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Wealthsimple Trade

Wealthsimple Trade

55+

Coins 

1.50%

Trading Fee 

Canada

HQ

Last Updated Jul 11, 2023  |  Affiliate Disclosure

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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

  • All In One App: WS has crypto, stocks, ETFs, staking, fractional shares, robo-advisors, and more
  • Crypto in your TFSA: The best use case for WS Crypto is you can open a TFSA and buy crypto for tax-free gains. Canada has multiple Bitcoin ETFs, Ether ETFs and more
  • Highly Secure: Great reputation and owned by a publicy traded company
  • Great User-Interface: Mobile and web app is very easy to use
  • High Crypto Fees: Ranked 15th place to buy Bitcoin (hidden fees included)
  • CAD Instant Funding: Low limits for instant funding (under $3,000) and no Interac E-transfers
  • No Advanced Trading

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

  • Mobile App

  • Web app


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

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

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 Customer Support

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.io

Out of 20+ platforms we tried, NDAX had the #1 lowest fee to buy Bitcoin in Canada. It's our top pick for 2024.

  • Lowest fees to buy Bitcoin
  • Free e-transfer deposits
  • Based in Canada
  • Low volume on some coins
  • Only 37 coins
Kraken

Kraken is fully regulated in Canada and offers 200+ cryptos, professional trading, and high liquidity. 

  • e-Transfers supported
  • Industry-leading security
  • Zero-fee staking
  • 0.16%/0.26% trading fees
  • Fiat withdrawal fees
BYDFi

If you want to trade altcoins, crypto futures and more without KYC, BYDFi is one of the top apps we found.

  • 450+ coins
  • No KYC, No VPN
  • Up to 200x Leverage
  • No $CAD supported
  • Beginner-friendly

Author

Alex is the owner of RankFi.com, where he covers all things finance, Web3, and cryptocurrency. He has been investing in Bitcoin and cryptocurrencies since 2017.


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