Choosing the right Digital Currency Exchange can save you time and also prevent headaches.
Sure, there are plenty of good DCEs, and you will rarely face such severe issues. However, some platforms have better fees or features that appeal more to different publics. If those make a difference for you, then you have come to the right place.
In this article, we will check what Bitbuy has to offer and what Wealthsimple has to offer in the same terms to compare one against the other.
At the end of the article, you shall have a clear idea of which DCE is suitable for you.
If you are looking for a variety of DCEs because you like to know what’s there to try, we have covered some DCEs that are great for Canadian citizens in this article.
Bitbuy Vs. Wealthsimple compared
What Is Bitbuy?
Bitbuy is a broadly popular digital currency exchange founded in Toronto, Canada, back in 2016.
This platform appeals significantly to both beginners and veterans in the crypto world. It helps starters get a feel of investing and making money through crypto while allowing veterans to explore possibilities.
Bitbuy has features that resonate with this accessibility, known as Express Trade and Pro Trade. We are going to explore these on a different topic.
If you want to dive into the crypto world paying low fees, Bitbuy helps you do that easily.
What Is Wealthsimple?
Founded back in 2014 and currently counting with thousands of clients both in Canada and United Kingdom, Wealthsimple is an online digital investment service aiming at making crypto a straightforward investment for anyone.
The devs behind it put effort into making the site and app intuitive so that a beginner doesn’t have to stress about lots of stuff, just read the meaningful parts of the investment to make it work.
As of now, Wealthsimple counts with around $10 billion in assets, showing how much the company was able to grow in the seven years since it started doing business.
The first thing we are going to look at is fees. Fees might be a huge factor in deciding between one exchange or another. It is not everything depending on other exciting features offered, but it can be a dealbreaker.
The fees on Bitbuy:
- Trading fees: 0.2% (Express Trade), Pro Trade 0.1% (Maker) and 0.2 % (Taker)
- Funding: 1.5% (Interac e-Transfer), 0.5% (Wire transfer)
Wealthsimple doesn’t charge you to fund your account and start trading. However, the platform charges if you make transactions using USD. In that case, fees are the base conversion fee + 1.50%.
If you are investing, then Wealthsimple offers some plans with competitive fees:
- Basic (First $99,999): 0.5%
- Black (Above $100,000): 0.4%
- Generation (Above $500,000): 0.4%
For some people, having many options to invest is what counts the most. Even if you start only buying Ether, perhaps you might find it attractive to buy other ERC-20 tokens or altcoins in the future.
Wealthsimple offers a great variety of cryptocurrencies for you to buy and trade:
- 1inch (1INCH)
- Aave (AAVE)
- Balancer (BAL)
- Basic Attention Token (BAT
- Bitcoin (BTC)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Chainlink (LINK)
- Compound (COMP)
- Curve (CRV)
- Decentraland (MANA)
- Dogecoin (DOGE)
- Ethereum (ETH)
- Fantom (FTM)
- Filecoin (FIL)
- Kyber Network (KNC)
- Litecoin (LTC)
- Maker (MKR)
- 0x (ZRX)
- Polygon (MATIC)
- SushiSwap (SUSHI)
- Synthetix (SNX)
- Uma (UMA)
- Uniswap (UNI)
- Yearn.Finance (YFI)
Bitbuy allows you to buy and sell the following currencies:
- Bitcoin Cash
In terms of coins available, Wealthsimple has many more options for crypto-savvy users.
If you want to trade different coins when you see that they are selling for a high price, Wealthsimple seems like the best choice.
Availability and accessibility
Both DCEs are focused on Canadian citizens. One huge difference stands out: if you are traveling to another country, you will need a paid VPN to access your Bitbuy account.
Unless you are in Canada or have a VPN enabled to make it look like you are in the country, you will get a screen like this:
Wealthsimple, on the other hand, doesn’t count with this type of blockage, so you can keep accessing your account anywhere without the need for a VPN.
Wealthsimple also allows citizens of the United Kingdom to create an account.
It was already mentioned that Bitbuy offers features that help both beginners and experts trade crypto, making the most out of the process.
The tool that gives beginners a helping hand is called Express Trade.
The Express Trade is as straightforward as one would wish, allowing users to buy and sell crypto coins using the Canadian Dollar.
It is the easiest way for a newbie to buy their first coins of Ether or any other currency, and its fees are only 0,2%.
Veterans, on the other hand, can rely on the Pro Trade system. This tool enables a live trading view with an advanced orders option.
It has a traditional order book style, similar to what can be found at Binance or Coinbase. Read Wealthsimple Vs. Coinbase.
The software behind the Pro Trade system is called Tradingview, providing significant in-depth data. Its setup allows you to customize your own screen.
As for Wealthsimple, it also counts with great features that attract tons of new users monthly.
When we talked about fees, it was mentioned the fees for investing. Well, this is one of the biggest flagships of Wealthsimple, as it makes investing simple (this was intended).
Wealthsimple Invest has the slogan “investing on autopilot.” This means you don’t have to do much.
The platform calculates the risk and returns when you tell how much you can afford to invest. From there on, you leave your money and wait for it to attract more money your way.
Wealthsimple Tax offers users to file their taxes and get a tax return easily and safely. Not everyone has the time to put into calculating taxes, so Wealthsimple does that for you.
Also read Top 8 Shakepay Alternatives For Canadians.
Payment Methods and Fiat Money
Bitbuy only accepts CAD as a method of depositing fiat money. To buy cryptocurrencies, users must first deposit cash into their accounts. CAD deposits can be made through Wire Transfer, Interac e-Transfer or Express Interac e-Transfer.
Wealthsimple, on the other hand, lets users fund their accounts with CAD and USD. However, for USD, the platform charges fees. This is one of the ways in which Wealthsimple makes money.
Bitbuy counts with a mobile app both for Android and iOS users. The app counts with all features available on the desktop version, with the advantage of being easy to access wherever you are.
Moreover, it utilizes biometric technology to further protect your account in case someone else gets to your phone.
Wealthsimple is also available as a mobile app on both Android and iOS. All the features offered by the company are available on the mobile version, making it easier to check your coins on the go, making trades in an instant.
Bitbuy’s customer support is regarded as one of the best in the cryptocurrency market. The first remarkable feature is the option to get support through a phone line, something rare in this industry.
Plus, the already traditional email support is quick and resolute, helping you solve any issues in under 12 hours (even on weekends!).
This great support provided by Bitbuy proportionate a strong online reputation, being regarded by some satisfied users as the number one Canadian DCE.
Wealthsimple doesn’t miss on the customer support either. Even if Bitbuy’s support is fast, Wealthsimple counts with a 24/7 support staff, with live chat support that can handle all emergencies you have.
Canadian users that need to trade a wider variety of coins and need quicker support will find Wealthsimple to be even better than Bitbuy.
Do any of them use cold storage?
Bitbuy has 95% of its crypto assets in cold storage. Cold storage means that crypto is kept stored in hardware disconnected from the internet.
This type of storage makes crypto safer because no one can hack and get access to the coins unless they break into the physical servers.
Wealthsimple actually keeps all of its crypto assets in cold storage. This is because Wealthsimple has a different purpose than Bitbuy.
What Is The Purpose Of Bitbuy and Wealthsimple?
Both DCEs have different purposes. While Bitbuy helps you buy and trade your cryptocurrencies, Wealthsimple‘s focus is investing in cryptocurrencies, not trading them with third parties.
This is why all of Wealthsimple’s assets are kept in cold storage. They keep your crypto, but you pay to have ownership of it, and then you can sell back at a higher price if you see that any coins are selling higher than you bought them.
Bitbuy, on the other hand, is a more traditional DCE, allowing you to do whatever you want with your coins.
Do They Allow You To Withdraw Your Crypto?
Bitbuy functions like most DCEs, so you can transfer your crypto to any wallet or alternative DCE that allows receiving from others.
Wealthsimple is built on a close loop, and it won’t allow you to take your crypto coins to other DCEs or wallets.
If you need to get back the money you invested, you will have to sell the crypto back to Wealthsimple.
This, however, doesn’t mean you will get the exact amount back, as cryptocurrencies fluctuate in value. You might get more or less back, depending on the current price of the coins you have.
In the end, Bitbuy and Wealthsimple are not completely comparable. Each one suits a different goal.
While Bitbuy is aimed at making it easy to buy and sell cryptocurrencies, Wealthsimple is a tool for investment in cryptocurrencies.
They work differently, so you need to know what your objective is with crypto.