Wealthsimple announced on Thursday withdrawals for Bitcoin and Ethereum are now available, allowing customers to send their cryptocurrency to external wallets.
Previously, any BTC and ETH withdrawals had to be sold into cash, then sent to an external bank account. But now cryptocurrency investors can remove their BTC and ETH to any other exchange or an external cold storage wallet.
“Over the next few months, we’re planning to roll out withdrawals for most of the coins on Wealthsimple Crypto,” explains the company. Including BTC and ETH, Wealthsimple offers 39 total cryptocurrencies available for investors to purchase, including the likes of Dogecoin and Shiba Inu.
Here’s how you can withdraw BTC or ETH from Wealthsimple:
- Sign into the Trade app on your mobile device
- Tap the Move tab at the bottom of the screen
- Select the Crypto tab at the top of the screen
- Select Withdraw crypto
- Choose the coin or token you’d like to transfer
- Input the amount you’d like to withdrawal in either cash or quantity
- Paste your wallet address
- Select Preview transfer to review the details of the transfer (including transfer fees)
Wealthsimple says transactions can be tracked in real-time, while all transfers will see network fees (known as gas or miner fees) charged.
Click here to sign up for Wealthsimple Crypto and get $10 free when you deposit and trade your first $100. You can also sign up for Shakepay and get $30 free on your first $100 crypto purchase.
Disclosure: Wealthsimple and Shakepay are iPhone in Canada affiliate partners, allowing readers to support the site.