Wealthsimple Crypto Review

Wealthsimple Crypto is the cryptocurrency arm of Wealthsimple, the Toronto fintech founded in 2014 and best known for commission-free stock trading and managed investing. It entered crypto in 2020, when its subsidiary Wealthsimple Digital Assets became the first crypto trading platform registered with Canadian securities regulators. For many Canadians it is the easiest way to hold some bitcoin next to a TFSA — but that convenience carries a real cost.

What it is and how it works

Wealthsimple Crypto lives inside the main Wealthsimple app alongside stocks, savings, and spending accounts. That integration is the core draw: you fund the account in Canadian dollars for free, and your crypto sits beside the rest of your money instead of on a separate exchange.

The platform lists more than 140 cryptocurrencies, from Bitcoin and Ethereum down to smaller tokens. Market and limit orders are supported, though crypto limit orders expire after 24 hours unless extended. You can also earn rewards through staking — locking up coins to help secure a blockchain network in exchange for rewards — on four assets: Ethereum, Solana, Cardano, and Polkadot. Wealthsimple keeps 30% of staking rewards for most clients (15% for top-tier Generation clients), on top of separate validator fees, and the yields shown in the app are net of all fees.

Regulation and custody

Regulation is where Wealthsimple genuinely stands out. Since a January 2024 amalgamation, the service has been offered by Wealthsimple Investments Inc., a member of the Canadian Investment Regulatory Organization (CIRO) — the national self-regulatory body that oversees Canadian investment dealers. The Ontario Securities Commission acts as its principal securities regulator. Few crypto platforms serving Canadians operate under that level of oversight.

The majority of client coins are kept in cold storage — wallets held offline so they cannot be reached by remote attackers — with regulated custodians, third-party firms that safeguard assets on clients' behalf. These include Gemini Trust Company, a New York-regulated trust company used since launch, and Calgary-based Tetra Trust, Canada's first regulated digital-asset custodian, added in 2025. Wealthsimple says each custodial partner carries more than $75 million in insurance.

One nuance is easy to miss: crypto assets are not protected by the Canadian Investor Protection Fund (CIPF). Cash sitting in your account is covered within CIPF limits, but the coins themselves are not. Instead they are held in trust, a structure designed to keep them out of creditors' reach if the company failed.

Fees

Fees are the weak spot. Standard (Core) clients pay a 2% trading fee on each trade, Premium clients pay 1%, and Generation clients 0.5%, with volume discounts for heavy traders. Buying and selling USDC with US dollars is free, as are recurring purchases funded directly from your paycheck. There are no fees to deposit or withdraw Canadian dollars, though normal blockchain network fees apply when you move coins to an external wallet.

A 2% fee each way means a round trip costs roughly 4%. Active-trader platforms such as Kraken Pro charge a small fraction of that, so frequent traders will feel the difference quickly.

Limitations worth knowing

Beyond fees, the platform is deliberately simple. There is no order-book trading interface and no trading API. Crypto deposits and withdrawals to external wallets are supported, but not for every listed asset, and many clients face withdrawal limits of about $10,000 CAD per day and $25,000 per week. As a registered dealer, Wealthsimple has also occasionally restricted or delisted assets to stay onside with regulators — a side effect of its compliance-first model.

Pros

• Fully registered with CIRO, with OSC as principal regulator
• Stocks, cash, and crypto in one app with free CAD funding
• More than 140 coins, plus staking on ETH, SOL, ADA, and DOT
• Majority cold storage with regulated, insured custodians
• Supports moving crypto to and from external wallets

Cons

• 2% trading fee for most clients — expensive versus pro exchanges
• 30% cut of staking rewards for Core and Premium tiers
• No order book or API; withdrawal limits and asset restrictions apply
• Crypto holdings are not covered by CIPF

Verdict

Wealthsimple Crypto is a well-regulated, genuinely convenient way for Canadians to get crypto exposure, especially if their financial life already runs through the Wealthsimple app. The trade-off is price: fees that are fine for occasional small purchases become punishing for active traders, and the staking cut is steep. Beginners consolidating their finances will be well served; cost-conscious traders should look elsewhere. 3.5/5

This review is for educational purposes only and is not financial advice.

Sources

• Wealthsimple — Crypto
• Wealthsimple — Crypto Fee Schedule
• CIRO — Wealthsimple Investments Inc.
• Ontario Securities Commission — Wealthsimple Investments Inc.