Wealthsimple Review

Canadian beginner and passive investors

CIRO OSC

Founded 2014 · Canada · Power Corporation of Canada

Why investors choose this broker

Commission-free stock and ETF trading
No account, inactivity, or transfer-out fees on self-directed accounts
Fractional shares with a $1 minimum investment
Integrated robo-advisor, self-directed trading, and crypto in one app

Review summary

Wealthsimple is a Canadian all-in-one financial platform offering commission-free stock and ETF trading, managed portfolios, crypto, and tax filing in a single app.

Pros

Commission-free stock and ETF trading
No account, inactivity, or transfer-out fees on self-directed accounts
Fractional shares with a $1 minimum investment
Integrated robo-advisor, self-directed trading, and crypto in one app
Multiple registered account types including TFSA, RRSP, FHSA, and RESP
CIPF investor protection up to $1 million per account category
No minimum deposit requirement
TradingView charting integration on web platform

Cons

1.5% CAD/USD currency conversion fee applies to most US stock trades unless a USD account is held
$10 per month USD account fee for Core plan users
No mutual funds, bonds, GICs, CFDs, or forex products
No demo account
Advanced research and charting tools are limited compared to full-service brokers
Managed portfolio customization is restricted to a small set of model portfolios
Higher-tier benefits require $100,000 or $500,000 in household assets

Company background

Wealthsimple was founded in September 2014 by Michael Katchen, Brett Huneycutt, and Rudy Adler and is headquartered in Toronto, Ontario, Canada. Power Corporation of Canada holds a majority stake through entities including Power Financial and IGM Financial. The company started as a robo-advisor and expanded into commission-free self-directed trading, cryptocurrency, tax filing, and banking services. As of October 2025, Wealthsimple holds over CA$100 billion in assets under administration and serves more than three million clients.

Fees and pricing

Wealthsimple charges zero commission on stock and ETF trades across Canadian and US exchanges, and zero per-contract fees on options trades. There are no account opening, maintenance, inactivity, or transfer-out fees on self-directed accounts. A 1.5% CAD/USD currency conversion fee applies when trading US-listed securities from a CAD account. Clients can hold a USD account to avoid per-trade conversion, but the USD account costs $10 per month for Core plan users and is complimentary for Premium and Generation clients. Managed portfolio fees are 0.5% per year for Core clients, 0.4% for Premium, and 0.2%-0.4% for Generation clients with more than $500,000 in household assets.

Regulation and safety

Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and is registered as an investment dealer regulated across all Canadian provinces and territories. Investment accounts are eligible for protection by the Canadian Investor Protection Fund (CIPF) up to $1 million per account category in the event of firm insolvency. Crypto assets are held in trust and are not covered by CIPF, though cash in the crypto account is eligible for CIPF coverage within applicable limits.

Platform experience

Wealthsimple provides a web platform and mobile apps for iOS and Android. The web platform integrates TradingView charting with indicators such as RSI and moving averages. Available order types include market, limit, stop limit, and stop market. The platform supports watchlists, stock alerts, and multi-account management across registered and non-registered account types including TFSA, RRSP, FHSA, RESP, and LIRA. Fractional shares are available with a $1 minimum. No demo account is offered.

Pros and cons

Wealthsimple's main strengths are commission-free stock and ETF trading, no account or inactivity fees, a broad set of registered account types, fractional shares, CIPF protection, and the integration of managed and self-directed investing in one app. The main drawbacks are the 1.5% currency conversion fee on US trades for clients without a USD account, the $10 monthly USD account fee for Core users, the absence of mutual funds, bonds, GICs, CFDs, and forex, no demo account, and limited advanced research tools.

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Trading fees & commissions

Stock and ETF trading is commission-free with no account, management, or inactivity fees on self-directed accounts; a 1.5% CAD/USD currency conversion fee applies on trade accounts, and managed portfolio fees range from 0.2% to 0.5% depending on assets and plan tier.

Fees

Item	Fee
Crypto	As low as 0.05% trading fee; crypto fee varies by plan tier
Margin	Core: prime + 0.5%; Premium: prime rate; Generation: prime - 0.5%
Account	No account opening, closing, or maintenance fee
Custody	No custody fee
Deposit	No deposit fee; instant deposits complimentary on all plans
Futures	US$1 per contract plus US$0.02 NFA fee plus variable exchange fee
Options	$0 per contract; early exercise or do-not-exercise instruction: US$45
Inactivity	No inactivity fee
Withdrawal	Standard EFT withdrawal: $0; instant withdrawal: 2.5%; manual wire transfer: $30
Usd Account	$10 per month for Core plan users (complimentary for Premium and Generation)
Transfer Out	No charge for transfers to another institution
Fx Conversion	1.5% on CAD/USD trade account conversions; USD Account transfers: 1.5% under $10,000, 1.0% for $10,000-$24,999, 0.5% for $25,000-$99,999, 0% for $100,000+
Managed Portfolios	Core: 0.5%; Premium: 0.4%; Generation: 0.2%-0.4% depending on assets

Trading platform & features

Platforms

Wealthsimple Web app
iOS app
Android app

Regulation and investor protection

Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and a registered investment dealer regulated across all Canadian provinces and territories. Client investment accounts are eligible for protection by the Canadian Investor Protection Fund (CIPF) up to $1 million per account category; crypto assets are held in trust and are not covered by CIPF.

Broker FAQs

Is Wealthsimple safe?

Wealthsimple Investments Inc. is a member of CIRO and investment accounts are eligible for CIPF protection up to $1 million per account category. Client funds are held separately from company assets.

Is Wealthsimple a scam?

No. Wealthsimple is a regulated Canadian investment dealer, a CIRO member, and holds over CA$100 billion in client assets under administration as of October 2025.

Is Wealthsimple regulated and by whom?

Yes. Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and is registered as an investment dealer with the Ontario Securities Commission (OSC) and other provincial regulators across Canada.

Does Wealthsimple keep client funds in segregated accounts?

Yes. Client investment assets are held separately from Wealthsimple company assets, and investment accounts are eligible for CIPF protection up to $1 million per account category.

What happens to my money if Wealthsimple goes bankrupt?

Investment accounts are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million per account category against losses caused by firm insolvency. Crypto assets are held in trust and protected from creditor claims, though they are not covered by CIPF.

What products does Wealthsimple offer?

Wealthsimple offers commission-free stocks, ETFs, options, fractional shares, managed portfolios (robo-advisor), crypto, margin, futures, and investment plans including registered accounts such as TFSA, RRSP, FHSA, and RESP.

Does Wealthsimple offer ETFs?

Yes. Wealthsimple offers commission-free ETF trading on both its self-directed platform and through managed portfolios built from low-cost ETFs.

Does Wealthsimple offer crypto?

Yes. Wealthsimple offers cryptocurrency trading with over 140 coins available. Crypto trading fees start as low as 0.05% and vary by plan tier. Crypto assets are held in trust but are not covered by CIPF.

Does Wealthsimple offer options?

Yes. Wealthsimple offers options trading with a $0 per-contract fee. Early exercise or do-not-exercise instructions cost US$45 each.

Can I buy fractional shares on Wealthsimple?

Yes. Wealthsimple supports fractional share purchases with a minimum investment of $1 on select securities.

What does Wealthsimple charge for stock trades?

Wealthsimple charges zero commission for stock trades on Canadian and US exchanges across all plan tiers.

Is there a withdrawal fee at Wealthsimple?

Standard EFT withdrawals are free. Instant withdrawals carry a 2.5% fee. Manual wire transfers cost $30.

Does Wealthsimple charge an inactivity fee?

No. Wealthsimple does not charge an inactivity fee on self-directed accounts.

What is Wealthsimple's currency conversion fee?

Wealthsimple charges a 1.5% CAD/USD conversion fee on trade accounts when buying US-listed securities from a CAD account. Clients with a USD account can reduce or eliminate this fee, though the USD account costs $10 per month for Core plan users.

Does Wealthsimple have a demo account?

No. Wealthsimple does not offer a demo or paper trading account.

Does Wealthsimple have a mobile app?

Yes. Wealthsimple provides iOS and Android apps with stock search, watchlists, custom alerts, dark mode, and multi-account management.

Is Wealthsimple good for beginners?

Yes. Wealthsimple is widely regarded as beginner-friendly due to its commission-free trading, clean interface, no minimum deposit requirement, managed portfolio option, and integration of multiple financial services in a single app.

Is Wealthsimple good for long-term investing?

Wealthsimple suits long-term investors through its commission-free ETF trading, low-cost managed portfolios, registered account options including RRSP and TFSA, and fractional shares. It does not offer mutual funds, bonds, or GICs, which some long-term investors may require.

Bottom line

Wealthsimple suits Canadian investors who want commission-free stock and ETF trading, managed portfolios, and crypto access in a single low-cost app with CIPF protection and a broad range of registered account types. It may not suit investors who frequently trade US stocks and want to avoid currency conversion fees, need access to mutual funds, bonds, or CFDs, or require advanced research and charting tools.

Wealthsimple

Canadian beginner and passive investors

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Your capital is at risk. Other fees apply.