On 21st September, the Canadian investment management firm Wealthsimple announced on their blog that now you can buy & sell Bitcoin and Ethereum without any commission through Wealthsimple Crypto account. Wealthsimple is a financial management company that makes powerful financial tools to help you grow and manage your money.
As per their blog, they are the first company in Canada that is regulated by the government to buy and sell cryptocurrency without any fees for deposits or withdrawals. Before discussing how to signup for Wealthsimple crypto, let see what are some of the features which make this platform unique.
Features of Wealthsimple Cryptocurrency Exchange
- Buy and sell crypto anytime, anywhere
- No account minimums
- No fees to deposit or withdraw
- Top-notch security
- Simple Sign-up Process
Like any other cryptocurrency company, you can trade Bitcoin and Ethereum 24/7 through the Wealthsimple Trade app. This app will be available on iOS and Android. Another feature that we like the most is that there are no fees to deposit or withdraw your cryptocurrency and also you can open your account with $0.
If we talk about the security of cryptocurrency held on this platform, then you will be happy to know that Cryptocurrencies traded on Wealthsimple’s platform are held by Gemini Trust Company which is a New York-based regulated crypto custodian with $200 million in cold storage insurance coverage.
The one thing we don’t like is the sign-up process. It was simple but there were many steps which didn’t give a good experience. This may be because they are regulated exchange and need all your details in advance.
Signup Process for Wealthsimple Crypto
1. Go to https://www.wealthsimple.com/en-ca/product/crypto/
2. Fill the details and click on “Start Trading now” as shown below.
3. Now you will see the below screen, just chose “I haven’t decided yet“.
4. That’s it. Now just verify your email and download the Wealthsimple Trade app from Playstore or Apple store depending upon your mobile device. You can also directly download the app and create an account within it.
5. Once you have downloaded the app, Wealthsimple will ask your personal information, employment information, and SIN number when you try to login through the app.
This information is required to verify your account and then you will be shown which type of account you want to choose like Crypto or personal investment. So choose the account and fund it if you want to buy cryptocurrencies like Bitcoin or Ethereum.
6. Now, you can choose to fund your account now or later.
That’s it! Now, you can buy & sell Bitcoin and Ethereum through a regulated cryptocurrency exchange.
We compared the price of Bitcoin at Wealthsimple with Coinbase and it was almost $250 CAD more than that of Coinbase. So, while buying or selling do your research and then purchase.
As of now, Wealthsimple is only supporting the buying & selling of Bitcoin and Ethereum, though they have the plan to introduce more cryptocurrencies in the future.
We hope you must have liked this article and if you live in Canada do try this platform. If you have feedback or suggestion, please let us know through your comments.
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