Difference Between Crypto.com and Wealthsimple (With Table)

Investing the savings helps to secure the future. There are traditional financial service providing companies that provide various investment options but are time-consuming, only support fiat currencies, and charges higher fees. Today online financial service providing portfolios are available that reduce the hassle to earn the highest returns on investments. Cryto.com and Wealthsimple are online platforms that provide financial services to earn higher returns former requires cryptocurrencies and later requires fiat and limited cryptocurrencies. 

Crypto.com vs Wealthsimple

The difference between Crypto.com and Wealthsimple is that Crypto.com is a decentralized platform to trade cryptocurrencies to earn rewards, instant loans, credits, and higher returns, whereas Wealthsimple is an online financial service portfolio that provides investment assistance both online and offline and allows users to invest their savings to get higher interest rates. 

Crypto.com platforms provide payment solutions, trading, and financial services to its global customers. It is associated with fiat institutes via the VISA program to allow customers to use their cryptocurrencies to get instant loans, discounts, and rewards. It has a Crypto.com chain network that allows merchants and customers to pay for goods and services via CRO tokens. 

Wealthsimple is a financial service provider that provides services to global customers by providing higher interest rates on their savings. The company also allows customers to trade cryptocurrencies like bitcoins and Ethereum to earn higher returns. It does not require minimum deposits, reduces processing cost and time, and charges lower fees than traditional banking systems. 

Comparison Table Between Crypto.com and Wealthsimple

Parameters of ComparisonCrypto.comWealthsimple  
Founded byBobby Bao, Rafael Melo, Gary Or, and Kris Marszalek in 2016. Michael Katchen and Ruby Adler in 2014.
PlatformIt is a decentralized trading platform that aims to put cryptocurrencies in every wallet.It is an online financial service platform to provide quality investment advice and help customers get higher returns on savings.
CurrencyIt supports every cryptocurrency like bitcoins, Ethereum, USD coins, CRO, MCO, Litecoin, and others. IT supports cash and cryptocurrencies like Bitcoins and Ethereum.
KYC requirementsIt only requires nationality, name, date of birth, and Government ID to open an account.It requires every personal detail, financial details, knowledge about investments, risk tolerance, and plans.
Minimum depositsIt has a minimum deposit limit for various cryptocurrencies from 2-5000.  No minimum deposits are required.            

What is Crypto.com?

Crypto.com is a decentralized trading platform that aims to empower humans and put cryptocurrencies in every wallet. Crypto.com was launched  in 2016 by Bobby Bao, Rafael Melo, Gary Or, and Kris Marszalek in Hong Kong. It gives control to humans control their money, identity and secured by themselves without any intermediary. It uses cryptography and blockchain technology to safeguard the data. 

crypto.com was adopted successfully by millions of customers across the globe due to its secure payment solutions. It also provides other financial services like trading, earning interest on cryptocurrencies, farming tokens, crypto.com chain to buy products and services using cryptocurrencies, MCO Visa Card facility to get rewards, discounts, loans, and credits.

It is also associated with fiat institutes to achieve their vision to put cryptocurrencies in every wallet through the Visa program, where users can get fiat currencies in exchange for cryptocurrencies and use crypto in retailing programs. It has two tokens to execute this task one is MCO, and the other is CRO tokens. The services provided by Crypto.com are payment services via Crypto.com Pay and VISA card, trading services via Crypto.com App and Crypto.com Exchange, financial services via Crypto.com Earn, and Crypto.com Credit. It also has referral programs, bonuses, NFTs, staking, and others to attract customers. IT supports every cryptocurrency available in the market. 

What is Wealthsimple?

Wealthsimple is an online financial service providing company situated in Toronto, Canada. It was founded by Michael Katchen and Ruby Adler in 2014. It allows its customers to invest their savings in their investment portfolio with low fees and earn the highest returns. The company uses the investments in diversified portfolios using cutting-edge technologies to get higher returns. The Company provides both Robo-advisor and Human expert advisors to advise people on investments via email, phone calls, and online chats. The company provides commission-free trading opportunities to its clients and operates globally.

The online platform is user-friendly, simple to invest trade, and get advice from expert investment advisors than a traditional banking system. Some of its products are savings accounts for education, retirement, higher interest rate, tax-free and others, the brokerage accounts for trading, business accounts for advisors, work savings accounts for employees. They charge 0.4% fees for savings accounts, 0.35% for business accounts, and 0.7% for work saving accounts for investing funds up to $100,000.

In 2020 August, the company also launched a Cryptocurrency trading platform for only Canadian clients who can buy or sell Bitcoins and Ethereum cryptocurrencies. The Wealthsimple Crypto account is required to trade the cryptocurrency. The Gemini custody keeps the investments safe and secure. The user has to reveal personal, financial, educational, and plans information to the platform to open an account in the portfolio. It also provides options for halal investing to the Muslim groups with non-interest cash, prohibiting profits from the business that produces haram products like alcohol.

Main Differences Between Crypto.com and Wealthsimple

  1. Crypto.com is a Hong Kong-based decentralized trading platform, whereas Wealthsimple is a Canadian-based online financial servicing proving company.
  2. Crypto.com started its operations in 2016 by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo, and Wealthsimple started its operations in 2014 by Michael Katchen and Ruby Adler.
  3. Crypto.com does not require financial and other future planning information, whereas Wealthsimple requires all personal, financial, risks tolerance, plans, information to create an account.
  4. Crypto.com only trades cryptocurrencies and not fiat currencies, whereas Wealthsimple allows both cash and cryptocurrencies. It only supports bitcoins and Ethereum crypts’.
  5. Crypto.com requires minimum deposits on different cryptocurrencies to start earning, while Wealthsimple does not require minimum deposits to start earning. 

Conclusion

Both Crypto.com and Wealthsimple are trusted platforms and are regulated by the government. Cryto.com requires minimum knowledge of blockchain to start earning, and all the data, cryptocurrencies are handled by the end-user only. On the other hand, Wealthsimple provides investment advice to its customers and uses the investments on diversified platforms to earn the highest returns for its users. 

References

  1. https://www.wealthsimple.com/en-ca/about/who-we-are
  2. https://www.wealthsimple.com/en-ca/magazine/crypto
  3. https://crypto.com/about
  4. https://crypto.com/images/crypto_com_whitepaper.pdf
  5. https://www.ivey.uwo.ca/media/3783930/wealthsimple-profile.pdf

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