital asset custodian.
So far, Wealthsimple doesn’t support integration with external cryptocurrency wallets, and you won’t have full control over your private keys or be able to transfer your crypto assets outside of the platform.
However, developments are underway to introduce a Wealthsimple Crypto wallet and external wallet integrations.
Users may soon have full control of their keys and be able to move crypto coins between Weathsimple and other exchanges.
Wealthsimple Crypto Fees
The top advantage of trading crypto on the Wealthsimple Crypto app is that you won’t incur extra trading fees and deposit/withdrawal fees, which helps you maximize your returns.
Instead, Wealthsimple Crypto fees are built into the bid-ask price in the form of spread fees. At any given time, Wealthsimple Crypto spreads vary from 1.5% to 2%.
There are no other account fees.
Pros and Cons of Wealthsimple Crypto
- Easily buy and sell 50+ crypto tokens, one of the largest selections in Canada
- No account minimum or deposit/withdrawal fees
- Trades stocks, ETFs, and crypto on one platform
- Coins are held offline with Gemini, a regulated crypto custodian with $200 million in cold storage insurance coverage
- Coincover protection to keep your coins safe from theft
- Have the confidence in investing with Wealthsimple, a traditional fintech company backed by $380M in investments from top financial institutions.
- Doesn’t charge commission on trades
- Offers staking but only for Ethereum and Solana as of this writing
- Beginner-Friendly user interface
- Wealthsimple crypto spreads can get quite expensive, charging around 1.5-2% operational fee per transaction
- Wealthsimple Crypto is simply a crypto broker, not a standalone crypto exchange
- It doesn’t offer its own custodial Wealthsimple Crypto wallet or external wallet integrations.
- You don’t have control over your private keys and can’t transfer or move your coins out to other exchanges or wallets.
- Not so responsive customer support
Is Wealthsimple Crypto Safe?
Yes, Wealthsimple Crypto is a safe place to buy and sell cryptocurrencies. The platform does its best to secure your digital assets in the following ways:
- Gemini Custody: Coins are held safely offline with Gemini, a crypto exchange and custodian with $200 million in cold storage insurance. Gemini is also fully regulated by the New York State Department of Financial Services (NYSDFS).
- Coincover protection: Wealthsimple partners with CoinCover to keep your coins safe from theft.
- Encryption and 2FA: Your data enjoys state-of-the-art encryption and 2 Factor Authentication to protect your account from unauthorized access.
Wealthsimple Crypto Sign-Up Bonus
Though there are no account minimums, you may want to deposit some money to take advantage of the Wealthsimple Crypto sign-up bonus.
If you open a Wealthsimple Crypto account and deposit $150 or more within 30 days, you receive a $25 cash bonus. It’s free money!
Wealthsimple Crypto vs CoinSmart
Wealthsimple offers 58 crypto coins compared to CoinSmart’s 16 coins.
However CoinSmart has more competitive fees of 0.20% on single trades and 0.3% on double trades compared to Wealthsimple Crypto spread of 1.5% to 2% on the bid and ask price.
Wealthsimple Crypto vs BitBuy
Wealthsimple offers a wider crypto selection of 58 coins vs Bitbuy’s 24.
However, Bitbuy has more competitive fees of 0.10% – 0.20% on trades compared to Wealthsimple Crypto’s spread of 1.5% to 2%.
The good thing is that Wealthsimple does not charge deposit/withdrawal fees or trade confirmations fees. You will face deposit/withdrawal fees of 1% to 1.5% on Bitbuy.
Learn more in this Bitbuy review.
Wealthsimple Crypto vs Shakepay
Shakepay spreads are a bit higher, ranging between 1%-3%.
Wealthsimple Crypto spread fees range from 1.5%-2%. Again, Wealthsimple offers up to 58 coins, while Shakepay only offers Bitcoin and Ethereum.
Wealthsimple Crypto vs Bitbuy vs CoinSmart vs Shakepay
The table below compares Wealthsimple Crypto with some of the best crypto exchanges in Canada to help you make an informed decision.
|Trading fees||1.5%-2% spread fees||0.1%-0.2% on trades||0.2% on single trades; 3% on double trades||1%-3% spread fees|
|Deposit/withdrawal fees||Free||1%-1.5% depending on the method used||1%-1.5% depending on the method used||Free|
|Funding options||E-Transfer and crypto deposits||Interac e-Transfer and bank wire||Interac e-Transfer, credit card, debit card, bank draft, bank wire||Interac e-Transfer, wire transfer, electronic fund transfer, and crypto|
|Security||Cold storage, encryption, 2FA||Cold storage, encryption, 2FA||Cold storage, encryption, 2FA||Cold storage, encryption, 2FA|
|Promotions||$50 bonus when you deposit at least $150||–||$50 bonus when you deposit $200||Get a $30 bonus when you deposit and trade $100+|
Wealthsimple Crypto FAQ
Can I withdraw crypto from Wealthsimple Crypto?
Yes, you can withdraw funds from your crypto account balance (limited to specific coins). Crypto withdrawals take 2-3 business days to process.
Is Wealthsimple Crypto legit?
Yes, Wealthsimple Crypto is a legit crypto app that is part of Wealthsimple Trade, a self-directed online brokerage that allows Canadians to trade stocks, ETFs, and crypto in one place.
Can I sell crypto on Wealthsimple Crypto?
Yes, you can easily and quickly buy, sell, and trade Bitcoin, Ethereum, and 50+ other crypto coins directly from your Wealthsimple Crypto account.
Is crypto trading free on Wealthsimple Crypto?
No, you’ll incur spread fees of 1%-2% between the bid and ask price when you buy and sell crypto on the platform. There are no extra trading fees or deposit/withdrawal fees.
What is the main downside of Wealthsimple Crypto?
The main downside of Wealthsimple Crypto is that it is not a standalone crypto exchange, and it supports only limited integrations with other crypto exchanges or external wallets.
What crypto is on Wealthsimple Crypto?
Wealthsimple crypto supports several cryptocurrencies, including Bitcoin, Ethereum, Cardano, Aave, Basic Attention Token, Chainlink, Balancer, and Cosmos.
Can I stake coins on Wealthsimple Crypto?
Yes, but staking is only available for Ethereum (ETH), with a corresponding Annual Percentage Yield of 3.3% and Solana (SOL), with 4.4% APY.
Related: Coinberry Review.