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Wealthsimple Trade (Crypto Account Review)

Last Updated: May 12, 2022  |  Published: Mar 29, 2022


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Our Review 

Wealthsimple Trade has many advantages like security, beginner-friendliness, 30+ coins and stock trading all in one app. However, the crypto account has very high fees and spreads. 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 significantly cheaper and offer more coins (see alternatives).

Where It Shines:

  • Crypto In Your TFSA: The best use-case for WS Crypto would be holding crypto in your TFSA for tax-free gains. Canada offers multiple Bitcoin ETFs, Ethereum ETFs and more. Other cryptocurrency exchanges do not let you open TFSA accounts.
  • Stocks & Crypto All In One Place: Access all WS products with one login. Stocks, crypto, robo-advisor, and more
  • Great Security & Reputation: Owned by a publicly traded company (TSE: PWF) and which adds a layer of safety
  • Great User-Interface: Mobile and web app is very intuitive and beginner-friendly

Where It Falls Short:

  • Crypto Account is Very Expensive: Total BTC purchase fee was 2.94% (15th place) and BTC spread was 3.17% (17th place). It’s mostly due to a 1.50% “operations fee” every time you make a trade. In comparison, NDAX had a 0.49% total BTC purchase fee (1st place) which is 6x cheaper
  • CAD Funding: Instant funding has low limits otherwise you must pay a monthly fee to increase it. Most crypto exchanges just offer free E-Transfers

Wealthsimple Trade

Overview

Updated: Mar 30, 2022 | | Total Fees & Spreads: Mar 02, 2022

Coins Offered

30+

Total BTC Purchase Fee

2.94% (15th place)

Total BTC Selling Fee

3.20% (12th place)

BTC Spread

3.17% (17th place)

Trading Fee

1.50% "operations fee"

Funding Methods

Direct Bank Transfer

CAD Deposits

Free

CAD Withdrawals

Free

BTC Withdrawal Fee

Dynamic

Notable Features

Stocks and crypto in one app, owned by a publicly traded company


Wealthsimple Trade

About Wealthsimple Trade

Updated: Mar 30, 2022

Wealthsimple Trade is a large fin-tech 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

Updated: May 8, 2022

  • Web app

  • Mobile App


Fees & Spread

Updated: Mar 30, 2022

More Information

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

Updated: Mar 30, 2022

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.


Platform & Features

Updated: Mar 30, 2022

List of Features:

  • iOS, Android and Web app
  • 30+ Cryptocurrencies
  • 1000's of Stocks & ETFs
  • 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. 30+ Coins Offered

4. 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

5. 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

6. The Wealthsimple Ecosystem


Security

Updated: Mar 30, 2022

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

Updated: Mar 30, 2022

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 Customer Support

Wealthsimple Crypto Compared

RankFi is tracking 18 Canadian cryptocurrency exchanges. Compare the best crypto exchanges in Canada below:

Name

Overall Rank

Coins

CAD Wallet?

Total BTC Purchase Fee

Spread (BTC)

Trading Fee

Website

1/18

70+

Yes

0.69%

1.34%

0%

NDAX

NDAX(#1 overall)

2/18

30+

Yes

0.49%

0.35%

0.20%

3/18

60+

Yes

0.66%

1.11%

0%

4/18

600+

No

1.60%

0.00%

0.10%

5/18

700+

No

2.82%

0.00%

0.10%

6/18

2

Yes

1.03%

2.26%

0%

7/18

200+

Yes

1.68%

3.11%

0%

8/18

60+

Yes

1.60%

0.05%

0.16% / 0.26%

9/18

40

Yes

2.94%

3.17%

1.50%

10/18

20+

Yes

1.24%

1.67%

0.50%

11/18

15

Yes

1.99%

0.41%

0.10% / 0.20%

12/18

40

Yes

1.23

2.63%

0%

13/18

300+

No

3.42%

0.41%

0.41%

14/18

140+

No

4.54%

3.07%

0%

15/18

65+

No

N/A

0.05%

0.40% / 0.60%

16/18

16

Yes

2.51%

2.82%

0.20%

17/18

29

Yes

2.44%

4.19%

0%

Gate.io

Gate.io [banned]

N/A

1000+

No

2.92%

0.00%

0.20%

Best Alternatives

Here are the best crypto exchanges for Canadians right now. We assessed 18 platforms across 60 variables and 1080+ data points.  

Newton.co
  • 2022 Winner: Best Overall
  • Low fees, 70+ coins, great user interface
  • No advanced features, limited features overall
VirgoCX
  • Low all-around fees
  • Free crypto withdrawals for many coins
  • Beginner + Advanced Features
  • User interface can be better
NDAX.io
  • Lowest overall fees for Canadians (0.49% total BTC purchase fee)
  • Beginner + Advanced features + Staking
  • Only 30+ coins
  • Slightly higher withdrawal fees
Binance
  • Lowest spreads and fees if you fund your account with crypto
  • 600+ cryptocurrencies
  • Most features in the industry
  • Restricted in Ontario
  • Not beginner friendly
  • Low spreads and fees if you fund your account with crypto
  • 500+ cryptocurrencies
  • Trade anonymously (all you need is an email right now)
  • Not beginner friendly
Best Crypto Exchanges Canada

Find the best crypto exchanges in Canada with our free comparison tool


Wealthsimple Trade

Wealthsimple Trade

Use This Link For $50 Free When You Trade $150:

Best Crypto Exchanges Canada 2022

Newton.co

1. Newton

NDAX

2. NDAX

VirgoCX

3. VirgoCX