A Canadian-based provider of financial services called Wealthsimple has a trading platform called Wealthsimple Crypto. For Canadian citizens to invest in cryptocurrencies like Bitcoin and Ethereum, Wealthsimple Crypto was created.
Since they may help investors diversify their portfolios, cryptocurrencies have grown in popularity over the past few years. Nevertheless, investing in cryptocurrencies might be difficult, particularly for people who are inexperienced in the field. We will examine Wealthsimple Crypto and its features in more detail in this article.
What is Wealthsimple Crypto?
A cryptocurrency trading platform called Wealthsimple Crypto enables users to purchase and sell Bitcoin and Ethereum. Wealthsimple, a 2014-founded financial services business, provides the platform.
With more than $10 billion in assets under management and over 1.5 million clients, Wealthsimple has quickly risen to the top of the financial services industry in Canada. The business is renowned for its easy-to-use platform, affordable prices, and top-notch customer support.
One of the more recent cryptocurrency trading platforms is Wealthsimple Crypto, which was introduced in September 2020. Even for individuals who are new to cryptocurrency investment, the platform is made to be user-friendly.
Investors don’t need to change their currency before investing because Wealthsimple Crypto enables them to buy cryptocurrency using Canadian dollars. The ability to invest in cryptocurrencies is made simpler for Canadian citizens by this feature.
Quick Facts
| Aspect | Details |
|---|---|
| Name | Wealthsimple Crypto |
| Company | Wealthsimple |
| Year Launched | September 2020 |
| Cryptocurrencies Supported | Bitcoin and Ethereum |
| Supported Countries | Canada |
| Fees | 1.5% fee on all transactions |
| Security | Two-factor authentication, cold storage, insured against theft and hacking |
| Special Features | Recurring Buy, Canadian dollar support |
| User-Friendliness | Designed to be easy to use, even for those new to investing in cryptocurrencies |
| Reputation | Wealthsimple is a well-established financial services company with a reputation for transparency and trustworthiness |
Wealthsimple Crypto Fees
The fees connected with typical day-to-day transactions are listed below. In our cryptocurrency trading accounts, we simply impose a transaction fee of 1.5–2%. A fee is added on top of the prices at which buy orders and sell orders are executed to cover this cost. The Wealthsimple app displays trading commissions.
For example, if the trading cost is 1.5% and you order to buy $100 worth of bitcoin, you will pay $1.50 for the transaction.
Description & Amount
Commission Fees: $0
Account Opening: $0
Account Closing: $0
Deposits via Bank Transfer (EFT): $0
Withdrawals via Bank Transfer (EFT): $0
Electronic Statements and Trade Confirmations: $0
Inactive Accounts: $0
Operations Fee: 1.5-2% per transaction
Available Cryptocurrency At Wealth Simple
You can currently buy or sell 57 different cryptocurrencies using the Wealthsimple crypto list.
| Cryptocurrency | Symbol | Available to Deposit | Available to Withdraw |
|---|---|---|---|
| 0x | ZRX | Yes | Yes |
| 1inch | 1INCH | Yes | Yes |
| Aave | AAVE | Yes | Yes |
| Ankr | ANKR | Yes | Yes |
| ApeCoin | APE | Yes | Yes |
| Avalanche | AVAX | Yes | Yes |
| Axie Infinity | AXS | Yes | Yes |
| Balancer | BAL | Yes | Yes |
| Bancor | BNT | Yes | Yes |
| BandChain | BAND | Yes | Yes |
| Basic Attention Token | BAT | Yes | Yes |
| Bitcoin | BTC | Yes | Yes |
| Bitcoin Cash | BCH | Yes | Yes |
| Cardano | ADA | No | Yes |
| Cartesi | CTSI | Yes | Yes |
| Celo | CELO | Yes | Yes |
| Chainlink | LINK | Yes | Yes |
| Chiliz | CHZ | Yes | Yes |
| Chromia | CHR | Yes | Yes |
| Compound | COMP | Yes | Yes |
| Coti | COTI | Yes | Yes |
| Curve | CRV | Yes | Yes |
| Cosmos | ATOM | No | Yes |
| Dai | DAI | Yes | Yes |
| Decentraland | MANA | Yes | Yes |
| Dogecoin | DOGE | Yes | Yes |
| dYdX | DYDX | Yes | Yes |
| Enjin | ENJ | Yes | Yes |
| Ethereum | ETH | Yes | Yes |
| Fantom | FTM | Yes | Yes |
| Filecoin | FIL | No | No |
| Gala Games | GALA | Yes | Yes |
| Hedera | HBAR | No | Yes |
| Kyber Network | KNC | Yes | Yes |
| Litecoin | LTC | Yes | Yes |
| Loopring | LRC | Yes | Yes |
| Maker | MKR | Yes | Yes |
| NEAR | NEAR | No | Yes |
| Pax Gold | PAXG | Yes | Yes |
| Polkadot | DOT | No | Yes |
| Polygon | MATIC | Yes | Yes |
| Quant | QNT | Yes | Yes |
| Ren | REN | Yes | Yes |
| Shiba Inu | SHIB | Yes | Yes |
| SKALE | SKL | Yes | Yes |
| Solana | SOL | Yes | Yes |
| Stellar | XLM | No | No |
| Storj | STORJ | Yes | Yes |
| SushiSwap | SUSHI | Yes | Yes |
| Synthetix | SN |
How Does Wealthsimple Crypto Work?
Investors must register for an account on the Wealthsimple website in order to begin using Wealthsimple Crypto. To open an account, investors must submit their name, email address, and other personal details. Investors must connect a Canadian bank account to their Wealthsimple account once it has been set up. Then, investors can use Canadian dollars to fund their Wealthsimple accounts.
The transaction fee on Wealthsimple Crypto is 1.5%, which is less than many other cryptocurrency trading platforms.
Investors can start buying and selling Bitcoin and Ethereum as soon as their accounts are filled. With its user-friendly design, Wealthsimple Crypto makes it simple for investors to buy cryptocurrency.
The portal displays the current Bitcoin and Ethereum prices, and users may buy or sell with a few simple mouse clicks. Another option provided by Wealthsimple Crypto is called “Recurring Buy,” which enables users to program automatic recurring purchases of Bitcoin or Ethereum.
Is Wealthsimple Crypto Safe?
Security is one of the main worries when it comes to cryptocurrency investment. Wealthsimple Crypto takes security very seriously and employs a variety of safeguards to protect investors’ funds and accounts. The majority of Wealthsimple Crypto’s cryptocurrency holdings are kept in offline storage, which is a lot safer than online storage.
This function is referred to as “cold storage.” In order to log into their accounts, investors using Wealthsimple Crypto must provide a code that is delivered to their phones via two-factor authentication. Investors may rest assured that their assets are secure since Wealthsimple Crypto is insured against theft and hacking.
Why Choose Wealthsimple Crypto?
Investors may prefer Wealthsimple Crypto to other cryptocurrency trading platforms for a variety of reasons. Here are a few examples:
- Easy to use: Wealthsimple Crypto is made to be user-friendly so that investors of any experience level may get started right away. The website offers a straightforward user interface that displays the current Bitcoin and Ethereum prices, allowing investors to buy or sell with just a few mouse clicks.
- Low fees: Compared to many other cryptocurrency trading platforms, Wealthsimple Crypto levies a fee on every transaction of just 1.5%. This implies that when investing in cryptocurrencies, investors can keep a larger portion of their money.
- Trusted company: A reputable provider of financial services, Wealthsimple has earned a reputation for openness and dependability.
- Secure: Wealthsimple Crypto takes security very seriously and employs a variety of safeguards to protect investors’ funds and accounts. Cold storage, two-factor authentication, and insurance against theft and hacking are all features of the platform.
- Diversification: Diversifying a portfolio can be accomplished by investing in cryptocurrencies. Investors can buy Bitcoin and Ethereum, two of the most well-known cryptocurrencies, through Wealthsimple Crypto.
- Recurring Buy: Investors can set up automated recurring purchases of Bitcoin or Ethereum using Wealthsimple Crypto’s “Recurring Buy” option. Investors who wish to invest frequently but don’t want to make manual purchases every time may find this option helpful.
- Canadian dollar support: By enabling Canadian dollars to be used to buy cryptocurrencies on Wealthsimple Crypto, investors are spared the hassle of first changing their money. For Canadian citizens, this tool makes cryptocurrency investment simpler.
Usability and Interface
Users of all skill levels can easily invest in cryptocurrency with Wealthsimple Crypto’s straightforward interface. Users can fund their accounts by transferring money from their bank accounts after a quick account registration process.
For Canadian investors, the site makes it easier to buy and trade Bitcoin and Ethereum using Canadian dollars. Overall, the Wealthsimple Crypto user interface offers a favorable user experience. It is simple and intuitive.
Wealthsimple Crypto mobile app
A smooth experience is provided for buying and selling cryptocurrencies while on the go through the Wealthsimple Crypto mobile app. The app is free to download from the App Store or Google Play Store and is compatible with both iOS and Android smartphones.
Following the download, users may quickly log in using their Wealthsimple credentials or, if they don’t currently have one, register for a new account. The software has a simple, user-friendly interface that makes it simple to use and comprehend.
Users can check their portfolios and monitor the performance of their assets through the app. With just a few touches, they can also buy and sell bitcoins. To aid users in making smart investment choices, the app provides real-time market data and price charts.
The “Auto Buy” feature of the Wealthsimple Crypto mobile app enables users to schedule daily, weekly, or monthly recurring purchases of their favorite cryptocurrencies. Users who want to employ dollar-cost averaging to lessen the impact of market volatility on their assets will find this option to be especially helpful.
Overall, customers who wish to manage their Bitcoin investments while on the go will find the Wealthsimple Crypto mobile app to be a useful resource. It is a great option for both novice and seasoned investors due to its user-friendly interface, real-time market data, and simple trading tools.
Wealthsimple Crypto Pros and Cons
Certainly, here are some pros and cons of Wealthsimple Crypto:
Pros:
- User-Friendly: Even for individuals who are new to investing in cryptocurrency, Wealthsimple Crypto is made to be simple to use. The platform has an intuitive UI and is easy to use.
- Low Fees: Compared to many other cryptocurrency trading platforms, Wealthsimple Crypto levies a fee on every transaction of just 1.5%. As a result, investors wishing to acquire and sell cryptocurrencies can do so at a reasonable price.
- Established Business: Wealthsimple is a reputable financial services provider with a long history of openness and reliability. As a result, investors can feel secure utilising Wealthsimple Crypto.
- Secure: Wealthsimple Crypto takes security seriously and employs a variety of safeguards to protect investors’ funds and accounts. The platform has cold storage, two-factor authentication, and theft insurance.
- Portfolio diversification can be achieved by investing in cryptocurrencies. Investors can buy Bitcoin and Ethereum, two of the most well-known cryptocurrencies, through Wealthsimple Crypto.
- Recurring Buy: Wealthsimple Crypto provides “Recurring Buy,” a function that enables users to program automated recurring purchases of Bitcoin or Ethereum. Investors who wish to invest frequently but don’t want to make manual purchases every time may find this option helpful.
Cons:
- Limited Cryptocurrency Selection: Only Bitcoin and Ethereum are supported by Wealthsimple Crypto at the moment, which may be a drawback for investors wishing to diversify their cryptocurrency holdings.
- Geographically Limited: Wealthsimple Crypto is currently exclusively accessible to Canadian citizens, which may reduce the number of prospective users.
- Limited Trading Options: For more knowledgeable cryptocurrency traders, Wealthsimple Crypto’s lack of advanced trading capabilities like margin trading or short selling may be a drawback.
- The lack of wallet functionality may be a drawback for investors who prefer to keep their cryptocurrency in their own wallets for increased security. Wealthsimple Crypto does not permit customers to withdraw their cryptocurrency to an external wallet.
Conclusion
Investors may buy and sell Bitcoin and Ethereum on the user-friendly cryptocurrency trading platform Wealthsimple Crypto. Even for individuals who are new to cryptocurrency investment, the platform is made to be simple to use. Compared to many other cryptocurrency trading platforms, Wealthsimple Crypto levies a fee on every transaction of just 1.5%.
The platform takes security very seriously and employs a number of safeguards to protect investors’ funds and accounts. Another option provided by Wealthsimple Crypto is called “Recurring Buy,” which enables users to program automatic recurring purchases of Bitcoin or Ethereum. Wealthsimple Crypto is an excellent choice to take into consideration for Canadian citizens who want to invest in cryptocurrency.
