Security Compliance
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for convenient logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen.
To secure an Uphold account, users enable two-factor authentication, which Uphold requires before funds can be transferred. The platform keeps around 90% of digital assets in cold storage and has never suffered a sitewide hack. For former Canadian users, the more pressing security matter is retrieving stranded balances before unclaimed property rules kick in.
Wealthsimple Crypto requires new customers to complete KYC before trading and supports two-factor authentication, along with Touch ID or Face ID for logins. Client crypto is held in cold storage by regulated custodian Gemini Trust Company, backed by insurance and a Coincover partnership for asset recovery. One transparency note: Wealthsimple disclosed a data breach in September 2025 via a third-party supply chain attack, where some personal data was affected but no funds were stolen. Eligible fiat balances are covered by CIPF. Crypto withdrawals to external wallets have been supported since 2022.
Both Uphold and Wealthsimple Crypto use cold storage and two-factor authentication as core security layers. Wealthsimple's Gemini Trust custody, Coincover recovery partnership and CIPF coverage on fiat as Canada's only CIRO investment dealer give it a clear institutional edge. Since Uphold is no longer available in Canada, only Wealthsimple's protections matter for Canadian readers.
Regulatory Compliance
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer Canadian-friendly: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
Uphold is regulated in the USA and compliant with the Office of Foreign Assets Control (OFAC) and Bank Secrecy Act (BSA) record-keeping requirements. However, it is no longer available to Canadians: Canada appears on Uphold's non-supported jurisdictions list, and Canadian accounts were wound down in 2025. Uphold has publicly stated it's working on plans to return to Canada, but no timeline has been announced.
Wealthsimple Crypto holds the strongest regulatory position in Canadian crypto: it is the country's only CIRO-registered crypto investment dealer and is listed by the CSA as an authorized platform. Eligible fiat balances are covered by the Canadian Investor Protection Fund up to $1 million, though crypto assets themselves fall outside CIPF coverage. Wealthsimple has been a staple of Canadian investing since 2014 and manages tens of billions in assets.
Wealthsimple Crypto is registered with FINTRAC and operates as Canada's only CIRO-registered crypto investment dealer with CIPF coverage on fiat. Uphold was registered with FINTRAC but is no longer authorized to serve Canadian users.
Customer support
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start, and be patient, as reviews frequently mention slow, message-only support with replies taking days.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is well regarded, though there's no dedicated phone line for crypto issues. One tax perk worth knowing: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software.
Uphold offers help centres on its website and in-app, with support via an online ticketing system. If you're a former Canadian customer trying to recover funds, their Canadian services withdrawal help page is the place to start — be patient, as reviews frequently mention slow, message-only support with replies taking days.
Wealthsimple has a comprehensive help centre on its website and in-app, covering both crypto basics and platform how-tos. Support runs through live chat and email around the clock, and quality is generally well regarded. One useful perk: the app provides a downloadable crypto realized gain/loss report that imports cleanly into tax software, saving time at year end.
Wealthsimple's 24/7 live chat is a clear advantage over Uphold's ticket-only system. Uphold's support is relevant to Canadians only for recovering stranded CAD balances.
Conclusion
From a Canadian perspective, this comparison has only one answer. Uphold exited Canada on June 11, 2025 — if you had an account, the withdrawal deadline was September 8, 2025, and any remaining crypto was auto-converted to CAD. Log in and withdraw it now if you haven't, and act quickly if you used Uphold Vault since the 12-month key retention window after account closure is running.
Wealthsimple Crypto is the clear choice for Canadians. As Canada's only CIRO-registered crypto investment dealer, it holds the strongest regulatory position of any crypto platform in the country, with CIPF coverage on fiat balances up to $1 million. It offers 140+ coins alongside your TFSA, RRSP and stocks in one app, staking on ETH/SOL/ADA/DOT, crypto-to-crypto swaps, limit orders, free Interac deposits and withdrawals, and 24/7 live chat support. Crypto withdrawals to external wallets have been available since 2022. The main trade-off is the 2% Core-tier fee — if you are trading frequently or at scale, platforms like NDAX or Kraken Pro are more cost-effective for volume.
We recommend Wealthsimple Crypto over Uphold for your cryptocurrency trading needs. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that Wealthsimple Crypto doesn't meet your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
