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Wealthsimple Crypto makes it easy to dip your toes into cryptocurrency without needing a PhD in blockchain. It's beginner-friendly, app-based, and fully regulated in Canada. You can trade 100+ cryptocurrencies, stake coins for rewards, and swap crypto to save on fees. But simplicity comes at a cost: higher fees than most advanced exchanges and no external wallet transfers.
What is Wealthsimple Crypto?
Wealthsimple Crypto launched in 2020 as the first regulated crypto platform in Canada. It's part of the Wealthsimple app and offers trading on over 100 coins, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). You can buy, sell, swap, and stake crypto, all from your phone. The crypto trading fees vary based on your client tier: Core clients pay 2%, Premium clients pay 1%, and Generation clients pay 0.5% per trade.
Wealthsimple Crypto aims to make buying and selling cryptocurrencies as easy and straightforward as possible so that even a newbie investor can give it a go.
What does Wealthsimple Crypto offer?
- 100+ cryptocurrencies: Includes major names like BTC, ETH, SOL, ADA, DOGE, and XRP.
- Staking: Earn rewards on coins like ETH, SOL, DOT, and ADA—up to 6% annually.
- Crypto swaps: Trade one coin for another directly, with lower fees.
- Auto-invest & limit orders: Set it and forget it, or buy/sell at a target price.
- Transfers: You can now send and receive some cryptocurrencies directly from Wealthsimple.
Wealthsimple offers an accessible way to buy and trade Bitcoin (BTC), Ethereum (ETH) Solana (SOL) and more than 100+ other cryptocurrencies. You can get started with as little as $1 because there is no account minimum and no fees for making deposits or withdrawals.
Wealthsimple crypto fees
| Wealthsimple tier | Definition | Trading fee |
|---|---|---|
| Core | New or existing Wealthsimple clients with less than $99,999 in assets | 2% |
| Premium | Wealthsimple cients with over $100,000 in assets | 1% |
| Generation | Wealthsimple clients with over $500,000 in assets | 0.5% |
No fees for deposits, withdrawals, or staking payouts. But that 2% spread is higher than you'd pay on platforms like Kraken or VirgoCX.
Staking is like earning interest on your crypto. Here's how it works:
When you stake a cryptocurrency, you're locking it up to help support the security and operations of a blockchain network that uses a system called Proof of Stake (PoS). In return, you earn rewards—usually paid out in the same crypto you're staking.
Think of it like this:
- You hold some Ethereum, Solana, or Cardano.
- Instead of just letting it sit there, you stake it.
- The network uses your staked crypto to validate transactions.
- You get paid rewards (kind of like dividends) just for participating.
With Wealthsimple:
- You can stake coins like ETH, SOL, ADA, and DOT.
- It only takes a few taps in the app—no technical know-how is needed.
- Rewards are automatically deposited into your account.
- Wealthsimple takes a small percentage of your rewards as a fee.
Heads up: Rewards aren't guaranteed. Rates can vary based on network performance and demand.
For casual investors, staking with a platform like Wealthsimple is an easy way to put your idle crypto to work.
Pros and cons of Wealthsimple Crypto
Pros
- Easy to use for beginners
- Regulated and insured storage via Gemini & Coincover
- No deposit or withdrawal fees
- Staking built-in
- Direct crypto-to-crypto swaps
Cons
- High fees (up to 2%)
- No margin or advanced charting tools
- Limited support for altcoin transfers or deposits
- Crypto can’t be moved to external wallets (yet for most assets)
Is Wealthsimple Crypto sage?
Yes—your crypto is held in trust, with most assets stored in offline "cold" storage. Gemini, a U.S. regulated crypto custodian that carries $200M+ in insurance, and Wealthsimple is a CIRO member. While crypto isn't CDIC or CIPF insured, your assets are protected from hacks and theft, not market losses. It’s important to note that cryptocurrencies are not insured by the traditional institutions Canadian Investor Protection Fund or the Canada Deposit Insurance Corporation. You can only hold your investments in cryptocurrency within the app itself; you can’t actually transfer or move your crypto assets to a personal/private digital wallet.
How to open a Wealthsimple Crypto account
If you don’t already have an account, you can access Wealthsimple Crypto from the web and/or the app.
If you already have a Wealthsimple account, opening a Wealthsimple Crypto account is very easy. You’ll just need to open your Wealthsimple account and select the Wealthsimple Crypto option.
You will then be asked questions about your investing experience, such as whether or not you’ve ever invested in cryptocurrencies, if you’ve ever sold stocks on your own and how much money you feel comfortable risking.
Wealthsimple then explains a bit about how Wealthsimple Crypto works. You’ll then be asked to confirm you know about the risks of buying and selling cryptocurrency.
Open a Wealthsimple Crypto account
You will need to sign three more lengthy disclosure statements. Finally, you’ll need to add funds to your account. You can transfer funds using a linked bank account, Interac e-Trasnfer or crypto deposit.
Depending on how much you add and whether or not you already have a Wealthsimple account (because it’s very easy to transfer funds between most Wealthsimple accounts and Wealthsimple Crypto) that was already funded, money could take up to five days to arrive in your account.
In my case, because I chose a small amount of money ($40) to transfer, the transfer of funds took only about 30 minutes.
Once your funds arrive you are ready to buy and sell crypto.
Buying crypto with Wealthsimple (and selling, too)
You can buy crypto with as little as $1. The price you see includes the fee (i.e. what you see is what you pay). If you want to sell, simply tap your coin, hit "Sell," confirm and the cash lands in your account. You can withdraw to your Wealthsimple account or reinvest in other Wealthsimple products.
You can buy any of these cryptocurrencies on Wealthsimple.
Crypto
Symbol
Available to deposit
Available to withdraw
For an always up-to-date list, please refer to Wealthsimple's help centre.
Buy these cryptocurrencies on WealthsimpleIf you don't want to manage the highly volatile practice of cryptocurrency trading, consider a crypto ETF.
Much like other brokeragers, Wealthsimple offers access to crypto ETFs. These ETFs track the performance of cryptocurrencies like Bitcoin or Ethereum, providing an indirect way to invest in crypto through regulated stock exchanges.
Examples include Purpose Bitcoin ETF (BTCC) or Evolve Ether ETF (ETHR). You can buy these ETFs within your TFSA, RRSP, or taxable investment account through Wealthsimple self-directed investing.
How to sell crypto on Wealthsimple
Selling crypto on Wealthsimple is quick and beginner-friendly. Here’s how you can do it:
- 1 Open the Wealthsimple App: Log into your account and head to the “Crypto” section.
- 2 Select the Cryptocurrency: Tap on the crypto you want to sell from your portfolio.
- 3 Choose “Sell”: Click the “Sell” button and input the amount you want to sell. You can sell a specific dollar amount or a percentage of your holdings.
- 4 Review the details: Double-check the transaction details, including the fees and the amount you’ll receive in cash.
- 5 Confirm the sale: Hit “Confirm,” and the proceeds will appear in your Wealthsimple account balance.
Once sold, the funds will be available to withdraw to your linked bank account or reinvest within Wealthsimple. It’s that straightforward!
How does buying crypto with Wealthsimple work?
Once you’ve applied, you can buy and sell Bitcoin, Ethereum, Solana and more within minutes after you’ve funded your account. The price of each digital asset is clearly marked, as is the amount you have in your Wealthsimple Crypto account. Let’s break it down step-by-step to see how it works.
After downloading the app, you can fund your account and select one of the cryptocurrencies.
To make a purchase, just tap on which currency you’re interested in buying to see an up-to-date price and then hit the ‘Buy’ button.
Input a dollar amount for how much you want to buy and confirm your purchase.
Note that Wealthsimple Crypto does not allow you to download your digital asset into a private digital wallet. Rather, your digital currency is held by an outside crypto custodian (Gemini) on behalf of Wealthsimple.
To be frank, Wealthsimple Crypto doesn’t have a lot of extra features. The two main selling points are that it’s low cost and accessible and it’s designed to be as bare-bones as possible with no bells and whistles.
Having said that, it does pretty much have all you need if all you need, including:
- Website: An easy-to-navigate website with the current selling price of Bitcoin and Ethereum with a clear graphic that shows the ups and downs of the digital currency’s value.
- Menu: There’s a menu on the app so you can easily move between your Wealthsimple account and your Wealthsimple Crypto account.
- Funding: You can see your previous deposits, withdrawals, purchases, and selling activity.
- Support: The support via the app is minimal, with access to a Help Center where you can see a list of the most frequently asked questions. There is also a chat function for more direct help. You can access other support outside the app by calling Wealthsimple directly or by emailing them.
- Money transfers: You can easily transfer money from outside bank accounts to your Wealthsimple Crypto account.
- Account Type: Your Crypto account can only be held in unregistered accounts (no TFSAs or RRSPs).
Staking: Available for coins like ETH, SOL, ADA, and DOT. Rewards vary by token and market conditions. Wealthsimple takes a percentage of the rewards as a fee.
Swaps: Save on fees by swapping one crypto directly for another (e.g. ETH to SOL), instead of converting to CAD first.
Wealthsimple Crypto is incredibly easy to use. Though initially Wealthsimple and Wealthsimple Crypto were only accessible via an app (available for both Android and iOS), you can now view all of your Wealthsimple accounts online via computer on an internet browser. The no-frills interface with bold graphics is simple and straightforward, allowing you to execute buys and trades easily and in seconds with just a couple of steps.
While Wealthsimple Crypto is indeed commission-free, there is a fee for buying and trading a digital currency. While one could not go as far as to say this fee is hidden, Wealthsimple certainly does not make it obvious and you do have to do a bit of hunting to find information about it.Wealthsimple Crypto charges a 1.5-2% fee for every buy and sell transaction you make. The fee is charged by applying a spread on the bid and ask prices at which you buy and sell the digital currency. A spread is the difference between the buy (bid) and sell (offer) price of a currency.
For example, if I want to buy $40 worth of Bitcoin, my $40 will only buy $39.41 worth of Bitcoin. The spread (operational cost) here is $0.59.
Aside from this fee, there are no other costs. Wealthsimple Crypto does not charge any fees for account opening or closing, inactive accounts, fund transfers or electronic statements of trade confirmations.
Staking: Available for coins like ETH, SOL, ADA, and DOT. Rewards vary by token and market conditions. Wealthsimple takes a percentage of the rewards as a fee.
Swaps: Save on fees by swapping one crypto directly for another (e.g. ETH to SOL), instead of converting to CAD first.
Wealthsimple Crypto vs. other platforms
Platform
Coins
Fees
Wallet transfers
Staking
Wealthsimple
100+
0.5%–2%
Limited
Yes
Kraken
350+
~0.26%
Yes
Yes
Coinsquare
50+
~0.5%
Yes
No
VirgoCX
90+
0% maker
Yes
Yes
You can't buy Crypto on Questrade (yet), but you can buy ETFs.
Feature
Wealthsimple Crypto
Questrade
Offering
100+ Crytocurrencies
Bitcoin ETF (ie. BTCG, BTCC)
Costs
1.5-2% Operations Fee for every buy and sell transaction
ETFs are free to buy and sell
Usability
Desktop and mobile app
Desktop and mobile app
The options for Canadian investors who want to buy crypto keep growing. However, if you’re interested in investing in crypto but are turned off by the asset’s legendary volatility and don’t feel comfortable buying and trading on your own, you might want to consider buying an exchange-traded fund (ETF) that lets you invest in Bitcoin without having to buy and store the digital currency yourself.
Related: How to buy ETFs
Purpose Investments’ Bitcoin ETF, BTCC, was the first Bitcoin ETF in the country and does all the buying and selling of the digital asset for you, so you can be a passive Bitcoin investor.
You can purchase the ETF from an online brokerage platform like Questrade, which offers a host of other investment options at very affordable fees. There are also Ethereum ETFs that can be traded in the same way. Best of all, unlike by buying cryptocurrency directly, you could hold the ETF in a TSFA or RRSP account to offset taxes.
Get started with Wealthsimple CryptoBitbuy outshines Wealthsimple Crypto when it comes to functionality and control. With Bitbuy, you can buy, sell, and transfer crypto to your personal wallet, giving you full custody of your assets—something Wealthsimple Crypto doesn’t offer. Bitbuy also boasts lower trading fees, access to more cryptocurrencies, and advanced trading tools, making it a stronger choice for serious crypto investors.
That said, Wealthsimple Crypto has its own appeal. It’s beginner-friendly, with a clean, intuitive interface and zero account minimums, making it a great option for someone new to crypto. It also offers seamless integration with other Wealthsimple products, like investing and tax filing, which can simplify overall financial management. If you value ease of use and don’t need wallet transfers, Wealthsimple Crypto could be a good fit, but Bitbuy is better for those who want full control and more robust trading options.
Start buying Crypto with WealthsimpleWealthsimple Crypto, on the other hand, simplifies the process for beginners. Its interface is intuitive, and it integrates seamlessly with other Wealthsimple services, like investing and taxes, which can streamline financial management. If you’re new to crypto and want a straightforward experience, Wealthsimple Crypto is appealing. But if you want access to advanced features, more coins, and wallet transfers, Crypto.com is the better pick.
Wealthsimple Crypto, on the other hand, simplifies the process for beginners. Its interface is intuitive, and it integrates seamlessly with other Wealthsimple services, like investing and taxes, which can streamline financial management. If you’re new to crypto and want a straightforward experience, Wealthsimple Crypto is appealing. But if you want access to advanced features, more coins, and wallet transfers, Crypto.com is the better pick.
Get started on your crypto journey with WealthsimpleCrypto.com offers significantly more features and flexibility than Wealthsimple Crypto, making it the better choice for advanced users. With Crypto.com, you can trade, transfer, and stake over 250 cryptocurrencies, access personal wallets, and even earn interest on your holdings through its Earn program. It also provides a Visa card for spending crypto, making it a more versatile platform.
Wealthsimple Crypto, on the other hand, simplifies the process for beginners. Its interface is intuitive, and it integrates seamlessly with other Wealthsimple services, like investing and taxes, which can streamline financial management. If you’re new to crypto and want a straightforward experience, Wealthsimple Crypto is appealing. But if you want access to advanced features, more coins, and wallet transfers, Crypto.com is the better pick.
Don't miss the Crypto boat with WealthsimpleCoinbase is a step up from Wealthsimple Crypto for users who want more control and versatility. With Coinbase, you can transfer crypto to your personal wallet, access a larger selection of cryptocurrencies, and use advanced features like staking, recurring buys, and even a Visa card to spend your crypto. It’s a globally recognized platform, ideal for users who want a robust trading experience and full asset custody.
Wealthsimple Crypto, however, wins for simplicity and ease of use. Its streamlined interface and integration with Wealthsimple’s other financial services make it an attractive choice for beginners looking to explore crypto without being overwhelmed. If you’re focused on control, advanced tools, and wallet access, Coinbase is the better choice. But if you’re dipping your toes into crypto and want a hassle-free experience, Wealthsimple Crypto could be a great starting point.
Get started with Crypto with WealthsimpleWho should apply for Wealthsimple Crypto?
There’s no doubt that investing in cryptocurrency can be an exciting ride.
If you’re considering investing in digital currencies and you’re new or just starting out in crypto investments, then Wealthsimple Crypto is a good choice. It’s ideal for new investors since you won’t be overwhelmed by choice (since you only have to deal with two cryptocurrencies).
It also offers a no-frills, easy-to-manage platform that won’t have you left feeling lost or confused. On the other hand, f you’re already quite comfortable or having a lot of experience investing in crypto, then you might find Wealthsimple Crypto a little too basic for you.
Start crypto investing with WealthsimpleFAQ
Sandra MacGregor
Freelance Contributor
Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.
Tyler Wade
Personal finance content strategist & writer
Tyler Wade has worked in personal finance for over 5 years writing for brands like Ratehub, Forbes, KOHO, and now Money.ca.
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