On June 14, 2020, Canada-based Wealthsimple inc. launched its own foray into the crypto world by releasing Wealthsimple Crypto. Previously, Wealthsimple had been known among Canadians for its financial services targeted at millennials. These were Wealthsimple Save, which offered a high interest savings account that aimed always to offer a higher rate than banks, and it's no-fee stock trading app Wealthsimple Trade which offered a selection of ETF's, and stocks both Canadian and American. Having personally used Wealthsimple Trade, I can attest to its good quality, high value, and ease of use. But is Wealthsimple Crypto as good as Wealthsimple's Investing app? The short answer is no.
Unlike other crypto platform's Wealthsimple Crypto only allows you to use fiat for deposits and withdrawals (Canadian dollars in both cases). Even Shakepay, a very rudimentary crypto platform for Canadian market allows you to withdraw your crypto to an external wallet or deposit crypto from an external wallet. Thankfully, Wealthsimple Crypto, in keeping with its philosophy of minimizing the cost of using its services to the end user doesn't charge any deposit or withdrawal fees, but this is small consolation for those who want more control of their assets.
Aside from this, Wealthsimple Crypto only offers bitcoin and ethereum for purchase. To be fair, they do say they intend to include more in the future, but until then, you're out of luck.
Bottom-line Wealthsimple Crypto is extremely limited and I recommend you avoid it until major improvements are made. At a minimum I would like to see Wealthsimple Crypto add the ability to withdraw and deposit crypto to and from its platform, which is a feature so commonplace on other crypto platforms that I take it for granted.
Originally posted at my Publish0x blog here:
https://www.publish0x.com/henry-of-skalitz/should-you-use-wealthsimple-to-buy-crypto-xxwdzqz
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