Security Compliance
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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held.
Both Wealthsimple Crypto and Kraken prioritize user security. Wealthsimple Crypto ensures the security of users' assets by partnering with Gemini, a renowned and secure cryptocurrency custodian. Kraken, a globally recognized exchange, protects digital assets by storing over 95% of them in cold storage and offering two-factor authentication. Furthermore, Kraken’s servers are heavily protected with around-the-clock surveillance by armed guards.
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.
Kraken keeps about 95% of user funds in cold storage, encrypts all account information, and physically secures its servers under constant surveillance. It has never been hacked since launching in 2013, one of the cleanest security records of any major exchange. Users can enable two-factor authentication, receive email notifications for every withdrawal, and benefit from account timeout protection. Kraken also publishes regular Proof of Reserves audits demonstrating customer funds are fully held. Note that Kraken's client assets are not covered by CIPF, which every user must acknowledge at sign-up.
Both Wealthsimple Crypto and Kraken prioritize security through cold storage, two-factor authentication and regular audits. Wealthsimple's Gemini Trust custody, Coincover recovery partnership and CIPF coverage on fiat give it a slight institutional edge for Canadian retail investors. Kraken's 13-year hack-free record and Proof of Reserves audits are genuinely commendable — but the absence of CIPF coverage is worth knowing before holding large CAD balances on the platform.
Regulatory Compliance
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians can use the platform with confidence, with one caveat: as a restricted dealer, its client assets aren't covered by CIPF insurance.
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.
Kraken is one of the most compliant exchanges available to Canadians. It completed the CSA's rigorous pre-registration undertaking process and obtained restricted dealer registration in April 2025, recognized nationally in every province and territory, while it works toward full investment dealer registration and CIRO membership. In the US, the SEC's lawsuit against Kraken was dismissed in early 2025, clearing its regulatory slate as the company prepares for a public listing. Canadians in every province can use the platform with confidence — the old Ontario-only service restriction that existed before April 2025 no longer applies.
Both Wealthsimple Crypto and Kraken are registered with FINTRAC and operate under Canadian securities regulation. Wealthsimple holds the higher tier as a full CIRO investment dealer with CIPF coverage on fiat, while Kraken holds restricted dealer status and is working toward the same standard.
Customer support
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
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.
Kraken offers 24/7 live chat and email support plus an extensive learning centre with helpful articles and guides. Support quality has historically been a sore point, with tickets sometimes taking a long time to resolve, though the live chat handles routine issues reasonably quickly.
Both platforms offer 24/7 live chat, which is rare in Canadian crypto. Wealthsimple's integrated tax reporting is a practical advantage at year end. Kraken's support has historically been slower on complex issues, though its learning centre is one of the most comprehensive in the industry.
Conclusion
Both Wealthsimple Crypto and Kraken are strong, well-regulated options for Canadians — and this is one of the better-matched comparisons in Canadian crypto since both operate under Canadian securities regulation.
Wealthsimple Crypto is the stronger pick if you value regulatory protection, all-in-one convenience and integrated investing. As Canada's only CIRO-registered crypto investment dealer, it offers CIPF coverage on fiat balances, free Interac deposits and withdrawals, staking on ETH/SOL/ADA/DOT, crypto-to-crypto swaps, limit orders and 140+ coins — all in the same app as your TFSA and RRSP. The 2% Core-tier fee is the main trade-off for active traders. If you are buying frequently or in large volumes, Kraken Pro will cost you less.
Kraken is the stronger pick if you want more coins, lower fees on volume, pro-grade trading tools and staking across a wider range of assets. Its restricted dealer registration across all Canadian provinces since April 2025 — including Ontario, where it previously had restrictions — makes it fully accessible nationally. The main caveat is the absence of CIPF coverage on client assets, so long-term holders should withdraw to their own wallet regularly.
We recommend choosing Wealthsimple Crypto for most Canadians due to its unmatched regulatory standing, CIPF coverage and all-in-one Canadian investing experience. By using our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If neither Wealthsimple Crypto nor Kraken meets your requirements, explore our monthly-updated list of the best exchanges for Canadians for more options.
