Wealthsimple review

What you can trade on Wealthsimple

• Stocks (Canadian and US)
• ETFs
• Cryptocurrency
• Options (long calls and long puts)

Where Wealthsimple shines

Wealthsimple lets you trade Canadian and US stocks and funds on an inexpensive, easy-to-use platform. There’s no minimum balance to open an account, and you can make instant deposits of up to $1,500 ($5,000 for Wealthsimple Plus subscribers).

Buy into major companies like Google, Apple, Tesla, Microsoft and Amazon for less with fractional share trading. You can also trade 50+ cryptocurrencies by opening a Wealthsimple Crypto account in your Wealthsimple Trade account. And if you’re a well-practiced trader, Wealthsimple enables you to buy long call and long put options as part of your trading strategy.

Wealthsimple now offers a Plus subscription for $10 per month that offers USD accounts, waived foreign-exchange fees on trades, unlimited price-change alerts and instant deposits of up to $5,000.

Where Wealthsimple falls short

Wealthsimple may not offer enough for advanced investors who want research tools that give them a deep, detailed look at the market.

You can only trade stocks ETFs and cryptocurrency, which means you don’t have access to mutual funds, bonds, GICs, options or any other investment types. Additionally, Wealthsimple doesn’t offer margin trading.

If you want to deposit more than $1,500 (or $5,000 for Wealthsimple Plus subscribers), you’ll have to wait 3 days for funds to reach your account before you can start investing.

Wealthsimple’s fees

Minimum deposit	$0
Annual fee	$0
Stock and ETF trade fee	$0
Inactivity fee	$0
Transfers (EFTs)	$0 deposits, $0 withdrawals
Foreign exchange fee	1.50% every time you convert CAD to USD (and vice versa). Waived for Wealthsimple Plus subscribers.

Is Wealthsimple legit?

Yes. Wealthsimple is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). The company was founded in 2014 and is headquartered in Toronto, Ontario. It also has an office in Brooklyn, New York.

Wealthsimple Plus makes it easy to invest in US securities

Wealthsimple Plus is a subscription that costs $10/month and offers the following perks:

• USD account. Avoid converting funds every time you want to trade a US stock or ETF.
• Waived foreign exchange fees. Save 1.50% every time you convert funds to/from CAD and USD.
• Higher instant deposit limit. Instantly deposit up to $5,000, and start trading right away.

Wealthsimple’s app

As of the time of writing, the Wealthsimple app is rated #6 out of all finance apps in the Apple App Store. It has a simple, clean interface and offers a convenient dashboard where you can view all your holdings, accounts, watchlists and price alerts. Additionally, the app supports biometric login.

Wealthsimple’s desktop tools

Wealthsimple doesn’t offer a ton of research options, which is one of the downsides of the platform. You can create watchlists for stocks and ETFs. You can also set up free, unlimited price alerts for stocks, crypto, and ETFs. Get real-time price data, and view investment news all within the app.

Wealthsimple’s app store reviews

Google Play app reviews	4.5/5 stars based on 67.6k ratings
Apple App Store app reviews	4.7/5 stars based on 123.6k ratings

Wealthsimple’s customer support

You can contact Wealthsimple by phone, email or live chat. You can chat with a real person online 7 days a week during operating hours, otherwise, you’ll be speaking with a Virtual Assistant. Wealthsimple also has loads of helpful articles and answers to frequently asked questions online.

• Online live chat
• Email support
• Phone

How to open an account with Wealthsimple

1. Click the green “Sign up” button below to be securely redirected to the online sign-up page.
2. Provide personal information like your name, email address, proof of ID and relevant documents.
3. Review and submit your application.
4. Get verified and load funds into your account to start trading.
5. Take advantage of the promotion. Get $25 when you open a Wealthsimple account and fund at least $150.

Eligibility and required information

• At least the age of majority in the province or territory in which you live
• Valid phone number, residential address and email address
• Valid Social Insurance Number (SIN)

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How safe is Wealthsimple?

Wealthsimple follows industry-standard best practices to protect users’ money and data. Besides employing a full-time security team, the company uses 256-bit SSL/TLS encryption, two-step verification and cloud backups to prevent any data from getting lost.

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