Tutorial · Canada 2026
How to Move Crypto from Wealthsimple to a Hardware Wallet
Wealthsimple Crypto historically didn't allow withdrawals — it does now (as of 2023) but only for a limited list of coins. Here's exactly which coins you can move, what it costs, and the step-by-step for getting them safely into cold storage.
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The Wealthsimple Crypto withdrawal reality
Wealthsimple Crypto is the largest crypto platform for first-time Canadian buyers — but until October 2023 it didn't allow crypto withdrawals at all. Your coins were trapped in Wealthsimple's custody, and if Wealthsimple went insolvent (unlikely but possible) you were an unsecured creditor.
As of 2026, Wealthsimple allows withdrawals for approximately 30 major cryptocurrencies including Bitcoin, Ethereum, Solana, Cardano, XRP, USDC, USDT, and Litecoin. Smaller altcoins are still trapped — if you hold one of those, your options are (a) sell it back to CAD in Wealthsimple then buy it fresh on Bitbuy/Newton for withdrawal, or (b) wait for Wealthsimple to add withdrawal support.
Wealthsimple Crypto withdrawal fees (2026)
- Bitcoin: $20 CAD flat
- Ethereum / ERC-20 tokens: $10 CAD flat
- Solana / SPL tokens: $2 CAD flat
- Cardano: $1 CAD flat
- XRP: $2 CAD flat
These are noticeably higher than Newton's pass-through pricing — but Wealthsimple is often the platform Canadians already have crypto on, so the cost of moving to a cheaper exchange first usually doesn't pencil out.
Step 1 — Confirm your coin is withdrawable
Log into Wealthsimple → Crypto tab → click the coin → look for a "Send" button. If there's only Buy/Sell, that coin isn't yet withdrawable. Check Wealthsimple's support page for the current list.
Step 2 — Set up your hardware wallet
Use the Ledger Nano X for the widest coin support or the Trezor Safe 5 for open-source auditability. Firmware update first, generate seed on-device, write on a metal plate, verify.
Step 3 — Generate and verify your receive address
In the companion app, generate a receive address for the coin. Verify it on the device screen character-for-character. This is non-negotiable.
Step 4 — Whitelist in Wealthsimple
Wealthsimple Crypto → the coin → Send → Add New Address. Enter a label (e.g. "Ledger BTC"), paste the verified address, confirm with 2FA and the email confirmation Wealthsimple sends you. Unlike Newton, Wealthsimple does not impose a 24-hour hold — you can send immediately.
Step 5 — Test transaction ($10-20)
Send a small test amount first. Wait for on-chain confirmation before proceeding. This step has saved multiple Canadians from typo-based losses — the marginal $20 CAD cost is worth it every single time.
Step 6 — Send the full balance
Once the test arrives in your hardware wallet app, send the rest. Wealthsimple has a $50,000 CAD/day withdrawal limit by default; request an increase from support if you need more.
CRA reporting
Same as every other exchange-to-hardware-wallet transfer: this is a non-taxable custody change. Keep the Wealthsimple transaction history (Account → Activity → Export PDF), the on-chain transaction hash, and a screenshot of the receive address as it appeared on your device screen. Full detail in the CRA cold-storage section of our pillar guide.
What if my coin isn't withdrawable from Wealthsimple?
You have three options:
- Sell to CAD in Wealthsimple, buy fresh on Bitbuy or Newton.This is a taxable disposition — you'll owe capital-gains tax on any appreciation. Only worth it if the position is small or you're near breakeven.
- Wait for Wealthsimple to add support.They've been steadily expanding the withdrawable list; check quarterly.
- Accept the custody risk.Wealthsimple is a major Canadian financial institution with real regulatory oversight — the risk isn't zero but it's manageable for small positions.