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 into my.wealthsimple.com and sign in to your Stocks, ETFs & Crypto profile
  2. Next to the magnifying glass icon at the top of the page, 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. Enter the value that you'd like to buy
  5. Click Buy
  6. Review the order details and select Place 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?

Province Annual crypto purchase limit
Alberta, British Columbia, Manitoba, Quebec None
Ontario, Newfoundland and Labrador, Prince Edward Island, Nova Scotia, New Brunswick, Nunavut, Northwest Territories, Yukon Territory and Saskatchewan

You can buy as much Bitcoin, Ethereum, Litecoin, or Bitcoin Cash 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 every day, all your crypto purchases are added. We then subtract any sells in the past 365 days and this gives you your net purchase limit.

For example: If you purchase $30,000 worth of LINK, you'll reach your $30,000 investment limit for the year and won't be able to purchase any additional coins (not including the list above). If you then decided to sell $5,000 worth of LINK, you'd free up $5,000 of your net investment limit and be able to purchase $5,000 worth of any token.

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 price takes into account the price of the crypto and the trading fee you pay when buying the cryptocurrency.

Let’s say you want to place a limit buy on a particular crypto. You set a limit price of $100.00 and the trading fee is at 2%. In order for your limit order to fill, the price of the crypto itself cannot exceed $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 price takes into account the price of the crypto and the trading fee that you will be charged for selling it. 

Let’s say you want to place a limit sell on a particular crypto. You set a limit price of $100 and the trading fee is at 2%. In order for your limit order to fill, the price of the crypto itself cannot be below $102.00. This is because there is a trading fee of $2.00 that will be deducted from your profits.

Sell a crypto

Web Mobile app

  1. Log into my.wealthsimple.com and sign in to your Stocks, ETFs & Crypto profile
  2. Scroll down and select your Crypto account from your portfolio page
  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. Click Sell
  7. Review the order details and select Confirm order 
  1. Sign into the Wealthsimple app on your mobile device
  2. Tap the Invest tab (Invest icon) at the bottom of the screen
  3. Choose your Crypto account
  4. Scroll down to your holdings and tap on the crypto that you wish to sell
  5. Tap Trade
  6. Select Sell
  7. 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
  8. 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
  9. Tap Continue
  10. Review the sale details and tap Confirm order

 

 

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