Wealthsimple Crypto Review: We Spent $100 To Test Their Crypto Platform

Wealthsimple is a Canadian trading platform that allows you to manage both stock market investments and digital currencies. Since 2016, I’ve been closely following the evolution of crypto platforms, and I’ve seen how Wealthsimple introduced Wealthsimple Crypto as a separate platform to handle crypto assets. We decided to create an account to test it out and see if it’s worth using in 2025. Here’s my detailed Wealthsimple Crypto review.

Wealthsimple Quick Summary

 

Wealthsimple has made it incredibly easy for Canadians to invest in both the stock and crypto markets. As a trading platform, Wealthsimple allows you to manage your TFSA, RRSP, personal trading account, and, most recently, a crypto account. It’s simple to transfer funds between these accounts and deposit Canadian dollars by connecting your bank account. While bank transfers can take up to a week to process, there are no deposit or withdrawal fees.

When Wealthsimple Crypto was first launched in 2020, it only allowed users to trade Bitcoin and Ethereum. But now, Wealthsimple offers a broader selection of digital currencies. You can buy Bitcoin, Ethereum, 1inch, Cardano, Dogecoin, Shiba Inu, Aave, Balancer, Basic Attention Token, Bitcoin Cash, Compound, Curve, Polkadot, Filecoin, Fantom, Kyber Network, Chainlink, Litecoin, Decentraland, Polygon, Maker, Ren, Synthetic, Solana, SushiSwap, UMA, UniSwap, Stellar, Yearn.finance, AXS, and 0x.

While the trading fees are between 1%-2%—which is relatively high—Wealthsimple’s convenience may outweigh the cost depending on what you value most in a crypto platform.

Additionally, Wealthsimple offers Bitcoin ETFs and stocks in mining companies. However, to buy these, you’ll need to open one of their investment accounts.

Wealthsimple Crypto Account Features

I can confidently say that Wealthsimple Crypto offers Canadians a straightforward way to manage their crypto investments alongside other assets. The platform lets you view and manage all of your investments in one place, making it easy to transfer funds between accounts. Wealthsimple treats digital currencies just like traditional stocks, so you can view charts, buy and sell easily, and track your profits or losses. Your crypto account looks exactly like your TFSA or any other Wealthsimple Account.

Wealthsimple’s crypto account is perfect for complete beginners who want to gain exposure to cryptocurrency without dealing with crypto exchanges, crypto wallets, or any other complicated aspects of crypto.

The downside is that you cannot move your crypto off the trading platform to your own private wallet, but this feature is apparently coming soon. You can, however, move crypto from an external wallet to Wealthsimple if you want to sell it. However, the fees are quite high, so this is not an ideal option just yet.

Wealthsimple has a good rewards program where you can invite friends and you will both receive a random stock valued up to $4,500 (you can use our sign-up link). Currently, they do not offer any crypto rewards, but they could in the future.

You can also view all of your trading activity directly within the app, and Wealthsimple will send you statements, which makes it easier to complete your taxes.

The downside is that there is no order book data or advanced charting, and prices are delayed by 30 minutes. As with crypto exchanges, you don’t hold your private keys, so while Wealthsimple is a safer option for storing crypto, it’s still best to withdraw to a private wallet.

Wealthsimple Crypto is only suitable for Canadian residents, but Canadians can access the trading platform outside of Canada.

Wealthsimple Registration & Verification

What You Need to Open an Account:

• Must be 18+
• A government-issued ID
• Provide SIN

To set up a Wealthsimple crypto account you must be a Canadian citizen or Canadian resident. You will be asked to provide your name, address, date of birth, phone number, employment information and your Social Insurance Number (SIN).

Since Wealthsimple is regulated, they are required to gather this information before you can trade. Once you have created your profile, you can open up your Wealthsimple crypto account. All you have to do is follow the on-screen prompts and check a few boxes to open it. The whole process takes only a few minutes.

Wealthsimple Fees

While Wealthsimple does not charge deposit and withdrawal fees, it charges some of the highest trading fees. Since you are buying crypto directly from Wealthsimple and not from another person as you would on a crypto exchange, Wealthsimple charges a high fee of between 1.5%-2% per transaction so that they can make a profit. You have to weigh up the pros and cons of using Wealthsimple to see if the fees are worth it to you. 

Wealthsimple’s crypto account is secure and trustworthy. You don’t have to rely on yourself to keep seed phrases safe, so there isn’t much risk of losing your crypto. Wealthsimple will keep your crypto safe for you. When you store crypto on a private wallet, you will need to transfer it to an exchange to sell. With Wealthsimple, you can sell your crypto in seconds, which makes it highly convenient, especially if you want to trade frequently. High fees might be worth it if you value the convenience of Wealthsimple. 

Wealthsimple Crypto Spreads

When it comes to trading, a spread is the difference between the highest price a buyer is willing to pay (the bid) and the lowest price a seller is willing to accept (the ask). The spread is how exchanges make their profit.

With Wealthsimple Crypto, you’re buying and selling directly from them. This means they can set both the buy and ask prices themselves and pocket the difference. A portion of that profit also goes to their custodian, Gemini.

Personally, I’ve noticed that Wealthsimple Crypto has a spread between 1.5% and 2%, which is quite high compared to some other platforms. For instance, Newton has a spread of 0.9%, which is much lower.

How Much Does it Really Cost To Trade With Wealthsimple Crypto?

We deposited $100 into our Wealthsimple Crypto account instantly. Since there are no deposit fees we received the full $100.

Next we bought bitcoin with our money but incurred a 1.5% spread meaning we received $98.50 worth of bitcoin. 

Wealthsimple doesn’t charge trading fees, so this fee was the spread alone. It is a high spread compared to other crypto exchanges available for Canadians, but Wealthsimple offers many features that other exchanges don’t, so the high spread may be worth it if you simply buy and hold.

We don’t recommend using Wealthsimple for regular trading as this spread will quickly eat into your profits.

Wealthsimple Crypto Liquidity

Wealthsimple uses multiple crypto asset trading firms to act as liquidity providers. Using third-parties means that they can access liquidity from multiple sources so they always have enough to fulfill orders. 

Wealthsimple Crypto Currencies & Deposit Methods

Wealthsimple makes it easy to deposit funds by allowing you to connect your Canadian bank account directly. While deposits can take up to a week to clear, there are no fees associated with this process. Keep in mind that Wealthsimple only accepts Canadian dollars for deposits.

How Long Do Deposits Take With Wealthsimple Crypto?

Deposits from bank accounts can take up to five business days, but you can make an instant deposit of up to $5,000, with access to the funds right away. The amount will clear from your bank later. You can also deposit instantly using a debit card, with a limit of up to $1,000.

To make a deposit into your crypto account, simply select “add funds” and choose your crypto account from the list of available options.

Once you’ve linked your bank account or debit card, you can easily select your deposit method. If your bank account is already linked, you can deposit up to $5,000 instantly. Alternatively, you can choose to use a debit card or link a new bank account.

After completing the simple steps to link your account, you’ll be able to add funds. You’ll get up to $5,000 instantly, with the rest clearing once it processes through your bank.

With funds in your account, you can start browsing the list of available cryptocurrencies. Simply select the one you want, enter the amount you’d like to purchase, and hit the buy button.

How Long Does it Take to Withdraw CoinsWith Wealthsimple Crypto?

Wealthsimple Security and Safety

Yes, Wealthsimple’s crypto account is safe for Canadians to use. Wealthsimple is a secure cryptocurrency trading platform, and coins are insured for $200 million by Gemini Trust Company LLC™. Additionally, Wealthsimple is fully regulated in all Canadian provinces and has been a trustworthy brokerage dealing in securities since 2016. Wealthsimple launched its crypto accounts in September 2020, offering a reliable and regulated service.

For added security, you can use Touch ID or Face ID to log in, providing an extra layer of convenience and protection. However, it’s worth noting that currently, Two-Factor Authentication (2FA) is not available.

Wealthsimple Mobile and Desktop App

Wealthsimple offers two distinct products: Wealthsimple Invest, which is a robo-investment platform where Wealthsimple manages all your investments for you, and Wealthsimple Trade, where you can manage your investments yourself. If you’re looking to trade crypto, you’ll need to use Wealthsimple Trade.

Both the Wealthsimple Trade mobile app and desktop platform are incredibly user-friendly and suitable for beginners. They provide simple charting, easy options to add funds, and seamless buying and selling features. You can set limit and stop loss orders, or you can opt for straightforward market purchases and sales—perfect for anyone starting their crypto journey.

Wealthsimple Trade’s mobile app is highly rated, with 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. This makes it one of the top-rated investment apps, showcasing its ease of use and reliable service.

The Wealthsimple Trade app makes it easy to switch between all of your investment accounts and see exactly how much you have in each one. Whether you’re managing your crypto or other investments, everything is at your fingertips. The desktop trading platform offers the same seamless experience, allowing you to deposit and withdraw, buy and sell, and view detailed charts for the different cryptocurrencies you’re tracking or trading. It’s a consistent and straightforward platform, ensuring that whether you’re on mobile or desktop, managing your investments is simple and efficient.

Wealthsimple Customer support

Wealthsimple offers a comprehensive help center on its website and within the app, packed with articles covering everything from general crypto information to platform-specific guidance. For personalized support, they provide live chat, email, and phone support, available 24/7. I’ve found that Wealthsimple has solid customer service, making it easy to get answers to your questions quickly, whether you’re new to crypto or an experienced trader.

Wealthsimple Crypto Consumer Ratings, Reports & Reviews on Other Platforms

Wealthsimple has 70% excellent customer service reviews on Trustpilot. Many users love Wealthsimple’s ease of use and helpful customer support.

 

Does Wealthsimple Crypto Restrict or Freeze Accounts?

Some users have complained of Wealthsimple freezing their accounts or restricting access to funds. Welathsimple may do this if they suspect suspicious activity on your account such as trading higher amounts than usual.

Wealthsimple has measures in place to protect users such as the requirement for funds to be in your account for at least five business days before you can move them to a different trading account. Similarly, withdrawals have the same requirement. 

These requirements can be frustrating, but since Wealthsimple is regulated it must out protections in place for its users to help prevent fraud.

Can Wealthsimple Crypto Track where you Receive and Send Crypto?

Wealthsimple Crypto now features the ability to deposit and withdraw crypto from your account. Since all crypto transactions are public information on the blockchain, they can see which wallet addresses you send and receive crypto from. 

It is therefore easy to link your identity with wallet addresses on the blockchain. 

Latest Updates on Wealthsimple Crypto For Canadians

Wealthsimple now offers crypto swaps, enabling users to save on fees when trading between coins. The platform has expanded to support over 60 cryptocurrencies, and staking options are available with potential returns of up to 11% annually. Additionally, users can now send and receive crypto to and from external wallets, which enhances flexibility and security—an important feature that was previously unavailable.

Wealthsimple Crypto Alternatives

There are many Canadian crypto exchanges that are cheaper and allow you to deposit and withdraw funds much more quickly. We recommend Bitget or Bitbuy. 

Bitbuy and Bitget have low spreads, are Canada’s first regulated exchange and are compliant with the Ontario Securities Commission. 

	Wealthsimple Crypto	Bitget	Bitbuy
Trading fees	0.5-2%	0.1% or lower	0 to 1.5%
Cryptocurrencies	60+	850+	40+
Additional features	Visa card, stock trading accounts	Copy trading, futures trading, bot trading, staking, institutional services	OTC Desk
Customer Support	Great	Poor	Great
Security	Excellent	Average	Excellent

Common Crypto Scams Related to Wealthsimple Crypto

Some scammers will create a fake website or fake emails to mimic that of a real exchange. They encourage you to click links, make deposits, or give up passwords and important information to scam you out of your money. We covered more about in our “Common Cryptocurrency Scams in Canada and How to Avoid Them”.

Always use the official Wealthsimple app or desktop platform and double check you have the correct URL if using the desktop version. 

Also be aware when using social media as scammers will often create fake social media accounts to resemble real exchanges. With these, a scammer encourages you to connect your wallet to receive free coins. Instead, they will steal your crypto. 

Always double check the official social media account of the crypto exchange you are using. Wealthsimple has a blue check mark meaning it is verified.

Does Wealthsimple Crypto Offer Staking or Other Services?

Wealthsimple Crypto offers a Visa card with 1% cashback on your spending. There are no credit checks or spending minimums. You can choose to receive rewards as cash to your spend account, cash to your stock or crypto trading accounts, or auto-invest in the crypto of your choice. 

Wealthsimple will soon offer staking for select cryptocurrencies for Canadians. 

Does Wealthsimple Crypto Have an OTC Desk?

Wealthsimple Crypto does not currently have an OTC Desk but you can trade as much as you like provided you have the funds in your account.

Conclusion

Yes, Wealthsimple’s crypto account is legit. As someone who’s been in the crypto space for years, I can confidently say that Wealthsimple is one of the most reliable platforms for Canadians looking to invest in cryptocurrency. They’ve made significant strides since their launch, expanding the range of cryptocurrencies they offer and adding the ability to move crypto to private wallets in the near future.

That said, their fees are relatively high, especially compared to traditional crypto exchanges. If you’re planning to make larger trades and are comfortable with managing seed phrases, a platform like Bitbuy or Binance might offer better value. However, if you’re just starting out or want to keep all your investments in one easy-to-use platform, Wealthsimple is a solid choice.

If you found this review helpful and are ready to dive into crypto with Wealthsimple, I’d really appreciate it if you used my sign-up link.