Wealthsimple Crypto Review January 2024 [My Honest Opinion]

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What is Wealthsimple Crypto?

Wealthsimple Crypto is a user-friendly platform that enables Canadians to buy, sell, hold and even transfer various cryptocurrencies, such as Bitcoin, Ethereum and, yes, Dogecoin.

As a part of Wealthsimple’s suite of other investment products (Invest and Trade), Wealthsimple Crypto offers a simple and accessible solution for those looking to venture into this new world of digital assets.

The growing interest in cryptocurrencies has left many potential investors feeling a little overwhelmed and unsure of where to begin. Wealthsimple Crypto addresses this problem by providing a secure, easy-to-use platform that demystifies the crypto trading experience, allowing Canadians to effortlessly diversify their investments and get their feet wet in the crypto industry.

As a Wealthsimple Crypto user since early 2021 (screenshot below of my first ever trade), I have seen the growth of the platform over the 2+ years into what is now an exceptional platform.

In this Wealthsimple Crypto review, I’ll be doing an in-depth analysis of Wealthsimple Crypto by touching upon its key features, strengths, and shortcomings. I’ll also break down the fees involved with the platform, identify its ideal users, and then share some of my personal experiences to hopefully help offer valuable insights that could help you begin your crypto journey.

So read on as we navigate the world of Wealthsimple Crypto and uncover its unique offerings tailored for Canadian users.

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Wealthsimple Crypto Review | Comprehensive Analysis

In my experience using Wealthsimple Crypto for the past several years, I feel confident giving it a 4.5/5 rating. Next, I’m going to break down my rating into 7 factors based on my hands-on experience with the platform and its various features and offerings.

1. Ease of Use

2. Fees 

3. Cool Features

4. Coin Selection

5. Mobile App

6. Safety Features

7. Customer Support

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Where Wealthsimple Tax Shines

1. Beginner Friendly

If you’re a complete beginner in the world of cryptocurrency and are just looking to get your foot in the door, Wealthsimple Crypto is definitely a good option for you.

I really believe Wealthsimple Crypto was built with beginners in mind. I started trading Crypto with Wealthsimple in January of 2021, and I was definitely a beginner then. I never had any issue getting set up and trading, and I’m willing to bet the process is only easier now.

The app has a modern design, it’s easy to track your returns and withdrawing and depositing money is a breeze.

So before we get into some of the other areas where Wealtsimple Crypto shines, it’s important to state that, first and foremost, Wealthsimple Crypto is a perfect app for Canadian investors who have no experience in investing in Crypto but want to get started.

TLDR: Wealthsimple Crypto is a top choice for Canadians who are new to crypto investing because its user-friendly app is designed with beginners in mind.

2. Limited Platform Fees

With this beginner-friendliness in mind, Wealthsimple Crypto aims to make cryptocurrency trading accessible and affordable for all Canadians by offering no platform fees.

As I stated earlier, while there are no explicit “commissions” associated with trading crypto, Wealthsimple Crypto does charge a 1.5%-2% spread on each transaction (we talk about this more here).

BUT

What it doesn’t have is any other platform fees like fees for setting up or closing an account, depositing or withdrawing cash, and sending or receiving crypto from other wallets. All that stuff is 100% free.

In other words, you’ll never see a random charge in your Wealthsimple account or bank account charging you for small hidden fees, you just won’t. Wealthsimple is very transparent about everything they charge for (which isn’t much).

Lastly, attached here is a page on Wealthsimple’s website further discussing their crypto fees.

TLDR: Wealthsimple Crypto avoids platform fees but charges a 1.5%-2% spread per transaction.

3. No Minimum Balance Required

Another area where Wealthsimple Crypto shines is by eliminating any minimum balance requirements.

This means that investors can get started with as little as $1. Yes, $1. Just try it.

Whether you’re a seasoned trader or a beginner looking to dip your toes into the cryptocurrency market, this flexibility allows you to invest according to your own budget and financial goals. Wealthsimple Crypto’s inclusive and low-cost-of-entry approach really helps cater to a wide range of Canadian investors, making it super accessible to all investors regardless of where they are on their financial journey.

TLDR: Wealthsimple Crypto allows you to start investing with as little as $1, making it accessible to all types of Canadian investors.

4. Crypto Wallets Available

Let’s dive into one of the aspects where Wealthsimple Crypto truly shines, their crypto wallets.

From my personal experience, Wealthsimple’s hosted crypto wallets are more than just a neat feature for blockchain enthusiasts. They’re a real game-changer, and here’s why.

These wallets provide users with a higher level of autonomy, allowing them direct control over digital assets by giving them the freedom to manage their cryptocurrencies without the need for a centralized intermediary.

In other words, it’s a feature that embraces the very essence of blockchain technology.

Before Wealthsimple introduced these wallets, buying crypto through their platform felt like being in a locked room. I had the freedom to trade as much as I wanted, but transferring my crypto assets in or out of their ecosystem was impossible.

Simply put, my crypto assets were confined within the Wealthsimple domain – which wasn’t ideal.

But now Wealthsimple users can transfer these coins into and out of their Wealthsimple accounts. And if you’re someone who has dealt with less-trusted marketplaces in the past, as I have, you can easily move all your crypto into one secure place: a Wealthsimple crypto wallet.

Additionally, the introduction of crypto wallets has broadened the scope of Wealthsimple’s functionality. And we’re not just talking about Bitcoin and Ether anymore – Wealthsimple has enabled withdrawals and deposits of other popular tokens like Dogecoin, Litecoin, Polygon, Chainlink, and Uniswap.

So I have to say, this inclusivity and adaptability to the Crypto market is something that has really impressed me with Wealthsimple Crypto.

TLDR: Wealthsimple’s hosted crypto wallets empower users with autonomy over their digital assets allowing them to send and receive coins from other non-Wealthsimple wallets.

5. Recurring Investment Feature

One of Wealthsimple Crypto’s features that doesn’t get as much love as it should is its recurring investment capability.

Basically, if you are someone who knows they want to buy $20 worth of Bitcoin every month, or every week, or even every day, then you can activate its recurring investment feature where Welathsimple will automatically buy this coin for you on a schedule that you set up for it with the amount you want.

TLDR: Wealthsimple Crypto provides a recurring investment feature, enabling automated purchases of specified amounts of cryptocurrency at set intervals, such as daily, weekly, or monthly, all based on the investor’s set preferences.

6. Connects to Other Wealthsimple Products

Another area where Wealthsimple Crypto really shines is its integration into its other products.

So if you invest in more than Crypto, like stocks and ETFs, or you use the Wealthsimple Invest or Cash product, then all of this will live under the one roof (the app).

What’s even better is that Wealthsimple makes it super easy to transfer money between accounts.

So as an example, if you have $100 cash in your Wealthsimple Trade account and nothing in your Crypto account, well, you can super easily just transfer that $100 from your Trade account to your Crypto account for free!

And lastly, as I talk about in my article Wealthsimple Tax Review for 2023 [Previously SimpleTax], Wealthsimple Crypto can automatically connect to Wealthsimple Tax which makes filing your capital gains/losses on your crypto investments SO easy come tax season.

In fact, you literally just have to press a button, and everything gets populated for you.

As someone who uses all 5 of Wealthsimple products, having everything working together in one place is amazing and makes managing my finances super easy and cost-effective.

TLDR: Wealthsimple Crypto’s integration with other Wealthsimple products creates a unified, user-friendly platform that simplifies money transfers and tax filing.

7. Regulated by the Canadian Government

Believe it or not, Wealthsimple Crypto was actually the first ever-regulated crypto platform to exist within Canada ^[3].

This basically just implies that there is a significant amount of information and documentation, as well as government personnel, involved in guaranteeing that you pay the actual market value for your cryptocurrency, that your investment is secure, and that there are no suspicious activities taking place.

In other words, users should have confidence in the legitimacy and credibility of the platform, knowing that it operates within the regulatory boundaries set by the Canadian government.

Let’s face it, cryptocurrency can sometimes get painted with a “sketchy” brush, so if you’re like me and you like to go by the book, Wealthsimple Crypto will definitely do this for you with all the regulations they have in place, making it a super safe and legit platform for you to invest in.

TLDR: Wealthsimple Crypto is Canada’s first ever regulated crypto platform. It guarantees transaction security and operates within Canadian regulatory standards, providing a safe environment for crypto investment.

8. Very Safe and Secure Platform

Wealthsimple Crypto also places a GREAT DEAL of emphasis on product safety by employing a top-notch security team, implementing advanced encryption standards, and utilizing product-driven threat detection within its products^[4].

To further ensure the protection of clients’ crypto assets, Wealthsimple Crypto offers 2 Factor Authentication and partners with Covercoin to provide insurance coverage against coin theft.

And lastly, the platform establishes a secure connection between users’ bank accounts and their Wealthsimple Crypto account through the use of Plaid, a trusted fintech software provider.

TLDR: Wealthsimple Crypto is a safe and secure platform to use!

9. Staking Rewards

In early 2023, Wealthsimple Crypto introduced staking to its platform for Ethereum (ETH) and Solana (SOL).

In layman’s terms, staking is like putting your crypto to work. You lock up a portion of your crypto, which then gets used to validate transactions on the blockchain. In return, you receive more of the crypto that you staked.

The earning potential here, which is also known as Annualized Percentage Yield (APY), can fluctuate based on the network’s conditions. But remember, it’s not always sunshine and rainbows (trust me).

There’s a warm-up period for every crypto before you start earning, and rewards aren’t guaranteed.

On the tax front, it’s important to note be aware that staking rewards are, in fact, taxable, but as of now, the Canadian government hasn’t issued any guidance on how to treat these, so I’d strongly recommend consulting a tax professional.

Wealthsimple Crypto handles the technical aspects of staking by partnering with third-party validators, which means you don’t need to worry about maintaining uptime or handling technical risks.

However, there is a small fee involved, so it’s also important to be aware of that.

With that said, setting up staking is a piece of cake with Wealthsimple Crypto’s mobile app. You can even set up auto-staking for future purchases of the same crypto, which I find super helpful.

Lastly, it’s important to note that once you stake your crypto, you can’t sell or withdraw it until the minimum staking period has passed, and if you decide to unstake before the next reward period, you’ll simply miss out on all of your potential earnings.

TLDR: Staking crypto with Wealthsimple Crypto is an excellent way to earn additional crypto, but it’s also essential to understand the risks and rewards involved.

10. Supports a Range of Popular Coins

Wealthsimple Crypto certainly doesn’t fall short when it comes to coin selection. It offers a crazy selection of over 50 (59 as of May 2023) cryptocurrencies ready to trade at your fingertips.

So whether you’re into Bitcoin, Ethereum, or smaller altcoins, there’s a good chance you’ll find what you’re looking for here.

Not only that though, Wealthsimple Crypto isn’t resting on its laurels, as they have plans to include even more coins in the future. While I personally stick to the major coins like Bitcoin and a little bit of Ethereum, if you’re someone who likes to diversify your crypto investments, this is definitely something to look forward to.

TLDR: Wealthsimple Crypto supports a range of popular coins, with plans to expand its offerings in the future, making it a versatile platform for crypto trading.

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Where Wealthsimple Crypto Falls Short

1. Trading Fees of 1.5% – 2%

Wealthsimple Crypto’s trading fees can actually be seen as a drawback for some investors despite only being 1.5% – 2%.

While my crypto portfolio is somewhat small, I don’t feel the impact too much, but if you did, in fact, trade in massive volume, you likely would, so it’s definitely something to keep in mind. In the next section, I do a full breakdown here on how these crypto fees are calculated.

But basically, if you buy $100 worth of crypto, you’ll be charged $1.50 – $2.00.

Again, not significant, but if you’re a serious crypto trader, you can see how these fees could eat away at your returns over time.

So while the platform offers a seamless and user-friendly experience, Wealthsimple’s fees are actually a little bit more on the higher side, and volume traders who are really looking to maximize their profits might find these fees too much.

TLDR: Wealthsimple Crypto’s 1.5% – 2% trading fee may impact high-volume traders.

2. Only Available In Canada

Another area where Wealthsimple Crypto doesn’t shine (depending on who you ask) is its limited availability to non-Canadians. Actually, it’s not even limited; it’s no availability.

In other words, if you’re not a Canadian resident, you’re out of luck.

Now, if you’re reading this article, you’re probably a Canadian, so this won’t really impact your decision, but if you’re an international investor looking to trade cryptocurrencies, you simply won’t be able to use Wealthsimple Crypto.

TLDR: Wealthsimple Crypto’s is exclusively available to Canadian investors.

3. Funding Restricted to Canadian Dollars Only

Another limitation I’ve personally experienced with Wealthsimple Crypto is the restriction to funding accounts using only Canadian dollars. So if you’re planning to fund your account with other currencies, you’ll face disappointment.

Unlike Wealthsimple Trade, Wealthsimple Crypto only offers Canadian accounts, so you can’t actually trade crypto with any other currency but Canadian dollars, which can be a little inconvenient for users who prefer to diversify their investments by holding multiple currencies.

On the other hand, for Canadian investors exclusively dealing in CAD, this won’t cause any significant issues. However, it’s definitely something to be aware of if you’re considering Wealthsimple Crypto as your trading platform of choice.

With the world of cryptocurrency constantly evolving, having the flexibility to use different currencies can be seen as real advantage.

TLDR: Wealthsimple Crypto only supports CAD for account funding, posing a limitation for investors who would rather invest in USD.

4. Wallet Transfers Not supported by all coins

As mentioned earlier in this article, Wealthsimple Crypto offers over 50 coins for users to trade. I also talked about how in 2022, Wealthsimple added crypto transferring functionality, so if you own Bitcoin in a Coinbase account (for example), you can now send that Bitcoin to your Wealthsimple Crypto wallet.

However, as of now, not all the coins you can buy and sell within Wealthsimple Crypto are available for crypto transfer.

Below are dropdown lists of all the coins you are available to transfer to and from other crypto wallets.

TLDR: Wealthsimple Crypto added crypto transferring in 2022, but not all available coins supported by the platform can be transferred to or from other crypto wallets.

5. No 24/7 Customer Support

While I do find their customer support team to be super responsive, friendly and helpful, it’s important to note that they don’t offer 24/7 support.

You can, of course, send in an email through an online form or talk to a robot any time of the day or week, but there are only certain times you can speak to an actual human.

For real-time chat support on their website, they are available from Monday-Friday, 8 am – 8 pm (ET) and then close on weekends. Their phone support is available from Monday-Friday from 8 am – 8 pm (ET) and then Saturday & Sunday from 9 am – 5 pm (ET).

So it’s not horrible, but if you are someone who has a lot of money invested into Wealthsimple Crypto, you’d like to see them adopt 24/7 human support sometime in the future.

TLDR: Wealthsimple Crypto doesn’t offer 24/7 direct support and only offers human assistance during specific hours on weekdays and weekends.

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Wealthsimple Crypto Fees

Before you dive in and start trading crypto with Wealthsimple, it’s crucial to understand the platform’s pricing structure.

And I’ll be honest, these platforms always seem to explain their pricing structure in an overly complex way, so let me help break it down for you and help you make informed decisions about your investments.

Let’s start with what actually are Wealthsimple Crypto’s fees.

In short, Wealthsimple Crypto has a 1.5% – 2% operational fee that is charged each time you buy and sell any cryptocurrency on their platform. Outside of that, there are no other costs, such as deposit or withdrawal fees, that are associated with trading crypto with Wealthsimple.

In other words, Wealthsimple Crypto takes a 1.5% – 2% fee on your purchase. So if you buy $1,000 worth of Bitcoin, the fee will be $15 – $20.  The same math applies when completing sell orders as well.

Wealthsimple Crypto Fees	An operational fee of 1.5-2% for each transaction.
What It Covers	– Fees charged by liquidity providers – Operational costs – Secure coin storage
Example	You buy $100 worth of Bitcoin (BTC). $100 x 1.5% = $1.5 Your total fee for buying $100 worth of Bitcoin will $1.50

During the order-placing workflow, there is an order summary popup which displays your fees prior to buying and selling crypto – so there shouldn’t be any surprises.

As you can see from my screenshot above, while I’m spending $10 of my Bitcoin (BTC) purchase, I’m only actually receiving $9.85 worth of Bitcoin.

And on the contrary, when I’m looking to sell $10 worth of Bitcoin (BTC), Wealthsimple will look to sell $10.15 worth of my Bitcoin and then charge me $0.15 for the transaction. So at the end of the day, I will still be getting $10 back in Bitcoin, but I’ll have sold off $10.15 worth of it.

So long story long, when selling your crypto, you’ll sell slightly more than the amount you requested to sell in order to account for the operational fee. And when purchasing crypto, you’ll receive slightly less crypto than you spent.

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Who Should Use Wealthsimple Crypto?

If you’re still undecided on whether or not Wealthsimple Crypto is the right choice for you to get your foot in the door of the crypto industry, consider some of the following points:

You Should Use Wealthsimple Crypto if…

Wealthsimple Crypto Might Not be For You if…

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My Experience with Wealthsimple Crypto

As mentioned earlier, I have been using Wealthsimple Crypto since early 2021, and I have to say, my overall experience so far has been exceptional.

As someone who was a beginner in the world of cryptocurrency back then, I wasn’t really sure what to expect when I opened up an account, but it didn’t take long for me to understand how the platform works and how to get started with actually buying and selling coins.

I always thought it had to be more complicated, but it’s really as easy as connecting your bank account, adding funds to your account and then investing in your crypto of choice.

It’s honestly no harder than going online to buy a product – really, it’s that simple.

And as time has gone on and I’ve continued to use the product daily, I’ve been really impressed with Wealthsimple’s ability to continually add features like wallets and staking to keep up with the other major crypto exchanges and the big industry leaders.

In terms of customer support, I’ve personally found Wealthsimple to be super responsive and helpful.

Now is it the absolute best customer support I’ve ever received? Probably not, and it’s unfortunate they don’t offer 24/7 support, but it’s definitely been good enough, in my opinion.

And then, finally, the fees.

Honestly, some people say the 1.5%-2% operational fees are high, but for someone who doesn’t have that much invested in crypto, it really doesn’t bother me, and I’d rather spend a little more to invest in a Canadian regulated exchange than a sketchy exchange that has lower fees.

But that’s just me!

So at the end of the day, my experience with Wealthsimple Crypto has been overwhelmingly positive. From the simplicity of the platform to the continuous addition of new features, I’ve felt confident and comfortable in managing my crypto investments with Wealthsimple Crypto.

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How to Sign Up for a Wealthsimple Crypto Account

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FAQs about Wealthsimple Crypto