Wealthsimple Predict review
Our verdict
Wealthsimple Predict lets you forecast the outcome of thousands of real-world events, covering financial metrics, economic data and climate.
Prediction markets trading is on the rise in the USA and other countries around the world, and Wealthsimple is one of a few brokers currently authorized to offer event contracts in Canada. The Wealthsimple Predict app allows users to trade contracts on thousands of real-world events across financial metrics, economic data and climate. If you think interest rates will fall or the price of oil will rise, for example, you'll be able to put your money where your mouth is.
But you need to be aware that prediction markets are high risk, so they're generally not recommended for beginners. That being said, Wealthsimple does require users to complete a guided walkthrough so they can learn how prediction markets work and understand the risks involved before trading.
Best for: Anyone who wants to forecast the outcome of future events.
Pros
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Predict close to 4,000 real-world events
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User-friendly trading app
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Useful hedging tool
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Built-in educational resources and risk warnings
Cons
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High-risk trading
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Risk of insider trading associated with prediction markets
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Similarities to gambling
What is Wealthsimple Predict?
Wealthsimple Predict is a Canadian prediction markets trading app that lets users take a yes or no position on whether a real-world event will happen. For example:
- Will the Bank of Canada raise interest rates at its next rate announcement?
- Will the price of gold exceed a specified level by the end of the year?
- Will the average global temperature in a specific month break the historical record?
Predict is offered as part of a partnership between Wealthsimple and global predictions exchange Kalshi. It gives Canadians access to thousands of event contracts across financial markets, economic data and climate.
What are prediction markets?
Prediction markets are platforms where you can take a position on the outcome of future events. You can use these platforms to buy and sell event contracts that trade on a “Yes” or “No” basis—for example, will the S&P/TSX Composite Index be trading above 35,000 at the end of the year?
Event contracts on Wealthsimple Predict are priced between $0 and $0.99, and the price of each contract reflects the market’s view on the probability of the event occurring. So if a contract is priced at $0.75, that means the market believes there is a 75% chance that the event will happen.
When the outcome of the event has been determined, correct contracts pay out at $1 each, while the payout is $0 if the answer is no. So if you predicted correctly and had paid $0.75 per contract, you would make a $0.25 profit (minus fees) on all contracts.
Prediction markets have experienced substantial growth around the world in recent times. Data from a Pew Research Center analysis reveals that global trading volume on the two largest prediction markets, Kalshi and Polymarket, increased from less than US$5 billion in September 2025 to around US$53 billion in July 2026.
Wealthsimple Predict is best for forecasting future events
The attraction of Wealthsimple Predict lies in the ability to use your real-world knowledge to make trading decisions. While investing in stocks comes with a learning curve and can seem daunting at first, trading prediction markets simply involves backing up your opinions with your money. That said, it’s worth noting that prediction market trading comes with a high level of risk, and studies have shown that most people lose money.
What contracts can I trade on Wealthsimple Predict?
Wealthsimple Predict has received regulatory approval to offer event contracts across three categories:
- The economy
- Climate
- Financial markets
Pros and cons of Wealthsimple Predict
Pros
- Predict real-world events. While many types of trading and investing can seem complicated to beginners, prediction markets allow you to forecast the outcome of real-world events.
- Trade close to 4,000 event contracts. Through Wealthsimple's partnership with Kalshi, you can bet on the outcome of around 4,000 future events.
- Hedging tool. You can use prediction markets as a hedge against real-world events that could impact you financially. The example given in a blog post from Wealthsimple co-founder Brett Huneycutt is a borrower concerned that interest rates will rise, offsetting the impact of higher rates with an event contract that pays off if rates increase.
- Built-in educational resources and warnings. Wealthsimple has revealed that you need to complete a guided orientation and view risk disclosures before you can place a trade on Predict.
- Separate app. Given the high-risk nature of prediction markets, we're glad that it's kept completely separate from the other financial products in the Wealthsimple app.
- User-friendly app. We haven't tested out Wealthsimple Predict fully, but the app is straightforward and easy to use, with markets organized by category and key contract details clearly displayed.
Cons
- You could lose money. Prediction markets are speculative and high-risk, and if you wrongly predict the outcome of an event, you will lose all the money you commit. A study by researchers at ESSEC Business School, HEC Montréal and the University of Toronto of the prediction market Polymarket revealed that the majority of traders actually lose money.
- Similarities to gambling. Critics of prediction markets say that this type of trading is just another form of gambling.
- Risk of insider trading. Another common criticism of prediction markets is that traders with sensitive insider knowledge use that information to manipulate the market. Famously, the US Department of Justice charged a US special forces soldier after he allegedly made more than US$400,000 trading on Polymarket using classified information about the timing of a US military operation to capture Venezuelan President Nicolás Maduro.
- Regulatory risks. Canada's prediction markets regulatory framework is still being developed, so the range and type of event contracts available on Wealthsimple Predict could change in the future.
- Liquidity risk. Trading event contracts with low liquidity means you run the risk of high bid-ask spreads eating into your profits, while you could also get stuck with a position you want to sell.
- Emotional trading. Another downside to watch out for when forecasting future events is trading based on what you want to happen rather than what you actually think will happen.
- USD-denominated contracts. All Predict contracts are priced and settled in USD. This means you'll be subject to Wealthsimple's foreign exchange fees when converting between CAD and USD.
Wealthsimple Predict fees
Wealthsimple charges a flat fee of US$0.02 per contract when you buy or sell a Predict contract. There are no other trading commissions. However, because Predict contracts are denominated in USD, standard Wealthsimple foreign exchange fees will apply when you convert CAD to USD.
Wealthsimple’s FX fees are based on the amount converted:
- Under $10,000 CAD: 1.5%
- $10,000 to $24,999 CAD: 1.0%
- $25,000 to $99,999 CAD: 0.5%
- $100,000 CAD and over: 0%
How are prediction markets regulated in Canada?
Prediction markets trading is currently legal in Canada and is regulated by the Canadian Investment Regulatory Organization (CIRO) and the Canadian Securities Administrators (CSA).
Currently, CIRO has only granted approval for specific Canadian Investment Dealer Members to provide access to economic, environmental, and financial event contracts that have a term to maturity of 30 days or longer for Canadian platforms. Other types of contracts, such as those predicting the outcomes of elections or sporting events, remain prohibited.
There’s also currently no prediction market exchange registered or recognized by the CSA in Canada, which is why Wealthsimple works with Kalshi, a foreign regulated prediction-market exchange.
Is Wealthsimple Predict legit?
Yes, Wealthsimple Predict is 100% legit. It has received regulatory approval from CIRO and is offered by an established Canadian financial technology company.
Wealthsimple was founded in 2014 and is headquartered in Toronto. It also offers online investing services, a robo-advisor, a chequing account, a credit card, and a range of other financial products and services.
How to open a Wealthsimple Predict account
You can’t access Wealthsimple Predict through the regular Wealthsimple app. Instead, you’ll need to download the separate Wealthsimple Predict app to sign up for an account.
If you’re already a Wealthsimple customer, you’ll be able to use the same login credentials to get started. But if you’re a new customer, you will need to go through the process of providing all your personal information and contact details.
In addition, you will need to complete a KYC (Know Your Client) survey in line with Canadian regulatory requirements.
Eligibility and required information
To sign up for Wealthsimple Predict, you will need to:
- Be a Canadian resident.
- Be the age of majority in your province or territory.
- Have a valid SIN.
- Have a valid phone number.
- Provide government-issued photo ID.
What other Canadian platforms offer access to prediction markets?
As it stands, the only other platform that offers prediction markets trading in Canada is Interactive Brokers. It allows you to trade event contracts on government, climate, and economic events, with a US$0.01 fee charged per contract.
The Globe and Mail has reported that Questrade also plans to launch prediction markets trading. And given the popularity of prediction markets in the US, not to mention the sheer amount of money being traded, there’s every chance other brokers will also apply for regulatory approval.
Bottom line
Wealthsimple Predict gives Canadians access to thousands of event contracts covering financial metrics, economic data and climate. Prediction markets remain speculative, so make sure you understand the risks, as well as the fees and currency conversion costs before placing any trades.
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