To those thinking of buying Crypto from Robinhood or Wealthsimple, DON’T!!!
I can't speak for Robinhood but I can for Wealthsimple.
WS is a great and simple platform. It really is. Have had no issues buying or selling Bitcoin and Ethereum on it.
Having said that the coins on WS don't belong to you. You can't withdraw the coins to a wallet. Your only option is to sell the coins and cash out.
Initially I thought I was fine with it because I had plan on holding them long term. But as time went on, I realized the value of actually holding your own coins in your own wallet. You can trade/buy/sell them any time. And in the near future, most businesses would allow you to buy things with crypto.
So a lesson learned. If you want to buy crypto, buy them through an exchange and store them on your own wallet. Preferably a hardware wallet such as Ledger and Trezor.