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Wealthsimple

Latest release: 2.62.1 ( 1st November 2022 ) 🔍 Last analysed 3rd September 2021 . Can't send or receive bitcoins
4.6 ★★★★★
54327 ratings
1 million
12th March 2019

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Please help us spread the word discussing the risks of centralized custodians with Wealthsimple  via their Twitter!

Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

Buy and sell 16+ cryptocurrencies in just a few taps with Wealthsimple Crypto. There’s no long list of fees or account minimums. Just simple and secure crypto trading of Bitcoin (BTC)[…]

At this time, Wealthsimple Crypto only supports the ability to deposits and withdrawal Canadian dollars to and from the platform. We’re unable to accept any transfers of existing cryptocurrency held at other institutions or in a private wallet!

They also have a service called Wealth Simple Crypto. To quote:

Any cryptocurrency you buy is held by Gemini Custody, a regulated crypto custodian. Gemini is regularly audited and subject to the compliance standards of a traditional financial institution.

Users cannot send or receive BTC since the primary method of deposit and withdrawals is in fiat currency.

(dg)

Verdict Explained

The product can't send or receive BTC.

As part of our Methodology, we ask:

No send/receive!

Can it send and receive bitcoins?

If the answer is "no", we mark it as "Can't send or receive bitcoins".

If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.

All products in this category are custodial and thus funds are at the mercy of the provider.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.