Security Compliance
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.
Coinsmart employs cold storage to secure its digital assets, requires two-factor authentication for added safety, and adheres to all relevant Canadian regulations.
However, the exchange does not provide detailed information about the percentage of assets held in cold storage. Wealthsimple Crypto is a secure trading platform, with coins insured for $200 million by Gemini Trust Company LLC™. The platform is fully regulated in all Canadian provinces and has been a trustworthy brokerage since 2016.
Regulatory Compliance
Coinsmart is fully compliant in Canada. Not only the exchange is registered with FINTRAC but they are also granted status by Ontario Securities Commission (OSC).
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.
Coinsmart is fully compliant in Canada, being registered with FINTRAC and granted status by the Ontario Securities Commission (OSC). Wealthsimple is also fully regulated in all Canadian provinces and compliant with Canadian laws. Both platforms adhere to the regulations and requirements set forth by Canadian federal organizations to ensure secure and legitimate operations.
Customer support
CoinSmart states that it has a 97% customer satisfaction rate and this claim is backed up by the 70% excellent customer reviews on Trustpilot. CoinSmart offers 24/7 support via email and online ticketing.
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.
Coinsmart offers 24/7 customer support, including phone support, with a 97% customer satisfaction rate. Users have the option to create a support ticket or engage with the live chat feature on the site. Wealthsimple Crypto also provides comprehensive support with a help center, live chat, email, and phone support, all available 24/7. Both exchanges have a strong reputation for responsive and helpful customer service.
Conclusion
While both Coinsmart and Wealthsimple Crypto are reliable and user-friendly platforms for cryptocurrency trading, Coinsmart emerges as the winner in this comparison. Coinsmart offers a wider range of cryptocurrencies, unique features such as altcoin-to-altcoin trading, and premium services for large trades. Additionally, Coinsmart allows European residents to participate and supports multiple fiat currencies. Although Wealthsimple Crypto has an excellent reputation and user experience, Coinsmart's broader offerings give it a competitive edge, making it the preferred choice for cryptocurrency trading.
We recommend choosing Coinsmart over Wealthsimple Crypto for your cryptocurrency trading needs. By opting for Coinsmart through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
CoinSmart is now part of WonderFi and the platform is not accepting new signups. If you're looking for the best crypto experience in Canada, we recommend signing up to Bitbuy, another licensed Canadian cryptocurrency trading platform operated by the same parent company, WonderFi. With Bitbuy, you will get access to an improved experience on web and mobile, staking rewards, Private Wealth services, and an advanced trading interface. Sign up using our referral link and get free $50 when depositing $250 on your account!
If you find that neither Coinsmart 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.
