Wealthsimple Crypto is a cryptocurrency trading platform that belongs to Wealthsimple, Canada’s most popular no-fee Robo advisor for wealth management. It has many interesting features like a third-party custodian for increased safety, 0 deposit or withdrawal fees, and a user-friendly user interface.
Wealthsimple Crypto has a referral program for new users: by using our referral link or our promo code YOREOYSTER, you'll receive a $25 sign-up bonus when you deposit at least $150. However, despite its great user interface, it's an expensive exchange and its customer service is, to put it lightly, sub-par.
For a better overall trading experience with significantly lower fees, I recommend opening an account with Kraken, my #1-ranked Canadian crypto exchange. Kraken has 250,000+ satisfied users, charges very low trading fees, and is offering a $10 signup bonus (no referral code required) from now until September 31, 2023.
How To Use Your Wealthsimple Crypto Referral Code
You can get a $25 welcome bonus when you sign up using our Wealthsimple Crypto referral link. To qualify for the referral bonus, simply create a new account, fund it and trade at least $150 worth of digital currency. You will also get your own referral code.
To use the promo code:
- Visit Wealthsimple Crypto‘s page. Click on the Get Started button.Â
- Confirm your identity.
- Fill in some of your basic information.
- The last step is to fund your account. Keep in mind that to receive the $25 bonus, you have to deposit at least $150.
What Is Wealthsimple Crypto?
Wealthsimple Crypto is a cryptocurrency trading platform that belongs to Wealthsimple, Canada’s most popular no-fee Robo advisor for wealth management. Wealthsimple also offers a brokerage platform, Wealthsimple Trade, which allows customers to trade stocks and ETFs at no cost. The Wealthsimple Crypto and Trade apps are linked and work in tandem, meaning that they can be used on a mobile app and in desktop format.
What Coins Does Wealthsimple Crypto Offer?
Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Chainlink (LINK), Uniswap (UNI), Yearn.Finance (YFI), among others, for the full list check our full Wealthsimple Crypto review.Â
Trade crypto with the lowest fees
Claim your account by September 31, 2023 to get exclusive access to this special deal.
Wealthsimple Crypto Features
Some of the best Wealthsimple Crypto features include:
- No Fees To Deposit Or Withdraw Funds.
- Beginner-Friendly Interface.
- Third-Party Custodian, Gemini Custody keeps your coins on this platform (regulated by the NYSDFS).
Wealthsimple Crypto Fees
Wealthsimple Crypto does not charge any fees for deposits or withdrawals, nor do they charge any fees when creating or terminating an account. In this sense, it is similar to other no-commission exchanges like VirgoCX, Newton and Shakepay. They also do not charge for electronic statements or trade confirmations.
However, be aware that there’s a spread that is added to the price whenever you place a buy or sell order. This spread can vary between 1.5% and 2%. This makes Wealthcimple Crypto more expensive than most other Canadian exchanges, particularly when compared to VirgoCX, CoinSmart and Bitbuy.
How To Sign Up With Wealthsimple Crypto
#1 Visit Wealthsimple Crypto‘s website. Click on Get Started.
#2 Confirm your identity.
#3 Fill in some of your basic information.
#4 The last step is to fund your account. Keep in mind that to receive the $25 bonus50, you have to deposit at least $150.
Wealthsimple Crypto’s Referral Program
In addition, Wealthsimple will pay you a bonus of $25 for every friend you refer to their exchange. Your friends will also have to satisfy the minimum trade requirement for you to get the bonus.
Is Wealthsimple Crypto Safe?
Yes. After all, Gemini Custody, a cryptocurrency exchange and custodian that is licensed by the New York State Department of Financial Services, holds Wealthsimple Crypto’s digital assets.
Wealthsimple Crypto is also offered through the CSA’s Regulatory Sandbox under a time-limited regulatory approach, which makes it even safer.
However, keep in mind that your crypto funds are not covered by the Canadian Investor Protection Fund (CIPF) or Canada Deposit Insurance Corporation (CIDC), so if the company ever becomes insolvent, you will not get any reimbursements.
Is Wealthsimple Crypto Legal In Canada?
Yes. Wealthsimple Crypto is offered under a time-limited regulatory approach by the CSA’s Regulatory Sandbox, which means that it is legal to use in Canada.
Our Recommendation
Despite its safety and user-friendliness, Wealthsimple has a few cons that don’t allow me to fully recommend it.
For example, Wealthsimple is a broker first and foremost, and Wealthsimple Crypto doesn’t serve the purpose of a cryptocurrency exchange.
You also cannot transfer or move your coins to a personal digital wallet, and the platform also only accepts CAD. This means that you can’t really fund your account with other fiat currencies like, say, USD.
Lastly, the price spread of the platform is also not the most competitive: Wealthsimple Crypto’s spreads are typically in the range of 2% on both buy and sell sides, meaning that buying and selling 1 Bitcoin would cost roughly $3,000 CAD in spread (at current rates).
Introducing Kraken: Our #1-Rated Crypto Exchange In Canada
#2 In Canada
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Total Fees: ~3.2% |
★★★★★ Rated 4.7/5 |
VirgoCX doesn't charge any trading fees, deposit fees or withdrawal fees—yet its extremely high spreads make it one of the more expensive crypto exchanges in Canada. Those spreads are generally around 3.2%, which means you pay 20x the fees as you would trading with Kraken, which is absurd.
Aside from the high fees, though, VirgoCX is a great exchange. Its trading platform and mobile app are intuitive and easy to use (even for beginners), it supports 50+ cryptocurrencies, and it offers 24/7 customer support via live chat and email, plus an extensive FAQ section on its site.
VirgoCX covers the first $6 in mining fees on crypto withdrawals, which means you generally won't pay anything to withdraw crypto. For security, VirgoCX maintains a 95% cold storage policy and requires 2-factor authentication on all accounts.
As a new VirgoCX user, you'll receive a $20 bonus upon funding your account with $100 or more.
If working with an easy to use platform is important to you, VirgoCX is a solid choice.
Features
- Supports 50+ cryptocurrencies
- Free fiat deposits and withdrawals
- Free deposits and withdrawals on most cryptocurrencies
- 24/7 support available via live chat and email
- User-friendly for both beginners and more advanced traders
- 95% cold storage policy
- Regulated by FINTRAC
Cost
- Trading Fees: 0%
- Spreads: 2% – 3.5%
- Fiat Deposit Fee: 0%
- Fiat Withdrawal Fee: 0%
Signup Bonus
$20 when you fund your account with $100 or more using this link.
Best For
Crypto investors who can't sign up with Kraken.
In Summary
Wealthsimple Crypto is a cryptocurrency trading platform that belongs to Wealthsimple, Canada’s most popular no-fee robo advisor for wealth management. It has many interesting features like a third-party custodian for increased safety, 0 deposit or withdrawal fees, and a user-friendly user interface.
Wealthsimple Crypto has a referral program for new users: by using our referral link or our promo code YOREOYSTER, you'll receive a $50 sign-up bonus when you deposit at least $150. You will also receive your referral link, which you can use to invite friends and earn $50 after they fund their accounts.
Alternatively, if you’re looking for an even better, more secure way to start investing in crypto, I highly recommend CoinSmart, my #1-ranked cryptocurrency exchange. CoinSmart has 200,000+ satisfied users, charges very low trading fees, and offers a $50 signup bonus from now until September 31, 2023.
