Cryptocurrencies are the new hot-topic of today. Due to how volatile they are, a lot of people see crypto as a way to invest and make money. However, it’s quite hard to find a reputable exchange broker to trade crypto. This is where Wealthsimple comes in with their app.
Wealthsimple Crypto is one of the best Cryptocurrency apps in Canada. It allows you to trade most of the popular cryptocurrencies such as Bitcoin and Ethereum. (NOTE: There are other exchanges like Binance, NDAX, Bitbuy, and Coinsmart which offer more features and trading options however it’s nice to have all your investments in one place with Wealthsimple)
Getting started
The app has a simple user interface that is pleasing to the eye. To set up your account is straightforward, especially if you already have a Wealthsimple account. If you’re a new user, follow the procedure to create an account. Registration is convenient, fast, and secure.
Wealthsimple Crytpo is part of the Wealthsimple Trade app that allows you to trade stocks and ETF’s without commission (Read more on that here). There is an option to switch between stocks and crypto when navigating through the UI (user interface). There is a color theme that distinguishes between the two platforms, with purple being the color that indicates crypto. This is great if you like seeing all your investments in one place. Sign up here and receive two free stocks.
What coins are offered?
Aave (AAVE), Balancer (BAL), Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Chainlink (LINK), Compound (COMP), Curve (CRV), Dogecoin (DOGE), Ethereum (ETH), Kyber Network (KNC), Litecoin (LTC), Maker (MKR), Synthetix (SNX), Uniswap (UNI), and Yearn.Finance (YFI)
Is it secure?
Wealthsimple Crypto is regulated by the Wealthsimple Digital Assests Inc. (WDA) coordinated through the Canadian Securities Administrators’ Regulatory Sandbox. The platform is quite secure in terms of security and all the coins are held by Gemini custody which has $200 million in cold storage insurance coverge. Make sure you read their Client Relationship Disclosure to learn more on this matter.
From the Wealthsimple website, “Crypto-assets purchased and held in an account with Wealthsimple Crypto are not protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation or any other investor protection insurance scheme’‘
How does Wealthsimple Crypto make money (Fees and related charges)?
Wealthsimple Digital Assests Inc. (WDA) will earn revenue by applying a spread on the bid and ask prices at which buy orders and sell orders execute. The spready will vary between 1.5% and 2%. On the hand, Wealthsimple Crypto does not charge fees to deposit or withdraw funds.
Who is this for?
Crytocurrencies are considered high risk and volatile. This statement remains true with any platform you use. Wealthsimple Crypto makes it easy to trade these coins to anyone who has an interest. Just make sure to do a bit of research before you invest in crypto.
Pros
- Operated by Wealthsimple which is reputable.
- Simple user interface
- All your investments in one place (Switch between stocks and crypto).
- No minimum balanace
- Coins are held by Gemini Custody
- Variety of coins
Cons
- Can’t use a personal wallet
- External deposits can only be made by bank transfers (You can move money from your other accounts within the Wealthsimple trade app)
- You can only fund with Canadian dollars
- A spread is appleied on the bid and ask prices at which buy orders and sell orders execute.
