Kucoin vs Wealthsimple Crypto: What Works Better For Canadians in 2024

Security Compliance

Kucoin provides world-class security meaning your coins are in relatively safe hands. It has two-factor authentication, so you can prevent unauthorized access to your account.

Keep in mind, $275 million worth of crypto was stolen from Kucoin by North Korean hackers in 2020. Later, $200 million of the stolen funds was recovered. Still, it doesn’t bode well for Kucoin. If you have funds on the exchange, it’s best to move them to a private crypto wallet. 

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. 

Kucoin ensures stringent security through various measures such as the utilization of micro-withdrawal wallets, employing high-level encryption with multiple layers, the adoption of dynamic multifactor authentication, and the establishment of specific internal departments for risk control. However, they've experienced a security incident in the past.

Wealthsimple Crypto, on the other hand, insures coins for $200 million by Gemini Trust Company LLC™. It doesn't yet support moving cryptocurrencies to private wallets, but this feature is reportedly forthcoming.

Regulatory Compliance

In June, 2021, the Ontario Securities Commission stated that Kucoin was illegally offering its residents securities and derivatives trading, but Kucoin did not respond to this. As a result, Kucoin is still available in Ontario as well as the rest of Canada. You can use Kucoin at full capacity whether it’s a simple buy order at market price or a more advanced order type. Bear in mind, Kucoin does not allow Interac e-Transfer to deposit Canadian dollars to your account. Instead, you will have to use a debit or credit card or a SWIFT transfer with USD.

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.

Wealthsimple Crypto is fully regulated in all Canadian provinces, making it compliant with Canadian laws and financial standards. This makes it a trustworthy platform for Canadian users.

KuCoin has recently faced prohibition in Ontario due to non-compliance with regulatory standards. The Ontario Securities Commission (OSC) imposed a fine of $2,000,000 in addition to the costs of investigation on KuCoin for persisting operations in the province without adhering to OSC's guidelines.

Customer support

Kucoin offers helpful FAQs and online ticketing service for their customers as well as 24/7 support and a live chat option.

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. 

Kucoin provides round-the-clock customer support via email, live chat, and hotline. They also have an extensive FAQ section and a Kucoin community for additional support. Wealthsimple Crypto also offers a comprehensive help center, live chat support, email support, and phone support, available 24/7. They have high customer service ratings on platforms like Trustpilot.

Conclusion

Both Kucoin and Wealthsimple Crypto have their strengths. If you're a Canadian resident looking for a compliant, beginner-friendly platform with good customer service, Wealthsimple Crypto is an excellent choice. However, for access to a broader range of cryptocurrencies, advanced trading tools, and more versatile platform, Kucoin emerges as the winner.

When comparing Kucoin to Wealthsimple Crypto, KuCoin stands out for its enhanced transparency through the Proof of Reserves (PoR) system, which verifies that the platform can fully cover all user assets, reinforcing trust in its financial stability. Additionally, KuCoin has stepped up its game in customer service by offering 24/7 support, making it easier for users to get timely assistance compared to many other exchanges. This level of transparency and customer care makes KuCoin a strong contender among its competitors.

Wealthsimple Crypto has recently enhanced its platform to better compete with other exchanges. The introduction of crypto swaps allows users to exchange one cryptocurrency for another directly, reducing trading fees and streamlining the process. With support now extended to over 60 different coins, investors have a broader selection to choose from. Additionally, Wealthsimple offers staking options with potential annual yields of up to 11%, providing an opportunity for passive income that may surpass offerings from other exchanges. The platform has also addressed past limitations by enabling users to send and receive cryptocurrencies to and from external wallets, significantly improving flexibility and aligning with features commonly found on other leading platforms.

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

If you find that neither Kucoin 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.