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Wealthsimple Crypto Review 2022: Top Crypto Trading Platform in Canada

Gravatar for Enoch Omololu
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This post may contain affiliate links. Please read our disclosure for more info.

The Wealthsimple platform allows investors to trade cryptocurrencies via the Wealthsimple Crypto app.

It also offers commission-free stocks and EFTs 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, EFTs, 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 review

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
Visit Wealthsimple Crypto

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. 

Bitcoin (BTC)Decentraland (MANA)Curve (CRV)
Aave (AAVE)Compound (COMP)Filecoin (FIL)
Cardano (ADA)Kyber Network (KNC)Fantom (FTM)
Ethereum (ETH)Litecoin (LTC)Maker (MKR)
Basic Attention Token (BAT)Ox (ZRX)Polkadot (DOT)
Balancer (BAL)Polygon (MATIC)Synthetix (SNX)
Bitcoin Cash (BCH)Ren (REN)Stellar (XLM)
Chainlink (LINK)SushiSwap (SUSHI)Uniswap (UNI)
Yearn.Finance (YFI)Tezos (XTZ)Avalanche (AVAX
1inch (1INCH)Uma (UMA)1inch (1INCH)
Shiba Inu (SHIB)Solana (SOL)Axie Infinity (AXS)
Cosmos (ATOM)

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

Pros

  • 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.

Cons

  • Wealthsimple crypto spreads can get quite expensive
  • 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.

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 50 crypto coins compared to CoinSmart’s 16 coins.

That said, 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.

Get a $50 bonus when you open a CoinSmart account or read our review.

Wealthsimple Crypto vs BitBuy

Wealthsimple offers a wider crypto selection of 40+ coins vs Bitbuy’s 20+.

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 50 coins, while Shakepay only offers Bitcoin and Ethereum.

New users get a $30 bonus when they open a new Shakepay account and trade $100 worth of assets. Learn more in this review.

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.

Wealthsimple CryptoBitbuyCoinSmartShakepay
Coins offered5020+162
Trading fees1%-2% spread fees0.1%-0.2% on trades0.2% on single trades; 3% on double trades1%-3% spread fees
Deposit/withdrawal feesFree1%-1.5% depending on the method used1%-1.5% depending on the method usedFree
Funding optionsE-Transfer and crypto depositsInterac e-Transfer and bank wireInterac e-Transfer, credit card, debit card, bank draft, bank wireInterac e-Transfer, wire transfer, electronic fund transfer, and crypto
SecurityCold storage, encryption, 2FACold storage, encryption, 2FACold storage, encryption, 2FACold storage, encryption, 2FA
Promotions$50 bonus when you deposit at least $150$50 bonus when you deposit $200Get 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.

Related: Coinberry Review.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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