Crypto Going Mainstream - Wealthsimple Trade bringing BTC and ETH

By rmsadkri | Personal Musings | 21 Jul 2020

I am relatively new to crypto trading and have been testing the water for some time now. When it comes to trading in traditional markets, I have been active. I have used many trading platforms and also tried new platforms that offer liquidity and technological promises. One of such new platforms that I adopted this year is Wealthsimple trade. 

Simply put, this is a Canadian answer to Robinhood app targeting mainly new investors and millennials. You can imagine how tech savvy you ought to be able to use the platform from that fact they only offer mobile applications and do not have a website to trade on. The argument behind their mobile only platform is to lower the 'cost' for customers.

Wealthsimple Trade

I joined this new bandwagon in late 2019. And, last week i received an email from them notifying existing users that they are introducing Wealthsimple Crypto and want users to get on the waitlist. I registered and am now on the waiting-list. You can  refer friends to move up on the waitlist. There is no timeline as to when they are releasing the crypto trading app for the general users but it seems they are testing the platform.

The platform will only include Bitcoin and Ethereum to trade. The existing Wealthsimple Trade android and IOS apps will be able to make crypto trades. There will be no commissions fees, no minimum balance and no deposit or withdraw fees. Having said that, it is not clear if users will be able to withdraw or deposit coins across platforms. It seems they will not be able to transact coins across other platforms for now.

What does this mean for Crypto?

Yes, it's nothing extravagant but at least a start. Major trading platforms going crypto validate the legality and adoption of crypto assets. It also demonstrates the potential in trading crypto assets and how traditional platforms are hopping into utilizing their already established user base. 

For Wealthsimple, it is logical as their main target users are millennials and they also are the ones who are more receptive to cryptocurrencies and tokens. I think it is a great move made by Wealthsimple in the Canadian market. Personally, I will wait it out to actually see how the platform will work before trading. It will be interesting to see how they fare against already established Canadian crypto services like Newton, Shakepay and Coinberry. Competition is always good for users

Overall, it's good for crypto assets and one step further towards mass adoption and generalization. 

If you want to join the Wealthsimple Crypto  Waitlist 

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Personal Musings
Personal Musings

My random babbling and musings. Anything under the sun. It could be anything from sports rant to crypto frustration. Bear with me If i start posting politics and discuss how chaotic this universe is.

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