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
- 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.
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
| Feature | CoinSmart | Wealthsimple Crypto |
| Supported coins | Now a part of Bitbuy, ~40 coins | 50+ coins |
| Funding methods | Interac e-Transfer, SEPA, Wire Transfers, E-Transfer, debit/credit cards, and crypto deposits | E-Transfer, crypto deposits |
| Trading fees | 0.00% to 2% | 1.5%-2% price spread fees |
| Deposit/withdrawal fees | Free deposits | 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 $250+ to get $50 bonus | Deposit $200 to get a $25 cash bonus |
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- 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.
