is wealthsimple crypto good reddit

Anybody else using wealthsimple for buying HUT8 shares? I also wouldn't reccomend trading crypto with WS. --> What your buying is essentially an IOU for whatever price you decide to sell at. This is a process of checking "I agree" to 10+ warnings that your Bitcoin may disappear, because WealthSimple does not have faith in the Cold Storage service that is being used to hold your crypto, and they want to clear themselves of all legal responsibility if your crypto should go missing. ⁠Unfortunately, with both QBTC and WealthSimple Crypto, you cannot take your Bitcoin off of their exchanges because, again, you do not truly own Bitcoin with them. Everyday Fee Schedule Below is a list of fees associated with normal day-to-day transactions. anyway their WS trade platform is still very decent, despite the slow deposits. Might as w buy amazon shares at this point lol. So, first year doing my own taxes. I just bought $500 worth just to try it out. In this view i go through wealthsimple crypto and talk about the main things that set this platform apart. On August 7, 2020, Wealthsimple Crypto became the first way to buy and sell cryptocurrency in Canada that’s regulated by the government. START HERE: https://www.reddit.com/r/Wealthsimple_Trade/wiki/faq, Press J to jump to the feed. which exchange do you keep your money on? Regulation sounds boring, so we grilled Blair Wiley, Wealthsimple's general counsel (i.e., head lawyer guy) about why we went out of our way to actually ask to be regulated. There are thousands of beaten-down stocks, tens of thousands of cryptocurrencies and non-fungible tokens (NFTs) , and hundreds of thousands of old t-shirt designs . START HERE: https://www.reddit.com/r/Wealthsimple_Trade/wiki/faq, Looks like you're using new Reddit on an old browser. How to transfer out from wealthsimple crypto to Newton? It is a waste of time, I agree. At a certain point, you must have faith in the system to work as advertised. However, they are not necessarily less volatile. ... Is an RRSP loan a good idea? Trade Bitcoin and Ethereum 24/7. More posts from the Wealthsimple_Trade community, Continue browsing in r/Wealthsimple_Trade, The unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. r/Wealthsimple_Crypto: Wealthsimple Crypto is the simplest way to trade Bitcoin and Ethereum in Canada Press J to jump to the feed. Trading spreads are presented in the Wealthsimple Trade app. Wealthsimple Crypto will be available on iOS and Android through the Wealthsimple Trade app. How does it work? Comments Cancel reply. Wealthsimple Tax (formerly SimpleTax) is one of a number of tax return software that have made filing your taxes easier than ever. Wealthsimple is launching Wealthsimple Crypto, which will offer commission-free trading of the two largest cryptocurrencies, Bitcoin and Ethereum, through a mobile trading app.. Wealthsimple trade is great for CAD stocks or long term USD holds (otherwise you’re paying a total of 3% conversion fee on a day trade) but I’d advise you against buying crypto from them. WealthSimple isn’t Quadriga—they don’t hold the keys on one cold storage laptop with one person possessing the keys without backup. A serious crypto trader would never use this platform to trade crypto. WS is not a ripoff. I woke up realizing I might be in deep sh**. Wealthsimple Invest and W4W are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada. Yes wealth simple is expensive 1.5% spread etc. So when you buy crypto on wealthsimple, is it actually yours? Like other Wealthsimple products, it features no account minimum balance, no fee on deposit or withdrawal and commission-free trading. In short, WealthSimple allows you to invest in Bitcoin or Ethereum, but not own the asset directly. Wealthsimple crypto seemed like a bad idea from the start no deposit address no real way to withdraw looked like an institutional scam to me from the start. A serious crypto trader would never use this platform to trade crypto. You need to create a WS Crypto account. some other Apps I use are Newton and Shakepay. Can't transfer to my offline wallet, the spread is high... not for me. When you sign-up using our exclusive Wealthsimple Trade referral link, you get a $35 cash bonus after depositing and trading just $100 in stocks. Wealthsimple Trade* pros and cons The pros. Wealthsimple Crypto. The robo-advisor said the app will make a largely complex and inaccessible asset class inclusive and easy to use. 70. WS calls it 'closed loop', PayPal same ting. I’ve put a little bit of money into crypto over the last year (just BTC and ETH). I bought a lot under my tfsa and now wondering if I should have opened a crypto account on wealthsimple … You’re not actually buying a coin on a blockchain, you’re just buying an asset tied to BTC/ETH prices. But the system is essentialy no different than the ETFs for gold and silver, that have trillions invested but settle in $ (paper) not gold or silver. What your buying is essentially an IOU for whatever price you decide to sell at. I deposited a little bit into WS crypto so I’ll do a comparison and post here for anyone interested. This service is now available to the public and users in all 13 provinces and territories in Canada can sign up here. Wealthsimple has been granted relief to operate Canada’s first regulated crypto trading platform under the Canadian Securities Administrators’ (CSA) regulatory sandbox — an initiative that allows firms to test innovative ideas without meeting traditional regulatory requirements. Users can buy, sell or hold Bitcoin and Ethereum through the platform. It is ridiculous, 1.5% to 2% spread for each coin. Wealthsimple Crypto is a self-directed platform, which means our team can not provide investment or trading advice about whether crypto is right for you. New comments cannot be posted and votes cannot be cast, More posts from the Wealthsimple_Trade community, Continue browsing in r/Wealthsimple_Trade, The unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. Newton has a great spread and Shakepay includes shakingsats (need to use a referral) which gets you free Bitcoin for shaking your phone every day lol, Let me know if you have any questions about the apps. If you really want to practice use a dummy account on any other platform. At first glance, Kraken seems to blow it out of the water. ... Wealthsimple Tax is pretty good! I suggest looking into it. The site may not work properly if you don't, If you do not update your browser, we suggest you visit, Press J to jump to the feed. Rather, you own shares of the fund whereas those organizations truly own the asset since they have the "keys". Have you compared it against other brokerages yet? I'm disappointed I cannot transfer to my own wallet. What are everyone’s thoughts buying crypto on wealthsimple? No referral or Wealthsimple Crypto is available to Canadians only. If you are one of those folks looking to jump into the cryptocurrency craze, the Wealthsimple Crypto platform is one option for getting started. If you're looking to invest in crypto, i'd look into Newton or Shakepay you have a bit more coin options and you actually own the coins. Press question mark to learn the rest of the keyboard shortcuts Assets in your Invest and W4W accounts are held with ShareOwner. In crypto, the term “Not your keys, Not your coins.” comes up a lot. The larger cryptocurrencies by market cap have more established communities and a richer history. If you buy and sell both stocks and crypto, you can just toggle back and forth between your Wealthsimple Crypto account where you can buy Bitcoin and Ethereum, and your Wealthsimple Trade account where you hold stocks and ETFs. Wealthsimple Trade is the only brokerage platform in Canada to offer commission-free stock trading. Wealthsimple Trade is the only commission-free trading platform in Canada. On tradingview, the spread ranges from 1.5 $ to 3$ per coin, not 500 $. The spread is terrible, it's just like USD. Wealthsimple is set to expand into the cryptocurrency trading space with the launch of Wealthsimple Crypto. Wealthsimple Crypto is a new commission-free self-directed cryptocurrency trading platform offered by Wealthsimple. Others include Bitbuy, Coinsmart, Shakepay, NDAX and Binance. Not possible, you can’t transfer to wallets with WD. With Wealthsimple, you don’t actually own any of the coins you buy. Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc. (“WDA”), a registered restricted dealer in jurisdictions other than Québec. Wealthsimple Crypto offers access to buy and sell Bitcoin and Ethereum instantly in Canada. Wealthsimple Digital Assets is currently working with the Ontario Securities Commission and will engage with other securities regulators on a sandbox solution for offering Wealthsimple Crypto to investors in Canada. This is a reminder that Reddit is not a reliable source of quality information. unfortunately, adding crypto is wealthsimple's way to make some extra money, cuz they know there'll be a lot of suckers getting onboard anyway their WS trade platform is still very decent, despite the slow deposits. Interested investors can sign up now for a waitlist to join the platform in the coming weeks. Wealthsimple Invest is the robo-advisory service that creates and manages an investment portfolio for you and offers automatic rebalancing at a fee of 0.5% to 0.4% (based on your Assets Under Management). unfortunately, adding crypto is wealthsimple's way to make some extra money, cuz they know there'll be a lot of suckers getting onboard. You get a $35 bonus when you open an account using our exclusive promo link and deposit and trade at least $100. --> Wealthsimple Crypto Review 2021 Wealthsimple Crypto is a Canadian cryptocurrency app that works well for beginners. Paper settlement is apparently of no concern to the millions of people that back these ETFs. The second is that WealthSimple does not allow you to withdraw the cryptocurrency acquired from their platform. ... Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email. As I'm sure many of you who use or have used Wealthsimple the average timeframe for transferring funds is between 2 to 4 weeks. While the app is not yet as versatile as Robinhood or Questrade and has some shortcomings, Wealthsimple Trade does deliver on no-minimum and zero-commission ETFs and stock trading for do-it-yourself investors. Do you know that I can use my wallet to buy bitcoin in Coinbase? If you don't want the hassle of having your own wallet, then WS is a great product. The spread isn't great and you don't own the crypto. On the Reddit message boards, the content most likely to get tens of thousands of upvotes is “loss porn” — screenshots of losses that can be multiples of the poster’s annual salary. this form of trading crypto isn't much different from trading CFDs, many people will lose a lot of money on this, guaranteed. But your crypto account lives inside the Wealthsimple Trade app, so you only need to download one app to buy and sell stocks, bonds, ETFs and crypto. Fees Spread added to orders. Every day is a good day to cut down Most of its competitors charge a minimum of $4.95 and up to … I always hear the term “not your keys, not your crypto” or something along those lines. It also is regulated by the government: https://www.wealthsimple.com/en-ca/magazine/regulated-cryptoIf these have no value to you, then there are alternative exchanges for you. The new product offering will provide commission-free trading of Bitcoin and Ethereum through a mobile trading app. Before we dive into Wealthsimple Crypto, it’s important to understand the difference between Wealthsimple Invest and Wealthsimple Trade. I wanted to get into crypto , but I don’t know how good and reliable is the wealsthsimple crypto ? Wealthsimple is very safe and insured by several regulators. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. What are the fees for using Wealthsimple Crypto? Shakepay allows for transfer to your own wallet BUT there's no insurance. I got some questions about shaking my phone for Bitcoin... Do you have to give soft copies of your ID for both of these apps? There is no minimum account size, no charges for deposits or withdrawals, and no extra hidden costs. Once purchased, assets are immediately available to sell, and when an asset is sold, the proceeds are available to use right away. It has appeal to some people and no appeal to others. You no longer need to leaf through the pages of a paper tax document wondering what each section means, and waiting for weeks to get your tax refund.. With electronic tax software like WealthsimpleTax, everything is completed online, there are quick tips … Coinbase, Coinsquare, Cypto, Binance - there are much better choices. Protecting your personal information and coins is our top priority. Like any investment you should understand the risks before you trade, and only trade with money you are prepared to lose. I have been a user of Wealthsimple for the past 3 months, perhaps saying I've been a "user" is not the correct term to use. Education is key. Investors congregate on social media sites Reddit, Telegram, Twitter, and Discord, and the creators of early-stage crypto projects are often happy to walk you through the project. Day-trading is not generally encouraged on our platform, however, it is technically possible to do so using Wealthsimple Trade. Wealthsimple Crypto is currently in beta testing. 11 One of the fastest growing online financial institutions in the world. Disappointed. The first is that WealthSimple does not give you access to the private keys that correspond with your balance on their platform. Ah well, chalk it up to education. The spread includes the fee they dont charge 1.5% plus a 1.5% spread.. the 1.5% spread is just the fee. With Wealthsimple, you don’t actually own any of the coins you buy. BUT it holds custody of your crypto with Gemini(highly reputable) and Gemini carries insurance. The only trading fee we charge is applying a spread on the bid and ask prices at which buy orders and sell orders execute. Because you’re pretty much for sure gonna get rich off this, and quickly. Sign up for Wealthsimple Crypto + $35 Bonus its not worth for trading. If you’re pouring your hard … Wealthsimple Trade is the Canadian answer to the popular Robinhood app in the United States. Do you have the physical possession of the deed to your home or the certificate of ownership to any of the stocks you own? I use Shakepay and I’m not sure it’s much better. Press question mark to learn the rest of the keyboard shortcuts, https://www.wealthsimple.com/en-ca/magazine/regulated-crypto. the spread is huge. The only video you need to see to start trading cryptocurrencies with Wealthsimple Crypto. Press question mark to learn the rest of the keyboard shortcuts. In crypto, the term “Not your keys, Not your coins.” comes up a … Cryptocurrencies Supported Bitcoin & Ethereum. 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