Our Review
Wealthsimple Trade has 55+ cryptocurrencies and stock trading all inside one app. However, Canadians should use something else because the crypto fees are very expensive. The total BTC purchase fee was 2.94% (15th place) and the BTC spread was 3.17% (17th place).
We recommend using WS Trade if you want to open a stock trading account or for buying crypto in your TFSA. However, we don’t recommend the crypto account because of its high fees. There are many crypto exchanges that are cheaper and offer more coins (see alternatives).
Pros & Cons
What Is Wealthsimple Trade?
Wealthsimple Trade is a large fintech company with over 2 million clients founded in 2014. Their goal is to help Canadians make the best investment choices and they offer a suite of products like crypto trading, stock trading, robo-advisors, tax help and much more.
Overall, their products are very beginner-friendly and well-designed.
Some Stats:
- Over 2 million clients
- Over 1,200 employees according to LinkedIn
- Founded in 2014
- Offices in Toronto, Brooklyn and London
- Owned by Power Financial Corp, a publicly traded company on the TSE
User Interface
Key Benefits & Features
List of Features:
- iOS, Android and Web app
- 55+ Cryptocurrencies
- Crypto Staking
- 1000's of Stocks & ETFs
- Fractional Shares
- Wealthsimple Plus
- Other WS Products (WS Cash, Tax and Invest Robo-Advisor)
1. iOS, Android and Web App
2. Trading Interface
- Market Orders & Limit Orders
- Stop Limit Orders (stocks only)
- Real-Time Prices
3. 55+ Coins Offered
4. Crypto Staking
Wealthsimple now offers Ethereum staking and Solana staking where you can earn up to 4% APY. In WS fashion, it's very easy to use. On the downside, WS takes a 30% cut. If you want the best rates, see the best crypto staking platforms here. This video shows you all the details:
5. Stocks & ETFs
- Thousands of stocks & ETFs from the TSX, NYSE, NASDAQ, NEO and CSE
- Market Orders / Limit Orders / Stop Limit Orders
- Fractional shares for certain stocks
- 1.50% FX fee when buying & selling U.S. dollar stocks
- Create Price Alerts
- Real-Time Prices
6. Wealthsimple Plus
For $10/month plus tax get access to:
- U.S. Dollar Accounts (no FX fees on U.S. trades)
- Unlimited Price Alerts
- Instant Funding Up To $5,000
7. The Wealthsimple Ecosystem
Fees & Spread
We tested 18 Canadian cryptocurrency exchanges at the same time to compare the true fees. This data was collected on Mar 2, 2022 at 4:41pm and is subject to change since spreads and prices change daily.
- Total BTC Purchase Fee = CAD Deposit Fee + Trading Fee + Reference Price Difference
- Total BTC Selling Fee = CAD Withdrawal Fee + Trading Fee + Reference Price Difference
You can compare all platforms from the price test on this page.
WS Trade Fees | Amount |
|---|---|
*Total BTC Purchase Fee | 2.94% (15th place) |
*Total BTC Selling Fee | 3.20% (12th place) |
Trading Fee | 1.50% "operations fee" |
CAD Deposits | Free |
CAD Withdrawals | Free |
BTC Withdrawal Fees | Mining Fees (Dynamic) |
Other Fees | - Optional "Plus Subscription" ($10/month) - 1.50% FX fee when trading U.S. equities |
Price Test & Spread
Price Test (On Mar 2, 2022) | Prices |
|---|---|
BTC Spread | 3.17% (17th place) |
BTC Buy Price | $56,578 |
BTC Sell Price | $54,839 |
Ref. Price Difference | Buy: +1.44% Sell: -1.70% |
Reference Price (Google) | $55,774 |
What We Found
Wealthsimple Crypto had a total BTC purchase fee of 2.94% (15th overall). The total BTC selling fee was 3.20% (12th overall and the BTC spread was 3.17% (17th overall). We tested 18 platforms and WS Crypto was very expensive overall.
There are many cheaper platforms for Canadians to buy Bitcoin and cryptocurrencies. To compare, NDAX had a total BTC purchase of 0.49%, which is 6x cheaper.
Deposit & Withdrawals
CAD Deposit Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Direct Bank Transfer | Free | $1,500 Instantly and the rest in 5 business days | $1,500 is Instant (resets every 3 days) - Max deposit is $250,000 |
Direct Bank Transfer (Plus Subscription) | $10/month | Up to $5,000 Instantly and the rest in 5 business days | $5,000 is Instant (resets every 3 days) - Max deposit is $250,000 |
CAD Withdrawal Methods
Type | Fee | Time | Limits (24 hours) |
|---|---|---|---|
Direct Bank Transfer | Free | 1-3 Business Days | $25,000 |
Crypto Withdrawal Fees
Type | Fee | Minimum Withdrawal |
|---|---|---|
Bitcoin | Mining Fees (Dynamic) | 0.0005 BTC |
Ethereum | Gas Fees (Dynamic) | 0.005 ETH |
USD Coin | Gas Fees (Dynamic) | 30 USDC |
What We Found
Wealthsimple Trade is instant and free if you are depositing under $1,500 via bank transfer. Otherwise you will have to wait up to 5 days to receive funds. There is no Interac E-Trransfer like other platforms and CAD withdrawals are free and take 1-3 business days.
Security
Company Security Features
- Owned by PWF, a publicly traded company, which means regular audits, transparent financials and an added layer of safety
- Never had any hacks
- Registered and licensed in Canada by FINTRAC and more
- Coins held in cold storage through Gemini Trust
- Gemini Trust has $200M in insurance coverage
- KYC Required (must prove identity to sign up)
- All data is encrypted
- Backed by $380M in funding
User Security Features
- 2FA
- Biometric Login (Touch ID / Face ID etc)
- Passcode Login Option
Can You Trust Them?
Yes, Wealthsimple Trade is a safe platform. They work with regulators, offer 2FA, hold crypto in cold storage under a $200M insurance policy and have never had any hacks. They're also owned by a publicly traded company, PWF, which adds another layer of safety in the form of regular audits and public financials.
⚠️ Although Wealthsimple is safe, 44% of crypto exchanges we tested have had a hack or incident in the past. We strongly recommend storing and protecting your crypto on a hardware wallet or any wallet where you own the private keys.
Customer Support
Wealthsimple offers a live chat 7 days a week during business hours. You can contact them via chat, email, or virtual assistant. There is also a help desk with articles and FAQs about all of their products.
Wealthsimple Alternatives
Wealthsimple Trade is a safe platform with crypto, stocks, and payments all under one roof. However, it's very expensive for crypto trading. I reviewed over 30 crypto exchanges on RankFi. Here are the best places to buy and sell crypto in Canada right now:
NDAX had the lowest fee to buy Bitcoin with Canadian dollars (18 platforms tested). It's my top choice in Canada.
Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity.
One of the largest non-KYC exchanges. You can withdraw 30 BTC/day with just an email address.
