Overview

You can withdraw crypto from your Wealthsimple account to an external wallet. It's crucial to understand a few things before sending crypto to an external wallet:

• Supported assets and networks: Please make sure that your destination address can receive deposits from the coin's native network (for example, the Bitcoin or Ethereum mainnet network). Some crypto assets can now be withdrawn on multiple blockchain networks. When withdrawing USDC, you can choose between the Base and Solana networks in addition to the Ethereum mainnet. When withdrawing ETH, you can choose the Base network in addition to the Ethereum mainnet. Make sure your destination wallet supports the specific network you select, as sending to an incompatible network may result in permanent loss of funds.
   
• Irreversible withdrawals: Crypto withdrawals are irreversible. We recommend testing out a small amount first to ensure that it ends up at the right address. We can't retrieve the transfer if you send coins that aren't supported or you use an unsupported network.
   
• Be aware of scams: Learn more about avoiding scams before setting up a withdrawal.
   
• Minimum withdrawal: You must withdraw a minimum amount. This amount depends on the crypto you withdraw. Review the detailed crypto withdrawal table to find the minimum amount.
   
• Withdrawal limit: There's a daily withdrawal limit of up to $10,000 CAD and a weekly withdrawal limit of up to $25,000 CAD across all coins. Some clients may have different limits based on factors such as account type, transaction history, or risk profile.
   
• Identity verification: If you didn't verify your identity using the selfie method when you first opened your account, we'll ask you to complete a similar process before you can withdraw your crypto to an external wallet.
   
• Supported currencies: You can withdraw crypto in either CAD or USD. Please note that an active USD accounts subscription is required.
   
• Tax implications: Withdrawing crypto to an external wallet you own doesn't constitute a taxable event.

Supported crypto for withdrawals

To see the most up-to-date list of supported crypto assets you can withdraw, follow these steps in the Wealthsimple app:

1. Log in to the Wealthsimple app
2. Tap the Move tab
3. Under Transfer assets, tap Receive crypto
4. Tap Send
5. Review the list of supported crypto

You can also refer to our list of supported crypto for withdrawals, which includes the minimum withdrawal amount and supported networks.

Choosing your withdrawal network

For select assets, you can now select which blockchain network to use for your withdrawal:

USDC withdrawals

• Solana network: Lower fees and faster confirmation times.
• Base network: Layer 2 solution with reduced fees compared to the Ethereum mainnet.
• Ethereum mainnet: Traditional network (higher fees, slower during congestion).

ETH withdrawals

• Base network: Layer 2 solution with significantly lower fees and faster transactions.
• Ethereum mainnet: Traditional network (higher fees, slower during congestion).

How to withdraw crypto to an external wallet

To withdraw crypto from your account, funds used to purchase your crypto 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 can withdraw your coin or token once this hold is complete.

Withdraw crypto

Follow these steps to complete your withdrawal:

Transfer timelines and fees

Transfer fees

Crypto networks charge a fee to process transactions, often called a gas or miner fee. Fees vary significantly between networks - Layer 2 networks like Base and Solana typically offer much lower fees than the Ethereum mainnet. We'll show you the estimated network fee for each available option before you complete your withdrawal.

Transfer timeline

Withdrawals usually take less than 30 minutes to complete, but can take up to 24 hours in some cases. Transfer speed varies by network - Base and Solana networks typically confirm transactions within minutes, while the Ethereum mainnet may take longer during periods of high congestion. You can check your account activity to see the real-time progress of your transfer.

Detailed list of supported crypto for withdrawals

You can withdraw any of the following crypto coins into an external wallet:

Frequently asked questions