Wealthsimple Crypto Review 2021

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Cryptocurrencies have grown in popularity, and for this reason, many people are interested in investing their funds in a variety of digital coins and tokens. This Wealthsimple Crypto review offers the opportunity to buy and trade some of the most popular cryptocurrencies, Bitcoin and Ethereum. If you’re a beginner at investing in digital currencies, you may want to consider Wealthsimple Crypto as one of your options.

Why is Wealthsimple Crypto a good option?

If you’re new to getting familiar with digital investing or cryptocurrencies in general, this Wealthsimple Crypto review offers some great reasons to try this company, especially if you’re a beginner. This financial service keeps your options simple, so you have just two currencies to choose from Ethereum and Bitcoin. While there are no further options at this time, Wealthsimple Crypto is known for continuously improving its services, including financial service options. The digitally-based financial company plans on adding more cryptocurrencies for investment options soon.

Pros and Cons of the Wealthsimple Crypto Review

Before you set up a crypto account with Wealthsimple, there are some key characteristics about the company and service you’ll want to review. While this digital financial account interface is limited and straightforward, there are some great benefits to starting your cryptocurrency experience with Wealthsimple. This Wealthsimple Crypto review offers some solid reasons to get started with this platform.

Wealthsimple Crypto Review Pros

There are some exceptional advantages to investing with Wealthsimple Crypto. When you initially open an account to begin, there is no minimum balance required. You can start with just a couple of dollars. There are no transaction fees so that you can trade, withdraw, and deposit funds without any charges.

This Wealthsimple Crypto review offers some great incentives for new account holders. You’ll find the website features a $50 for referring someone to sign up if they deposit a minimum of $150. While this is a limited offer, the website features lots of great incentives to review, including future bonuses for specific products and services, including cryptocurrency accounts.

The website is easy to navigate and find everything you’re looking for, making this Wealthsimple Crypto review an attractive option for beginners. The desktop platform has a user-friendly interface, and you can download a mobile app to keep track of your crypto accounts 24 hours a day. There is no commission or fees for transferring funds, and the process to move money between Wealthsimple accounts (between your crypto account and other accounts) is effortless.

Overall, you’ll find the sign-up process quick and easy, so you can get started with just a few dollars and no commitment to make a significant investment.

Wealthsimple Crypto Review Cons

The main drawback of this Wealthsimple Crypto review is the lack of investment options for clients. Currently, you’ll have the choice of Ethereum and Bitcoin. This may be considered a con for investors looking for a more comprehensive selection of investment options, as Wealthsimple is limited at this time.

You won’t have to pay commission on selling or buying cryptocurrencies, though there is a fee per transaction, which amounts to roughly 2% or slightly less. If you buy frequently or trade a lot, the fees can quickly add up. If you choose to invest in a crypto wallet, you won’t be able to transfer your Wealthsimple cryptocurrencies directly.

While you cannot use a digital wallet with Wealthsimple Crypto, this may be an attractive feature to new users who are not yet familiar or comfortable with storing their digital funds on their own. A disadvantage for beginners is the lack of investing resources or educational information on cryptocurrencies. For this reason, you may want to get familiar with digital currencies through a few tutorials or guides before opening your first account.

What are the Wealthsimple Crypto Features?

This financial service offers some essential features, including a compatible app that works for both iOS and Android smartphones. You can easily access trading platforms from the Wealthsimple app, including other financial services for transferring between accounts, including cryptocurrencies.

When you log into your Wealthsimple account, you can trade anytime, 24/7. All buying and selling operations are secure, and you don’t have to navigate through many steps to perform transactions. Trading Ethereum and Bitcoin takes less than a minute on your mobile app, and you’ll quickly find the process easy to perform often.

On your app or desktop, you can select Bitcoin or Ethereum to view a summary of the cryptocurrency’s history within the past 24 hours, or up to one week, month, three months, a year, or five years to get an idea of how the currency changes in value over time. The cryptocurrency accounts are held in unregistered accounts, making them easy to access, as no funds are held or restricted.

Wealthsimple’s app has a menu that makes it easy to navigate between trade and crypto accounts. The website provides straightforward-to-read graphics showing cryptocurrency performances and the current value. While the cryptocurrency service doesn’t provide much education or training in investing in digital funds, some information is provided on the risks of investing in crypto funds.  

It’s best to start with a small amount before progressing to buying significant amounts of cryptocurrencies. The app will ask you to confirm your understanding of the risks, and it’s also essential to do further research to understand the changing value and development of crypto funds.

Cost of using Wealthsimple Crypto

While there are no fees for transferring funds or making a deposit or withdrawal from your Wealthsimple accounts, the cost of trading fees can cost between 1.5% and 2%. This Wealthsimple Crypto review highlights a few limitations, including a lack of cryptocurrency options and trading fees that can add up quickly, significantly if you invest often.

Who is Wealthsimple Crypto for? Should you use Wealthsimple Crypto?

If you’re a beginner looking to start a new cryptocurrency account, Wealthsimple is one of the best options to consider as an excellent place to grow your digital assets. Bitcoin and Ethereum have been around for a few years and have a history that you can quickly review on your desktop or mobile app. If you’re an advanced investor, you may find Wealthsimple doesn’t offer the wide range of cryptocurrencies that you want.

This Wealthsimple Crypto review indicates that this financial product is ideal for newbies or anyone who wants to keep their digital funds in either Bitcoin or Ethereum. If you have an account with Wealthsimple already, and curious about how cryptocurrency works, it’s easy to open a crypto account, so you can add a small amount to invest at a time. Overall, this service is a great option for anyone who wants to try the crypto exchange and find out how much money they can earn with their investment.

Not sure if Wealthsimple Crypto is for you? Alternatives to Wealthsimple Crypto you can consider

If you’re not sure Wealthsimple Crypto is a good option for you, you may want to consider a few alternatives with similar benefits. Mogo is a popular option in Canada that offers a few great products, including Bitcoin investing. While the company doesn’t offer Ethereum, like Wealthsimple, or any other cryptocurrencies, it’s a good option for beginners who are comfortable staying with one fund or cryptocurrency at a time.

Mogo offers a prepaid Visa that features Bitcoin cashback to add to your new account and enjoy low-cost trading within the platform. Mogo, like Wealthsimple, is easy to use, and transactions can be processed quickly. Both platforms are limited because they only support one or two cryptocurrencies, though it’s a simple way to get started in the digital world of investing.

Coinsquare is another option to consider if you want a more comprehensive selection of cryptocurrencies to choose from and more benefits. You’ll need to provide more information to join, though you’ll have access to referral benefits and incentives. Due to the option of investing in up to ten cryptocurrencies currently, there is the potential for high returns, though the fee structure may vary as well, depending on the amount and type of investment made.

Binance is one of the best cryptocurrency investment platforms, offering access to 200 crypto funds. The company offers an impressive trading portal and allows users to make up to 100 transactions daily. While Binance is a fantastic option for advanced crypto investors, it’s not the best recommendation for beginners unless you’re investing with an experienced advisor and research your options first. This Wealthsimple Crypto review offers a good foundation for making your start in digital investing.

Conclusion

In general, Wealthsimple Crypto is an excellent way for anyone to get started in the cryptocurrency market and get familiar with several exchanges. While there are some limitations based on the Wealthsimple Crypto review, the company offers a solid reputation that’s attractive for anyone who wants to create a new account and experiment with crypto investments. Overall, this Wealthsimple Crypto review offers an excellent opportunity for timid investors to give cryptocurrency investments a try for the first time.

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FAQs about WealthSimple Crypto

What is a Wealthsimple Crypto account?

Wealthsimple Crypto accounts are personal accounts that aren’t registered and are subject to capital gains or losses from purchasing and selling cryptocurrencies. It’s an easy way to start investing on digital coins and tokens such as Bitcoin and Ethereum which are both popular cryptocurrencies.

Why is Wealthsimple Crypto a good option?

Wealthsimple Crypto is a good platform to start in if you’re a beginner in the digital and cryptocurrency investing. There is no minimum balance required when you start and there are also no transaction fees so that you can trade, withdraw and deposit funds without any changes.

Who can open Wealthsimple Crypto accounts?

You must meet the following criteria to open a Wealthsimple Crypto account including:

  • Be a Canadian citizen/resident or have a valid Canadian visa.
  • Be at least 18 years old
  • Have a Social Insurance Number
  • Have a Canadian residential address
  • Be able to prove identity verification requirements
What is the cost for Wealthsimple Crypto?

There are no fees related to fund transfers, deposits and withdrawals from Wealthsimple accounts. Wealthsimple will charge a 1.5-2% Operations Fee per transaction.

Are my accounts on Wealthsimple protected?

Wealthsimple has a criminal insurance policy of up to $200,000,000 from Custodian, Gemini Inc to ensure no security breach or hack, employee theft or fraudulent transfers. All buying and selling operations are secure so signing up shouldn’t be a problem.

August 30, 2021
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