Wealthsimple Crypto review
- Fiat currencies
- 1
- Supported assets
- 69
Our verdict
Trade 65+ cryptos with Canada's first ever regulated crypto platform.
Wealthsimple is a Canadian exchange that gives you access to stocks, ETFs and crypto assets. Trading crypto is easy on this beginner-friendly platform, which offers access to 60+ crypto assets with no deposit or fiat withdrawal fees.
But Wealthsimple Crypto might not be the best choice if you want to trade a wider range of cryptos, including less popular coins, or wish to fund trades with currencies other than CAD.
Pros
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Beginner-friendly platform
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No deposit or withdrawal fees
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Start trading with as little as $1
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Easy to create an account and get started
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Trade stocks & crypto in the Wealthsimple app
Cons
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Only supports CAD fiat currency
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Doesn't support all the same cryptos for deposits and withdrawals
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No futures, options or margin trading for crypto
Details
Product details
| Product Name | Wealthsimple Crypto |
| Fiat Currencies | CAD |
| Cryptocurrencies | BTC, ETH, XRP, BCH, LTC, ADA, XLM, ZRX, MKR, DOGE & 59 more |
| Deposit Methods |
Cryptocurrency Debit card Interac e-Transfer Wire transfer Linked bank account Bank transfer (EFT) Online wallet |
| Trading Fee | 0.5%-2% |
| Deposit Fees | None |
| Withdrawal Fees | None |
Ratings methodology - how we scored Wealthsimple
| Supported cryptocurrencies | ★★★★★ |
| Transferring money or assets | ★★★★★ |
| Fees and costs | ★★★★★ |
| Ease of use | ★★★★★ |
| Customer service | ★★★★★ |
| Features | ★★★★★ |
| Staking/earn | ★★★★★ |
| Trustworthiness/security | ★★★★★ |
How we rate our crypto exchanges and platforms
Finder's editors objectively assess each platform across a spectrum of performance metrics using a system of 1 to 5 stars, which are designed to help you assess a crypto platform's strengths and weaknesses. You can read our full methodology here.
Our score and selection of the best crypto exchanges is based on the same criteria as our annual Crypto Trading Platform Awards, updated by our editorial team throughout the year to reflect changes in the market.
About Wealthsimple — company background
Wealthsimple Crypto is part of the broader Wealthsimple investment platform, founded in 2014. Crypto was added to the company’s offerings in 2020. Wealthsimple is a Toronto-based Canadian company, and its services are only available to residents of Canada.
Listed Wealthsimple crypto exchange assets
Wealthsimple supports over 69 cryptocurrencies, but some notable assets are missing. Namely, Tether, BNB and Lido Staked Ether, which are in the top 20 cryptos by market cap. In total, 11 of the top 20 cryptos are available on Wealthsimple.
Popular assets on WealthsimpleWealthsimple fees
Deposit & withdrawals fees
| Transaction type | Fee |
|---|---|
| Deposit funds | None |
| Withdraw funds | None |
Wealthsimple deposit methods
- Cryptocurrency
- Debit card
- Interac e-Transfer
- Wire transfer
- Linked bank account
- Bank transfer (EFT)
- Online wallet
How to sign up on Wealthsimple exchange
Before you can even get started trading on Wealthsimple, you have to go through the rigorous verification process (which usually involves providing proof of identification). This can take time. The reason for this is Wealthsimple's commitment to certifications and compliance with regulations and insurers.
- Get started
After selecting the Get Started button, fill in the create account form. - Set up payment
Before you can start trading, you have to add your bank account to your Wealthsimple account. There are several options to choose from, so choose the option most compatible. - Provide identification
Before you can make withdrawals and increase your transaction limits, you must submit proof of address and some additional identification. Use either a passport or a driver's license for this. - Start trading
After all that is processed, you're ready to trade on Wealthsimple.
Using the Wealthsimple app
The Wealthsimple Crypto app is easy to use. Not only can you buy and sell crypto via the app, but you can track your crypto portfolio through it, too.
Is Wealthsimple safe?
Regulation. Wealthsimple Crypto is offered by Wealthsimple Investment Inc., a regulated member of the Canadian Investment Regulatory Organisation (CIRO). The company's crypto platform was the first in Canada to become authorised and regulated by the Canadian Securities Administrators (CSA).
Verification process. Identity verification is required before you can buy and sell on Wealthsimple. This involves providing personal details like your name and proof of your identity.
Insurance. Cash (not crypto) in your account is insured up to specified limits by the Canadian Investor Protection Fund (CIPF). Wealthsimple and its custodial partners are insured, so crypto assets are protected from loss due to security breaches, hacks, employee theft and fraudulent transfers. However, losses due to unauthorised account access are not covered.
Keeping your crypto secure
All centralised exchanges, including Wealthsimple, are vulnerable to counterparty risks like hacking, theft and insolvency. Using a self-custodial or hardware wallet is widely accepted as the best way to improve the security of your funds. We've shared some of our top picks below.
Ledger Nano X Wallet |
Trezor Model T Wallet |
SafePal S1 Wallet |
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Supported assets 5,500+ |
Supported assets 1,000+ |
Supported assets 30,000+ |
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Price (USD) $149 |
Price (USD) $129 |
Price (USD) $49.99 |
See more of the best crypto wallets
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