With a Crypto account, you can instantly add coins to your portfolio without needing to maintain your own crypto wallet.
Open an account
- Sign in to the Wealthsimple app on your mobile device
- Under Accounts, scroll down and tap + Add an account
- Select Open a new account
- Choose the Crypto account type
- Follow the prompts to open the account
- Log in to your Wealthsimple account.
- Under Accounts, scroll down and select + Add an account
- Select Crypto in the account menu
- Select Open account
- Follow the prompts to open the account
Frequently asked questions
What type of account is a Crypto account?
Crypto accounts are non-registered personal accounts. This means you’ll need to report any capital gains or losses incurred from buying and selling cryptocurrencies for tax purposes.
You can learn more about how the CRA treats digital currencies for tax purposes by visiting the CRA website.
What are the fees for using a Crypto account?
Wealthsimple charges a trading fee on each order placed, trading fees vary by your client tier, as set out below:
Trading Fee
- Core 2%
- Premium 1%
- Generation 0.5%
For a detailed breakdown, please refer to our Crypto Fee Schedule.
How does Wealthsimple store my cryptocurrency?
The majority of your coins are held in offline cold storage with our custodial partners. All of our custodial partners are regulated entities themselves — and they have over $200M in insurance coverage each. The remainder of your coins are stored with us in hot wallets. Those have coverage too. We’ve partnered with Coincover to make sure that in the very, very unlikely event that there’s a hack, you’ll have additional ways to recover your assets.
In order to protect our clients’ crypto-assets, we have also instituted internal controls that restrict the ability for any assets to move between unauthorized accounts or parties. Specifically, any withdrawals or asset movement require real-time multi-signature authentication, two-factor authentications, and time-limited approvals.
Can I name a beneficiary to my Crypto account?
As per the government rules regarding beneficiaries, you are unable to designate beneficiaries for non-registered accounts – like your Crypto account. Instead, you'd need to manage this through your estate (i.e. through a will).
Are identity verification processes required for opening a Crypto account?
Yes. Identity verification is required for Crypto just like all other Wealthsimple accounts. During the account opening process you will be prompted to verify your identity. Accounts will not be able to be activated until all identity verification steps are complete.
Why did Wealthsimple determine I was not suitable for a Crypto account?
As a regulated crypto platform, we are required to determine if clients are suitable for a crypto account based on the answers that they input during the registration process. If clients are deemed not suitable for a crypto account, they will not be able to open an account at this time. If your circumstances change, you will be able to go through the registration process in 30 days.
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