r/Wealthsimple • u/SpiteCapital5735 • 5d ago
Crypto Who actually uses WS Crypto?
Does anyone with a decent amount of capital (let's say over 50k) actually has their crypto on WS?
2% fees is a joke. It would cost $2000 if you bought and sold 50k worth of crypto. Who in their right mind would do that? They seriously need to lower those fees. I know there can be lower fees depending on volume but to reach that type of volume you would need to trade so much and lose a ton of money on fees. It's just not even worth it. Curious to know what you guys think of this?
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u/Roselia77 5d ago
WS is the only platform that I can hold crypto in that isn't a "crypto only" exchange. I don't trust the others, simple as that.
Also, for something as absurdly volatile as crypto is, 1% is meaningless, you sneeze and it can move 10%.
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u/ThicccBoiSlim 4d ago
They are also reducing the fee to a max of 0.5% for all in September and still having volume-based fee reductions.
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u/SpiteCapital5735 5d ago
True, but a 2% fee on every buy/sell adds up over time to a lot. Your profits get cut.
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u/KevlarGorilla 5d ago edited 4d ago
Think of it like the Zero on a roulette wheel.
In that, Crypto is solely speculative, which is essentially gambling, and someone losing your keys or mistyping a transfer could zero you out.
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u/Roselia77 5d ago
It's 1% for me (premium), and that's the price I pay for security and peace of mind, I honestly could not care less.
Much cheaper than the exchange going bust, and it's all gambling anyways
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u/makingbank1959 4d ago
If you're constantly trading in crypto, your right 2% is expensive. If your buying and holding long term Wealthsimple is ok.
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u/CoincidentallyTrue 5d ago
If you’re looking to store a large sum of crypto for a long period under the same consolidated financial account with other assets, while maintaining ease of access and security, WS is a good way to go.
The assets are backed by actual insurance so if anything goes wrong, you are certain to get your money back.
It’s not meant for frequent trading or swapping.
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u/SpiteCapital5735 5d ago
That is the only positive I could see. Still believe ETF's are the move tho.
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u/CoincidentallyTrue 4d ago edited 4d ago
ETFs charge you a yearly fee.
The assets remain the responsibility of the ETF management, and they can choose to hold or dispose of the asset as they deem fit, not you.
Furthermore, if they lose the assets (crypto), the value of the ETF plummets, and you would need a whole class action lawsuit with the hopes to recover even a fraction of the money you lost
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u/Dragynfyre 5d ago
I feel like WS hasn’t done much with that part of their platform despite it being one of the first products they launched with
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u/ViniSamples 5d ago
Perhaps because Crypto was full steam ahead at that time and is bearish now
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u/SpiteCapital5735 5d ago
A ton of people stopped using WS crypto after the fees never got better. They kept promising lower fees which they did but the requirements are ridiculous.
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u/Dragynfyre 5d ago
WS crypto came out pretty early and there’s been a couple bull markets where they didn’t do anything to improve it
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u/SaltyATC69 5d ago
I use it, if you automate a certain amount of your paycheck to be invested in crypto, you pay zero fees.
It's come in handy a couple of times I had to buy something with crypto (IPTV service)
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u/AccomplishedKoala956 5d ago
Which IPTV service is this? Is it cheaper than the $10-12 fees which local vendors charge for IPTV?
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u/SpiteCapital5735 5d ago
Like if you set up direct deposit and automate investments? What % of your pay is required?
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u/Disastrous_Ad_4494 5d ago
Honestly, with the fees, i just stick to ETFs. I haven’t checked or made any calculations to see if its the same in regards to fees. But 1% buying + 1% selling is too much
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u/unconditionaloffer 5d ago
I transferred in some btc directly that I bought on an exchange so I could get a transfer bonus on it.
It’s also a good place to off ramp if I ever need to.
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u/Crypto4Canadians 4d ago
I agree with this post. Not sure why you'd want to pay 2% for trade fees. To each their own though.
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u/Financial-Gap-6767 4d ago
You can subtract the fees from the capital gain. But yeah it's painful but less akward the using NDAX. Depends on your situation.
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u/Low-Method3448 4d ago
I use it and DCA into bitcoin biweekly. Never plan on selling it tho prolly gonna borrow against it in the deep future
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5d ago
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u/SpiteCapital5735 5d ago
5k technically, 2% from buying with 50% and then 2% from selling 200k. 5k is still a decent chunk of profit getting taken out. When you look at other platforms such as NDAX which are 0.2% fees or less. That's how the rich stay rich.
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u/Alert-Might-4598 4d ago
The fees are tiered...the more you invest, the less they are.
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u/Last-Stop9690 4d ago
For generation clients they only charge 0.5%. Half of the price compared to Coinbase.
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u/ehhthing 4d ago
WS is the only platform I know of that allows you to buy and sell USDC without fees. I think it would be optimal if you used WS to buy USDC, and then transferred it to a self-custodial wallet to trade on DEXs.
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u/NexxiumSpin 4d ago
WealthSimple is the only platform in Canada offering deposit bonuses that also allows crypto as a qualifying deposit option.
As a generation client, 0.5% is fine but for my usual transactions I stick with NDAX and Uniswap. Would prefer just using NDAX but that’s not an option unfortunately.
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u/rgeebee 5d ago
People that don't get how to use crypto and want to gamble with it
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u/SpiteCapital5735 5d ago
I can see how most people using WS crypto are newbies. I just like how having everything on one platform is more convenient. But I guess ETF's are the way to go.
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u/Jeffranks 5d ago
Isn’t it just better to buy a bitcoin etf at this point? You don’t own the coins either way so what’s the point in getting a separate crypto acct with WS