Why should I not buy crypto on Wealthsimple?

Asked 3 years ago

Hi all, why do people seem to be recommending against cryptocurrency investments on WS? Which platform is best for this and why?

Andrew Moran

Monday, June 28, 2021

While WealthSimple is great for investing in cryptocurrency, the drawbacks are understandable.

For one thing, WealthSimple does not function as a wallet, exchange, or private key management source.

The other aspect is that gives you the option of investing in bitcoin and ethereum, but you do not directly own the asset. It is said in the sector that if you do not have the keys, then you do not have the crypto.

That said, for anyone who wants some exposure to crypto, no matter how minimal, WealthSimple is still a good option. In addition to buying fractions of crypto, traders can also purchase bitcoin and ethereum ETFs.

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