Is WealthSimple the most secure trusted way to buy and hold bitcoin position in Canada, others?

gogoblender wrote: ↑ Looking to hold a small position in bitcoin specially after the Tesla announcement. Looking for a simple to use platform that is dependable for moving real money in and when wanting to back out. Saw that WealthSimple allows this... is this the best or is there better?

https://www.wealthsimple.com/en-ca/product/crypto/

in WS you dont hold your BTC..

Shakepay is easy and better imo

Check out the main thread bitcoin-ether-2087984/295/#p34049677 (Edit: also rfd-cryptocurrency-mega-thread-2159377/125/) they have suggestions there.

I used to hold in Wealthsimple just to get skin in the game and see what it's like, but it is nothing like the others. I sold everything from WS - triggering a significant capital gain (since I was lucky that BTC is on an uptrend).

I started my new journey with Shakepay (and another) as well and am looking to open with additional as I get a better feel for the exchanges and holding BTC. With Shakepay and other exchanges you can actually transfer bitcoin to other locations. Some exchanges even have lending, where you can lend out your BTC for a small return.

Yes, Shakepay also has their marketing enticement of a tiny fraction of bitcoin every day if you shake your phone.

I'm a little confused with wealthsimple. Brand new trader here so excuse me.

Just bought AEZS. First purchase. Yahoo finance showing real-time $1.89, wealth simple showing $2.40 delayed 15min. Even thought WS showing the delaying price of 2.40, shouldn't it adjust to real-time $1.89 as soon as I complete my order?

I'm reviewing my order on WS and it says I bought @ $2.40.
Any insight?

Moneyhunt wrote: ↑ I'm a little confused with wealthsimple. Brand new trader here so excuse me.

Just bought AEZS. First purchase. Yahoo finance showing real-time $1.89, wealth simple showing $2.40 delayed 15min. Even thought WS showing the delaying price of 2.40, shouldn't it adjust to real-time $1.89 as soon as I complete my order?

I'm reviewing my order on WS and it says I bought @ $2.40.
Any insight?

why not use limit buy when you see the RT price.

No clue how to even do that. Just learning about all this now actually. Have to read up on this.

It’s very simple, when you go to buy chose limit buy. You then choose the price you’d like the order to fill at.

The only thing is is doesn't seem to be solving my issue. Because even now on Yahoo finance, it's trading at $1.97 and wealth simple is still showing $2.50, and it's been way over the 15min delay since I bought earlier this morning.

I'm trying to figure out why the difference in price.

That stock is dual listed. You’re comparing the US stock price to the Canadian stock price.

gogoblender wrote: ↑ Looking to hold a small position in bitcoin specially after the Tesla announcement. Looking for a simple to use platform that is dependable for moving real money in and when wanting to back out. Saw that WealthSimple allows this... is this the best or is there better?

https://www.wealthsimple.com/en-ca/product/crypto/

“If You Don't Own Your Keys, You Don't Own Your Crypto”.

JustMike wrote: ↑ That stock is dual listed. You’re comparing the US stock price to the Canadian stock price.

My man! Ok there were go, that's what I was looking for. Thats what my mistake was. Rookie error.
I kept eyeing the CAD on wealthsimple, I automatically figured in was Canadian across the board. Now I see the dual listing. It's in USD on yahoo finance. You live you learn. Thanks.

Do not buy paper bitcoin

If you do not hold the keys you don't actually own any bitcoin, just paper.

If you are new and just want price exposure to crypto then Wealthsimple and similar vehicles (Mogo or ETFs that you can park in a registered account) are fine.

But you are just putting money into a crypto trust in these situations. You cannot trade actual crypto and participate in the ecosystem. Eventually you will want to do that, either out of FOMO or to actually dive into this very fun/expensive proof of concept. When that happens definitely look into services where you can start "on-ramping" your dollars into actual crypto (Shakepay, Newton, Crypto.com, etc.).

mrelusive wrote: ↑ If you are new and just want price exposure to crypto then Wealthsimple and similar vehicles (Mogo or ETFs that you can park in a registered account) are fine.

But you are just putting money into a crypto trust in these situations. You cannot trade actual crypto and participate in the ecosystem. Eventually you will want to do that, either out of FOMO or to actually dive into this very fun/expensive proof of concept. When that happens definitely look into services where you can start "on-ramping" your dollars into actual crypto (Shakepay, Newton, Crypto.com, etc.).

This is awesome for me then
I'm not a trader,
i just collect assets and wanted some exposure in a solid institute that wont go broke like others over past few years (Quadriga ") )
For exit strategy... if lets say after one year exposure i wanted to convert back to CAD..is it possible? can i move the bit coin from the crypto account to another one of WealthSimple accounts and then out to my bank?

gogoblender wrote: ↑ This is awesome for me then
I'm not a trader,
i just collect assets and wanted some exposure in a solid institute that wont go broke like others over past few years (Quadriga ") )
For exit strategy... if lets say after one year exposure i wanted to convert back to CAD..is it possible? can i move the bit coin from the crypto account to another one of WealthSimple accounts and then out to my bank?

Yes, crypto accounts on Wealthsimple Trade work almost like personal/non-registered accounts: just sell some or all your crypto position and you have the CAD to withdraw or transfer between accounts. I think Wealthsimple improved how transfers between accounts work recently so might want to look that up.

mrelusive wrote: ↑ If you are new and just want price exposure to crypto then Wealthsimple and similar vehicles (Mogo or ETFs that you can park in a registered account) are fine.

But you are just putting money into a crypto trust in these situations. You cannot trade actual crypto and participate in the ecosystem. Eventually you will want to do that, either out of FOMO or to actually dive into this very fun/expensive proof of concept. When that happens definitely look into services where you can start "on-ramping" your dollars into actual crypto (Shakepay, Newton, Crypto.com, etc.).

Can you elaborate on "cannot trade"? What you are describing sounds like buying and selling (with dollars), which to me says "trading". Are you talking about using it as payment system or swaps with other crypto-currencies?

mrelusive wrote: ↑ ETFs that you can park in a registered account) are fine.

there are crypto etfs that i can park in my tfsa?

gogoblender wrote: ↑ there are crypto etfs that i can park in my tfsa?

I believe there is one in the works. Not available yet

kelaaa wrote: ↑ Can you elaborate on "cannot trade"? What you are describing sounds like buying and selling (with dollars), which to me says "trading". Are you talking about using it as payment system or swaps with other crypto-currencies?

Yes, I didn't consider swaps for only dollars as trading.

gogoblender wrote: ↑ there are crypto etfs that i can park in my tfsa?

My mistake, what's listed now in TSX are not ETFs but just public trusts. But you can buy one such as QBTC/QETH in a TFSA, RRSP, etc. Purpose just announced an actual ETF (so you can buy it cheaper on brokerages like Questrade).

You should compare the fee structions between these funds and Wealthsimple though. You will get charged a MER for holding QBTC and it might not realistically track crypto prices on major intraday bull/bear runs. Where with Wealthsimple you pay a fee + spread different when you buy and sell your crypto.

I’ll second the idea of using Shakepay. There are other Canadian based exchanges too (Newton, Coinberry, etc). Newton is cheaper though but shakepay you get daily BTC for free from shaking

I think other people on here have mentioned using Newton and Shakepay. If you don’t want the hassle, just pick one.