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

Oleg Galeev

Last updated September 20, 2024

Wealthsimple Crypto and BitMEX are two different popular platforms serving various types of traders. While Wealthsimple Crypto, backed by a trusted Canadian investment firm, offers a beginner-friendly environment for Canadians entering the cryptocurrency market, BitMEX, a Seychelles-based platform, is known for its advanced trading options, including leverage trading and a wide variety of futures contracts.

Description

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.

BitMEX is a crypto derivatives exchange that offers futures trading, and perpetual contracts. BitMEX aims to become the world’s largest regulated derivatives exchange. You cannot deposit fiat on BitMEX, only BTC and USDT. The exchange is aimed at experienced traders.

Coins

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.

 

Bitcoin, Ethereum, Terra, Solana, XRP, EOS, Stellar, Tron, Litecoin, Chainlink, Polkadot, Dogecoin, Binance Coin, Bitcoin Cash, Axie Infinity, Avalanche, Cardano

Fees

  • Free USDT or BTC deposits
  • Free BTC withdrawals
  • Variable USDT withdrawal fees
  • 0.01%/0.05% maker/taker fees

Pros

  • 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
  • Low trading fees
  • Advanced order types
  • No BTC deposit/withdrawal fees
  • Futures/perpetual trading

Cons

  • High trading fees
  • Cannot move crypto to a private wallet yet
  • Not suitable for buying crypto
  • USDT withdrawal fees
  • Only suitable for traders who understand contracts trading
  • No fiat deposits

Account Limits

Low

Low

App

Methods to buy

CAD Bank transfer

Security

  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID
  • All BTC held in cold storage
  • Two employees audit all BTC withdrawals
  • BTC deposit addresses externally verified
  • Multisignature wallets

Mobile and Desktop Trading

BitMEX mobile application is highly functional and user-friendly, but it is designed for more experienced traders who require a comprehensive range of charting tools and order types. Ratings and reviews on app stores are generally favorable, although not as high as Wealthsimple's. Wealthsimple Crypto, on the other hand, offers both a mobile app and desktop platform that are user-friendly and perfect for beginners. Their Trade app is highly rated with a 4.7-star rating from 121,000 reviews on the Apple App Store. Users note the app's ease of use and the convenient ability to manage all investment accounts in one place.

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

BitMEX

BitMEX’s exchange is confusing, but that’s because it is aimed at experienced traders who understand perpetual and futures contracts trading. BitMEX has a more outdated interface than Kucoin, making it seem clunky and old. However, the lighter colour scheme makes it easier to see the different menus and tabs.

There is a tab for each cryptocurrency market available, which makes it somewhat easy to navigate, view charts and order books.

To start trading contracts, you will need to sign up but you only need to provide an email address to do so. Once you have deposited your Bitcoin or USDT, you can use that to trade for the other cryptocurrencies available.

Leverage is one of the main features of BitMEX and the platform offers a handy leverage slider that can be adjusted to your risk when you trade.

BitMEX is only available as a desktop platform.

Bitmex desktop app

Bitmex desktop app

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. 

BitMEX is stating that it utilizes cold storage for all of the bitcoin funds. BitMEX also uses multi-signatures wallets and every bitcoin withdrawal is audited by hand by at least two BitMEX employees. All bitcoin deposit addresses sent by BitMEX are externally verified to ensure the keys match those of the founders. If they do not match, BitMEX will shut down and halt trading. 

Wealthsimple Crypto is insured for $200 million by Gemini Trust Company LLC™, and its platform is highly secure. However, it lacks two-factor authentication, which can be a security concern for some users. BitMEX utilizes multisignature deposits and withdrawal schemes, and all BitMEX addresses are multisignature for added security. Furthermore, BitMEX also offers two-factor authentication which adds an extra layer of security to user accounts.

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.

BitMEX withdrew operations in Ontario, but was not officially named by the OSC. BitMEX is still operational in other Canadian provinces but it is facing legal trouble with the USA due to allegedly offering securities trading illegally. 

While you can use BitMEX safely, trade at your own risk and be aware that they could cease trading in Canada due to regulations. 

Wealthsimple Crypto is fully regulated in all Canadian provinces, making it a safe and reliable choice for Canadian investors. BitMEX, on the other hand, is not available in Ontario and Quebec due to regulatory restrictions.

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. 

BitMEX offers support via a contact form on their website and has a detailed FAQ section as well. 

Wealthsimple Crypto offers a comprehensive support system with a help center full of informative articles, along with 24/7 live chat, email, and phone support. BitMEX offers support through email and has an extensive FAQ section on its website. However, it lacks phone and live chat support, which might be an issue for users seeking immediate assistance.

Conclusion

Both BitMEX and Wealthsimple Crypto have their distinct advantages. BitMEX stands out for its advanced features and high security but is not available for use in Canada. Wealthsimple Crypto, while having higher trading fees, is appreciated for its user-friendly platform, comprehensive customer service, and is fully regulated in Canada. Considering these factors, Wealthsimple Crypto is the winner for Canadian users seeking a secure, user-friendly, and compliant platform to trade cryptocurrency.

We recommend choosing Wealthsimple Crypto over BitMEX 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 BitMEX 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 Galeev

Cryptocurrency Specialist

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. 

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