Wealthsimple Crypto is a cryptocurrency trading platform that belongs to Wealthsimple, Canada’s most popular no-fee Robo advisor for wealth management. It has many interesting features like a third-party custodian for increased safety, 0 deposit or withdrawal fees, and a user-friendly user interface.
Wealthsimple Crypto has a referral program for new users: by using our referral link or our promo code YOREOYSTER, you'll receive a $25 sign-up bonus when you deposit at least $150. However, despite its great user interface, it's an expensive exchange and its customer service is, to put it lightly, sub-par.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until December 22, 2024.
How To Use Your Wealthsimple Crypto Referral Code
You can get a $25 welcome bonus when you sign up using our Wealthsimple Crypto referral link. To qualify for the referral bonus, simply create a new account, fund it and trade at least $150 worth of digital currency. You will also get your own referral code.
To use the promo code:
- Visit Wealthsimple Crypto‘s page. Click on the Get Started button.Â
- Confirm your identity.
- Fill in some of your basic information.
- The last step is to fund your account. Keep in mind that to receive the $25 bonus, you have to deposit at least $150.
What Is Wealthsimple Crypto?
Wealthsimple Crypto is a cryptocurrency trading platform that belongs to Wealthsimple, Canada’s most popular no-fee Robo advisor for wealth management. Wealthsimple also offers a brokerage platform, Wealthsimple Trade, which allows customers to trade stocks and ETFs at no cost. The Wealthsimple Crypto and Trade apps are linked and work in tandem, meaning that they can be used on a mobile app and in desktop format.
What Coins Does Wealthsimple Crypto Offer?
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Yearn.Finance (YFI), among others, for the full list check our full Wealthsimple Crypto review.Â
Wealthsimple Crypto Features
Some of the best Wealthsimple Crypto features include:
- No Fees To Deposit Or Withdraw Funds.
- Beginner-Friendly Interface.
- Third-Party Custodian, Gemini Custody keeps your coins on this platform (regulated by the NYSDFS).
Wealthsimple Crypto Fees
Wealthsimple Crypto does not charge any fees for deposits or withdrawals, nor do they charge any fees when creating or terminating an account. In this sense, it is similar to other no-commission exchanges like VirgoCX, Newton and Shakepay. They also do not charge for electronic statements or trade confirmations.
However, be aware that there’s a spread that is added to the price whenever you place a buy or sell order. This spread can vary between 1.5% and 2%. This makes Wealthcimple Crypto more expensive than most other Canadian exchanges, particularly when compared to VirgoCX, CoinSmart and Bitbuy.
How To Sign Up With Wealthsimple Crypto
#1 Visit Wealthsimple Crypto‘s website. Click on Get Started.
#2 Confirm your identity.
#3 Fill in some of your basic information.
#4 The last step is to fund your account. Keep in mind that to receive the $25 bonus50, you have to deposit at least $150.
Wealthsimple Crypto’s Referral Program
In addition, Wealthsimple will pay you a bonus of $25 for every friend you refer to their exchange. Your friends will also have to satisfy the minimum trade requirement for you to get the bonus.
Is Wealthsimple Crypto Safe?
Yes. After all, Gemini Custody, a cryptocurrency exchange and custodian that is licensed by the New York State Department of Financial Services, holds Wealthsimple Crypto’s digital assets.
Wealthsimple Crypto is also offered through the CSA’s Regulatory Sandbox under a time-limited regulatory approach, which makes it even safer.
However, keep in mind that your crypto funds are not covered by the Canadian Investor Protection Fund (CIPF) or Canada Deposit Insurance Corporation (CIDC), so if the company ever becomes insolvent, you will not get any reimbursements.
Is Wealthsimple Crypto Legal In Canada?
Yes. Wealthsimple Crypto is offered under a time-limited regulatory approach by the CSA’s Regulatory Sandbox, which means that it is legal to use in Canada.
Our Recommendation
Despite its safety and user-friendliness, Wealthsimple has a few cons that don’t allow me to fully recommend it.
For example, Wealthsimple is a broker first and foremost, and Wealthsimple Crypto doesn’t serve the purpose of a cryptocurrency exchange.
You also cannot transfer or move your coins to a personal digital wallet, and the platform also only accepts CAD. This means that you can’t really fund your account with other fiat currencies like, say, USD.
Lastly, the price spread of the platform is also not the most competitive: Wealthsimple Crypto’s spreads are typically in the range of 2% on both buy and sell sides, meaning that buying and selling 1 Bitcoin would cost roughly $3,000 CAD in spread (at current rates).
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
Best In Canada
|
Total Fees: ~0.16% |
★★★★★ Rated 4.9/5 |
Based in the U.S. and regulated by FINTRAC in Canada, Kraken is undoubtedly the best crypto exchange in Canada. Founded in San Francisco back in 2011, Kraken outperforms the smaller Canadian crypto exchanges due to its significantly lower fees, better customer support, and superior overall trading experience.
For starters, Kraken's fees are far lower than any Canadian exchange, with most users paying 0.16% per transaction (fees decrease down to 0% if you trade high volumes). Kraken's spreads are also absurdly low, typically around $0.10 per Bitcoin, which is 0.0003%. Compare that with the other Canadian exchanges—which routinely charge up to 2% in commissions plus an additional 2% or more in spreads—and it's easy to see why Kraken is such a popular exchange.
Kraken also has better customer support than any other Canadian exchange, and is the only exchange in Canada offering telephone support (available in English, French and Spanish). It supports 100+ cryptocurrencies and has a world-class trading platform and mobile app that's powerful yet easy to use.
If that wasn't enough, Kraken's trading platform is far more professional and robust than its Canadian peers, offering features like NFT trading, staking and support for a wide range of fiat currencies including CAD, USD, EUR, and more.
Overall, Kraken is the best fit for most Canadian crypto investors because it has lower fees, better support and a better trading platform overall. If you're looking to start trading crypto in Canada, we strongly recommend Kraken.
Features
- Extremely low trading commissions (0.16%)
- Extremely low spreads (0.0003%)
- Trade 100+ cryptocurrencies
- Stake 100+ cryptocurrencies
- Simple, intuitive user interface
- Kraken Crypto Watch allows you to keep track of the crypto market
- NFT trading inside the Kraken app
- 24/7 customer support via phone, email and live chat
- Plenty of free educational resources available to users
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0.16% (spot trades cost 0.26%)
- Spreads: 0.0003%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: $10 CAD
Best For
Canadian cryptocurrency investors looking to trade with the industry's lowest fees.
In Summary
Wealthsimple Crypto is a cryptocurrency trading platform that belongs to Wealthsimple, Canada’s most popular no-fee robo advisor for wealth management. It has many interesting features like a third-party custodian for increased safety, 0 deposit or withdrawal fees, and a user-friendly user interface.
Wealthsimple Crypto has a referral program for new users: by using our referral link or our promo code YOREOYSTER, you'll receive a $50 sign-up bonus when you deposit at least $150. You will also receive your referral link, which you can use to invite friends and earn $50 after they fund their accounts.
Alternatively, if you’re looking for an even better, more secure way to start investing in crypto, I highly recommend CoinSmart, my #1-ranked cryptocurrency exchange. CoinSmart has 200,000+ satisfied users, charges very low trading fees, and offers a $50 signup bonus from now until December 22, 2024.
