You can withdraw the following cryptocurrencies from your Wealthsimple account to an external wallet:
- Axie Infinity
- Basic Attention Token
- Bitcoin Cash
- Enjin Coin
- Kyber Network
- Pax Gold
- Shiba Inu
- Synthetix network token
- The Graph
- The Sandbox
- USD Coin
Before you begin
- Transfers are irreversible, so we recommend testing out a small amount first to ensure that it ends up at the right address.
- Please make sure that your destination address can receive deposits from the coin’s native network (e.g. the Bitcoin or Ethereum network)
- Before withdrawing your cryptocurrency, consider taking a look at our guide to cryptocurrency scams and how to avoid them.
- Withdrawals usually take less than 30 minutes to complete, but can take up to 24 hours in some cases. You can check your account activity to see the real-time progress of your transfer.
Withdraw cryptocurrency from your account
In order to withdraw cryptocurrency from your account, funds used to purchase your cryptocurrency must first settle. All new deposits are subject to a 5 business day hold starting from the day they leave your bank account, and this is applicable to assets that were purchased recently. You’ll be able to withdraw your coin or token once this hold is complete.
When you make a withdrawal, you must withdraw a minimum amount. This amount depends based on the cryptocurrency you withdraw:
*To complete a LUNC withdrawal, make sure the destination address can receive assets on the Terra Classic network. Eligible destinations should start with terra. Ineligible destinations include those starting with 0x.
There is also a daily withdrawal limit of $5,000 CAD and a weekly withdrawal limit of $25,000 CAD across all coins.
In order to complete this requirement, we ask you to take a photo of your government-issued photo identification and then take a photo of yourself. Your documentation is then reviewed to ensure that your identity matches your Wealthsimple profile.
Alternatively, if you do not have one of the acceptable government-issued photo IDs listed in the link, you may be able to use a foreign passport or health card to initiate your cryptocurrency withdrawal.
This is an important security measure put in place to protect your account. For this reason, there is no way to bypass this requirement before withdrawing cryptocurrency to an external wallet.
Withdrawing crypto is currently only available through the Wealthsimple app. Once you have successfully completed our selfie verification outlined above, follow these steps to complete your withdrawal:
- Sign into the Wealthsimple app on your mobile device
- Tap the Move tab at the bottom of the screen
- Select Crypto tab at the top of the screen
- Select Send
- Enter the amount you’d like to withdraw (in cash or as a quantity)
- Paste your Wallet address
- Add in your Memo (if required)
- Select Preview transfer to review the details of the transfer (including transfer fees)
A Destination Tag or Memo isn’t always required, but it is your responsibility to determine if you need it. You can always send a small amount of cryptocurrency as a test before sending a significant amount to verify this.
Cryptocurrency networks charge a fee to process transactions (known as a gas or miner fee). This fee can vary by hour, by day, and by transfer amounts. We will let you know an estimate of the network fee before you complete your withdrawal.