Wealthsimple review

The stock trade fee is CAD 0 and the account fee is CAD 0. Options contracts carry a fee of CAD 0. Cash earns interest of 1.25%. Managed portfolios are the part that still charges, at a management fee of 0.5%.

The minimum deposit is CAD 0 and the account fee is CAD 0, so opening an account costs nothing. Managed portfolios ask for a minimum investment of CAD 1. Brands across the site typically ask €4.64 to start.

The legal entity behind the brand is Wealthsimple Technologies Inc., based in Canada. A commission-free model and a stock trade fee of CAD 0 say nothing about how deposits are safeguarded, so check the regulator and any protection scheme with the brand before adding money.

The listed markets are stocks, etfs and options. The app is a mobile app, and fractional shares let you hold a slice of a share rather than a whole one. For comparison, forex appears on 35.9% of brands.

The account types listed are joint and corporate. Portfolio types run to etf, cash and crypto. An ISA, SIPP or similar wrapper is not among its account types (joint and corporate), so readers in the UK are better served by CFI, eToro or Vantage.

Retail accounts that lose money sit at 70.15% across the site, and the middle of the field runs 65.75% to 74.5%. A commission-free model removes trading fees, not market risk, and that level is the norm rather than the exception here.

Margin is offered at a margin rate of 3.95%. Leveraged positions magnify gains and losses in the same proportion, and the retail loss figure across the site is 70.15%, so size positions carefully and set a limit.

Support runs through chat, email and phone, so you can reach a person by phone, chat or email, or search the help centre. A help centre is listed by 84.6% of brands and phone support by 56.7%.

No. The brand is Canadian, and the UK is not among its markets (stocks, etfs and options), so UK and European readers should compare CFI, eToro or Vantage instead. Canadian readers get a commission-free model and a stock trade fee of CAD 0.