If you’re looking to get started in the world of cryptocurrency trading, there’s no better platform to do so than Wealthsimple Crypto. In this post, we’ll show you how to get started trading crypto on Wealthsimple, and share some tips on how to be successful.
First things first: what is Wealthsimple Crypto? Wealthsimple Crypto is a commission-free platform that makes it easy to buy, sell, and hold Bitcoin and Ethereum. We built it for two reasons: to make buying crypto easy and to help people invest in an asset that we believe will become more valuable over time.
Now that we’ve got that out of the way, let’s get into how to trade crypto on Wealthsimple.
1. Sign up for a Wealthsimple Crypto account
The first thing you’ll need to do is sign up for a Wealthsimple Crypto account. You can do that here.
2. Deposit funds into your account
Once you’ve signed up, you’ll need to deposit funds into your account in order to start trading. You can do this by linking your bank account to Wealthsimple Crypto and transferring funds over.
3. Start buying and selling crypto
Once you’ve got some funds in your account, you’re ready to start buying and selling crypto! To do this, simply head to the “Buy/Sell” page on the Wealthsimple Crypto website and place an order.
4. Hold your crypto
If you’re not interested in actively trading crypto, you can also choose to simply hold it in your account. We believe that crypto is an asset with long-term potential, and so we built Wealthsimple Crypto as a platform that makes it easy to do just that.
And that’s it! Those are the basics of how to trade crypto on Wealthsimple.
Now, let’s take a look at a few tips that will help you be successful when trading crypto.
1. Set a budget and stick to it
When it comes to trading crypto, it’s important to set a budget and stick to it. Decide how much you’re willing to risk and invest, and then make sure you don’t go over that amount.
2. Do your research
Crypto is a complex asset, and so it’s important to do your research before you start trading. Familiarize yourself with the different types of crypto, and learn about the risks involved.
3. Use stop-loss orders
Stop-loss orders are a great way to limit your losses when trading crypto. Simply put, a stop-loss order is an order to sell your crypto if it reaches a certain price. This price is typically below the price at which you bought the crypto, and so it acts as a limit on your losses.
4. Have a plan
When it comes to trading crypto, it’s important to have a plan
Other related questions:
Q: How much does it cost to trade crypto on Wealthsimple?
A: Wealthsimple does not currently allow crypto trading.
Q: Is it free to trade crypto on Wealthsimple?
A: No, it is not free to trade crypto on Wealthsimple. There is a fee of 0.5% per trade.
Q: Can you cash out crypto on Wealthsimple?
A: Yes, you can cash out your crypto on Wealthsimple.
Q: How does cryptocurrency work on Wealthsimple?
A: Wealthsimple uses cryptocurrency to help investors diversify their portfolios and to hedge against other investments. When you invest in cryptocurrency through Wealthsimple, you’re actually buying a basket of different cryptocurrencies, which we then hold on your behalf.