WealthSimple is a Canadian investment company that was created in 2014. Known for it CEO’S bold statement of “building the world’s most human financial company.” They offer a service that helps people invest their money in the most simplified manner.
The company has a lot of experience in the stock market and investing in general, and they’re always looking for ways to improve their service and make it easier for Canadians to invest their money.
WealthSimple has a very straightforward and simple business model that can appeal to a lot of people, and that’s why it’s become so popular so quickly.
Since the company’s goal is to make investment simple and easy for everyone, their dive into crypto investment in 2020 was a welcome idea by many. A lot of people are curious to know if WealthSimple has a crypto wallet or not.
Does Wealth Simple Have a Crypto Wallet?
WealthSimple does not offer its users a crypto wallet. Their cryptocurrency app, “Wealthsimple Crypto” allows users to deposit to investment portfolios via Bitcoin or Ethereum, etc, alongside cash deposits.
Although the company does not currently provide cryptocurrency wallets for users, it does provide coin storage for individuals who deposit cryptocurrency to the platform. This storage works by converting cryptocurrency deposits into fiat currency to invest. With them, you can sell or buy cryptocurrency.
Difference between Wealthsimple Crypto and Crypto Wallets
A cryptocurrency wallet is used to store the cryptocurrency owned by someone. What a cryptocurrency wallet does is that it stores both public and private keys which can be used to receive or spend cryptocurrency. People can own multiple wallets for multiple digital currencies. Each wallet has a unique address. With a wallet, you can exchange them for other cryptocurrencies or fiat currencies.
While Wealthsimple Crypto is for cryptocurrency investment, users can buy, sell, and hold their cryptocurrency within the app. But can’t directly withdraw the cryptocurrency you have with them nor transfer the cryptocurrency to someone else. Wealthsimple crypto acts as the custodian of whatever type or amount of crypto users invest in their app.
Wealthsimple Crypto Fees
There are no fees when you deposit into or withdraw funds from your Wealthsimple Crypto account. They do not charge fees for opening or closing your account, nor for electronic statements and trade confirmations.
However, there is an added spread when you enter a buy or sell order. This spread varies between 1.5% and 2% but that’s the only time a fee is charged on wealth simple Crypto.
What Cryptocurrencies are Available On Wealthsimple?
Currently, Wealthsimple has about 28 different cryptocurrencies for its users to purchase or sell on the app. It takes only a few minutes to set up your Crypto account, and you can immediately start buying and selling.
Below are the cryptocurrency currently available on wealth simple;
1inch (1INCH), Aave (AAVE), Balancer (BAL), Basic Attention Token (BAT), Bitcoin (BTC), Bitcoin Cash (BCH), Chainlink (LINK), Compound (COMP), Curve (CRV), Decentraland (MANA), Dogecoin (DOGE), Ethereum (ETH), Fantom (FTM), Filecoin (FIL), Kyber Network (KNC), Litecoin (LTC), Maker (MKR), Ox (ZRX), Polygon (MATIC), SushiSwap (SUSHI), Synthetix (SNX), Uma (UMA), Uniswap (UNI) and Yearn.Finance (YFI).
How Wealthsimple Crypto Works
Wealthsimple Crypto offers a simple and diversified way to invest in cryptocurrencies. The platform has been designed for investors who want to explore the space with a hands-off approach.
- Investors can diversify their portfolios with just one click. This way, they’re able to invest in the world’s top cryptocurrencies at once and even lock in their gains when they do so.
- To get started, all an investor needs to do is open a Wealthsimple Crypto account by completing the sign-up form and accepting the platform’s terms and conditions.
- Then fund the newly created account using electronic fund transfer.
- Afterwards buy and sell any of the cryptocurrencies on the platform.
Pros of Wealthsimple Crypto
- Their user-friendly platform makes investing a breeze.
- They have a wide variety of coins for investors to choose from.
- Wealthsmple has been around for a while and is a legitimate finance company.
- They allow users to withdraw their money easily at any time.
- They have no account minimum and no fee on deposits or withdrawals from the platform.
- The Cryptos are held in cold storage with a third-party company “Gemini”.
Cons of Wealthsimple Crypto
- The price spread is not the most competitive in the crypto market.
- Wealthsimple is a broker and does not offer its own cryptocurrency exchange.
- Investors cannot transfer nor move their crypto into another wallet. Neither can they transfer their crypto to others.
- Account creation is limited to Canadians and UK residents. The transaction is also carried out in Canadian Dollars.
Frequently Asked Questions
Below are some of the popularly asked questions about wealth simple crypto that you might need to be answered.
Can you move Crypto from Wealthsimple?
No, you cannot move your crypto coins from Wealthsimple, as we have elaborated earlier that Wealthsimple is not a crypto wallet rather an investment platform, you can only move out cash and not crypto.
Can You Move Crypto into Wealthsimple?
Yes, you can, currently, you can move any of the supported coins from your wallet or bought from other platforms into your Wealthsimple crypto account.
Is My Crypto Safe on Wealthsimple?
There is always some risk involved with cryptocurrency, but many of the most popular digital currencies are safe to store on a digital wallet. When you’re a Wealthsimple client, your cryptocurrency is secure in a segregated account, which means that it’s not easily accessible to the public. It’s also insured, which means that if there is a problem with your account, you can get your money back.
How do I cash out Wealthsimple Crypto?
Cashing out of your Wealthsimple Crypto holdings is easy. Log into your Wealthsimple account and go to the “Crypto” holdings page. Then, click “withdraw” to select the crypto that you want to sell. You can choose from Bitcoin, Ether, Litecoin, XRP, and Ethereum classic, etc.
Once you have your proceeds, you can immediately withdraw them to your linked bank account. Cashing out takes two business days to complete. You can also choose to leave your proceeds in your Wealthsimple account and invest it in a different investment option at a later date.