Investing

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

  • Last Updated:
  • Feb 17th, 2021 11:07 am
[OP]
Deal Addict
User avatar
Oct 7, 2012
1526 posts
335 upvotes
Montreal

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

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/
43 replies
Deal Fanatic
Apr 5, 2013
5475 posts
2602 upvotes
hollywood pk
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
Sr. Member
Jun 28, 2018
859 posts
595 upvotes
Toronto
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.
Last edited by johnnychi on Feb 11th, 2021 10:59 am, edited 1 time in total.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
Jr. Member
Dec 28, 2020
101 posts
37 upvotes
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?
Sr. Member
Jan 6, 2015
997 posts
297 upvotes
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.
Jr. Member
Dec 28, 2020
101 posts
37 upvotes
No clue how to even do that. Just learning about all this now actually. Have to read up on this.
Deal Addict
User avatar
Nov 26, 2011
3135 posts
429 upvotes
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.
Jr. Member
Dec 28, 2020
101 posts
37 upvotes
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.
Deal Addict
Apr 10, 2002
2135 posts
581 upvotes
Central Ontario
That stock is dual listed. You’re comparing the US stock price to the Canadian stock price.
Deal Fanatic
User avatar
Apr 23, 2007
9844 posts
1036 upvotes
Mississauga
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”.
RFD 43-0-0
Ebay 35-0-0
|Dance.Flirt.Music.Chill|
Jr. Member
Dec 28, 2020
101 posts
37 upvotes
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.
Sr. Member
Sep 7, 2018
819 posts
846 upvotes
Do not buy paper bitcoin

If you do not hold the keys you don't actually own any bitcoin, just paper.
Sr. Member
User avatar
Aug 5, 2007
861 posts
305 upvotes
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.).
[OP]
Deal Addict
User avatar
Oct 7, 2012
1526 posts
335 upvotes
Montreal
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 Smiling Face With Sunglasses
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?
Sr. Member
User avatar
Aug 5, 2007
861 posts
305 upvotes
gogoblender wrote: This is awesome for me then Smiling Face With Sunglasses
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.
Newbie
Oct 22, 2020
20 posts
4 upvotes
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?
[OP]
Deal Addict
User avatar
Oct 7, 2012
1526 posts
335 upvotes
Montreal
mrelusive wrote: ETFs that you can park in a registered account) are fine.
there are crypto etfs that i can park in my tfsa?
Deal Addict
User avatar
Jan 4, 2007
1428 posts
140 upvotes
GTA
gogoblender wrote: there are crypto etfs that i can park in my tfsa?
I believe there is one in the works. Not available yet
Sr. Member
User avatar
Aug 5, 2007
861 posts
305 upvotes
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.
Sr. Member
Feb 17, 2005
911 posts
262 upvotes
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.

Top