If you're using Wealthsimple to invest in cryptocurrency, you might be wondering: Can I transfer my crypto from Wealthsimple to an external wallet? This is a common and important question—especially if you're looking to take full control of your digital assets or move them to a more secure environment.
The short answer is yes, but with important limitations. Wealthsimple now allows users to send and receive Bitcoin (BTC) and Ethereum (ETH) directly through its app, marking a significant shift from its earlier closed-loop system. However, understanding how this works—and what it means for your ownership and security—is crucial.
How to Send Crypto from Wealthsimple to an External Wallet
Wealthsimple launched its self-custody wallet feature in late 2023, allowing users to transfer BTC and ETH in and out of their accounts. Here’s how to send crypto from Wealthsimple to your personal wallet:
- Open the Wealthsimple app on your mobile device.
- Tap the Move tab at the bottom of the screen.
- Select the Crypto tab at the top.
- Choose Send.
- Enter the recipient’s wallet address (your external wallet).
- Specify the amount of BTC or ETH you want to transfer.
- Confirm the transaction details and complete the transfer.
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This functionality gives users greater flexibility, but it’s essential to double-check wallet addresses before confirming. Crypto transactions are irreversible, so any mistakes could result in permanent loss.
Do You Actually Own Your Crypto on Wealthsimple?
A major concern for investors is ownership. When you buy crypto on Wealthsimple, do you truly own it?
The answer has evolved. Initially, Wealthsimple operated a closed-loop system, meaning you didn’t hold the private keys—Wealthsimple did. Your investment was more like a contract representing crypto value rather than actual digital assets on the blockchain.
However, with the introduction of self-custody transfers, users can now move their BTC and ETH to wallets where they control the private keys. This shift means that while your crypto remains under Wealthsimple’s custody until transferred, you can gain full ownership by moving it to a personal wallet.
Once transferred, you own the crypto outright, with full control over sending, receiving, and storing it.
Can You Link an External Wallet to Wealthsimple?
Yes—Wealthsimple allows deposits from external wallets. If you already hold BTC or ETH in a personal wallet (like Ledger, Trezor, or MetaMask), you can send it directly to your Wealthsimple account.
To deposit:
- Go to the Move > Crypto > Receive section in the app.
- Copy your unique Wealthsimple deposit address.
- Initiate the transfer from your external wallet.
This two-way functionality (send and receive) enhances flexibility, letting users consolidate holdings or take advantage of different platforms’ features.
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Should You Transfer Crypto from Wealthsimple to a Personal Wallet?
Whether or not you should transfer depends on your goals and risk tolerance.
Reasons to Transfer:
- Full ownership: Control your private keys and eliminate counterparty risk.
- Security: Cold wallets (hardware wallets) offer superior protection against hacks.
- Flexibility: Use your crypto for DeFi, NFTs, or payments—activities not supported on Wealthsimple.
- Long-term holding: If you’re “HODLing,” a self-custody wallet is generally safer than leaving assets on any exchange or platform.
Reasons to Keep Crypto on Wealthsimple:
- Ease of use: Simple interface ideal for beginners.
- No fees for transfers between users: Instant sends to other Wealthsimple users.
- Insurance: Wealthsimple stores crypto in cold storage with third-party custodians insured against theft.
A common rule of thumb: “Not your keys, not your crypto.” If you hold significant value, moving to a personal wallet is advisable.
Do You Need a Different Wallet for Each Cryptocurrency?
No. While each cryptocurrency exists on its own blockchain, multi-asset wallets support multiple coins and tokens in one interface. For example:
- Ledger Nano X supports BTC, ETH, thousands of ERC-20 tokens, and more.
- Trust Wallet and MetaMask also support multiple assets.
This means you don’t need separate wallets for Bitcoin and Ethereum—you can manage both (and many others) from a single app or device.
Does Your Crypto Grow While in a Wallet?
Yes—your crypto’s value changes based on market conditions regardless of where it’s stored. A wallet doesn’t generate returns by itself, but your holdings appreciate or depreciate in value just like stocks or gold.
Some wallets and platforms offer staking or yield opportunities, where you can earn passive income by locking up certain cryptocurrencies (e.g., ETH staking). However, Wealthsimple does not currently offer staking rewards.
In contrast, platforms like OKX allow users to earn yields through staking, lending, or liquidity pools—giving your crypto the potential to grow beyond price appreciation.
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Frequently Asked Questions (FAQ)
Can I withdraw crypto from Wealthsimple to an external wallet?
Yes. Wealthsimple now supports sending Bitcoin and Ethereum to external wallets. You must use the Move > Crypto > Send feature in the app.
Does Wealthsimple charge fees for crypto transfers?
Wealthsimple does not charge fees for transferring crypto between users or to external wallets. However, standard blockchain network fees (miner fees) apply when sending to external addresses.
Is my crypto safe in a personal wallet?
Hardware wallets (cold storage) are among the safest options. They’re offline and immune to most online threats. Just ensure you securely store your recovery phrase.
Can I transfer other cryptocurrencies besides BTC and ETH?
Currently, only Bitcoin and Ethereum are supported for transfers. Other cryptocurrencies held on Wealthsimple (like Solana or Dogecoin) cannot be moved externally.
What happens if I send crypto to the wrong address?
Transactions on the blockchain are irreversible. Always double-check addresses before confirming. If sent to an invalid address, recovery is unlikely.
Does Wealthsimple take a percentage on crypto trades?
Yes. Wealthsimple charges a 1.5–2% fee on every buy and sell transaction through a spread between bid and ask prices.
Final Thoughts
Transferring crypto from Wealthsimple to a personal wallet is now possible—for Bitcoin and Ethereum—and represents a major step toward user empowerment. While Wealthsimple remains a user-friendly platform for beginners, moving assets to a self-custody wallet gives you full control, enhanced security, and access to the broader crypto ecosystem.
If you're serious about long-term crypto ownership, consider transferring your holdings to a secure wallet. And as you expand your strategy, explore platforms that offer staking, trading flexibility, and advanced tools to grow your portfolio.
Remember: Ownership matters. The blockchain was built on decentralization and personal control—take advantage of it.