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Wealthsimple Crypto Review 2022: Best Crypto Brokerage?

Wealthsimple Crypto is a top Canadian cryptocurrency trading app that works well for beginners.

If you are one of those looking to jump into the cryptocurrency craze, the Wealthsimple Crypto platform is a great option for getting started.

Other crypto exchanges in Canada include Bitbuy, Coinsmart, Shakepay, NDAX, Newton, and Binance.

Cryptocurrency is a volatile investment. If you know the risks and are looking to bet some funds to diversify your portfolio, this Wealthsimple Crypto review covers what you need to know.

You also learn how to get a cash bonus through our exclusive offer below.

What is Wealthsimple Crypto?

Last year, Wealthsimple introduced its cryptocurrency trading platform through Wealthsimple Crypto. This service is managed by Wealthsimple Digital Assets Inc.

Using the platform, you can instantly buy and sell 50+ cryptocurrencies using fiat currency (Canadian dollars).

As of this writing, you can only trade crypto using a personal non-registered investment account. TFSA, RRSP, and other registered accounts can’t be used to hold crypto directly; this also applies to other crypto trading platforms.

Wealthsimple Crypto List

The coins and tokens available for trading on Wealthsimple Crypto include the ones below and others:

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

The Wealthsimple Crypto and Trade apps work together, and you can also access both on desktop devices.

Wealthsimple Crypto Wallets were recently introduced, which means you can now transfer and deposit your crypto coins from other exchanges into Wealthsimple.

You can also move some coins offline from Wealthsimple Crypto into your hardware wallets.

How Wealthsimple Crypto Works

The Wealthsimple Crypto platform can be accessed on all devices. To get started:

  • Open a Wealthsimple Crypto account here ($25 cash bonus link*).
  • Complete the sign-up form and accept the terms and conditions.
  • Fund your account using electronic fund transfer or deposit crypto.
  • Buy and sell Bitcoin, Ethereum, and 50 other coins and tokens.
Wealthsimple-Crypto

* Our readers get a sign-up bonus after they open a Wealthsimple Crypto account and deposit at least $150 within 30 days of account opening.

Wealthsimple Crypto Fees

A spread is applied to the price when you enter a buy or sell order. This spread varies between 1.5% and 2%.

Wealthsimple Crypto does not charge fees to deposit or withdraw funds, open or close your account, or for electronic statements and trade confirmations.

Pros of Wealthsimple Crypto

  • The parent company, Wealthismple, has been around since 2014 and is a legitimate financial company.
  • Wealthsimple Crypto is offered under “time-limited registrations and regulatory approach” via the Canadian Securities Administrators’ Regulatory Sandbox.
  • It has no account minimums and no fees to deposit or withdraw funds.
  • Coins are held in cold storage with Gemini, a regulated crypto custodian with $200M in cold storage insurance coverage.
  • The platform is very user-friendly, even for beginners.
  • It offers a wide variety of coins and is one of the largest selections in Canada.
  • Now offers crypto wallets.
  • Now offers staking.

Cons of Wealthsimple Crypto

  • It is a crypto broker
  • The price spread is not the most competitive

Is Wealthsimple Crypto Safe?

Yes, Wealthsimple Crypto is safe.

Coins on this platform are held by Gemini Custody. This cryptocurrency exchange and custodian is regulated by the New York State Department of Financial Services and was founded by the Winklevoss brothers (Facebook co-founders).

Gemini has $200 million in cold storage insurance.

More recently, the company has partnered with CoinCover to keep coins safe from theft.

In addition, Wealthsimple Crypto is offered under a time-limited regulatory approach through the CSA’s Regulatory Sandbox.

That said, it is worth noting that crypto assets in Canada are not protected by the Canadian Investor Protection Fund (CIPF) or Canada Deposit Insurance Corporation (CIDC).

Wealthsimple Crypto Wallets

You can now deposit several cryptocurrencies from external wallets into your Wealthsimple Crypto account wallet:

  • 0x (ZRX)
  • Aave (AAVE)
  • Basic Attention Token (BAT)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Chainlink (LINK)
  • Compound (COMP)
  • Curve (CRV)
  • Decentraland (MANA)
  • Dogecoin (DOGE)
  • Ethereum (ETH)
  • Kyber Network (KNC)
  • Litecoin (LTC)
  • Maker (MKR)
  • Polygon (MATIC)
  • Ren (REN)
  • SushiSwap (SUSHI)
  • Uniswap (UNI)
  • Yearn.finance (YFI)

You should confirm you are using a supported network when depositing crypto coins (e.g. ERC-20, BTC, BCH, Litecoin, etc.).

Crypto withdrawals are also supported for several coins.

What is Wealthsimple?

Wealthsimple is Canada’s most popular robo-advisor, with hundreds of thousands of clients and over $15 billion in assets under management.

The financial technology company offers online wealth management services to everyday Canadians at a low cost.

In addition to managed investment portfolios, Wealthsimple offers a brokerage platform, Wealthsimple Trade, which offers no-fee trading in stocks and ETFs.

You can also open a savings account on Wealthsimple through its Save offering.

Wealthsimple Crypto vs. Wealthsimple Trade

Wealthsimple Crypto and Wealthsimpe Trade are available through the same app.

Unlike the former, which allows you to buy and sell Bitcoin, the Trade App is for trading stocks and Exchange-Traded Funds (ETFs).

Wealthsimple Trade is unique because it is one of a few Canadian brokerage platforms offering $0 trades in thousands of stocks and ETFs. You can use it to invest in a self-directed TFSA, RRSP, or non-registered personal account.

Both platforms are also accessible using a web interface on your computer.

Wealthsimple Crypto vs. Bitbuy vs. Coinsmart

How does Wealthsimple Crypto compare to other cryptocurrency trading platforms in Canada?

We compare it with Bitbuy and Coinsmart below:

FeaturesWealthsimple CryptoCoinsmartBitbuy
Coins offered50+ coins incl. BTC and ETHBTC, LTC, ETH, XRP, EOS, BCH, XLM, ADA, USDC, UNI, DOT, LINK, etcBTC, ETH, XLM, EOS, LTC, BCH, AAVE, LINK, etc
FundingCAD (electronic fund transfer)CAD (Interac e-Transfer, credit card, debit card, ETF, bank wire); multiple fiatCAD (Interac e-Transfer and bank wire)
Fees1.5%-2% for trades, no fees on deposits or withdrawals0.20% for CAD-crypto trades;
1.50% on Interac e-Transfer deposits (free if $200+); 1% on EFT withdrawals and bank wire
Up to 1.50% trading fee;
Mobile appiOS and AndroidiOS and AndroidiOS and Android
Desktop interfaceYesYesYes
SecurityCoins kept with Gemini – a regulated custodian95% of coins in cold storage95% of coins in cold storage
CIPF/CDIC protectionNoNoNo
Other offeringsInvestment portfolios, savings account, and a stock brokeragen/an/a
Promotion$25 bonus when you deposit at least $150$50 bonus when you deposit $200$20 bonus when you make an initial deposit of at least $250
Learn moreLearn MoreLearn MoreLearn More

Is Wealthsimple Crypto for You?

Wealthsimple Crypto is one of the top platforms for trading cryptocurrency in Canada.

If you are a beginner looking for a one-click trading platform to buy various types of coins, this platform is as easy to use as it gets. And it helps that it also has an app for buying and selling stocks.

Wealthsimple Crypto Review FAQs

Is Wealthsimple Crypto free?

When you buy or sell crypto on the platform, you pay a spread that ranges from 1.5-2%. Deposits and withdrawals are commission-free.

Can I transfer Bitcoin to Wealthsimple?

Yes, you can now transfer bitcoin and other cryptocurrencies to your Wealthsimple Crypto account or wallet.

Can I withdraw crypto from Wealthsimple Crypto?

Yes, you can withdraw several coins from Wealthsimple Crypto to your own personal hardware wallet.

Can I buy Ripple XRP on Wealthsimple Crypto?

No, Wealthsimple Crypto does not support XRP.

Is Cryptocurrency a good investment?

There are lucky Crypto traders who have made millions of dollars betting on Bitcoin. Numerous traders have also lost money due to crashes, lost or stolen coins, and more.

Will Cryptocurrency become legal tender?

It remains to be seen. While major coins like Bitcoin are now accepted as a means of payment by some merchants, its long-term elevation to “legal tender” status is anyone’s guess.

Can I hold Bitcoin in a TFSA?

Digital currencies are not on the Canadian Revenue Agency’s list of permitted investments. That said, it may be possible to gain exposure to Bitcoin using an Exchange-Traded Fund (ETF).

Do I need to pay taxes on Bitcoin?

When you earn a capital gain on Crypto trades, you are required to give the taxman his cut. In Canada, that means paying taxes on 50% of the gains at your marginal tax rate.

Related:

Have you tried a cryptocurrency app? Tell us about your experience in the comments.

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.

Wealthsimple Crypto Review 2022
  • Ease of use
  • Trading fees
  • Coin selection
  • Withdrawals and deposits
4.7

Summary

Canadians can use Wealthsimple Crypto to trade Bitcoin, Ethereum, Dogecoin, Litecoin, and several other cryptocurrencies in Canada. This Wealthsimple Crypto review covers its fees, pros, cons, safety, and competitors.

Pros

  • User-friendly interface
  • No minimum balance required
  • No fees for deposits and withdrawals
  • Operated by a reputable company
  • Uses a regulated crypto custodian – Gemini
  • Welcome bonus
  • Supports multiple coins

Cons

  • Spread is 1.5% – 2% 
  • CAD-only funding
Wealthsimple Crypto Review 2022: Best Crypto Brokerage?

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Author

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

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

2 thoughts on “Wealthsimple Crypto Review 2022: Best Crypto Brokerage?”

  1. Gravatar for david fournier

    The Better Business bureau has a log of 13 complaints against Wealthsimple (WS) or which 9 went without any response. It ranks WS as an “F” (lowest rank possible).
    Do these comments also apply to WS Crypto?
    tnx
    David Fournier

    • Gravatar for Enoch Omololu

      @David: I can’t speak to the complaints on the BBB and the lack of a response to them. I have used WS Crypto since its inception and have had no issues or complaints.

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