CoinSmart and Wealthsimple Crypto are some of the best crypto exchanges in Canada that offer web-based and mobile crypto trading apps.
CoinSmart offers basic and advanced trading interfaces and allows beginners and pros to trade about 16 cryptocurrencies with flat fees.
Wealthsimple Crypto offers a simple interface where crypto beginners can trade about 42 cryptocurrencies.
This CoinSmart vs Wealthsimple Crypto comparison details their top features, pros & cons, supported cryptocurrencies, trading fees, and more.
What is CoinSmart
Founded in 2018, CoinSmart is a Toronto-based crypto exchange reputed for instant account verification, faster funding options, and a beginner-friendly interface.
It went public in November 2021 and now trades on the NEO Exchange under the ticker SMRT.
The CoinSmart exchange offers an easy-to-use interface where beginners can easily and quickly trade crypto on a desktop or the CoinSmart crypto trading app.
It also offers advanced charting tools and order types to experienced traders and an OTC desk that allows large-volume traders and institutional investors to execute large orders.
CoinSmart is available in about 15 countries, where users can instantly buy about 16 cryptocurrencies using CAD, USD, and EUR.
CoinSmart Top Features
- Supports 16 cryptocurrencies
- Offers automatic, instant account verification
- Multiple ways to fund your CoinSmart wallet, including Interac e-Transfer, SEPA, Wire Transfers, E-Transfer, debit/credit cards, and crypto deposits
- Same-day deposit guarantee. You don’t have to wait for days to start trading.
- A beginner-friendly interface where newbies can quickly convert fiat to crypto with a single click
- Offer an advanced trading platform with real-time charting and various order types to experienced trades.
- CoinSmart Premium offers Over-The-Counter (OTC) trading services where institutions and large-volume traders can fill large orders.
- 24/7 customer support via live chat, email, and a comprehensive FAQ
- GetSmart Hub with learning resources to level up your crypto knowledge
- CoinSmart Rewards, where you can Learn and Earn up to $4,000 CAD of Bitcoin
- Simple, transparent, flat fee structure of 0.2% and 0.3%
- Generous referral program with a $50 sign up bonus
CoinSmart Pros & Cons
Pros: CoinSmart offers basic and advanced trading interfaces to cater to both beginners and experienced traders. It is also an easy-to-use platform that offers instant account verification and same-day deposits.
Cons: Buying crypto with a debit/credit card is expensive, with up to a 6% fee, and fiat withdrawals may take up to 5 business days.
Is CoinSmart Safe?
Yes, CoinSmart is a safe and secure crypto exchange. It’s a FINTRAC-registered MSB with the required licensing in all the jurisdictions where it operates.
95% of your digital assets are held offline with Bitgo and Fireblock, top digital asset custody providers.
Plus, CoinSmart login uses 2FA to protect your wallet from unauthorized access.
What is Wealthsimple Crypto?
Wealthsimple Crypto is a crypto brokerage platform that’s part of the Wealthsimple Trade app, a self-directed stock brokerage platform that allows Canadians to trade stocks, ETFs, and crypto in one place.
It was launched in 2020 and offers a simple interface where crypto beginners can trade more than 50 cryptocurrencies commission-free, with no extra deposit/withdrawal fees.
Wealthsimple Crypto Top Features
- Supports a wide selection of 50+ crypto coins
- Easy-to-use, beginner-friendly interface
- No deposit/withdrawal fees
- Top security, where coins are held offline in cold storage with Gemini custody
- Offers crypto and stocks in one place
- Supports basic limit orders
- Now supports secure transfer of crypto assets to or from external wallets
Wealthsimple Pros & Cons
Pros: It’s a beginner-friendly platform with a wide crypto list of over 50 coins. It also offers commission-free trading with no extra deposit/withdrawal fees.
Cons: It doesn’t offer advanced crypto trading features, order types, or charting; hence not great for experienced traders.
Although you won’t pay extra Wealthsimple Crypto fees, you’ll incur an in-built spread of 1.5%-2%, which is quite expensive.
Is Wealthsimple Crypto Safe?
Yes, Wealthsimple Crypto is a safe crypto brokerage platform that’s fully regulated.
Coins are held offline in cold storage with Gemini Custody, and the platform partners with CoinCover to keep crypto assets secure from theft.
Wealthsimple Crypto login employs 2FA and state-of-art data encryption to protect your account and financial data from unauthorized access.
CoinSmart vs Wealthsimple Crypto: Supported Cryptocurrencies
Wealthsimple Crypto supports more cryptocurrencies than CoinSmart. CoinSmart crypto-list consists of 16 coins vs Wealthsimple’s 42 digital assets.
CoinSmart vs Wealthsimple Crypto: Trading Fees
CoinSmart fees feature a simple, transparent, flat structure of 0.2% on single trades and 0.3% on double trades.
There are also CoinSmart fiat deposit/withdrawal fees of 0%-1.5% based on the transfer method and the amount.
Wealthsimple offers commission-free trading, and you won’t incur any extra Wealthsimple Crypto fees when trading on the platform.
However, you do pay an in-built spread of 1.5% -2%, which is quite high compared to CoinSmart’s flat fees.
CoinSmart vs Wealthsimple Crypto: Best For
CoinSmart offers basic and advanced crypto trading interfaces and is available in 15 countries. Thus, it’s great for both beginners and experienced traders in Canada and beyond.
Wealthsimple Crypto offers only basic trading features and is only available in Canada. Therefore, it’s best for Canadian crypto newbies looking for a simple interface to trade cryptocurrencies.
CoinSmart vs Wealthsimple Crypto: Table Breakdown
|Supported coins/fiat||16 coins; CAD, USD, and EUR as fiat||50+ coins; only CAD as fiat|
|Funding methods||Interac e-Transfer, SEPA, Wire Transfers, E-Transfer, debit/credit cards, and crypto deposits||E-Transfer, crypto deposits|
|Trading fees||0.2% and 0.3%||1.5%-2% price spread fees|
|Deposit/withdrawal fees||0.5%-1.5%; up to 6% for debit/credit cards||Free deposit/withdrawals|
|Trading platforms||Basic and advanced web and mobile crypto trading app||Basic web and mobile crypto trading app|
|Sign up bonus||Deposit $200+ to get $50 bonus||Deposit $200 to get a $25 cash bonus|
- Best Crypto Wallets In Canada
- Crypto.Com Canada Review
- How To Stake Cryptocurrency In Canada
- Shakepay Card Review
- Netcoins Crypto Card Review
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.