Can I Buy Crypto with Wealthsimple?

Yes, you can directly buy cryptocurrencies like Bitcoin, Ethereum, and Solana using Wealthsimple Crypto. The platform supports trading for over 100 crypto assets with no minimum deposit required.

Wealthsimple provides secure custody solutions with insurance protection to guard against theft and hacking. It also offers staking for select coins such as Ethereum and Solana, allowing you to earn passive rewards up to 6% annually.

However, Wealthsimple charges very high trading fees of up to 2% per transaction on its basic account tier, which can impact your overall returns compared to other crypto brokers in Canada.

Wealthsimple Crypto Investing Fees

Wealthsimple is among Canada's most expensive platforms for investing in cryptocurrencies. The service charges substantial trading, staking, and hidden spread fees, structured according to your account tier. Here's exactly what you'll pay when using Wealthsimple Crypto:

Trading Fees

Wealthsimple’s trading fees are charged per transaction, including buying, selling, and swapping cryptocurrencies:

• Core (under $100,000): 2% per trade
• Premium ($100,000+): 1% per trade
• Generation ($500,000+): 0.5% per trade

Fees cover currency conversion between CAD and USD, and prices come directly from Wealthsimple’s liquidity providers.

Spread Fees (Hidden Cost)

Wealthsimple adds hidden spread fees of up to 2% per transaction. These costs are not clearly stated in official documentation, prompting many Reddit users to publicly complain about unexpectedly high total fees.

Staking Fees

Wealthsimple deducts staking fees from your earned rewards:

• Core and Premium: 30% of staking rewards
• Generation: 15% of staking rewards

These are charged after validator commissions, typically around 5-10%.

Network Fees

Network fees (e.g. ETH gas fees) apply to blockchain transfers. These are set by blockchain demand, outside Wealthsimple’s control, and paid in the network’s native token. Wealthsimple provides estimated fees upfront.

How to Buy Bitcoin & Crypto with a Wealthsimple Alternative

For Canadian investors looking to minimize costs and access a wider variety of crypto assets, Kraken is the best FINTRAC-registered alternative to Wealthsimple.

Kraken supports over 350 cryptocurrencies, including BTC, ETH, SOL, USDT, XRP, HYPE, SUI and more. Users benefit from lower fees, secure storage, reliable staking rewards, and instant CAD funding via Interac e-Transfer, wire transfers, or credit and debit cards.

Follow these simple steps to buy cryptocurrency on Kraken:

1. Sign up: Open a Kraken account and complete identity verification.
2. Deposit CAD: Add Canadian dollars to your account using Interac e-Transfer, wire transfer, or card.
3. Choose Crypto: Pick from Kraken’s extensive range of cryptocurrencies.
4. Complete Purchase: Enter the investment amount, review your details carefully, and confirm the transaction.

Best Alternative Crypto Exchanges to Wealthsimple

If you're looking for more lower-cost alternatives to Wealthsimple outside of Kraken, several other FINTRAC-regulated Canadian crypto exchanges offer competitive fees and broader crypto options:

• Bitbuy: Regulated by FINTRAC and the OSC, Bitbuy supports trading for over 25 cryptocurrencies, including Bitcoin and Ethereum. Average trading fees are around 0.6%.
• Coinbase: A FINTRAC-registered exchange available in Canada, Coinbase provides access to more than 250 cryptocurrencies on a user-friendly platform. Standard trading fees average about 1.49%.
• Shakepay: A popular choice among Canadians due to its simplicity, Shakepay supports Bitcoin and Ethereum transactions. While Shakepay does not charge direct trading fees, it applies a spread fee of roughly 1% per transaction.

What is Wealthsimple?

Wealthsimple is one of Canada's largest financial platforms, trusted by over three million customers and overseeing more than $70 billion in assets. It offers commission-free trading for stocks and ETFs, professionally managed investment portfolios, and competitive-interest chequing and savings accounts. 

The company also operates Canada's first regulated crypto exchange, allowing users to securely trade, stake, and hold over 100 cryptocurrencies. Premium clients receive lower fees and higher staking returns, along with exclusive partner perks from brands like Uber and Headspace.

Final Thoughts

Wealthsimple Crypto allows Canadian investors easy entry into crypto markets, but its excessive trading fees, hidden spreads, and limited coin support make it a suboptimal choice for investors focused on cost-efficiency and optimal trade execution. 

Canadians looking to get the most from their crypto investments should explore regulated alternatives such as Kraken or Bitbuy, which offer lower fees, clearer pricing, and a more comprehensive selection of crypto assets.