Wealthsimple Crypto Canada: A Full Review of Its Pros, Cons and Best Alternatives
Founded in 2014 by Michael Katchen, Brett Huneycutt, and Rudy Adler, Wealthsimple Crypto has become one of the most recognized platforms in Canada for buying and selling cryptocurrencies. Users can trade over 140 cryptocurrencies, earn rewards by staking coins, and swap crypto to save on fees.
In this review, we will cover the pros and cons of Wealthsimple and its key features to help you decide if it’s the right platform for you. Read our detailed review to discover Wealthsimple Crypto’s key features, security measures, and supported trading pairs, and to find out how it stands out in the competitive crypto exchange market.
Table of Contents
- What is Wealthsimple Crypto: A Quick Overview
- Pros & Cons of Wealthsimple Crypto: A Brief Summary
- Cryptocurrencies Available on Wealthsimple
- Wealthsimple Fees
- Is Wealthsimple Legit and Safe?
- Wealthsimple Customer Service
- Wealthsimple Key Features
- Best Wealthsimple Alternatives
- Final Thoughts
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What is Wealthsimple Crypto: A Quick Overview
| Product Name | Wealthsimple Crypto |
| Fiat Currencies | CAD, USD |
| Cryptocurrencies | BTC, ETH, XRP, ADA, XLM, DOGE and 95+ more |
| Deposit Methods | Cryptocurrency Debit card Interac e-Transfer Wire transfer Linked bank account Bank transfer (Direct Deposit) Online wallet |
| Trading Fee | 0.5%–2% |
| Deposit Fees | None |
| Withdrawal Fees | None |
Wealthsimple Crypto is a Canadian trading platform that enables users to buy, sell and stake digital assets, as well as manage them alongside traditional investments such as stocks and ETFs. Supporting over 140 cryptocurrencies, it is regulated in Canada by the relevant financial authorities and is registered with FINTRAC and Canadian securities regulators.
Wealthsimple aims to make buying and selling cryptocurrencies as easy and straightforward as possible so that even a newbie investor can give it a go. Since launching in 2014, Wealthsimple has grown to become one of Canada’s leading financial services companies, with over 3 million customers and $70 billion in assets under administration.
The platform’s mission is to make crypto accessible for everyday investors, particularly beginners, by offering a streamlined interface and integration with existing Wealthsimple accounts. Wealthsimple’s online brokerage is an excellent option for beginner and casual investors who want to trade Canadian stocks or ETFs with no commissions. However, Wealthsimple falls short in fees, as its trading fees on crypto are 2% for most users, which is relatively higher than other crypto exchanges.
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Pros & Cons of Wealthsimple Crypto: A Brief Summary
While we liked the ease of use of the platform and its compliance with the law, there are a number of areas of the Wealthsimple exchange that we think could be improved. If you don’t have time to read the full review, here is a brief summary to help you get to know the exchange.
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Cryptocurrencies Available on Wealthsimple
Wealthsimple Crypto supports a wide range of digital assets, including major coins such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), as well as many smaller altcoins. The number of supported tokens has grown considerably over time and now covers over 140 assets in total.
However, some notable assets are missing. Specifically, Tether, TRON, and Lido Staked Ether, all of which are among the top 20 cryptocurrencies by market capitalization. Overall, 14 of the top 20 cryptocurrencies are available on Wealthsimple.
While this selection is broader than that offered by some Canadian platforms, it still may not match the depth offered by global exchanges that support hundreds of tokens and specialized trading pairs.
Wealthsimple Fees
Stocks, ETFs and options: Wealthsimple offers commission-free trades in all three. An options contract fee of $2.00 applies, dropping to $0.75 for users with over $100,000 in assets (Premium and Generation clients).
Fractional shares: Wealthsimple supports fractional share trading with no fees, but with limitations. Trades must be worth at least $1.00, and you can only place market orders. Also, not all stocks are eligible for fractional trading. However, Wealthsimple provides a fractional indicator on stocks to let you know when this is available.
Account and inactivity fees: Wealthsimple does not charge account administration fees on registered accounts, including TFSAs, RRSPs, FHSAs and RRIFs. You don’t have to worry about inactivity fees either.
U.S. account fees: Wealthsimple charges a $10 monthly fee for a USD account. You can purchase US-listed securities from your Canadian account, but a currency exchange fee of up to 1.5% (CAD to USD or vice versa) applies to every trade. However, by upgrading to a USD account, you will only pay the fee when you move funds into the account, rather than on every trade.
Crypto trading: There are no fees for deposits, withdrawals, or staking payouts. However, the 2% spread is higher than on platforms such as Kraken or VirgoCX. Please also note that fees can be as low as 0.05% for higher trading volumes.
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Is Wealthsimple Legit and Safe?
Wealthsimple Crypto is offered by Wealthsimple Investment Inc., which is a regulated member of the Canadian Investment Regulatory Organization (CIRO). Its crypto platform was the first in Canada to be authorised and regulated by the Canadian Securities Administrators (CSA), and the company is also registered with the Ontario Securities Commission (OSC).
Wealthsimple crypto takes safety and security extremely seriously. You will need to verify your identity before you can buy and sell on Wealthsimple. This involves providing personal details such as your name and proof of identity. All of Wealthsimple’s crypto is held by regulated third-party custodians in trust—which means that if anything goes wrong, your crypto is protected by claims from creditors.
As an online financial services company, Wealthsimple uses Transport Layer Security (TLS) encryption. TLS is the successor to SSL encryption and is widely regarded as the gold standard for securing data transmitted over the internet. TLS encryption establishes a secure, encrypted connection between your device and Wealthsimple’s servers.
This means that any information sent from your device to Wealthsimple, such as personal details, login credentials and financial transactions, is encrypted during transit. Even if this data is intercepted, it would be extremely difficult for unauthorized parties to decrypt and understand.
Despite its robust security measures, Wealthsimple suffered a data breach via third-party software in Sep, 2026. The attack was spotted rather quickly and was stopped before it could escalate, but the attackers still managed to steal personal data belonging to “less than 1%” of its clients. Users are encouraged to enable strong account protections like two-factor authentication.
Wealthsimple Customer Service
Wealthsimple offers customer support via email, live chat and an in-app help centre, all of which are available during business hours. Although the support team is generally responsive, they are not available around the clock, which may be a drawback for crypto traders who require immediate assistance.
Wealthsimple Key Features
- 140+ cryptocurrencies: Includes major names like BTC, ETH, SOL, ADA, DOGE, and XRP.
- Staking: Earn rewards on coins like ETH, SOL, DOT, and ADA
- Crypto swaps: Trade one coin for another directly, with lower fees.
- Auto-invest & limit orders: Set it and forget it, or buy/sell at a target price.
- Transfers: You can now send and receive some cryptocurrencies directly from Wealthsimple.
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Best Wealthsimple Alternatives
Wealthsimple excels in several key areas, including regulation, ease of use, and robust security features. However, it falls short of the industry average in terms of its limited selection of tradable coins, its fees and its lack of advanced trading features. When looking for the best Wealthsimple alternative, interested investors are advised to consider the options below.
Coinbase
Both Wealthsimple and Coinbase are considered user-friendly platforms. If you are looking to manage stocks and cryptocurrencies, Wealthsimple is the better choice, whereas if you are only interested in cryptocurrencies, Coinbase is the better choice.
Both platforms are popular with retail traders and institutional investors alike. While the platforms are similar, they differ slightly in terms of cryptocurrency selection and fees. Coinbase is a better option for investors looking for greater flexibility in terms of the types of investment available, as it offers over 200 cryptocurrencies.
BTCC
Both Wealthsimple and BTCC are beginner-friendly crypto-trading platforms offering user-friendly apps and websites, as well as educational resources. However, the two platforms offer drastically different fee structures, investment options and trading tools. BTCC is better suited to investors looking to trade a large number of cryptocurrencies (300+) alongside traditional securities such as stocks and commodities.
BTCC is a trusted and well-respected exchange in Australia thanks to its unwavering commitment to security and transparency. Since its establishment in 2011, BTCC has boasted an impeccable security track record, with zero reported hacks or breaches. Holding licenses in the U.S., Canada, and Europe, BTCC provides a comprehensive suite of trading features within a secure and regulated platform.
With a mission of providing a trading platform that is fair and reliable in every sense, BTCC platform supports spot trading for over 360 cryptocurrencies, crypto futures trading with leverage up to 500x, crypto copy trading that allows users to follow experienced traders, demo trading accounts pre-loaded with $100,000 in virtual funds, and tokenized futures for stocks and commodities. Boosting such trading features, BTCC is better than Wealthsimple for both crypto beginners and advanced traders.
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Final Thoughts
Investors may buy and sell Bitcoin and Ethereum on the user-friendly cryptocurrency trading platform Wealthsimple Crypto. Even for individuals who are new to cryptocurrency investment, the platform is made to be simple to use. Wealthsimple Crypto is an excellent choice to take into consideration for Canadian citizens who want to invest in cryptocurrency.
However, Wealthsimple Crypto falls short in terms of its limited tradeable coins and lacking of advanced trading features. If Wealthsimple Crypto isn’t the right exchange for you, Coinbase and BTCC are the best Wealthsimple alternatives.
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FAQs
Is wealthsimple good for crypto?
Wealthsimple Crypto is a good option for beginners and casual investors looking for a straightforward, regulated way to purchase and hold digital assets. However, it may not be ideal for active traders or users who are cost-conscious and need low fees, advanced trading features and tools, or full wallet control.
how to sell crypto on wealthsimple?
Selling cryptocurrency on Wealthsimple is straightforward and can be done through the app or the web platform. Just log in to your Wealthsimple account and choose the crypto you want to sell. Tap the “Sell” button and enter the amount you want to sell.
Is wealthsimple safe for crypto trading?
Yes, Wealthsimple is a secure platform for trading cryptocurrencies. All of Wealthsimple’s cryptocurrency is held by regulated third-party custodians in trust, meaning that if anything goes wrong, your cryptocurrency is protected by creditors' claims.
Please be aware that all investments involve risk, including the potential loss of part or all of your invested capital. Past performance is not indicative of future results. You should ensure that you fully understand the risks involved and consider seeking independent professional advice suited to your individual circumstances before making any decision.
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