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CoinSmart vs. Wealthsimple Crypto: What Works Better For Canadians in 2024

Oleg Galeev

Last updated May 25, 2024

In this comparison, we will explore the differences between two popular cryptocurrency exchanges in Canada, Coinsmart and Wealthsimple Crypto. While both platforms cater to Canadian residents, they differ in aspects such as the range of cryptocurrencies offered, fees, and the ability to withdraw to private wallets. Read on to discover which exchange suits your needs best.

CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!

Description

CoinSmart is a Toronto-based Canadian crypto exchange that offers same-day deposits in CAD, EUR and USD. CoinSmart offers crypto trading for both beginners and advanced users.

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

Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar, EOS, USDC, Cardano, Dogecoin, Polkadot, Shiba Inu, Chainlink, Uniswap, Solana and more

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

  • Interac deposit fee of 1% for deposits between $100 - $1999 
  • Free Interac deposits for deposits of $2000+
  • Free wire and bank draft deposits 
  • Withdrawal fees are 1% 
  • Various crypto withdrawal fees
  • Trading fees are 0.20% for a single trade or 0.30% for a double trade
  • Up to 6% fee for credit/debit card purchases

Pros

  • Low trading fees
  • Free deposits over $2000
  • Suitable for beginners
  • Advanced trading options
  • Interac e-Transfer available
  • $50 bonus
  • Trade crypto to crypto (no trading pairs needed)
  • Same-day verification
  • CAD, USD, EUR deposits
  • 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

  • There is a 1% fee for Interac deposits less than $2000
  • 1% withdrawal fee
  • High trading fees
  • Cannot move crypto to a private wallet yet

Account Limits

  • $100 min to $10,000 max for Interac deposits
  • $100 min to $5,000 max for credit/debit card buys
  • $10,000 bank wire min to $5M max

Low

Methods to buy

  • Credit/debit cards
  • Interac e-Transfer
  • Bank wire
  • SEPA (for EUR)

CAD Bank transfer

Security

CoinSmart is partnered with BitGo to keep customers’ crypto safe in cold storage. BitGo is insured by Lloyds of London for $100 million, so if something were to happen to CoinSmart, your funds might be insured.

CoinSmart offers two-factor authentication to help protect your account.

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

Mobile and Desktop Trading

Both Coinsmart and Wealthsimple Crypto offer user-friendly mobile and desktop platforms for cryptocurrency trading. Coinsmart's iOS app has improved significantly, currently holding a 3.6-star rating with 720 ratings, while its desktop platform is beginner-friendly and easy to navigate.
The Wealthsimple Crypto Trade app garners a 4.7-star rating based on 123,000 Apple App Store reviews and a 4.6-star rating with 41,000 Google Play reviews. Wealthsimple Trade's desktop platform offers a user-friendly experience, making investment management seamless for users.

Coinsmart

CoinSmart has a fun look with bright colours and cartoons. It is enjoyable to use. The dashboard shows everything you need to trade including options to buy, sell, and trade. You can also view your wallets, activity and simple market information. 

To use CoinSmart’s advanced features such as limit orders, you can use their advanced trading platform, which is accessible within your user dashboard. 

CoinSmart’s iOS app has a 3.4-star rating with 309 reviews. Its Android app has a 2.6-star rating from 94 reviews. Users of the app say the app crashes, is slow, and often freezes. This is why we would recommend using their desktop version.

accessing Coinsmart app

Coinsmart App

Cool usability and design of Coinsmart cryptoexchange

Coinsmart App trading screen

Coinsmart app mobile view

Coinsmart mobile app interface

Coinsmart mobile app interface while trading

Coinsmart mobile app interface while trading

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

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. 

Coinsmart employs cold storage to secure its digital assets, requires two-factor authentication for added safety, and adheres to all relevant Canadian regulations.
However, the exchange does not provide detailed information about the percentage of assets held in cold storage. Wealthsimple Crypto is a secure trading platform, with coins insured for $200 million by Gemini Trust Company LLC™. The platform is fully regulated in all Canadian provinces and has been a trustworthy brokerage since 2016.

Regulatory Compliance

Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).

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.

Coinsmart is fully compliant in Canada, being registered with FINTRAC and granted status by the Ontario Securities Commission (OSC). Wealthsimple is also fully regulated in all Canadian provinces and compliant with Canadian laws. Both platforms adhere to the regulations and requirements set forth by Canadian federal organizations to ensure secure and legitimate operations.

Customer support

CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.

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. 

Coinsmart offers 24/7 customer support, including phone support, with a 97% customer satisfaction rate. Users have the option to create a support ticket or engage with the live chat feature on the site. Wealthsimple Crypto also provides comprehensive support with a help center, live chat, email, and phone support, all available 24/7. Both exchanges have a strong reputation for responsive and helpful customer service.

Conclusion

While both Coinsmart and Wealthsimple Crypto are reliable and user-friendly platforms for cryptocurrency trading, Coinsmart emerges as the winner in this comparison. Coinsmart offers a wider range of cryptocurrencies, unique features such as altcoin-to-altcoin trading, and premium services for large trades. Additionally, Coinsmart allows European residents to participate and supports multiple fiat currencies. Although Wealthsimple Crypto has an excellent reputation and user experience, Coinsmart's broader offerings give it a competitive edge, making it the preferred choice for cryptocurrency trading.

We recommend choosing Coinsmart over Wealthsimple Crypto for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!

If you find that neither Coinsmart nor Wealthsimple Crypto meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

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.