Luis Clark
Luis Clark
Luis is a personal finance expert who has been passionate and writing about crypto for more than five years.
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    Wealthsimple Crypto Review 2022: A Comprehensive Guide

    Wealthsimple Crypto Review

    Our Opinion

    Wealthsimple is the latest entrant to the cryptocurrency investment plans niche and has since gained traction. Offering a simple, user-friendly platform Wealthsimple is perfect for investors looking to buy, sell, or hodl cryptocurrencies.

    Wealthsimple is a Canadian financial technology company offering a blend of crypto trading and digital wealth management. The platform allows users to track their wealth, receive investment recommendations, and access real-time financial updates. 

    Next to its intuitive user interface, it offers a cryptocurrency trading platform via the Wealthsimple trade account, Wealthsimple Invest for crypto investing as well as a tax management system to keep track of your digital currency profits. The trading platform provides also access to trade stocks with low trading fees.

    An Overview of Wealthsimple

    Wealthsimple is a Canadian Robo-advisor that offers low-fee automated investing services. Wealthsimple’s goal is to provide a simple, low-cost way for people to save and invest for their future. The company was founded in 2014 and had over 100,000 clients.

    Wealthsimple trade is on a mission to make it easy for anyone to save and invest in crypto. The company offers a wide range of investment options in various cryptocurrencies. Additionally, the firm also provides a number of features and benefits, including automatic portfolio rebalancing, dividend reinvestment, and low account minimums.

    Wealthsimple Home Page

    Having said that, this Wealthsimple crypto review will outline the features of the Wealthsimple crypto trading platform and how it compares to other cryptocurrency trading platforms and crypto exchanges. We will also evaluate the pros and cons of using Wealthsimple Crypto as your primary trading platform and crypto account.

    Pros

    Cons

    Cryptocurrencies Available on Wealthsimple

    Wealthsimple Cryptocurrencies available

    he Wealthsimple trade app offers various cryptocurrencies that can be held in your crypto account. Bitcoin, Bitcoin Cash, Ethereum, Litecoin, XRP (Ripple), and Stellar, are among the many cryptocurrencies available. Prices are in Canadian dollars.

    These cryptocurrencies can be used to invest in several different ways, including through individualized portfolios or by buying specific tokens. Wealthsimple allows you to buy, sell, and hold these cryptocurrencies just like you would stocks or ETFs.

    How Do You Buy Cryptocurrencies on Wealthsimple?

    Wealthsimple Sign up

    Wealthsimple trade app allows users to buy cryptocurrencies through their platform. You can purchase cryptocurrencies on Wealthsimple by following these steps:

    1. Sign up for an account on Wealthsimple’s website or app.
    2. Select “Cryptocurrencies” from the menu bar and then “Buy Cryptocurrencies.”
    3. You’ll be asked to select your cryptocurrency of choice on the next page. 
    4. Follow the prompts to complete your order.
    5. Your purchase will be processed within minutes.

    Wealthsimple Crypto Fees

    Wealthsimple Fees range from 1.5% to 2%, depending on your invested amount. The crypto trading fee covers the cost of buying and selling Bitcoin, Ethereum, and other coins, as well as security and storage. 

    Fees are a way for the company to generate revenue. The company charges a fee each time you buy or sell crypto. This fee is charged in addition to the fees that the customer’s bank or financial institution charges for depositing funds into the Wealthsimple trade platform.

    Wealthsimple Crypto Payment Methods

    Wealthsimple Crypto safe and provides several different payment methods to clients, including electronic funds transfers (Interac), cheques, and wire transfers. The firm also can have payments automatically withdrawn from a client’s bank account or credited to their account on a set schedule. Wealthsimple allows clients to contribute to their accounts by transferring investments or securities from an external account.

    Wealthsimple Crypto Security

    Wealthsimple Security Features

    Our Wealthsimple Crypto review highlights that the platform is safe to use as it employs many security measures to protect user data. These include Transport Layer Security (TLS) and Secure Sockets Layer (SSL) encryption, which help keep user information private when it is being transmitted. Wealthsimple has also encrypts all data and uses two-factor authentication. 

    In addition, Wealthsimple has partnered with a leading digital security company, Auth0, to provide an extra layer of protection for its users.

    What Are the Benefits of Owning Cryptocurrencies?

    Cryptocurrencies offer a number of potential benefits for their holders. These benefits may include: 

    1. Security: Cryptocurrencies like Bitcoin are secure because they are decentralized and use cryptography.
    2. Privacy: Cryptocurrencies offer privacy because they are anonymous and decentralized.
    3. Freedom: Cryptocurrencies are free from government control and can be used anywhere globally.
    4. Convenience: Cryptocurrencies can be used for payments and investments.
    5. Value: Cryptocurrencies have the potential to increase in value over time; they may offer some protection against inflation.
    6. Worldwide acceptance: Cryptocurrencies provide you with the ability to make transactions anonymously and the ability to hold and trade currencies from anywhere in the world.

    What Are Some of the Risks Associated with Owning Cryptocurrencies?

    1. Vulnerable to hacks: cryptocurrency exchanges and wallets can and have been hacked in the past, leading to the loss of funds.
    2. Risks associated with price volatility: the value of cryptocurrencies can fluctuate rapidly, leading to losses if sold at a lower price than when it was bought.
    3. Risks associated with scams: fraudulent schemes involving cryptocurrencies are rising.
    4. Tax implications: Cryptocurrencies are treated as property for tax purposes, which may result in tax liabilities.
    5. Regulatory risks: the regulatory landscape for cryptocurrencies is constantly evolving, and there is a risk that regulations could change in a way that negatively impacts the value of cryptocurrencies.

    Wealthsimple Crypto Account Staking Rewards

    Crypto staking rewards are a way to earn passive income from holding a cryptocurrency in your crypto account. By holding a certain amount of a cryptocurrency, users can earn rewards for helping to secure the network. These rewards are usually paid out in the form of new coins, which can then be used to generate more passive income. Wealthsimple customers who hold Wealthsimple Crypto accounts can earn rewards for staking their crypto holdings. The rewards are generated by the protocol and distributed to staked tokens holders. 

    The rewards come from the network itself and are usually a percentage of the staked coins. This system encourages people to hold onto their coins and helps to secure the network.

    Wealthsimple Crypto Account Management

    Wealthsimple offers a Crypto account management service that allows users to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum. 

    How Do You Store Cryptocurrencies on Wealthsimple?

    Cryptocurrencies are stored in a digital wallet, a software program that holds your public and private keys. Wealthsimple uses a digital wallet provider called Blockstack to store your cryptocurrencies.

    Blockstack is a decentralized computing platform that uses blockchain technology to create a new internet infrastructure. It is designed to allow users to control their own data and create and use applications that run on the Blockstack network.

    The platform is secure because it uses a distributed ledger to store user data, and miners verify all transactions. To access your cryptocurrencies, you need to provide your private key to Wealthsimple.

    Wealthsimple Crypto Customer Support

    Wealthsimple Customer Support

    Wealthsimple Crypto Customer Service is a division of the Wealthsimple company that provides customer service for individuals who have invested in cryptocurrencies through the Wealthsimple platform.

    The service provides support for questions or problems related to cryptocurrencies investments and helps customers understand their holdings and account status. The team is available 24/7 to help customers with any issues or concerns they may have.

    They aim to provide an excellent customer experience by ensuring that their customers can access support easily and receive quick response times. They also work to educate their customers on the best ways to use the platform and how to make the most of their investments.

    Wealthsimple Crypto Learn

    Wealthsimple Crypto Learning Section

    Wealthsimple Crypto have created an entire section, dedicated to the learning process of newbies and more advance crypto enthusiasts, divide in two parts: Magazine and Personal finance 101.

    Is Wealthsimple Crypto Right For You?

    Wealthsimple Crypto is a great option for those who want to invest in cryptocurrencies without managing the day-to-day trading themselves.

    Wealthsimple Crypto offers a portfolio of carefully curated coins chosen based on their potential for growth. This makes it a great option for those who want to invest in cryptocurrencies, but don’t have the time or knowledge to do it themselves.

    The Wealthsimple Crypto app provides users with a simple interface to buy and sell cryptocurrencies and detailed information on the performance of their investments. Wealthsimple also offers a free portfolio tracker that allows users to track the value of their cryptocurrencies over time.

    As such, many people invested in cryptocurrencies choose to use Wealthsimple Crypto as the place where they can buy and sell, store, trade and invest their cryptocurrency.

    Final Thoughts

    So if you’re looking for a way to get exposure to the cryptocurrency market, Wealthsimple Crypto is a great option. The sign-up process is simple, and the trading fees are low. Because the Wealthsimple trade platform is easy to use and offers a variety of features, it makes it a great choice for first-time investors. 

    No matter if you’re looking for a reliable crypto exchange, commission-free stock trading, a dedicated investment platform, or even a tax management system, Wealthsimple is one of the best crypto trading platforms for Canadians.

    Given the above, in our opinion, Wealthsimple is a great option for those looking for a low-cost, user-friendly way to invest or trade crypto. The platform makes it easy to buy and sell digital currencies and offers various options to choose from. Additionally, Wealthsimple offers excellent customer service and educational resources, making it a great choice for beginners.

    Canadias can trade crypto, or buy crypto assets via a Canadian bank account with Canadian dollars.

    We recommend Wealthsimple Crypto to anyone who wants to get started in cryptocurrencies.

    Our extensive analysis of the Canadian Crypto Platforms doesn’t stop here. You can also read about our list of best crypto platforms for Canadians to find an alternative to Wealthsimple, or in alternative you can check out our page with the full list of crypto platforms available in Canada.

    FAQ

    Most frequent questions and answers

    Wealthsimple Crypto is a regulated investment firm in Canada. They are authorized to provide investment products and services in Canada. As such, their Crypto offering is also compliant with Canadian securities law.

    While Wealthsimple does not offer a specific timeframe for crypto deposits, they generally take a few minutes to a few hours. This depends on the level of congestion on the blockchain and the speed of the crypto exchange. Generally speaking, the faster the network, the quicker the deposit will be processed.

    There is no simple answer to this question as it depends on various factors, including the specific cryptocurrencies you are buying, your personal financial circumstances, and your investment goals. Wealthsimple is a reputable and well-established company, so buying crypto through them should be relatively safe. However, it is important to do your own research before investing in any cryptocurrency and always consult with a financial advisor if you are unsure about what is right.

    Wealthsimple Crypto is a digital asset exchange that allows users to buy, sell, and trade cryptocurrencies 24 hours a day. The exchange offers a variety of options for trading cryptocurrencies, including limit and market orders. Wealthsimple Crypto also offers users the ability to margin trade cryptocurrencies, which allows them to borrow money to increase their buying power. These services are available 24 hours a day, seven days a week.

    At Wealthsimple, it is understood that you may want to take money out of your account from time to time. You can easily withdraw your crypto holdings by following these simple steps:

    1. Sign in to your Wealthsimple account and click on the “Withdraw” button.
    2. Select the cryptocurrency you would like to withdraw and the bank account you would like to send it to.
    3. Enter the amount you would like to withdraw and click “Submit”.

    There is no simple answer to this question as it depends on various factors. Generally speaking, however, holding cryptoassets in a Wealthsimple account should be safe given the proper security measures that are in place. Wealthsimple employs a number of security features to protect its users’ assets, including two-factor authentication, password encryption, and malware protection. Additionally, Wealthsimple is a registered investment advisor with the System for Electronic Document Analysis and Retrieval (SEDAR) and is subject to stringent regulatory requirements.

    Wealthsimple Crypto is not a TFSA. A TFSA is a tax-free savings account, a registered account that allows Canadians to save money without paying taxes on any investment income or capital gains earned in the account. Wealthsimple Crypto is a digital asset that will enable users to invest in cryptocurrencies. It is available to all Canadians and does not require a minimum investment. It, however, does not need you to file taxes on any investment income or capital gains earned in the account; they do that for you.

    Wealthsimple does not report holdings of cryptocurrencies to the CRA. The Canada Revenue Agency has not yet issued specific guidance on how to treat income and gains from cryptocurrencies, so Wealthsimple is taking a wait-and-see approach. At this time, Wealthsimple is treating cryptocurrencies as a non-reportable investment.

    Wealthsimple Crypto is not a wallet in the traditional sense in that it does not store user-generated private keys. Instead, it is a custodial platform that allows users to buy and sell cryptocurrencies and track their portfolio performance. Wealthsimple Crypto also offers a variety of features such as real-time price tracking, notifications, and portfolio analysis.

    There is no clear answer as to whether Wealthsimple will get more crypto. However, the company will likely continue experimenting with new and innovative ways to serve its clients. Wealthsimple has always been at the forefront of change, and they are likely to continue this trend for cryptocurrency.

    Wealthsimple’s crypto fees are not high when compared to other investment platforms. Their fees are also lower than the fees typically charged by traditional financial institutions. Wealthsimple’s crypto fees are affordable for all investors, regardless of their investment amount.

    For example, on a $10,000 investment, Wealthsimple would charge $200, while on a $10,000 investment with another platform, the investor could expect to pay upwards of $250 in fees. Wealthsimple’s fees are also lower than the average 2.5% management fee that traditional investment firms charge.

    The company was founded in 2014 and has since grown to have over 100,000 customers. Wealthsimple has received a number of awards, including being named one of Canada’s Top Products of the year in 2016 and having one of the world’s Best Financial Services/Banking websites. Wealthsimple had also expanded into the United States in 2017.

    In the future, we expect Wealthsimple to continue to grow and become one of the largest robo-advisors in Canada and worldwide.

    While we wouldn’t exactly call Netcoins a wallet, it does offer a digital wallet service that allows you to store your fiat or cryptocurrency. 

     

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