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Bitget vs. Wealthsimple Crypto: What Works Better For Canadians in 2024

Oleg Galeev

Last updated December 27, 2023

In the rapidly evolving landscape of cryptocurrency exchanges, Canadians are confronted with a variety of choices. Here, we delve into two prominent exchanges, Bitget and Wealthsimple Crypto, both of which stand out, albeit with notable differences.

Description

Bitget is a cryptocurrency exchange for skilled users that offers thousand of altcoins for Canadians (and people all over the world) to trade.

Wealthsimple is a Canadian trading platform that offers several popular cryptocurrencies. You can connect your bank account, move funds from different investment accounts, and buy crypto in CAD.

Coins

Over 1000 major coins and altcoins

Over 30 coins, e.g. Bitcoin, Ethereum, Litecoin, EOS, Stellar, LINK, AAVE, Solana (SOL), Cardano (ADA), Polkadot (DOT), Dogecoin (DOGE), Polygon (MATIC), and a few stable coins.

 

Fees

Trading fees on Bitget are low at just 0.1%, but can be lower if you pay fees with their token BGB.

Pros

  • Low trading fees
  • Hundreds of altcoins
  • Advanced features
  • Simple KYC process
  • Offers 30 popular cryptocurrencies
  • Easy to use
  • Can transfer funds between investment accounts
  • Secure and trustworthy
  • You can set limit orders
  • $200M insurance
  • Free CAD bank transfers and withdrawals

Cons

  • No Interac e-Transfer
  • Confusing for beginners
  • No CAD deposits and withdrawals
  • High trading fees
  • Cannot move crypto to a private wallet yet

Account Limits

No major limits

Low

App

Methods to buy

  • Credit or debit card
  • P2P platform

CAD Bank transfer

Security

  • 2FA
  • Anti-phishing code
  • $300 million insurance for lost assets
  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID

Mobile and Desktop Trading

Bitget's digital platforms cater predominantly to seasoned traders. On the mobile front, they have achieved commendable ratings with a 4.4-star on the Apple App Store and a 4.6-star on Google Play. These numbers reflect a positive reception, though the intricate features can be daunting for newcomers. Their desktop counterpart also offers advanced trading tools, serving as an all-encompassing hub for crypto enthusiasts. Wealthsimple Crypto, on the other hand, aims to strike a balance, catering to both the novice and the expert. Their user-friendly interface has received positive acclaim, with the mobile app boasting a 4.7-star rating on the Apple App Store and a 4.5-star on Google Play. Their desktop version, too, simplifies trading without compromising on the essentials.

Bitget

The Bitget platform can be confusing for beginners since there is advanced charting and order book data. Bitget’s mobile app has a 4.4-star rating on the Apple App Store and a 4.6-star rating on Google Play. 

Trading crypto on Bitget from Canada

Bitget desktop view (trading screen)

Depositing money to Bitget

Bitget depositing screen

Bitget mobile app main screenshot

Bitget mobile app main screen

Bitget mobile app screenshot

Bitget mobile app (coins)

Wealthsimple Crypto

Wealthsimple’s Trade app has a 4.7-star rating from 121,000 reviews on the Apple App Store, and a 4.6-star rating from 41,000 reviews on Google Play.

The app makes it easy to switch between all of your investment accounts, and see exactly how much you have in each one. The desktop trading platform is essentially the same and allows you to deposit and withdraw, buy and sell, and view charting for different cryptocurrencies. It has a simple interface making it easy for beginners. 

Wealthsimple desktop app screenshot

Wealthsimple desktop app

Wealthsimple crypto trading main screen

Wealthsimple crypto trading main screen

Wealthsimple mobile app screenshot

Wealthsimple Crypto Mobile app

Buying crypto with Wealthsimple Crypto

Security Compliance

Bitget uses two-factor authentication for security and emails you about logins or withdrawals. They offer an anti-phishing code for genuine emails and have a $300 million insurance for lost assets, which you can claim if not at fault.

Wealthsimple Crypto requires new customers to go through the KYC process in order to trade and offer two-factor authentication. 

In your Wealthsimple account, you can use Touch ID or Face ID instead of entering a username and password each time you log in. Currently, there is no Two-factor authentication available. 

Bitget emphasizes security through features like two-factor authentication, anti-phishing codes, and an impressive $300 million emergency insurance coverage. Wealthsimple Crypto, being more localized, guarantees coin insurance up to $200 million via the Gemini Trust Company LLC™. While both exchanges prioritize safety, Wealthsimple adds a touch of convenience by integrating Touch ID and Face ID for quicker, safer access.

Regulatory Compliance

Not regulated by Canadian financial institutions. 

Wealthsimple Crypto is insured by the Gemini Trust Company LLC™ which covers $200 million. Wealthsimple is fully regulated in Canada and has been a staple for Canadian investments since 2016. It's a fully-compliant crypto platform in Canada.

Bitget, though widely accepted, doesn't have a clear regulatory standing in Canada. On the flip side, Wealthsimple Crypto complies with Canadian federal regulations, being closely monitored by Canadian regulatory bodies. Canada's regulatory framework for cryptocurrencies is still in evolution, but institutions like the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) play a pivotal role in ensuring exchanges adhere to the federal mandate.

Customer support

Reviewers say customer support is unhelpful but most of them are beginners. Bitget is not a crypto exchange for beginners and if you do not know how copy trading or futures trading works, then it is not a good idea to use them, as this customer points out. 

Wealthsimple has a comprehensive help centre on its website and within the app. It is full of articles about crypto in general as well as how to use their platform. They also have live chat support, email support and phone support, all available 24/7. Wealthsimple has good customer service and you will be able to find an answer to your question quickly. 

Bitget's support is somewhat polarizing. While the platform offers extensive support tools, some users have voiced concerns, particularly surrounding the copy trading feature. Wealthsimple, conversely, garners appreciation for its 24/7 customer support spanning live chat, email, and phone. Their holistic support structure reinforces their commitment to user satisfaction.

Conclusion

Both Bitget and Wealthsimple Crypto bring distinct offerings to the table, each with its merits. However, considering the broader spectrum of user-friendliness, security, compliance, and support, Bitget emerges as the victor. Its advanced trading tools combined with competitive fees and expansive crypto options give it an edge, making it a top choice for Canadians in 2024.

We recommend choosing Bitget over Wealthsimple Crypto for your cryptocurrency trading needs. By opting for Bitget through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.

If you find that neither Bitget nor Wealthsimple Crypto meets your requirements, we encourage you to explore our monthly-updated list of the best exchanges for Canadians to trade crypto. This list provides a range of alternative options that may better suit your specific needs and preferences.

Author

Oleg Galeev

Cryptocurrency Specialist

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada and start a Youtube channel in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen. 

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