If you've ever wanted to get into the world of cryptocurrency trading but weren't quite sure where to start, Wealthsimple Crypto is designed for you. Wealthsimple Crypto supports 100+ cryptocurrencies – including Bitcoin, Ethereum and Solana. And while they charge higher transaction fees than other exchanges, the simplicity of Wealthsimple Crypto might be worth it.
This isn't a cryptocurrency exchange for high volume or active traders, of course – with higher fees, a limited number of supported currencies, and being limited to withdrawing Canadian dollars, this is a platform for casual investors only.
Wealthsimple Crypto features
Here's what you'll find with Wealthsimple Crypto.
Why You Want It
Get $50 when you fund your account with $500 + Commission-free trades.
Special Features
- Quick and easy sign up
- No account minimums
- Simple and transparent pricing
- No fees to deposit or withdraw
- Extensive cold storage insurance coverage
Eligibility
- Be a Canadian citizen, Canadian resident, or have a valid Canadian visa
- Meet the minimum age requirement set by your province
- Have a Social Insurance Number (SIN)
- Have a Canadian residential address
- Satisfy identity verification requirements
Provinces
ALL
Features
Estimated # Of Supported Cryptocurrencies
100+
Supports Bitcoin?
Supports Ethereum?
Supports Litecoin?
Supports XRP?
Estimated # Of Supported Fiat Currencies
1
Supports CAD?
Supports USD?
Standard Maker Fee
0.5%
Standard Taker Fee
0.5%
Active Trader Discounts Available?
Interac E-Transfer Deposit Fee
N/A
Wire Transfer Deposit Fee
0%
Available On Desktop?
Available On IOS?
Available On Android?
Offers Staking
Wealthsimple Crypto product rating: 4.3 stars
Wealthsimple Crypto earns a lot of points for its simplicity, design, and mobile app support. On the other hand, it does charge higher transaction fees, have fewer supported currencies (both fiat and crypto), and lacks any sort of advanced tracking and trading features.
But, if you're looking for something simple that is designed by and for Canadians, you really can't go wrong. Just be sure to read through all the fine print – cryptocurrency trading is still a very new and very volatile thing that exposes you to a great deal of risk. Put simply: if you invest in cryptocurrency you could very easily lose all your money, so be very cautious.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Wealthsimple Crypto
Wealthsimple Crypto has a number of things going for it.
Pros
Incredibly easy to get started
You can get started with Wealthsimple Crypto in a matter of minutes. Signing up is the same as signing up for any other Wealthsimple product, and if you already have a Wealthsimple account, you can get started instantly. You will have to connect a bank account to deposit and withdraw money in your Wealthsimple Crypto account, but that's also a speedy process.
Designed by and for Canadians
Wealthsimple is a Canadian company that creates products and services designed for Canadians. There's no worrying about exchange fees or complicated regulations. When you open a Wealthsimple Crypto account you have to give them your Social Insurance Number, which even simplifies dealing with taxes when the time comes.
Ties directly to your Wealthsimple account
If you already have a Wealthsimple account, getting started with Wealthsimple Crypto is practically instantaneous. And it's all managed in the same well-designed and easy to use mobile apps.
Easy to understand transaction fees
Wealthsimple prides themselves on simplifying as much as they can, and this is true with Wealthsimple Crypto as well. There are no hidden or extra fees that will surprise you. You'll pay 1.5% to 2% per transaction. And that's it. Transparent pricing that's easy to understand.
The cons of Wealthsimple Crypto
There are a few things you should be aware of before diving into cryptocurrency trading with Wealthsimple Crypto.
Cons
Higher transaction fees than some other options
Transaction fees are where Wealthsimple Crypto makes its money, and they do tend to be higher than some alternatives, ranging from 0.5% to 2%. If you're only making a few relatively small trades here and there, this won't be a problem, but if you're a high frequency or high volume trader, you might be better off with one of the more advanced cryptocurrency exchanges.
Lacks advanced trading features
Active and high volume cryptocurrency traders are going to want more advanced features than what's offered with Wealthsimple Crypto, so will likely want to go with a more complicated and robust trading platform.
Wealthsimple Crypto alternatives
If you're wondering how Wealthsimple Crypto compares to other options, here is how it measures up to some other competitors.
 |  |  |  | |
|---|---|---|---|---|
| Account | Wealthsimple Crypto | Coinbase | Kraken | VirgoCX |
| Genius Rating | ||||
| Why You Want It | Get $50 when you fund your account with $500 + Commission-free trades. |  $75 GeniusCash + Trade over 200 cryptocurrencies + Includes offers staking | $75 GeniusCash + Invest and trade in more than 350 cryptocurrencies + Low trading fees. | Invest in cryptocurrencies with no trader or maker fees. |
| Estimated # Of Supported Cryptocurrencies | 100+ | 200 | 530 | 90 |
| Supports Bitcoin? | | | | |
| Supports Ethereum? | | | | |
| Supports Litecoin? | | | | |
| Supports XRP? | | | | |
Show More | ||||
| Open an account See more Wealthsimple products Compare | I Want This Deal See more Coinbase products Compare | I Want This Deal See more Kraken products Compare | Learn More See more VirgoCX products Compare |
FAQ
Is Wealthsimple Crypto any good?
Wealthsimple Crypto is a simple way for Canadians to get involved with buying and selling cryptocurrency. With a well designed mobile app, and a feature set stripped down to the bare essentials, it's easy to get started. That said, it is really meant for casual traders only – high frequency and high volume traders are going to want more robust tools and might be better off looking at other cryptocurrency exchange platforms.
Does Wealthsimple have crypto?
Wealthsimple offers Wealthsimple Crypto, which enables Canadians to buy and sell more than 100 different currencies. You can read more about what Wealthsimple Crypto has to offer here.
How much does Wealthsimple charge for cryptocurrency?
Wealthsimple charges a 0.5% to 2% fee on cryptocurrency transactions. There are no other fees involved, including when depositing or withdrawing money from your account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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