Wealthsimple Vs. Coinbase: Which Is Better For Canadians?

  • by

Choosing the right exchange to buy crypto can be hard. There are national and global exchanges, and in this article, you will see a comparison between two of them. Let’s check what are the pros and cons of each.

Wealthsimple

Wealthsimple offers its services only to Canadian citizens. It offers low fees, which is great for Canadian users just getting into the crypto world.

However, even with low fees, it is rather unattractive that they don’t offer a large number of cryptocurrencies.

Another feature about Wealthsimple that makes it lackluster is the fact that you can’t transfer from it to another crypto wallet or digital currency exchange.

All you can do is sell the crypto coins back to money and withdraw that money.

Read Bitbuy Vs Wealthsimple

Can you transfer Bitcoin from Wealthsimple?

Wealthsimple only lets you make transactions with other users of the app. So, it is a good app if you are a Canadian wanting to make Bitcoin and/or Ether transactions inside your country.

If you want to make global transactions, however, you will need to look for another exchange.

That being said, the appeal of Wealthsimple for Canadian users is all about the low fees.

Fees:

  • Basic (First $99,999): 0.5%
  • Black (Above $100,000): 0.4%
  • Generation (Above $500,000): 0.4%

Overview:

  • You can invest as little as you want every time you make a deposit or buy crypto coins
  • Wealthsimple only offers Bitcoin and Ether.
  • DCEs have something in common: excellent customer service. Wealthsimple is no exception to that.
  • Wealthsimple has a promotion for new accounts. If you open your account and deposit $1,000, you gain an extra $100. Feels like casino’s welcome bonuses.
  • Other features on Wealthsimple include portfolio review service, free tax-loss harvesting, access to financial advisors, investment in fractional shares, and tools to help you save the most money.

Coinbase

Coinbase is one of the most popular digital currency exchanges (DCEs). It is usually recommended to new crypto users that want to buy their first coins.

It gives you access to Bitcoin, Ethereum, and a handful of other altcoins. Also, it is a global DCE, meaning that you can make transactions with people and services from anywhere in the world.

If you are going to use a DCE for the first time and happens to choose Coinbase, you can also create your wallet with their service.

After all, you need a wallet to store your crypto coins. This way, you can do everything with the same service provider.

Also, if you have crypto coins on Coinbase that you wish to transfer to another exchange, that is a non-brainer. You can transfer to Binance, to national exchanges such as Shakepay, and any other DCE that accepts transfers.

That is, as long as the coins you are transferring from Coinbase are supported by the other DCE.

Coinbase is one of Top 7 Shakepay Alternatives For Canadians.

Fees:

  • Spread: 1,20%
  • Trading: $0,99 – 3,99%
  • Withdrawal: Network fees
  • Funding: same as trading

Overview:

  • Fees for Coinbase are high, but you gain access to a global market and to other coins beyond Bitcoin and Ether.
  • Coinbase offers more than 40 cryptocurrencies, including BTC, ETH, LTC, LINK, BCH, XLM, UNI, AAVE, EOS, XTZ, DAI, and so on.
  • Both the DCE and the wallet offered by Coinbase are simply and intuitive to use.
  • Coinbase has a promotion that asks you to watch some videos and get crypto coins in return.
  • You can use Coinbase to stake cryptocurrencies.
  • It is possible to earn APR on your cryptocurrencies stored on the Coinbase wallet.

Final Thoughts

If you are a Canadian looking to invest in crypto coins and not send that money to anyone off borders, then Wealthsimple is great because of its low fees.

However, if you need a global exchange that gives you the freedom to do many things with your cryptocurrencies, then Coinbase is one of the top choices.