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.
As a public company Bitcoin Well has a duty to be transparent with its investors and adhere to all Canadian regulations. Additionally, since you always take full custody of your bitcoin, you do not need to worry too much about the security measures of the platform, since you hold your bitcoin yourself.
When it comes to security, both platforms make no compromises. Wealthsimple Crypto guarantees its users' safety, insuring coins for up to $200 million via the Gemini Trust Company LLC™ and allowing biometric login features. Bitcoin Well also emphasizes stringent security measures, implementing multi-factor authentication, cold storage solutions, and rigorous monitoring. Both platforms prioritize users' security, but Wealthsimple's substantial insurance might be a significant deciding factor for many.
Regulatory Compliance
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.
Bitcoin Well is registered with FINTRAC and fully legal in Canada.
Navigating the intricacies of Canadian regulations, both platforms showcase their commitment to legal compliance. Wealthsimple is regulated across all Canadian provinces and has built trust since its inception. Similarly, Bitcoin Well's dedication to transparency and adherence to Canadian regulations reinforces its reputation. Both platforms, under the purview of Canadian regulatory bodies, ensure their users trade confidently and legally.
Customer support
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.
Bitcoin Well aims to provide great customer service and although it only has five reviews on Trustpilot, it has a 4.1-star rating, which is good. If you need support, you can browse the many help sections on their website, open a support ticket online, or even call or text their team. Most crypto exchanges do not offer a support phone number so this is a big plus.
Wealthsimple Crypto offers extensive support through its help center, 24/7 live chat, email, and phone support, ensuring quick answers to queries. Bitcoin Well, while highlighting its top-tier customer support, prides itself on efficient response times and expertise, ensuring users always find the assistance they need.
Conclusion
Both Wealthsimple Crypto and Bitcoin Well have cemented themselves as reliable and user-centric platforms in the Canadian crypto trading arena. However, Wealthsimple Crypto edges out slightly due to its broader financial ecosystem, substantial coin insurance, and the reputation of its parent brand. For Canadians looking to delve into cryptocurrency trading while enjoying the perks of a holistic financial platform, Wealthsimple Crypto appears to be the winner.
We recommend choosing Wealthsimple Crypto over Bitcoin Well for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto nor Bitcoin Well 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.
