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CoinSmart vs Wealthsimple Crypto 2024: How Do They Compare?


Fact Checked

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 multiple cryptocurrencies with low flat fees.

Wealthsimple Crypto offers a simple interface where crypto beginners can trade over 50 cryptocurrencies.

This CoinSmart vs Wealthsimple Crypto comparison details their top features, pros & cons, supported cryptocurrencies, trading fees, and more.

CoinSmart Overview

Founded in 2018, CoinSmart is a Toronto-based crypto exchange known for its instant account verification, faster funding options, and beginner-friendly interface. It recently became part of Bitbuy.

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.

Read the full CoinSmart review here or sign up and deposit an initial $250+ to get a $50 sign-up bonus.

CoinSmart Top Features

  • Supports multiple 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
CoinSmart vs Wealthsimple Crypto

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.

Wealthsimple Crypto Overview

Wealthsimple Crypto is a crypto brokerage platform that’s part of the Wealthsimple Trade app. This self-directed stock brokerage platform 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 several cryptocurrencies.

Read the detailed Wealthsimple Crypto review or sign up via this link and deposit $200 to get a $25 cash bonus.

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, so it’s 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-the-art data encryption to protect your account and financial data from unauthorized access.

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.

For Wealthsimple, 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

FeatureCoinSmartWealthsimple Crypto
Supported coinsNow a part of Bitbuy, ~40 coins50+ coins
Funding methodsInterac e-Transfer, SEPA, Wire Transfers, E-Transfer, debit/credit cards, and crypto deposits E-Transfer, crypto deposits
Trading fees0.00% to 2%1.5%-2% price spread fees
Deposit/withdrawal feesFree depositsFree deposit/withdrawals
Trading platformsBasic and advanced web and mobile crypto trading appBasic web and mobile crypto trading app
Sign up bonusDeposit $250+ to get $50 bonusDeposit $200 to get a $25 cash bonus


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.

Best Crypto Offer This Month

Overall best crypto exchange in Canada + $50 bonus

Top registered and regulated crypto trading platform for Canadians.

$50 instant cash reward when your initial deposit is at least $250 or more.

Access over 45 popular coins and altcoins and staking to earn interest.

Competitive low trading fees for crypto and free deposits.

Get access to advanced trading tools.

Access nearly 80 crypto assets with one-click trading + $20 bonus

Instant deposit with e-Transfer and supports CAD and USD.

$20 bonus when you verify your account and deposit at least $100.

Offers over 80 crypto assets.

0.50% to 2% trading fees; free fiat deposits and withdrawals.


Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

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