Wealthsimple review for investing

- Stock Trading Fee
- $0
- Monthly Account Fee
- $0
- FX Fee
- 1.50%
- Min. Deposit
- $0
- Available Asset Types
- Stocks, Options, ETFs, Cryptocurrency, Margins
Our verdict
Want fee-free trades and a sleek, uncomplicated mobile app? Wealthsimple might be right for you.
One of the most popular investment apps in Canada, Wealthsimple truly offers a simple, low-cost way to invest in Canadian and US stocks and ETFs. No trade fees, no account fees and low or no currency conversion fees set this platform apart from the competition. However, experienced traders might prefer an app that provides access to a greater range of research tools and securities.
Best for: Beginner investors
Pros
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Supports stock, ETF, options, margin and crypto trading
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$0 trade commissions
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$0 annual account fees
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USD account comes with no trade commission, no conversion fee for trading US securities and instant trading limit up to $50,000. Costs $10/month (Core) or $0 (all other accounts).
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User-friendly, highly-rated mobile app
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Supports long call and long put options
Cons
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Does not support futures, CFD and forex trading
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Features lacking for advanced traders
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Core account holders pay a 0%-1.5% conversion fee or opt into a $10/month USD account
Pros of investing on Wealthsimple
- No account minimum. Open an account and start investing with any amount.
- Access to major Canadian & US exchanges. Trade securities on the TSX, TSXV, CSE, NEO, NYSE, Nasdaq and BATS exchanges.
- 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 when you spend with a Wealthsimple Chequing Account card.
- Wealthsimple Crypto. Trade 60+ cryptocurrencies on Canada’s first regulated crypto platform.
Cons of investing on Wealthsimple
- Instant deposit limits. Instant deposit maximums are specific to your account and reset every three business days.
- Not suitable for advanced trading. While Wealthsimple offers a solid array of features suitable for most traders, advanced traders will need to look elsewhere if they want access to certain features like futures, CFD and forex trading.
- Select fees apply. Core account holders will have to pay a conversion fee or opt into a USD account that comes with a monthly plan fee.
Wealthsimple’s features
Fees | Commission-free stock and ETF trades, and no foreign exchange fees for USD securities trades with a USD account. |
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. |
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 (Canadian and US)
- 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 up to your account limit. For USD accounts, an instant trading limit of up to $50,000 applies.Buy into major companies like Google, Apple, Tesla, Microsoft and Amazon for less with fractional share trading. You can also trade 60+ 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 account types
Wealthsimple offers three plans based on your asset amount: Core ($1), Premium ($100,000) and Generation ($500,000). Core clients can pay $10/month for a USD account (free for Premium and Generation clients). This reduces the frequency of currency conversion on the platform. Currency conversion on the Wealthsimple platform is 0%-1.5%.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, options, margins and cryptocurrency, which means you don’t have access to mutual funds, bonds, GICs, forex or any other investment types. Additionally, Wealthsimple offers margin accounts as of 2025.
If you want to deposit above your account limit, you’ll have to wait three business days for excess funds to appear in your account before you can start investing.
Wealthsimple’s fees
Minimum deposit | $0 |
Annual fee | $0 |
Stock and ETF trade fee | $0 |
Options trade fee | $0.75 - $2 USD/contract |
Inactivity fee | $0 |
Transfers (EFTs) | $0 deposits, 2.5% for instant withdrawals |
Foreign exchange fee | 1.50% every time you convert CAD to USD and vice versa (a USD account will reduce the currency conversion frequency which is $10/month for Core clients and free for Premium and Generation customers) |
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.
Wealthsimple makes it easy to invest in US securities
Wealthsimple offers USD account for $10/month for Core customers or $0 for Premium & Generation customers. A USD account comes with the following perks:
- Save on foreign exchange fees. Pay no FX fees when you trade US securities.
- High instant trade limit. Instantly trade up to $50,000.
- No trade commissions. Like other Wealthsimple accounts, you’ll pay zero trade commissions on US trades.
Wealthsimple’s app
As of the time of writing, the Wealthsimple app is rated #5 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 | 4.1/5 stars based on 78.5K ratings |
Apple App Store app reviews | 4.6/5 stars based on 124.6K 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
- Virtual Assistant
- Phone
How to open a Wealthsimple account
- Select the Sign up button below to be securely redirected to Wealthsimple’s online registration page.
- Provide personal information like your name, email address, proof of ID and relevant documents.
- Review and submit your application.
- Get verified and load funds into your account to start trading.
- Take advantage of the promotion.
Eligibility and required information
- At least the age of majority in your province or territory (18 or 19 years old)
- Valid phone number, residential address and email address
- Valid Social Insurance Number (SIN)
How safe is Wealthsimple?
Wealthsimple’s custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO). Wealthsimple investment accounts are insured by the Canadian Investor Protection Fund.
The company 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
7.7 Great
Available Asset Types
Stocks, Options, ETFs, Cryptocurrency, Margins
Stock Trading Fee
$0
Min. Deposit
$0
Signup Offer
N/A

Interactive Brokers
8.8 Great
Available Asset Types
Stocks, Bonds, Options, Index Funds, ETFs, Forex, Currencies, Futures
Stock Trading Fee
min $1.00, max 0.5%
Min. Deposit
$0
Signup Offer
N/A

CIBC Investor's Edge
7.6 Great
Available Asset Types
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, Precious Metals, IPOs
Stock Trading Fee
$6.95
Min. Deposit
$0
Signup Offer
Get 100 free online equity trades when you open a CIBC Investor’s Edge account using promo code EDGE100. Valid until September 30, 2025.