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Bull Bitcoin vs Wealthsimple Crypto: What Works Better For Canadians in 2024?

Oleg Galeev

Last updated September 20, 2024

We are comparing two unique cryptocurrency platforms in Canada: Bull Bitcoin, a direct bitcoin trading platform allowing users to take self-custody instantly, and Wealthsimple Crypto, a part of a broader investment platform that offers a simplified way to trade a variety of cryptocurrencies.

While Bull Bitcoin focuses exclusively on Bitcoin and allows users to pay bills with it, Wealthsimple Crypto offers a broader selection of cryptocurrencies but comes with higher trading fees.

Description

Bull Bitcoin is a unique Canadian Bitcoin trading platform with ability to pay bills with bitcoin (cellphone, electricity even taxes to CRA) and that allows you to take self-custody immediately. 

Wealthsimple is a Canadian trading platform that offers several popular cryptocurrencies. You can connect your bank account, move funds from different investment accounts, and buy crypto in CAD.

Coins

BTC only

Over 30 coins, e.g. Bitcoin, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL)Cardano (ADA)Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), and a few stable coins.

 

Fees

Bull Bitcoin sends the BTC directly to your wallet so you avoid typical withdrawal and network fees that exchanges often have which is a money saver. Bull Bitcoin does not charge fees for buying bitcoin either. Instead, you’ll get exactly what their “We sell” price is. When paying via debit or cash at Canada Post, you’ll pay a 2% fee. 

Pros

  • Immediate self-custody of assets
  • Send funds via e-Transfer or wire
  • Pay anonymously with cash
  • No withdrawal fees or wait times
  • Recurring buys directly from your bank account
  • Pay bills with bitcoin
  • Offers 30 popular cryptocurrencies
  • Easy to use
  • Can transfer funds between investment accounts
  • Secure and trustworthy
  • You can set limit orders
  • $200M insurance
  • Free CAD bank transfers and withdrawals

Cons

Only bitcoin available 

  • High trading fees
  • Cannot move crypto to a private wallet yet

Account Limits

  • $10,000,000.00 CAD deposit / day via wire trasnfer
  • $10,000.00 CAD deposit / day via Interac E-transfer
  •  $1,000.00 CAD deposit / day via Cash or Debit at Canada Post
  • Buy & Sell transfer are almost unlimited ( $1,000,000.00 CAD a day)

Low

Methods to buy

When buying cryptocurrency with Bull Bitcoin, you can deposit Canadian dollars via an Interac e-Transfer, wire transfer or cash or debit at Canada Post. With the first two options, you will have to KYC and verify your Bull Bitcoin account. 

CAD Bank transfer

Security

  • Full custody of your bitcoin.
  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID

Mobile and Desktop Trading

Bull Bitcoin doesn't have a dedicated mobile app, focusing instead on a straightforward web platform that facilitates bitcoin purchases, sales, and bill payments directly to and from your wallet. The user interface is minimalistic, aiming at reducing complexity for beginners.

Wealthsimple Crypto, on the other hand, offers both a highly rated mobile app and a desktop platform within the Wealthsimple Trade application. The app is well-received, with a 4.7-star rating on the Apple App Store and a 4.6-star rating on Google Play, offering a clean and user-friendly interface for managing cryptocurrency alongside traditional stocks and ETFs.

Bull Bitcoin

Bull Bitcoin has a simple website since all of the transactions happen via your bank. There aren’t many features to get you confused, however, we think their website could be designed a little better.

UI of Bull Bitcoin platform

Major Screen

Buying bitcoin with interac e-transfer on Bull Bitcoin platform

Buying Bitcoin via Bull Bitcoin

Transaction screen on the mobile app

Transaction screen on the mobile app

Bull Bitcoin app screenshot

Wealthsimple Crypto

Wealthsimple’s Trade app has a 4.7-star rating from 121,000 reviews on the Apple App Store, and a 4.6-star rating from 41,000 reviews on Google Play.

The app makes it easy to switch between all of your investment accounts, and see exactly how much you have in each one. The desktop trading platform is essentially the same and allows you to deposit and withdraw, buy and sell, and view charting for different cryptocurrencies. It has a simple interface making it easy for beginners. 

Wealthsimple desktop app screenshot

Wealthsimple desktop app

Wealthsimple crypto trading main screen

Wealthsimple crypto trading main screen

Wealthsimple mobile app screenshot

Wealthsimple Crypto Mobile app

Buying crypto with Wealthsimple Crypto

Security Compliance

Bull Bitcoin is completely safe since you always take full custody of your bitcoin, you do not need to worry about hackers stealing your funds on the platform. However, there is still a level of trust needed because you do not buy the bitcoin yourself and must wait for it to be sent to your crypto wallet

Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication. 

In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available. 

Bull Bitcoin ensures security by allowing immediate self-custody of bitcoin, minimizing risk of exchange hacks. It's compliant with Canadian regulations, registered with FINTRAC, and emphasizes user privacy and security.

Wealthsimple Crypto secures funds with $200 million in insurance through Gemini Trust Company LLC™ and is part of a regulated and established Canadian financial services provider. While offering robust security features, it currently lacks two-factor authentication for added account security.

Regulatory Compliance

Bull Bitcoin is registered with FINTRAC as a Money Services Business and there is a full KYC procedure meaning Bull Bitcoin is fully compliant with Canadian regulations. 

Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.

Both platforms are compliant with Canadian regulations. Bull Bitcoin is registered with FINTRAC as a Money Services Business, adhering to Canadian financial regulatory standards.

Wealthsimple Crypto is also fully regulated in Canada, part of Wealthsimple, which has been a reputable brokerage since 2016. It provides additional reassurance by being part of an established financial services company.

Customer support

Since it is a small company, it may take some time for them to get back to you. Their opening hours are from 9 AM to 8 PM Mon-Fri with sporadic ability on weekends.The platform has a 4.9-star rating on Trustpilot with almost 200 reviews, so it’s clear that customers are extremely satisfied with the service. 

Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly. 

Bull Bitcoin offers direct email support and has a high customer satisfaction rate, evident from its Trustpilot reviews. Being a smaller company, response times might be slower during off-peak hours.

Wealthsimple Crypto provides a comprehensive help center, live chat, email, and phone support available 24/7. It has received positive feedback for its customer service across various platforms.

Conclusion

Both exchanges offer unique advantages tailored to different user needs. However, Bull Bitcoin is the winner for those prioritizing bitcoin trading and utilization, thanks to its focus on immediate self-custody, lower fees, and the innovative feature of paying bills with bitcoin. Its commitment to privacy and security, coupled with its specialized service, makes it particularly appealing for bitcoin enthusiasts in Canada.

Bull Bitcoin is the most cost-effective platform for trading Bitcoin in Canada, offering a unique feature that allows users to pay bills, including phone, electricity, and even taxes to the Canada Revenue Agency (CRA).

Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.