Can I buy Crypto with Wealthsimple
The short answer is yes. Wealthsimple Crypto offers over 30 different cryptocurrencies to buy, sell and trade through various account types which include RRSP, TFSA, Personal, Business, RESP, and many more. Their platform boasts over 2 million customers and offers custodial coverage with coins stored and managed under secure institutional-grade vaults.
What coins are on Wealthsimple?
Wealthsimple Crypto offers the ability to buy over 40 coins across the Layer 1, DeFi, GameFi, Metaverse, and NFT ecosystems. These coins and tokens include, but are not limited to the following:
- Aave (AAVE)
- ApeCoin (APE)
- Avalanche (AVAX)
- Axie Infinity (AXS)
- Basic Attention Token (BAT)
- Bitcoin (BTC)
- Cardano (ADA)
- Cartesi (CTSI)
- Celo (CELO)
- Chainlink (LINK)
- Chiliz (CHZ)
- Chromia (CHR)
- Compound (COMP)
- Cosmos (ATOM)
- Curve (CRV)
- Dai (DAI)
- Decentraland (MANA)
- Dogecoin (DOGE)
- dYdX (DYDX)
- Enjin (ENJ)
- Ethereum (ETH)
- Fantom (FTM)
- Gala (GALA)
- The Graph (GRT)
- Litecoin (LTC)
- Loopring (LRC)
- Maker (MKR)
- Polkadot (DOT)
- Polygon (MATIC)
- Sandbox (SAND)
- Shiba Inu (SHIB)
- Solana (SOL)
- Stellar (XLM)
- SushiSwap (SUSHI)
- Synthetix (SNX)
- Tezos (XTZ)
- Uniswap (UNI)
- USD Coin (USDC)
- Yearn Finance (YFI)
- + more
Wealthsimple Crypto fees
Wealthsimple crypto charges different fees depending on what account type you are using. There are three main account ties, Basic, Black, and Generation.
- Basic: If you deposit between $0-$100,000 you are charged 0.5% in fees.
- Black: If you deposit between $100,000-$500,000 you are charged 0.4%.
- Generation: If you deposit between $100,000-$1m you are charged 0.3%.
This makes Wealthsimple a relatively expensive option to invest in digital assets because there is another 1% fee fixed into the spread of their prices. This means investors in Canada can spend up to 1.5% in fees buying Crypto with the Wealthsimple platform. This is why we recommend alternative platforms for buying cryptocurrency in Canada with lower fees.
Alternative Crypto investing platform to Wealthsimple
The best alternative in Canada to Wealthsimple purely for cryptocurrency investing is Bitbuy. They offer over 60 cryptocurrencies to trade with the lowest fees in the country starting at 0.2%. You can fund your account with CAD via Bank Transfer, INTERAC e-Transfer, Debit Card or Credit Card, and many other methods.
About Wealthsimple
Wealthsimple is an online investment platform that offers a variety of products and services. It is licensed and regulated in Canada by the Investment Industry Regulatory Organization of Canada (IIROC). Products and services offered by Wealthsimple include:
- Investment accounts (RRSP, TFSA, RESP, non-registered)
- Crypto trading and investing
- Wealthsimple Black (high-yield investment account with no management fees)
Wealthsimple has a simple and user-friendly interface. It is a good choice for investors who are new to online investing or for those who want to consolidate their investment accounts into one place. Another strength of Wealthsimple is that it offers low fees compared to some other online brokerages.
Crypto trading is a new feature that Wealthsimple has added in recent months. This allows investors to buy and sell Bitcoin and Ethereum. Crypto trading is available through the Wealthsimple Trade app, which can be downloaded for free from the App Store or Google Play.
To open an account with Wealthsimple, you will need to provide your personal information, including your name, address, date of birth, social insurance number, and email address. You will also need to answer some questions about your investment experience and goals. Once your account is opened, you can deposit money and start investing.
Final Thoughts
Wealthsimple Crypto is an excellent option for Canadian investors who are looking to get involved in the cryptocurrency market. The platform offers a wide selection of coins and tokens with low fees, making it an attractive choice.
However, Wealthsimple’s offering might not be suitable for experienced crypto traders as the fees can be quite high when compared to other platforms. For those looking for a more cost-effective way to get involved in crypto trading, Bitbuy is an excellent option. Bitbuy offers low fees and access to over 60 different coins and tokens.
Regardless of which platform you choose, it’s important to do your research before investing in cryptocurrencies. Be sure to understand the risks as well as the potential rewards before putting your money in this volatile market.
