Wealthsimple Review | Should You Buy Crypto With Wealthsimple?

Wealthsimple provides a slightly different approach to buying cryptocurrencies than some of the other platforms.

They don't offer spot trading so users can't directly buy or sell specific cryptocurrencies via an orderbook. Instead, customers can buy crypto with instant deposits via bank or card transfer.

One thing that sets Wealthsimple apart is their simplicity. They appear to have designed their platform specifically for beginners in the cryptocurrency space. The platform makes it easy for beginners to begin investing in cryptocurrencies.

While Wealthsimple may not offer the same range of cryptocurrencies and options as some of the other platforms, their focus on simplicity and user-friendliness could make it the right choice for someone who is just starting out. But as we will soon find out, the beginner friendly and convenient exchange also comes with high trading fees.

Wealthsimple offers a different approach to trading fees. Instead of operating their own exchange, they work with other exchanges and charge a 1.5-2% fee per transaction. These fees are very high and users can lower them significantly by using alternative exchanges.

Wealthsimple offers several fiat deposit methods, including bank transfers and credit/debit cards. Unlike some other exchanges, Wealthsimple doesn't charge fees for fiat deposits or withdrawals, making it more affordable and accessible. Whether you prefer to use your bank account or credit/debit card, Wealthsimple has you covered. The supported fiat currencies include USD and CAD.

Wealthsimple users can withdraw their fiat currency via bank transfer to Canadian banks. While fiat withdrawals are limited to Canadian banks, it's worth noting that these withdrawals are processed quickly and efficiently. In terms of fees, users won't be charged any fees for withdrawing their fiat currency. Cryptocurrency withdrawals are also available on Wealthsimple with different fees depending on the blockchain.

Wealthsimple has never been hacked and offers a range of protective measures to safeguard their clients assets. While they don't currently offer proof of reserves, they are a member of the Investment Industry Regulatory Organization of Canada and have obtained licenses and registrations required by law.

Wealthsimple partners with only qualified custodians for cold storage, ensuring their clients assets safe and sound. And to take things up a notch, they've also teamed up with Coincover for an extra layer of protection.

Their custodial partners have over $200M in cold storage coverage each, so you can sleep soundly knowing your crypto is in good hands. Plus, deposits and securities are protected through CDIC or CIPF within specified limits.

When it comes to account-level security, Wealthsimple provides features like 2FA, account lock and monitoring, and session management that tracks browsers and device sessions. And while it's always recommended to keep as few assets as possible on exchanges, Wealthsimple's strong security measures make it a solid choice for those looking to trade crypto with peace of mind.

Wealthsimple is a standout investment platform that offers a range of investment products and services that cater to both novice and experienced investors alike. With a user-friendly website, Wealthsimple makes investing in stocks and cryptocurrencies easy and accessible.

As of today, Wealthsimple boasts a user base of over 3 million Canadians who trust them with their investments. The platform offers a wide selection of stocks and ETFs that customers can invest in, and even boasts over 50 cryptocurrencies available for purchase.

The platform has been designed with simplicity in mind to make it easy for beginners to get started. While Wealthsimple may not offer the same range of cryptocurrencies and options as some of the other platforms, their emphasis on user-friendliness and security make it a solid choice for those looking to trade crypto with peace of mind.