All of our content is written by Canadian crypto experts, not robots. We ensure each article is reviewed and updated regularly. Learn More

Listen

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

Oleg Galeev

Last updated December 27, 2023

Wealthsimple Crypto and Kraken are two noteworthy platforms in the cryptocurrency exchange landscape, both offering Canadians a range of features for trading digital assets. While Wealthsimple Crypto focuses on simplicity and ease-of-use for beginners, Kraken provides an array of advanced features suitable for experienced traders.

Description

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.

Kraken is a Canada-friendly, but US-based crypto exchange that has been operating since 2013. Kraken has a strong reputation due its security and compliance with US regulations. Kraken aims to accelerate mass adoption of cryptocurrency and offers a wide range of coins.

Coins

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.

 

90+

Fees

  • nstant buy incurs a 1.5% fee (0.9% for stablecoins) plus: 
  • 3.75% and€0.25 card processing fee or,
  • 3.75% + €0.25 digital wallet processing fee or,
  • 0.5% online bank transfer fee

Pros

  • 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
  • Wide range of coins
  • High fees when not using Pro
  • Good for beginners
  • Free CAD deposits
  • Advanced tools with the Pro platform
  • Staking

Cons

  • High trading fees
  • Cannot move crypto to a private wallet yet
  • No Interac e-Transfer
  • Deposits can take 1-5 business days
  • Extremely high trading fees
  • Tend to freeze accounts for no apparent reasons
  • Slow support

Account Limits

Low

Low

App

Methods to buy

CAD Bank transfer

  • Wire transfer
  • Debit card

Security

  • Coins are insured for $200 million by Gemini Trust Company LLC™
  • Fully regulated in all Canadian provinces
  • Touch/Face ID
  • 95% of coins held in cold storage
  • Servers monitored 24/7 by armed guards
  • 2FA available
  • Confirm withdrawals via email
  • Fully Audited

Mobile and Desktop Trading

Wealthsimple Crypto provides a sleek and intuitive app for both iOS (with a rating of 4.7) and Android (with a rating of 4.5). Kraken, on the other hand, offers two distinct mobile apps: Kraken (for casual traders) and Kraken Pro (for experienced traders). Kraken's apps hold high ratings as well, scoring 4.7 on iOS and 4.3 on Android. Both platforms also deliver robust and user-friendly desktop interfaces, providing users with a seamless trading experience across devices.

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

Kraken

Kraken's app is well-designed and offers tools for both beginners as well as advanced tools for more experienced traders.

Kraken has an “Instant Buy” option, where users can purchase crypto in seconds with their card or from funds in their fiat wallet. Instant Buy, while convenient, incurs high fees. There is a standard purchase fee plus an additional fee depending on the method of payment. Still, the Instant Buy option is suitable for beginners and is easy to navigate.

Kraken Pro has more reasonable fees based on the maker/taker method. However, the interface could be confusing for beginners. It shows advanced charting and offers more trading tools and order types.

Kraken’s mobile app has a 4.5-star rating from 3000+ reviews on the Apple App Store and a 2.2-star rating from over 13,000 reviews on Google Play. A lot of users say the app has trouble loading, certain funding or purchase options are unavailable and it is generally not user-friendly.

Kraken desktop interface

Kraken desktop interface

Kraken Pro screenshot

Kraken Pro Trading view

Kraken app interface #1

Kraken app interface

Kraken app interface #2

Kraken app interface while trading

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.

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.

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. 

Related News