Wealthsimple Crypto Fees In Canada: 2024 Analysis & Reviews

Wealthsimple Crypto is a Canadian cryptocurrency trading platform designed to make it easier for Canadians to invest in crypto assets. It provides users with a simple and secure way to buy, sell, store, and trade crypto coins like Bitcoin and Ethereum.

The Wealthsimple app also offers insights into the crypto markets and educational resources for those new to the space. Wealthsimple Crypto fees are competitive compared to other Canadian exchanges, but some differences should be considered before signing up.

This review will look at Wealthsimple Crypto’s fee structure in 2022 and other factors, such as security features, customer support options, ease of use, and more. We will also compare Wealthsimple Crypto to other popular Canadian cryptocurrency exchanges to give you a better understanding of which platform is best for your needs.

Wealthsimple Crypto Fees Advantages

Wealthsimple Crypto is popular among traders because of its no-fee structure.

$0 For Deposit or Withdrawal

Wealthsimple Crypto doesn’t charge any fees for making deposits or withdrawals. That makes it one of the cheapest exchanges in Canada for transferring funds.

No Hidden Fees

Wealthsimple Crypto also doesn’t charge any hidden fees. All costs associated with trading are clearly outlined, so you don’t have to worry about surprise charges.

No Account Minimums

The Wealthsimple platform doesn’t have a minimum account balance. That means you can start trading with as little as $1.

Wealthsimple Crypto Fees Analysis

 Wealthsimple Crypto offers competitive trading fees for Canadians, as shown below.

1.5-2% Per Buy/Sell Crypto Order

Wealthsimple Crypto charges are uncomplicated. The platform only charges a 1.5-2% trading fee per transaction. This means that regardless of whether it’s a buy or sell order, the operations fee remains the same. It is applied on top of the prices that buy or sell orders execute. 

Deposit or Withdrawal

Other cryptocurrency trading platforms charge fees for deposits and withdrawals. Wealthsimple Crypto is one of the few that allow them for free. You only need to use Electronic Funds Transfer (EFT) to deposit or withdraw funds from your bank account to your Wealthsimple account. Users also have the option to deposit crypto. Unfortunately, crypto withdrawals are not yet supported. 

There is one limit to take note of. Wealthsimple sets a maximum of $50,000 only per deposit. This can be a downside for high-volume traders.

Commission, Minimum Balance, And Transferring Funds For 0$ Fees

Wealthsimple Crypto stays true to its no-fee promise. First, it does not charge commission fees and allows account opening with no minimum balance, unlike other crypto trading platforms that require high minimum deposits. Second, funds transfers to and from other accounts also come at no cost. Lastly, there are no fees for electronic statements and trade confirmations.

Wealthsimple Crypto Account: Both Stocks & Crypto Trading

There are no fees associated with account opening and account closing. So you can try the platform out at no cost. Unfortunately, the only fiat currency Wealthsimple Crypto currently supports is Canadian dollars. If you use USD to fund your Wealthsimple account, they will automatically convert to CAD.

Crypto is just one of the Wealthsimple products available. Stocks and ETF trading are also offered. All these assets are available through Wealthsimple Trade, meaning you can make a Wealthsimple Trade account for either crypto or stocks.

This makes Wealthsimple Crypto a great choice if you’re looking for an all-in-one platform to invest in both stocks and crypto assets. 

Wealthsimple Crypto Quick Overview

4.4 stars

Best Overall Value

• No Fees and Commissions
• No Minimum Balance
• Free Deposits and Withdrawals

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Wealthsimple Crypto Fees Customer Reviews

Reviews for Wealthsimple Crypto are mixed. While users praise the platform for its simplicity, others wish for more features and an improvement in the user interface. Here are some reviews gathered from Trustpilot and the Google Play Store.

Very simple app to use and no fees which is great for people with low capital. I wish it had support for options trading and reporting tool/view to help rebalance your portfolio.

P-L

So disappointed. Wealthsimple’s infamous 5-day holds are in fact 7-day holds. They say “5 working days,” which is technically accurate enough to claim that they are not being misleading but there is no day of the week you can make a deposit where a 7-day hold does not apply. It doesn’t matter if the transfer is being made from a Schedule 1 Canadian bank, as far as WS is concerned all its clients are from Azerbaïdjan. If you want to take advantage of a good price on a stock, ETF, or coin, make sure that you keep a ready-to-trade cash balance in your WS account or you’re SOL. Also, there is a maximum of $5,000 per day that you can transfer to an external wallet from your crypto account. I have never had a similar limit imposed on me from any other exchange. Oddly no such limit is imposed on you when you transfer in from an external wallet. 2-stars max. Wealthsimple is just an extension of the archaic Canadian financial system that thinks that they own their client’s money.

Mike

Best choice for Canadian trade. What I would like to see in the app is more flexibility on the graphs so we can navigate it. Also, add more research tools and a news page! Overall, amazing app and easy to use for new investors, like myself.

Kostas

The UI has somehow managed to get worse over time. It’s less clear, gives worse information, does not filter correctly and the things that have improved are aesthetic but serve no real purpose.

Adhi

Wealthsimple Crypto Review

Now that we’ve explored the fees offered by Wealthsimple Crypto, it’s time to review other aspects that are just as important to traders.

Is Wealthsimple Crypto Right For You?

Wealthsimple seems promising due to the outstanding fees it offers. But advanced traders may find it lacking in other parts. That being said, Wealthsimple Crypto works if:

• You’re looking for a simple way to buy, sell, and store digital currencies
• You’re just getting started in the crypto space and want some educational resources
• You don’t need advanced charting tools or other features found on more sophisticated platforms
• You want to gain access to stocks and crypto in one platform

However, this may not be the right crypto exchange for you if:

• You are not a Canadian citizen or are not currently residing in Canada
• You want access to crypto coins other than the 55+ digital assets on Wealthsimple
• You want to use more advanced trading tools
• You highly value customer support

Cost Value 

While the fixed operations fee of 1.5% to 2% is high compared to trading fees offered by a regular cryptocurrency exchange, you still get a fair value for your money when trading crypto on the platform. Wealthsimple Crypto does not charge additional fees when you withdraw or deposit funds. You can also start trading for just $1, making the platform highly appealing for beginner crypto investors.

Customer Service

Wealthsimple’s customer support is not its strongest suit. The platform does have a few support channels, namely email, live chat, and phone. However, the response times are often slow, and your queries may not be answered adequately. So, If you value quality customer service, you may want to look elsewhere.

Ease of Use

Wealthsimple is generally known for its easy-to-use interface, and the same can be said for its cryptocurrency trading platform. The app is designed with a simple layout that allows users to easily navigate between features like buying, selling, trading, and educational materials. 

Included Features

Security 

Wealthsimple Crypto is the first regulated crypto trading platform, offered through CSA’s regulatory sandbox under a time-limited regulatory approach. So users can rest assured that their funds are secure and fully protected.

All coins are stored in Wealthsimple’s third-party custodian, Gemini, which the New York State Department of Financial Services regulates. This regulated crypto custodian has $200 million in cold storage insurance coverage, meaning users’ funds are protected in case of theft or other loss. 

2-factor authentication (2FA) is available for extra security on your Wealthsimple accounts. All these factors help keep trading on Wealthsimple Crypto safe.

55+ Cryptocurrencies

Wealthsimple is a decent choice for those looking to buy crypto or sell digital assets in Canada. It offers a selection of 55+ cryptocurrencies, including Bitcoin and Ethereum, for users to trade on its platform. If you’re only planning to buy or sell Bitcoin, here is a good start.

Overall

Wealthsimple Crypto is a decent choice for those who want to trade Bitcoin or any other digital asset immediately since you don’t need a large number of funds to start buying and selling. Although the trading fees are high, you don’t have to worry about any other fees on the platform. 

Beginners will benefit most from Wealthsimple Crypto as it simplifies the crypto trading process. The user interface is also easy to understand. It doesn’t require a learning curve. 

2 Top Wealthsimple Crypto Alternatives

Questrade

Questrade is a Canadian brokerage platform that provides access to cryptocurrency exchanges. It has competitive fees and allows users to manage their crypto investments alongside traditional stocks, bonds, mutual funds, and ETFs. 

Binance

Binance is a globally recognized cryptocurrency exchange that offers users access to multiple coins and tokens, as well as low trading fees, advanced security features, and a dedicated customer support team.

Read more: Best Crypto Exchanges In Canada 2024

Conclusion

Wealthsimple Crypto is a competent trading platform with an impressive no-fee structure. It may be ideal for new traders or those looking for a cost-effective option. But advanced traders who want access to more cryptocurrencies and trading tools may not find Wealthsimple attractive.

Frequently Asked Questions (FAQs)