Crypto trading is a great way to play the cryptocurrency markets. It’s easy to get started, and once you have the hang of it, it can be a lot of fun. If you’re reading this, you’ve heard of Wealthsimple, one of the latest exchanges to get into the industry.
The platform lets you invest in the most significant crypto projects, including Bitcoin and Ethereum, without buying them on an exchange. The company also offers other financial products, like traditional stocks, ETFs, and mutual funds, but the cryptocurrency trading platform is its main offering.
It’s an easy way to get exposure to the cryptocurrency market, which is already worth billions of dollars and is only expected to keep growing. Think of signing up for the Wealthsimple exchange? Then, continue reading as we uncover the different aspects of the platform in this detailed review.
Pros and Cons Of Wealthsimple:
Wealthsimple At a Glance:
| Official Website | https://www.wealthsimple.com/ |
| Headquarters | Toronto, Canada |
| User base | Millions of users |
| Fees | Medium (built into spread) |
| Mobile App | Yes |
| Funding Methods | Bank transfer, Debit Card, Direct Debit |
| Minimum Deposit | None |
| Cryptocurrencies | 40+ |
| Crypto Withdrawals | Not Available |
| Crypto Wallet | Available |
| Customer Support | Available 24*7 |
| Trust Rating | High |
What Is Wealthsimple: Company Overview
Wealthsimple is a digital investment app that works as a full-fledged financial services provider and a wealth management tool for its users. Primarily referred to as a management app, the application rose to the role of a crypto exchange in September 2020.
The platform was the first in Canada to offer direct access to cryptocurrency trading while providing a traditional investing experience. The platform is a one-stop shop for investing in cryptocurrencies, with a rich array of investment products that can be tailored to meet a variety of needs.
Users can place cryptocurrency buy and sell orders using the app available on Android and iOS. Users can also manage their cryptocurrency portfolio using the app’s investing platform. In addition, Wealthsimple lets users set investment goals and track their progress toward those goals using a dashboard.
They also provide the option to trade cryptocurrency from within your account and are now available through the app’s MetaTrader 4 trading platform. You can also trade options on the platform, which is another way to invest in cryptocurrencies without buying them on a cryptocurrency exchange. This feature is available in the US only now, though Wealthsimple plans to expand to other countries in the future.
In a nutshell, Wealthsimple is the most popular commission-free trading platform and a robot advisor that also comes with crypto investing and trading “feature.”
Cryptocurrencies Supported in Wealthsimple
Over the years, Wealthsimple has aligned with several crypto projects, both big and small. As of January 2022, the platform accepts over 34 different cryptocurrencies. The list includes the likes of Bitcoin (BTC), Ethereum (ETH), 1inch (1INCH), and Doge (Doge), among some other new but potential projects like Decentraland (MANA) and Polkadot (DOT). In addition, the platform is also open to the idea of including new projects, making it a reliable platform for investors of all shapes & sizes. Therefore, if you want to diversify your folio, Wealthsimple would be a nice place to get started.
Key Features Of Wealthsimple
Being one of the innovative crypto exchange platforms, Wealthsimple tries to justify its ‘investment tool’ image with several offerings.
Here are some of the features, divided into two sections below. Let’s have a look:
Plethora Of Investment Options:
One of the primary offerings of Wealthsimple’s exchange is its socially responsible investment tools, making it an ideal choice for users of every type. Users signing up for the platform can choose between three different risk-weighted portfolios.
The platform brings in a slew of investment tools for users of all shapes and sizes. Once signed up, you can select between all three different classes of investments. For beginners, they can start trading with more secure real estate and debentures.
For investors who want to have moderate risk on their folios, the platform introduces them to shares of different small and big organizations. Lastly, for the risk bearers, they have the option to invest in over 30+ cryptos and several penny stocks.
Ease Of Goal Setting
Like other robo-advisors present in the industry, Wealthsimple allows users to start their crypto journey with unlimited sessions for financial planning. However, while the registered users have unlimited access, visitors can also try out the feature for once, only after submitting their account statements in advance.
You also have the option of talking to a human advisor upon request. In addition, users of the Wealthsimple platform are provided with many different options to get started with goal planning. The possibilities range from education, retirement, and ownership to long-term growth or income.
Wealthsimple Cash
Next up, we have Wealthsimple Cash, one of the unique features for inventors who sign up with the idea of going long-term with this platform. In terms of its application, cash is a hybrid bank account that combines savings and checking account functionalities.
Users depositing their money with the Wealthsimple Cash account can earn an interest rate of up to 0.75% while earning additional features like deposits, unlimited transactions, e-transfers, withdrawals, and a reimbursement allowance for monthly ATM fees.
Additionally, since there are no monthly fees or minimum balance associated with the account, Wealthsimple Cash also provides direct and mobile cheque deposits to its account holders. Among other features, users can also get a prepaid Visa credit card.
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Additional Features Of The Platform
- Excellent Instructional Materials: The educational materials over the Wealthsimple platform make it one of the most appealing crypto exchanges worth signing up for. Beginners can access various tools like videos, articles, and more on getting started with cryptocurrency. They have free educational materials and a premium service for more in-depth education.
- Wealth Management Tools: Wealthsimple is an excellent option for looking for a wealth management tool. Their new mobile app makes it easy for investors who want to learn how to manage their crypto portfolio, so they’re here for you whether you’re a new or experienced investor.
- 24/7 Customer Support: Wealthsimple has 24/7 customer support. You will receive an email or phone call within 24-48 hours, depending on when you placed the order.
- Easy Sign-up: When you’re ready to open an account, you don’t have to sign up to a third-party site or app and link your login to Wealthsimple. Simply sign up for a Wealthsimple account and get started.
- Portfolio Review Service: Wealthsimple provides its customers with a free review service of their portfolios. Here, the experts over the platform evaluate all your financial accounts that aren’t associated with Wealthsimple. This way, they tend to analyze the tax efficiency, fees involved, and portfolio allocation with any other third-party accounts their users hold.
- Pays Your Transfer Fees: What’s better than a crypto exchange that pays the transfer fees for you? Yes, Wealthsimple covers your transfer fees if you’re account is more significant than $5,000. Additionally, when withdrawing funds, the platform never charges you fees.
Trading Experience
Basic Trading With Wealthsimple
The trading experience with Wealthsimple can be described in three different stages. The first is a ‘Basic’ primary tier where users can get started with their journey under $100,000. This package comes with an MER (Management Expense Ratio) of 0.5%, dividend reinvestment, and automatic rebalancing.
Black Trading With Wealthsimple
Next up, we have the Black, the second investing tier that you can avail of with Wealthsimple. The Black tier requires users to maintain their balances between $100,000 to $500,000. This account comes with a reduced MER at 0.4%. In addition, this package also offers a dedicated session for your financial planning and tax-loss harvesting, including the advantages of the Basic package.
Generation Trading With Wealthsimple
Topping the list of accounts is the ‘Generation’ tier, one of the most competent accounts that require accounts with balances over $500,000. The MER rate with this tier stands similar to ‘Black’ at 0.4%. Besides, the additional features of this package include assistance from several financial advisors, in-depth financial planning, and a health care package, among several other benefits from different tiers.
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Fees Structure
Wealthsimple Crypto is a cryptocurrency investing platform that offers users the opportunity to make cryptocurrency investments for a fee. However, the platform charges a crypto-only fee instead of charging a standard fee.
This means that users will only be charged a Wealthsimple Crypto fee when they trade cryptocurrencies on the platform. This helps users save on trading fees while still benefiting from the potential profits made from cryptocurrency investments.
A spread is added to the cost whenever you place a purchase or sell. This Wealthsimple Crypto spread is between 1.5% and 2%.
| Options | Fees Structure |
| Wallet | N/A |
| Account Minimum | 0 |
| Account Management Fee | 0.4 to 0.5% |
| Crypto Conversions | 1.5% |
| Wire Transfer | $10 |
| Buying/Selling Crypto | 0.50% |
| Operations Fee | None |
Is Wealthsimple Safe?
Gemini Trust Company LLC fully regulates Wealthsimple in terms of its safety. The platform has insured a sum of $200 million with the firm. Additionally, the platform is completely regulated in all the provinces and states in Ireland and has been a trusted broker since its inception in 2016.
In terms of in-app security, the platform includes additional safety features like Face ID and Touch ID, instead of users having to enter a username and password every time they log in. Currently, Wealthsimple has also included a 2FA (Two Factor Authentication).
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Opening A Wealthsimple Account
Wealthsimple is centered around making its whole platform as basic and simple to use as humanly conceivable, and this attention to convenience stretches out to its sign-up process.
You can use either the Wealthsimple site or their versatile application to get everything rolling. The principal data you should surrender to the organization is your email address and the nation you are living in. You’ll likewise have to set a password during this initial step.
On the following page, Wealthsimple will gather more private data about you. This incorporates things like your complete name and telephone number, your work status, and your postal information. During this piece of the record creation process, you might have to share your government-backed identity proofs.
The following piece of the sign-up process is fairly extraordinary, as Wealthsimple will ask you inquiries about your monetary life to evaluate a legitimate arrangement for you going ahead. So this is a survey that asks you inquiries about how you would put away your cash if you were doing it all alone and how much cash you make.
After you overcome every inquiry concerning your funds, you can get an email, and you ought to deposit your portfolio. This whole interaction will just require a couple of moments of your time.
Steps to register with their Web app:
Step 1: Access the Trade & Crypto page.
Step 2: Upon that top menu bar, choose “Move funds.”
Step 3: Select “Withdraw funds” from the menu.
Step 4: Choose the account from which you wish to withdraw funds.
Step 5: Select the bank account into which you wish to transfer cash.
Step 6: Select a withdrawal amount.
Step 7: Click the Continue button.
Step 8: After reviewing the withdrawal information, click Submit withdrawal.
Steps to register with their mobile app:
Step 1: To use the Wealthsimple Trade app, log in to the Trade & Crypto account.
Step 2: Now, tap the Move tab at the bottom of the display.
Step 3: Select “Withdraw funds” from the menu.
Step 4: Choose the account from which you wish to withdraw funds.
Step 5: Select a withdrawal amount.
Step 6: Select the bank account where the funds will be deposited.
Step 7: After reviewing the withdrawal information, click Request withdrawal.
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Customer Satisfaction
Talking of Wealthsimple’s rating, the platform has earned 3.5 stars out of 5 for its clean app and website that provide an extensive help center. In addition, the platform is packed with educational material regarding cryptocurrency in particular and ways to use the service.
They also provide live chat, email, and phone help, which are available 24 hours a day, seven days a week. Wealthsimple gives outstanding service to its customers and will swiftly respond to your inquiry.
Wealthsimple customer service can be reached through email or phone at 1-855-255-9038, which is open Monday through Friday from 9 a.m. to 5.30 p.m. (EST).
However, the platform had also received complaints about its long transfer time and the difficulty that some users had faced while withdrawing their funds.
How Wealthsimple Functions
Wealthsimple Crypto is a crypto app that leverages the power of blockchain technology to overcome the challenges associated with sending and receiving traditional money. This means that the transactions are safe and the app is fast.
The Wealthsimple Crypto platform uses thousands of people to automate nearly all of their investments and save time while managing their money. With the Crypto app, you can automate, track, and save on taxes by investing in a diversified portfolio of crypto assets such as Bitcoin, Ethereum, Ripple, Litecoin, etc., and keep the gains over time, with minimal work.
Wealthsimple Crypto sets you up with the amount of crypto exposure that fits your goals, including a managed portfolio, a cryptocurrency portfolio, a diversified crypto portfolio, and a value-focused portfolio that rebalances every quarter.
This online investment app helps you build a secure long and short-term financial future through a peer-reviewed investment company.
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Wealthsimple vs. Competition
Wealthsimple is touted to be a direct competitor of BitBuy and Coinsmart, and if you’ve been wondering about a different option among the three, we’ve made the comparison for you. Continue reading as we check the different aspects of Wealthsimple compared to Bitbuy and Coinsmart.
Here is a tabular comparison for better understanding.
| Features | Wealthsimple Crypto | Bitbuy | Coinsmart |
| Coins offered | Comprises of 34 coins, including the likes of BTC and DOGE | BCH, BTC, LINK, XLM, EOS, AAVE, ETH, and LTC, among others. | BTC, UNI, LTC, ETH, XRP, ADA, USDC, EOS, BCH, XLM, DOT, and LINK, among others. |
| Funding Options | Limited to electronic transfers | Options to choose between bank wire or Interac e-Transfer | Debit card, credit card, Interac e-Transfer, ETF, and bank wire |
| Fees | Ranges between 1.5%-2% for trading.
There are 0 fees on withdrawals or deposits |
Ranging between 0.10% – 0.20% for trading
0.50% CAD bank wire deposits. 1% on bank wire withdrawals. 1.5% on Interac e-Transfer deposits and withdrawals. |
0.20% for CAD-crypto trades.
1.50% for e-Transfer deposits via Interac (free if $200+) 1% on ETF withdrawals and bank wire |
| Mobile app | Available in Android & iOS | Available in Android & iOS | Available in Android & iOS |
| Other offerings | Stock brokerage, Investment portfolios, and savings accounts | N/A | N/A |
| Bonus | $100 bonus when trading at least $300 | $20 bonus when initially depositing at least $250 | $30 bonus when you deposit $100 |
Looking at the short but insightful review, we’ve concluded that Wealthsimple stands out as a better platform, offering more chances for users to expand their portfolios. Besides, the platform also offers a higher bonus compared to the likes of BitBuy and Coinsmart.
Country Restrictions For Wealthsimple Crypto
Wealthsimple is confined to which nations the speculation application can be used. This is much clear regarding the Wealthsimple Crypto segment of the application.
As far as Wealthsimple itself, the platform is accessible in Canada, the United Kingdom, and the United States. It ought to be noticed that the exchanging of Bitcoin and Ether is right now simply accessible to clients from Canada.
How do you make money with the Wealthsimple Crypto?
The Wealthsimple Crypto platform allows you to make money by investing in cryptocurrencies. It’s a platform that allows you to invest in cryptocurrencies such as Bitcoin, Ethereum, and Litecoin from within the Wealthsimple investing platform. It also allows you to trade cryptocurrencies such as Bitcoin, Ethereum, and Litecoin. This means that you can invest in cryptocurrencies without buying the cryptocurrencies directly.
Wealthsimple is a digital financial advisor that helps you manage your money and invest in the best options. One of the most exciting features of the platform is its cryptocurrency platform, which allows you to invest in a variety of cryptocurrencies without having to buy a whole coin or fund. You can also use it to buy and sell cryptocurrencies.
Final Verdict
‘If you are new to cryptocurrency, Wealthsimple Crypto would be a good starting point.’
With this Wealthsimple Crypto review, we have concluded that it is an excellent platform for beginners and seasoned investors alike. Their platform is easy to use and secure and has a variety of cryptocurrencies to choose from.
Wealthsimple is an excellent place to learn if you’re new to cryptocurrencies. With many easy-to-understand videos, articles, and FAQs, you can learn the basics of cryptocurrency in a short amount of time.
You can learn everything you need to know without going through the risk of losing money or your crypto. The platform is easy to use, and the team is responsive.
Wealthsimple also offers various cryptocurrencies to choose from, including less popular ones that might be undervalued. If you already have experience investing in cryptocurrencies, Wealthsimple offers a secure way to store your digital assets.
FAQs:
Shrey Jain is a Chartered Accountant who holds a forte in creating informative content on niches like Finance, Blockchain, crypto, and Taxation. He is a contributor on Hackernoon and Publish0x, where the audience has highly appreciated his articles. In addition, his knowledge in the finance field has helped both beginners and experts gain valuable insights into the domains of Blockchain and finance.