Wealthsimple vs Crypto.Com | We Have Identified The Winner
Jack Moreau
Feb 2024
10 min read
Fact checked
Not sure if to use Wealthsimple vs Crypto.com for your cryptocurrency investing? Don't worry, our team has delved into the nitty-gritty details of both exchanges, analysing factors such as user experience, trading fees and product range of product features. Let's dive in and see what Wealthsimple and Crypto.com have to offer!
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Wealthsimple is a Canadian-based financial services company that has established itself as a popular choice for investors in Canada.
Since its inception in 2014, Wealthsimple has been offering a wide range of investment products and services, including robo-advisory, stocks and shares ISAs, savings accounts and cryptocurrency trading.
Crypto on Wealthfront
When it comes to cryptocurrency trading, Wealthsimple offers a relatively small range of 50 cryptocurrencies to it's 3 million user in Cadada.
However, this is sufficient for most investors who are looking to invest in the most popular cryptocurrencies.
Wealthsimple Canada
Wealthsimple's user-friendly interface makes it easy for novice investors to buy and sell cryptocurrencies.
In addition to its investment products, Wealthsimple also offers savings accounts with competitive interest rates that allow users to grow their savings.
The platform also has a cashback feature that enables users to earn up to 1% cashback on eligible purchases when using their Wealthsimple Visa Card.
Crypto.com is a global platform that offers a comprehensive suite of services, including spot trading, staking, lending, and its own Visa Card.
Founded in 2016 by Kris Marszalek and Bobby Bao in Singapore, Crypto.com has quickly grown to over 80 million users worldwide in North America, Europe, and Asia.
Crypto.com exchange
Crypto.com supports over 250 cryptocurrencies including popular options like Bitcoin, Ethereum, and its native token, Crypto.com Coin (CRO).
The platform's vast range of supported cryptocurrencies makes it an attractive option for investors who want to trade a diverse range of digital assets.
Crypto.com Visa card
One unique feature of Crypto.com is its Visa Card, which allows users to spend their cryptocurrencies anywhere Visa is accepted.
The card offers cashback rewards and other perks, making it an appealing option for those who want to earn rewards while spending their cryptocurrencies.
Crypto.com's staking service is another popular feature, allowing users to earn rewards by holding their cryptocurrencies on the platform.
Crypto.com App
The platform also offers margin trading and lending services, catering to more sophisticated investors.
Wealthsimple vs Crypto.com Signup & KYC
When it comes to signing up for a cryptocurrency exchange, one of the key questions is always whether KYC verification is requirement or not.
Two popular exchanges that require KYC are Wealthsimple and Crypto.com. Let's take a closer look at their signup processes and verification requirements.
Wealthsimple is a Canadian-based exchange that requires KYC for all users. The signup process takes just a few minutes, during which users need to provide personal information and upload necessary documents for verification.
The verification process on Wealthsimple can take a couple of days to complete, but once it's done, users get access to all the features available on the platform.
Wealthsimple account setup
Crypto.com is a global exchange that also requires KYC for all users. However, the signup process is relatively quick and can be completed in less than two minutes.
Crypto.com signup
To verify their identity, users need to provide their full legal name and a picture of a government-issued ID.
The verification process on Crypto.com is typically completed within minutes of submitting the necessary documents. Crypto.com is also available in the US, Canada and more than 180 countries around the world.
Wealthsimple vs Crypto.com Products & Services
Wealthsimple is a Canadian fintech company that has gained popularity for its range of investment and financial planning products.
Wealthsimple also offers access to over 50 cryptocurrencies making it a popular choice for Canadians who are interested in investing in digital assets.
Wealthsimple's investment products include robo-advisory, stocks and shares ISAs, savings accounts, and cryptocurrency trading.
The robo-advisory service is particularly popular among users who prefer a hands-off approach to investing. The platform's savings accounts also offer competitive interest rates that allow users to grow their savings.
When it comes to cryptocurrency trading, Wealthsimple offers access to over 50 cryptocurrencies, including popular options like Bitcoin, Ethereum, and Solana. The platform's user-friendly interface makes it easy for novice investors to buy and sell cryptocurrencies.
Cryptocurrencies on Wealthsimple
Crypto.com has emerged as one of the world's leading cryptocurrency exchanges, gaining significant popularity in the United States and Europe through strategic marketing efforts.
The exchange appeal lies in the broad range of products and services it offers to a diverse audience.
At the core of Crypto.com's offerings is spot trading, a feature that allows users to purchase and sell over 290 well-known cryptocurrencies.
Crypto.com Spot Trading
Beyond spot trading, Crypto.com extends its services to margin trading where users can take long or short positions on a variety of cryptocurrencies, with leverage of up to 5X.
Crypto.com Margin Trading
To satisfy the needs of more advanced traders, Crypto.com has broadened its scope to include derivative trading with over 100 perpetual and quarterly futures, and up to 20X leverage.
For those interested in automated trading, Crypto.com provides a solution with three different bots that include grid, DCA (Dollar Cost Averaging), and TWAP (Time-Weighted Average Price).
Crypto.com Trading Bots
Despite these features, Crypto.com's trading volumes are somewhat moderate, ranking in the top 30 exchanges with 24-hour spot and derivatives volumes of $1 billion each. Having said that, they are of course much larger than Wealthsimple.
In line with current industry trends, Crypto.com also ventures into financial products such as earning and staking so that its users can earn interest on over 20 digital assets like BTC, ETH, ADA, DOT, SOL, ATOM, and USDT.
Crypto.com Earn
However, the interest rates offered on Crypto.com are not as competitive as other exchanges. Similarly for staking rewards, users can earn more on their assets by simply directly on the blockchain rather than through Crypto.com.
Crypto.com Staking
For crypto enthusiasts who prefer to spend their digital assets, Crypto.com offers a Visa Card that enables users to earn up to 10% cashback on real-world payments.
Crypto.com Visa Card
For those with an interest in NFTs and digital collectibles, Crypto.com presents a rich assortment of collections including popular ones like Bored Apes and Pudgy Penguins.
Crypto.com NFTs
These are available on multiple blockchains such as Ethereum, Polygon, Solana, and Cronos Chain, providing a diverse range of options for NFT enthusiasts.
Additionally, Crypto.com has developed its own non-custodial wallet that available as a desktop wallet, a browser extension, and more. This wallet empowers users to store, trade, and earn on their cryptocurrencies while maintaining full control over their assets.
Crypto.com Wallet
Lastly, Crypto.com caters to high-net-worth individuals and institutional clients through a dedicated OTC (Over-The-Counter) section.
Crypto.com OTC
Here they can execute large orders ranging from a minimum of $50,000 to a maximum of $5,000,000 at competitive rates.
When it comes to trading fees, Wealthsimple takes a different approach than most other exchanges.
Since they don't operate their own exchange, they work with other platforms and charge a transaction fee ranging from 1.5-2%. While this may not sound like much, it can quickly add up for frequent traders.
Wealthsimple trading fees
Crypto.com offers a more traditional fee structure. Their spot maker and taker fees are 0.075% while their futures maker and taker fees are even lower at 0.017% and 0.034%, respectively.
They also offer margin trading with fees that depend on the type of loan taken out.
Crypto.com spot trading fees
In terms of who has lower fees, it's a clear win for Crypto.com. While Wealthsimple may be great for those looking to make occasional investments, Crypto.com offers a lower fee structure for those who plan to trade more frequently.
Plus, with the additional options for futures and margin trading, Crypto.com offers more flexibility for traders.
When it comes to withdrawing fiat currency, Wealthsimple and Crypto.com have different options available. Wealthsimple allows for fiat withdrawals via bank transfer to Canadian banks.
This means that if you want to withdraw Canadian dollars from the exchange, you can do so by transferring the money directly to your bank account. There is no withdrawal fee for this service, which is a definite plus.
Crypto.com only offers fiat withdrawals for USD via bank transfer. If you're looking to withdraw any other type of fiat currency, you're out of luck. However, if you do want to withdraw USD, you won't have to pay a fee for bank withdrawals.
When it comes to cryptocurrency withdrawals, Crypto.com charge fees depending on the currency you're withdrawing.
Crypto.com charges a fee of 0.0001 BTC for Bitcoin withdrawals and a higher fee of 0.04 ETH for ETH withdrawals. SOL withdrawals have a fee of 0.03 SOL while ERC-20 USDT withdrawals come with a fee of 10 USDT.
In conclusion, Wealthsimple and Crypto.com are two prominent exchanges that differ in their target audiences, range of trading products, and investment fees.
Wealthsimple offers a simple and secure platform for buying and selling cryptocurrencies that is focused on the Canadian market. It has attracted over 3 million users in Canada, with an small range of 50 cryptocurrencies that can be traded.
In comparison, Crypto.com offers a more comprehensive suite of services and supports over 250 cryptocurrencies with a global user base of 80 million.
The exchange has a wide assortment of spot, futures, lending, and borrowing products that cater to both expert and beginner traders.
In terms of KYC verification, that is required by both companies while Crypto.com has a faster registration process than Wealthsimple.
In regards to trading fees, Crypto.com offers a more traditional fee structure which is much lower than Wealthsimple's per-transaction fees.
Crypto.com also provides more flexibility for traders by offering various trading methods. When it comes to depositing funds, both exchanges have different options.
Wealthsimple offers several deposit methods, including bank transfers and credit/debit cards with no accompanying transaction fees.
Crypto.com only supports deposit via USD wire transfers, but also doesn't charge any fees for fiat deposits made using this method.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
eToro USA LLC: Investments are subject to market risk. Including the possible loss of principal. Don’t invest unless you’re prepared to lose all the money you invest.
Author
Jack Moreau
Jack is a crypto writer and reviewer who has been active in the space since he caught the crypto bug in 2017. With a passion for trying out new shiny things, Jack is always eager to try the latest cryptocurrency exchanges, wallets or DeFi applications.
