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.
Kraken keeps 95% of users’ funds in cold storage. All account information is encrypted, their servers are locked in cages under 24/7 surveillance by armed guards.
To help secure your Kraken account you can use two-factor authentication. You will receive an email notifying you of any withdrawal, and there is an account timeout for added protection.
Both Wealthsimple Crypto and Kraken prioritize user security. Wealthsimple Crypto ensures the security of users' assets by partnering with Gemini, a renowned and secure cryptocurrency custodian. Kraken, a globally recognized exchange, protects digital assets by storing over 95% of them in cold storage and offering two-factor authentication. Furthermore, Kraken’s servers are heavily protected with around-the-clock surveillance by armed guards.
Regulatory Compliance
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.
Kraken is fully compliant with US regulations. The exchange is independently audited to show that customers’ funds are properly held. Canadians can use the platform as well.
Both Wealthsimple Crypto and Kraken comply with Canadian federal laws and regulations. Wealthsimple Crypto is regulated by the CSA Regulatory Sandbox and registered as a Restricted Dealer across most of Canada. Kraken, while operating on a global scale, also follows Canadian regulatory standards, though it is important to note that not all its services are available in Ontario due to specific regulations from the Ontario Securities Commission.
Customer support
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.
Kraken offers a 24/7 live chat and email support. It also offers a good amount of learning documentation and helpful articles on its website. Unfortunately, many people say Kraken has poor customer support with tickets taking a long time to be resolved if ever.
Wealthsimple Crypto offers email support to its clients, and while it doesn't provide 24/7 live support, the platform's comprehensive Help Center covers an extensive range of topics that can guide users effectively. In contrast, Kraken provides 24/7 live chat and email support, ensuring that users have assistance readily available whenever needed. Kraken also offers phone support to users in the USA, UK, and the European Union.
Conclusion
In conclusion, while both exchanges offer credible platforms to trade cryptocurrencies, Wealthsimple Crypto stands out for its simplicity and ease of use, making it an excellent choice for beginners. Its strong emphasis on user-friendly design, combined with robust security measures and adherence to Canadian regulatory standards, make it an ideal platform for Canadians new to cryptocurrency trading. While Kraken's advanced features and low trading fees make it attractive to experienced traders, its fees for deposits and withdrawals, coupled with limited service availability in Ontario, may pose challenges for some Canadian users. Therefore, Wealthsimple Crypto is our recommended choice in this comparison.
Wealthsimple Crypto has recently enhanced its platform to better compete with Kraken. 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.
Kraken stands out with its variety of flexible funding methods, including wire transfers and crypto funding options, giving users more convenience when moving their assets. Furthermore, Kraken’s 24/7 customer service is a significant advantage, ensuring that users can get support anytime, which is crucial for traders working across multiple time zones. This level of accessibility can be a key differentiator when compared to other exchanges, some of which may not offer round-the-clock support.
We recommend choosing Wealthsimple Crypto over Kraken for your cryptocurrency trading needs. By opting for Wealthsimple Crypto through our referral link, you support us in conducting comprehensive independent analyses of crypto trading options for Canadians.
If you find that neither Wealthsimple Crypto nor Kraken 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.
