Canada’s first regulated cryptocurrency exchange, Wealthsimple Crypto, launches its trading platform to the public on Tuesday 23 September.
This comes after the company received regulatory approval from Canadian securities regulators on 7 August.
Upon this decision, users in all of Canada will be able to sign up for the new product, allowing everyone to start trading cryptocurrencies.
To clarify, it will allow users to buy and sell Bitcoin (BTC) and Ether (ETH) through the platform’s mobile app.
However, the platform specified that the currency used for deposits and withdrawals will be the Canadian dollar.
According to Cointelegraph, a representative said that this is the only crypto asset platform authorised to operate in Canada.
“This means that there’s a ton of data and governmental people ensuring that you’re paying the true market price, that your crypto is safe after you buy it,” the platform noted.
The representative said that the platform was in beta before the public launch. This enabled Canadians to join a waitlist to receive invitations to use the platform.
“According to Wealthsimple’s representatives, more than 130,000 Canadians joined the waitlist so far.”
Wealthsimple Crypto’s product manager, Danish Ajmeri, said that they do not charge any of the fees that other exchanges typically charge — “like deposit and withdrawal fees.”
Ajmeri clarified how the platform gains its money. He said that when buying or selling, you will see a price spread. The price spread is the current price of the crypto you are buying and a slightly higher total transaction price. The difference between those two prices (the spread) includes the fees Wealthsimple charges.
“It’s simple because it’s all-in-one pricing — there are no extra fees, like a commission, on top of that. And we never charge fees for deposits or withdrawals,” he added.