Wealthsimple has long stood out as a leading financial technology platform in Canada, offering users a seamless way to manage stocks, ETFs, retirement accounts, and—since 2020—cryptocurrencies. As someone who has been tracking the evolution of digital asset platforms since 2016, I recently put Wealthsimple Crypto to the test by depositing $100 to evaluate its real-world performance, ease of use, fees, and security. This review dives deep into what Canadian investors can expect from the platform in 2025.
What Is Wealthsimple Crypto?
Wealthsimple Crypto is the cryptocurrency arm of Wealthsimple Trade, designed specifically for Canadian residents seeking a simple, secure, and regulated way to buy and hold digital assets. Unlike decentralized exchanges or self-custody wallets, Wealthsimple acts as an intermediary—you purchase crypto directly from them, not from peer-to-peer traders.
The platform integrates seamlessly with your existing Wealthsimple investment accounts, including TFSA, RRSP, and personal trading portfolios. This unified interface allows users to manage traditional and digital investments under one roof, making it ideal for beginners or those who prefer convenience over advanced trading tools.
👉 Discover how easy it is to start investing in crypto today.
Key Features of Wealthsimple Crypto
Wealthsimple excels in user experience and accessibility. Here’s what sets it apart:
- All-in-One Investment Management: View and manage stocks, ETFs, and crypto in a single app.
- Simple Interface: Clean design ideal for first-time investors.
- Instant Deposits: Deposit up to $5,000 instantly via bank link or $1,000 via debit card.
- No Deposit or Withdrawal Fees: While transfers take up to five business days to clear, there are no hidden charges.
- Tax-Friendly Statements: Automatic reporting makes tax time easier for Canadian filers.
- Limit Orders Available: Set buy/sell triggers at desired price points.
One notable limitation: you cannot currently withdraw most cryptocurrencies to external wallets, though recent updates indicate this feature is now supported for select coins. This restricts full control over your private keys—a key principle in crypto self-custody.
Supported Cryptocurrencies
Wealthsimple supports over 60 cryptocurrencies, including major and emerging digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Cardano (ADA)
- Solana (SOL)
- Polkadot (DOT)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
- Chainlink (LINK)
- Aave, Uniswap, Polygon, and more
This broad selection covers most high-demand tokens, though it still lags behind larger exchanges like Binance or Bitget in terms of niche or newly launched projects.
Understanding Fees and Spreads
This is where Wealthsimple faces criticism. The platform charges a spread of 1.5% to 2% on every transaction—meaning when you buy $100 worth of Bitcoin, you actually receive around $98.50 worth after the spread is applied.
Unlike traditional exchanges that charge low flat fees (e.g., 0.1%), Wealthsimple profits from the bid-ask spread because it acts as the counterparty to your trades.
For example:
You deposit $100 → Use it to buy Bitcoin → After 1.5% spread → You own $98.50 worth of BTC.
While there are no separate trading fees, the embedded spread is relatively high compared to competitors like Newton (0.9%) or Bitbuy (up to 1.5%). However, if you're a long-term "buy-and-hold" investor rather than an active trader, these costs may be acceptable given the platform's simplicity and security.
👉 Compare low-fee platforms with advanced trading options here.
Account Setup & Verification Process
Opening a Wealthsimple Crypto account is straightforward but requires compliance with Canadian financial regulations:
Requirements:
- Be at least 18 years old
- Provide government-issued ID
- Share your Social Insurance Number (SIN)
- Confirm address and employment status
As a regulated financial entity, Wealthsimple must adhere to anti-money laundering (AML) rules. The verification process typically takes just minutes, and once approved, you can begin trading immediately.
Security and Trustworthiness
Security is one of Wealthsimple’s strongest points:
- $200 Million Insurance: Held through Gemini Trust Company LLC™
- Regulated Across All Provinces: Licensed by provincial securities commissions
- Biometric Login Support: Touch ID and Face ID available
- No 2FA Yet: A missing feature that could improve account protection
Your crypto is stored in cold storage and insured against theft or hacks—an important reassurance for new investors wary of losing funds due to human error or cyberattacks.
Mobile & Desktop Experience
Wealthsimple Trade’s mobile app boasts a 4.7-star rating on the Apple App Store (from over 121,000 reviews) and 4.6 stars on Google Play. The interface is intuitive, with real-time charts (though delayed by 30 minutes), easy fund transfers, and one-tap buying.
On desktop, the experience mirrors the app—consistent navigation, clear portfolio breakdowns, and quick access to order history. Whether you're using iOS, Android, or a web browser, Wealthsimple delivers a polished user journey.
Customer Support
Wealthsimple offers 24/7 support via:
- Live chat
- Phone
Their help center includes detailed guides on crypto basics, account management, taxes, and troubleshooting. Users consistently praise their responsive service—a rare plus in the fintech space.
Frequently Asked Questions (FAQ)
Q: Can I withdraw my crypto to a personal wallet?
A: Yes—recent updates now allow sending and receiving crypto to external wallets for supported coins, improving flexibility and control.
Q: Are there any deposit fees?
A: No. Bank transfers and instant deposits via debit card are free.
Q: Does Wealthsimple offer staking?
A: Yes. Staking is now available for select cryptocurrencies with potential annual returns up to 11%.
Q: Is Wealthsimple Crypto safe for beginners?
A: Absolutely. Its regulated status, insurance coverage, and simple interface make it one of the safest entry points into crypto for Canadians.
Q: How long do bank deposits take?
A: Standard deposits take up to five business days. Instant deposits of up to $5,000 are available via linked bank accounts.
Q: Does Wealthsimple have an OTC desk?
A: Not currently. However, you can trade large amounts as long as funds are available in your account.
👉 Start your journey with a platform built for growth and security.
Alternatives to Consider
While Wealthsimple shines in usability and integration, cost-conscious or advanced traders might prefer alternatives:
| Feature | Wealthsimple Crypto | Bitbuy | Newton |
|---|---|---|---|
| Trading Fees | 1.5%–2% spread | Up to 1.5% | 0.9% flat |
| Cryptocurrencies | 60+ | 40+ | 50+ |
| Wallet Withdrawals | Supported | Full support | Full support |
| Staking | Available | Available | Limited |
| Regulation | Fully regulated | OSC-compliant | Regulated |
Platforms like Bitget or OKX offer lower fees, futures trading, copy trading, and deeper liquidity—ideal for experienced users.
Final Verdict: Is Wealthsimple Crypto Worth It in 2025?
Yes—for certain investors.
Wealthsimple Crypto is best suited for:
- Beginners wanting a simple, safe entry into crypto
- Long-term holders who prioritize ease over low fees
- Existing Wealthsimple users already managing TFSA/RRSP accounts
However, frequent traders or those seeking full custody should consider other platforms with lower spreads and greater flexibility.
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With ongoing improvements—like wallet withdrawals, staking, and crypto swaps—Wealthsimple continues to evolve as a trusted gateway for mainstream Canadian investors stepping into the digital economy.