Buy or sell a crypto

You can currently buy or sell 62 different crypto coins using Wealthsimple. To buy crypto, follow the steps below. 

Before you begin

  • Unlike stocks and ETFs, you can trade crypto 24 hours a day, 7 days a week. Holidays do not affect your ability to buy and sell crypto.
  • You don't need to purchase a whole coin or token. You can simply specify a dollar value of the crypto you'd like to buy.
  • Crypto cannot be bought or sold in a registered account (such as an RRSP or TFSA).
  • The minimum amount required to trade crypto is $1.00.

Web Mobile app

  1. Log in to your Wealthsimple account
  2. In the Search name or symbol field in the top right corner, type in the name or the symbol of the crypto coin you'd like to buy
  3. Select the crypto you'd like to buy
  4. On the right side of the page, click Trade
  5. Under Place an order, select the Order type and enter the dollar value of crypto you'd like to buy
  6. Click Buy
  7. Review the order details and select Confirm order
  1. Sign into the Wealthsimple app on your mobile device
  2. Tap the Discover tab (Search icon) at the bottom of the screen
  3. Type in the name of the crypto you'd like to buy in the search bar and select it from the list
  4. Tap Buy (if you do not see this option, tap Trade to reveal the Buy button)
  5. Choose the type of order you wish to place (Market buy or Limit buy) by selecting one of the options from the drop-down menu at the top centre of your screen
  6. Enter the dollar value of crypto you'd like to buy and tap Continue
  7. Review the order details and tap Confirm order

How much crypto can I buy?

There is no annual purchase limit for crypto in the following provinces:

  • Alberta
  • British Columbia
  • Manitoba
  • Quebec

The provinces and territories below have some crypto purchase limits:

  • Ontario
  • Newfoundland and Labrador
  • Prince Edward Island
  • Nova Scotia
  • New Brunswick
  • Nunavut
  • Northwest Territories
  • Yukon Territory
  • Saskatchewan

Crypto purchase limits

You can buy as much Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and USD Coin (USDC) as you like. For all other crypto, you can invest a combined total of $30,000 in a 12-month period. This is a net purchase limit, meaning that purchases of crypto assets deplete your limit, and sales of crypto assets replenish your limit. Please note that deposits and withdrawals of crypto assets do not impact your limits, and sales of crypto assets will not increase your limit above $30,000.

Buys and sells

If you make a $30,000 purchase of Chainlink (LINK), you will have depleted your net purchase limit from $30,000 to $0. If you subsequently sell $10,000 of LINK, your net purchase limit will increase from $0 to $10,000.

Deposits and withdrawals

Deposits and withdrawals of crypto assets do not impact your net purchase limit. Following the example above, if you withdraw your remaining $20,000 LINK, your net purchase limit will remain the same at $10,000. If you deposit $10,000 of Dogecoin (DOGE) and sell it, your net purchase limit will increase from $10,000 to $20,000.

Rolling 12-month period

If you purchase $15,000 of LINK on January 1, 2024, your net purchase limit will be $15,000. If you subsequently purchase $15,000 of DOGE on June 1, 2024, your net purchase limit will be $0. On January 1, 2025, your net purchase limit will increase from $0 to $15,000, as 12 months will have elapsed since your $15,000 purchase of LINK. Later on June 1, 2025, your net purchase limit will increase from $15,000 to $30,000, as 12 months will have elapsed since your purchase of DOGE.

This limit is mandated by the Ontario Securities Commission (OSC) acting as the principal regulator for the Canadian Securities Association (CSA).

Choosing an order type

When you make an order for crypto using Wealthsimple, you’re giving us instructions for how to trade a token on your behalf. There are two types of orders you can make with Wealthsimple when purchasing crypto.

Market orders (default)

Market orders let you buy or sell crypto immediately at the best available price at the time of submission. Learn more about market orders here.

Limit orders

Limit orders let you buy or sell crypto at a specific limit price or better. Limit orders on crypto will differ from standard limit orders in the way that the limit price triggers because of the price spread. 

Limit orders will automatically cancel after 24 hours if your limit price is not met. You can extend this expiry period to 30 days in-app.

Tip: You may not be able to place a limit order on crypto if your limit price is too far from the current market price. In this case, we recommend setting up a price alert instead. 

Limit buys on crypto

When you place a limit buy, the limit order will take into account the trading fee based on your tier status.

Let’s say you want to place a limit buy on a particular crypto. You set a limit price of $100.00, you wish to buy $100.00 worth and the trading fee is at 2%. Wealthsimple will submit the order with a limit price of $100.00 and a desired purchasing amount of $98.00. This is because the trading fee is $2.00, putting the total amount paid at $100.00.

Limit sells on crypto

When you place a limit sell, the limit order will take into account the trading fee based on your tier status.

Let’s say you want to place a limit sell on a particular crypto. You set a limit price of $100.00, you wish to sell $100.00 worth and the trading fee is 2%. Wealthsimple will submit the order with a limit price of $100.00 and a desired selling amount of $102.00. This is because the trading fee is $2.00, putting the total amount sold at $100.00.

Sell a crypto

Web Mobile app

  1. Log in to your Wealthsimple account
  2. Scroll down and select your Crypto account
  3. Choose the crypto that you wish to sell
  4. Under Place an order, toggle to Sell
  5. Enter the value that you wish to sell
  6. Select Sell
  7. Review the order details and select Confirm order
  1. Sign into the Wealthsimple app on your mobile device
  2. Choose your Crypto account
  3. Scroll down to your holdings and tap on the crypto that you wish to sell
  4. Tap Trade
  5. Select Sell
  6. Choose the type of sell you wish to place (Market sell or Limit sell) by selecting one of the options from the drop-down menu at the top centre of your screen
  7. Enter the quantity of crypto you'd like to sell, or tap on the arrows on the right side of the screen to enter a dollar value instead
  8. Tap Continue
  9. Review the sale details and tap Confirm order

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