In this guide

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  • Frequently asked questions
  • Your reviews
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Wealthsimple review

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Wealthsimple
3.7
★★★★★
Finder score
Stock Trading Fee
$0
Account Fee
$0
FX Fee
1.50%
Min. Deposit
$0
Available Asset Types
Stocks, ETFs

Our verdict

Wealthsimple offers zero-fee trades and a super user-friendly mobile app. But there are some drawbacks.
Wealthsimple Crypto is the winner for Best for Beginners and Best for Canadian Stocks in the 2022 Finder Stock Trading Platform Awards. Consider this platform if you want a simple, user-friendly platform and zero-fee stock and ETF trades. Look elsewhere if you want to trade other securities or use more complex investment research tools.

Best for: Beginner investors.

Pros

  • $0 trades and no annual account fees.
  • Open a USD account, enjoy zero foreign exchange fees and make instant deposits up to $5,000 with Wealthsimple Plus (costs $10/month).
  • Mobile app is highly rated and super easy to use.
  • Offers long call and long put options contracts.

Cons

  • You can only trade stocks, ETFs, options and cryptocurrency.
  • Currently only offers a handful of research tools.
  • Pay a 1.50% conversion fee every time you buy/sell US securities (unless you have Wealthsimple Plus).

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

More pros and cons of Wealthsimple

  • Instant deposits. By default, you can make instant deposits of up to $1,500 ($5,000 for Wealthsimple Plus subscribers).
  • Easy application. It takes just minutes to fill out Wealthsimple‘s simple online application.
  • Fractional shares. Buy into major companies like Google, Apple and Amazon without paying the full stock price.
  • Investment rewards. Earn 1% in cash, stock or crypto rewards with a Wealthsimple Cash account.
  • Wealthsimple Crypto. Trade 50+ cryptocurrencies on Canada’s first regulated crypto platform.
  • No margin trading. You can’t borrow funds in a margin account to invest.

How we rated Wealthsimple’s features

Fees

★★★★★

Commission-free stock and ETF trades, and no foreign exchange fees for USD trades with Wealthsimple Plus.
Available securities

★★★★★

Trade stocks, ETFs, options and cryptocurrency. Limited to major Canadian and US exchanges.
Customer support

★★★★★

Reach customer support by live chat, phone or email 7 days a week. Chat with a Virtual Assistant 24/7.
Mobile app

★★★★★

Mobile app users love the app’s ease and simplicity but report speed issues and a need for more features.
Research and tools

★★★★★

Simple stock research tools, no advanced charting or third-party analysis.
Reliability

★★★★★

No major outages have been reported recently, but users occasionally report speed issues.

To learn how our star ratings are calculated, read our methodology at the bottom of the page.

Wealthsimple is best for beginners

Wealthsimple is best for those with beginner- to intermediate-level investment experience. It offers a simple, uncomplicated interface, $0 stock and ETF trades and no annual account fees.

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 fee1.50% 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 mobile app screenshots

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 reviews4.5/5 stars based on 67.6k ratings
Apple App Store app reviews4.7/5 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)

Sign up now

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.

Compare Wealthsimple with other platforms

Wealthsimple logo

Wealthsimple

★★★★★

Finder rating 3.7 / 5

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Available Asset Types

Stocks, ETFs


Stock Trading Fee

$0


Min. Deposit

$0


Signup Offer

Get $25 when you open a Wealthsimple account and fund at least $150.

Interactive Brokers logo

Interactive Brokers

★★★★★

Finder rating 4.3 / 5

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Available Asset Types

Stocks, Bonds, Options, ETFs, Currencies, Futures


Stock Trading Fee

min $1.00, max 0.5%


Min. Deposit

$0


Signup Offer

CIBC Investor's Edge logo

CIBC Investor's Edge

★★★★★

Finder rating 3.8 / 5

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Available Asset Types

Stocks, Bonds, Options, Mutual Funds, ETFs


Stock Trading Fee

$6.95


Min. Deposit

$0


Signup Offer

100 free trades + up to $4,500 cash back

How we rate trading platforms

★★★★★ 5/5 — Excellent

★★★★★ 4/5 — Good

★★★★★ 3/5 — Average

★★★★★ 2/5 — Subpar

★★★★★ 1/5 — Poor

We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.

For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.

Frequently asked questions

This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.

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