Wealthsimple Crypto Review

There are more than 40 cryptocurrencies available for buying or selling on the Wealthsimple platform 24/7. Wealthsimple also allows the fractional purchase of assets which means you don’t have to purchase a whole coin. You can buy exactly as much your specified dollar value. You can use both the Wealthsimple app as well as the desktop platform to trade crypto. Here’s how to get started:

• Sign in to your ‘Trade and Crypto’ profile
• Go to the magnifying glass icon at the top of the page and type the name or symbol of the currency you wish to buy
• Enter the amount you wish to buy in dollar value and click on the Buy option
• Review the order details and select the Place Order option

When you place an order on Wealthsimple, you can go for one of these two buying options: Market Orders (Default) and Limit Orders. Market Orders are where you buy or sell crypto at the best available price at the time of placing the order. On the other hand, Limit Orders are where you buy or sell the crypto asset at a specific limit price.

Wealthsimple crypto does not charge withdrawal fees or deposit fees when done via bank transfer. There are no commission fees, account opening or closing fees, or inactivity fees. You won’t be charged for electronic statements or trade confirmations either. However, there is an operations fee that ranges between 1.5% and 2% per transaction.

Recently, Wealthsimple launched its own hosted, custodial wallet. This is to ensure that users’ crypto-assets are secure in offline cold storage. This wallet is protected by insurance provisions.

Costs and Fees

One of the most enticing aspects of Wealthsimple is that the only fee they charge on crypto assets is a 1.5% to 2% operations fee per transaction. There are no commission fees, no account opening or closing fees, no charges for deposits and withdrawals via bank transfer, electronic statements and trade confirmations, and inactive accounts.

Usability and Interface

Wealthsimple has an interactive and intuitive interface that is easy to use. Its mobile application also features a cleaner and more engaging design aimed at younger or beginner investors looking for easy and automatic investments. The interface also has visuals to show the user how the investments have been performing.

Customer Support

Wealthsimple’s team of financial advisors is available 24/7 by phone, email and live chat.

Account Types

A Wealthsimple Crypto account is a non-registered personal account. The implication of holding such an account is that the holder needs to report capital gains or losses incurred from buying and selling cryptocurrencies for tax purposes.

As per government rules, you cannot specify beneficiaries for non-registered accounts. It is possible to manage the process through an estate, such as a will.

Wealthsimple brings inclusivity and ease of ownership to the world of crypto. Its reputation as Canada’s first-ever regulated crypto platform is beyond doubt. Wealthsimple crypto makes it easy for first-time investors and small-scale depositors to conveniently make an investment with as little as $1. Almost all the well-known assets, along with high-potential projects, are available for trade on the platform. It keeps expanding the list by adding up and coming DeFi coins at regular intervals. The platform also has its team of financial experts available 24 hours a day, seven days a week.