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.
Crypto.com is highly secure crypto exchange. They keep funds in cold storage, offer two-factor authentication to keep accounts secure, encrypt user data, and more.
Crypto.com keeps 100% of users’ funds in cold storage, specifically in a Ledger vault. This percentage is the highest we’ve seen of any crypto exchange, showing crypto.com truly values security. Crypto.com also has $750M in cold storage insurance in case of theft.
Crypto.com also makes its users whitelist all withdrawal addresses via email and users multi-factor authentication - such as FaceID - to
Security is paramount in the world of cryptocurrency, and both Wealthsimple Crypto and Crypto.com have robust measures in place. Wealthsimple Crypto uses state-of-the-art security features like two-factor authentication and encryption. On the other hand, Crypto.com provides stringent security protocols, including cold storage for 100% of user funds and multi-factor authentication, making it a highly secure platform. However, the choice of which is safer is subjective and depends on individual trust and preference.
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.
Crypto.com is fully regulated and can be accessed in Canada, USA (except New York), Europe, and other countries around the world.
Both Wealthsimple Crypto and Crypto.com demonstrate their adherence to Canadian rules and regulations. The operations of Wealthsimple Crypto are overseen by prominent Canadian regulatory bodies such as the Canadian Securities Administrators (CSA) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). Similarly, Crypto.com has taken tangible steps towards compliance with Canadian regulations, illustrated by their pre-registration agreement with the Ontario Securities Commission (OSC).
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.
The customer support for crypto.com is quite slow. Users like the app, security, and the wide range of coins, but the customer service needs work. Crypto.com does not offer educational resources or a knowledge centre, which is a let down.
Wealthsimple Crypto provides support via email, although the absence of real-time assistance like phone support might be a concern for some users.
Crypto.com's customer service is reportedly slower and lacks the abundance of educational resources that Wealthsimple provides, which is an area they could improve upon
Conclusion
While both Wealthsimple Crypto and Crypto.com provide robust platforms for crypto trading, Wealthsimple Crypto stands out for its simple, user-friendly interface and its dedication to regulatory compliance in Canada. Despite the wide array of features Crypto.com offers, the user experience may be a bit overwhelming for newcomers. So, Wealthsimple Crypto emerges as the winner for those preferring a straightforward and hassle-free trading experience.
We recommend choosing Wealthsimple Crypto over Crypto.com 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 Crypto.com 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.
