Bitbuy and Wealthsimple Crypto are among the top crypto exchanges in Canada, offering cryptocurrency trading and investing to Canadians.
Bitbuy offers both basic and advanced crypto trading interfaces to enable both beginners and seasoned traders to trade 25+ coins.
Wealthsimple Crypto features an easy-to-understand basic interface and supports commission-free trading of over 50 crypto coins.
So which one should you choose?
To help you decide, this Bitbuy vs Wealthsimple Crypto comparison covers their top features, supported cryptocurrencies, trading fees, pros, cons, and more.
Bitbuy
Based in Toronto, Bitbuy is one of the top crypto exchanges in Canada. It was launched in 2016 and is a fully licensed, FINTRAC-registered Money Service business that allows Canadians to trade about 40 cryptocurrencies.
It offers two different trading platforms, Bitbuy Express for beginners and Bitbuy Pro for advanced traders, making it great for both crypto newbies and pros.
Users must complete Bitbuy KYC to start using the platform. To that end, Bitbuy offers both instant and Express ID verification, and your account is verified within a few minutes so that you can start trading right away.
Bitbuy Crypto Exchange
Get a $50 bonus if your initial deposit exceeds $250
Trade approx. 40 coins
Great for new & advanced traders
0% to 2% trading fee
Bitbuy Top Features
- Supports a good selection of around 40 cryptocurrencies
- Instant, automatic verification for most accounts
- Offers both basic and advanced trading platforms to cater to newbies and pros
- Bitbuy API supports automated trading
- Up to 2% trading fees
- Top security via 2FA and 90% cold storage of digital assets
- Easy-to-use interface with advanced charting tools and order types for easy trading
- Bitbuy crypto trading apps to trade on the go
Pros and Cons of Bitbuy
Pros: Bitbuy has competitive trading fees, a comprehensive crypto list, and offers both basic and advanced trading platforms and trading tools to accommodate both crypto newbies and seasoned traders.
Cons: Bitbuy is only available in Canada and only supports CAD as fiat.
Is Bitbuy Safe
Yes, Bitbuy is a safe and legit crypto exchange that’s FINTRAC-registered and OSC-approved to offer crypto assets in Canada. It has a simple, transparent fee schedule with no hidden spread fees.
To secure your crypto assets, Bitbuy applies the following security measures:
- 2FA to ensure secure login
- 90% cold storage of digital assets with the Bitgo custody
- Comprehensive insurance policy
Wealthsimple Crypto
Wealthsimple Crypto is a crypto brokerage platform that offers a simple interface to allow Canadians to buy, sell and trade cryptocurrencies with a non-registered account.
It was launched in 2020 as part of the Wealthsimple platform, a robo-advisor that has been offering wealth management services in Canada since 2014.
There’s also Wealthsimple Trade, a self-directed brokerage service that offers commission-free stocks and ETF trading to Canadians.
Thus, Wealthsimple clients can invest in crypto, stocks, and ETFs on one platform.
Wealthsimple Crypto
Trade several cryptocurrencies
Excellent trading platform
1.5% to 2% trading fee
Get a $25 bonus when you deposit $200+
Wealthsimple Crypto Top Features
- Supports a wide selection of 50+ cryptocurrencies
- Offers commission-free trading, with no extra trading or deposit/withdrawal fees
- Top security via 2FA, state-of-the-art data encryption, Coincover insurance, and cold storage with Gemini custody
- Users can trade crypto, stocks, and ETFs on one platform
- No account minimums. You can start investing with as little as $1
- Limit orders to allow you to set your own prices
Pros and Cons of Wealthsimple Crypto
Pros: Wealthsimple Crypto has a solid selection of cryptocurrencies, a simple interface, and doesn’t charge extra trading commission or deposit/withdrawal fees.
Cons: It’s a basic platform lacking advanced trading features, and trading fees are up to 2%.
Is Wealthsimple Crypto Safe?
Yes, Wealthsimple Crypto is a safe crypto broker and a regulated crypto platform that employs several measures to keep user’s crypto assets secure, including:
- Offline cold storage of digital assets with Gemini Custody
- Coincover protection against theft
- 2FA to ensure secure login and state-of-art encryption for secure transfer of user’s financial data.
Bitbuy vs Wealthsimple Crypto: Supported Cryptocurrencies
Wealthsimple Crypto offers a broader selection of 50+ crypto coins and tokens vs. Bitbuy’s 40 cryptocurrencies.
So, if you want to access additional crypto tokens, Wealthsimple Crypto could be a better choice.
Bitbuy vs Wealthsimple Crypto: Trading Fees
Bitbuy fees are slightly lower compared to Wealthsimple Crypto’s in-built price spread. Its trading fees range between 0% and 2%.
One good thing about Wealthsimple Crypto is that it doesn’t levy extra fees on deposits and withdrawals. With Bitbuy, you get free fiat deposits, but withdrawal fees apply.
Bitbuy vs Wealthsimple Crypto: Sign-up Bonus
If you sign up for a Bitbuy account and make an initial deposit of $250+, you get a $50 bonus.
Wealthsimple Crypto offers a $25 welcome bonus to new users who deposit at least $150 within 30 days of opening their account.
Bitbuy vs Wealthsimple Crypto: Best For
Due to its simple, easy-to-use interface, Wealthsimple Crypto is great for beginners.
Bitbuy offers basic and advanced trading interfaces; hence, it is excellent for beginners and seasoned crypto investors.
Bitbuy vs Wealthsimple Crypto: Summary
| Feature | Bitbuy | Wealthsimple Crypto |
| Supported coins | ~40 | 50+ |
| Account verification | Instant | Instant |
| Funding methods | Bank wire, Interac e-Transfer, debit card, bill payment, crypto deposits | Direct account transfers, linking a bank account, debit card, and deposits from an external wallet |
| Trading fees | Up to 2% | 1.5% to 2% in-build spread |
| Deposit/withdrawal fees | Free deposits; 1.5% for withdrawals | Free deposits/withdrawals |
| Trading platforms | Basic web interface and mobile crypto trading app | Basic and advanced web interfaces and mobile app |
| Sign up bonus | $50 bonus with first deposit of at least $250 | $25 bonus when you sign up and deposit $150 |
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Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.
