Wealthsimple Crypto review

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If 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. 

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).

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.

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.

Bitbuy 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.

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.

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.

Crypto.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.

Coinbase 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.