Wealthsimple Review 2024


3.1 / 5
Wealthsimple is #143 in our broker rankings.

Canadian traders looking for passive income opportunities will be well served by Wealthsimple. The quick and easy joining process also means you can sign up and start trading in a few minutes.

- Daytrading Review Team

Wealthsimple offers managed investment portfolios to Canadian residents. Clients can build a trading solution based on their financial goals and risk tolerance. Buy and sell stocks, ETFs, and cryptocurrencies. 2 million+ accounts have already been opened.

$1
Own
Stocks, ETFs, Cryptocurrencies
-
USD, CAD
Visa, Mastercard, Debit Card, Credit Card, Wire Transfer

Stock Trading

Invest in thousands of commission-free stocks and ETFs across US and Canadian exchanges including TSX, NASDAQ and BATS. You can also trade fractional shares on 1500+ stocks with the option to reinvest your dividends. This is great for newer investors.

Crypto Trading

Trade 50+ cryptocurrencies including Bitcoin and Ethereum with a competitive 1.5-2% fee per transaction. Investors also enjoy fast crypto transfers to and from Wealthsimple.

Awards

  • Best Financial Services Website - Webby Awards
  • Top 100 Global Financial Technology Companies - Fintech 100

✓ Pros

  • Simple and secure onboarding process through an intuitive and well-reviewed mobile app - start investing in 5 minutes
  • Trade stocks from as little as $1 with zero commissions, plus Canadian fractional shares including Shopify and Royal Bank of Canada
  • Attractive perks available for Premium and Generation clients, including airport lounge access, 15% off your will, and health plans
  • Trade and stake digital coins on Canada's first regulated crypto platform and earn decent rewards of up to 4.6% per year
  • Accessible educational resources, including Personal Finance 101 and an engaging proprietary online magazine
  • Options trading available with flat $2 per contract pricing using any of the stocks and ETFs accounts

✗ Cons

  • Only Canadian residents can join after operations ceased in the USA and the UK
  • Limited to investing only in stocks, ETFs and cryptos
  • High management fees compared to competition
  • Long waiting time for non-instant deposits

Wealthsimple is a prominent robo-advisor and trading brokerage. The many different types of TFSAs and HISAs help clients to generate a passive income whether they are saving for business or the future. This 2024 review will discuss how to trade with Wealthsimple, the investing accounts on offer, pros and cons, trading fees and more. Find out whether to sign up with Wealthsimple today.

What Is Wealthsimple?

About

Wealthsimple is a Canadian investment management company that creates customized portfolios suited to a client’s financial goals and risk tolerance. The brand is a good option for traders who have little or no experience in managing their own portfolio due to its ease of use and high-quality support.

The company’s head office is in Toronto, Canada. Wealthsimple used to operate in the UK and the USA, however, it has since stopped accepting new users from these countries and transferred current accounts to other firms.

History

Wealthsimple was launched in 2014 by founder and current CEO, Michael Katchen. Since then, it has seen rapid growth and now there are more than 2 million people with investment accounts and over $15 billion worth of assets under management (AUM).

The current majority owner is Power Corporation which has led Wealthsimple to be considered among the top 100 global fintech companies.

Wealthsimple promo codes and questions

Markets & Assets

Through the Wealthsimple investing service, clients have the opportunity to buy and sell stocks, ETFs and cryptocurrency.

Wealthsimple does not support options trading, forex, or mutual funds.

Stocks & ETFs

The stocks and ETFs available are listed on US and Canadian stock exchanges, such as the Toronto Stock Exchange and NASDAQ, amongst others. Example ETFs include the BMO ZFL and the TD Canadian Index fund.

There is no complete list of the best Wealthsimple stocks and ETFs, however, you can search for specific assets on my.wealthsimple.com or by using the mobile app.

If there is a stock or ETF you want to invest in but it is not listed, you can make a request through the official website. Note, however, that it is not guaranteed and only stocks and ETFs that meet certain requirements are permitted.

There are no fees charged for investing in stocks and ETFs unless you need to convert currency between USD and CAD. In this case, the fee is 1.5% x the current exchange rate.

IPOs

In 2022, the Wealthsimple Venture Fund I was launched which allows clients to invest in pre-IPO companies with a minimum investment of $5,000. This account has the potential for high returns with venture capital having outgrown both the S&P 500 and TSX since 2000.

If you are interested in private equity, you need to complete a survey on the Wealthsimple website.

Cryptocurrency

When the Wealthsimple crypto trading service first started, the only options were buying and selling Bitcoin or Ethereum. Since then, however, the broker has expanded its offering such that clients can now invest in 56 different new coins. This includes tokens such as Terra (LUNA), Shiba Inu (SHIB), Dogecoin (DOGE), Loopring (LRC) and the stablecoin USD Coin (USDC), which is similar to Tether (USDT) and Paxos Gold (PAXG).

For Wealthsimple crypto trading accounts, there is an investment fee of 1.5 – 2%.

Products & Accounts

Managed Investing Accounts

The brokerage offers a range of different managed savings accounts. The interest rate across all accounts at the time of writing is 1% but this is subject to change.

Portfolios

Wealthsimple requires that users complete a risk assessment questionnaire to determine their risk appetite. This is used to help curate a suitable investment portfolio.

In general, portfolios fit into one of three categories:

Using Wealthsimple finance app
Risk Tolerance

Wealthsimple also offers investing solutions across:

Plans

There are three different plans for Wealthsimple accounts and portfolios. The plan is dependent on the funds deposited in the account.

As soon as your deposited funds with Wealthsimple reach $100,000, your plan automatically switches from Basic to Black. If your account grows to $500,000, you upgrade to the Generation plan.

Note that you must always have at least the plan’s minimum limit in your account to qualify for the benefits.

Basic

This is the simplest Wealthsimple plan with the lowest entry of just a $1 deposit. Clients with a Basic plan are charged a 0.5% management fee and get benefits such as expert advice alongside their personalized portfolio.

Black

The Black plan is available to clients who have at least $100,000 deposited in their Wealthsimple account. The benefits compared to a Basic plan include a 0.4% managed account fee, tax-loss harvesting, tax-efficient funds, plus health and estate advice as area-specific perks. For instance, Ontario residents can get six months of free medical services.

Generation

The Generation plan is the most advanced Wealthsimple solution with a minimum deposit of $500,000. In addition to all the benefits of a Black plan, Generation customers also have access to portfolio managers. These managers will build a portfolio according to your financial goals and optimize your investments for tax savings.

Other benefits include a 50% discount from a Medcan Comprehensive health plan in addition to the free first six months.

Calculators

There are several different calculators available to clients. For example, there are calculators for retirement, income tax, RRSP and TFSA. These are useful, particularly when it is time to file your tax return.

Note that you will need to log into your account to access this free service.

Wealthsimple has also acquired SimpleTax and NETFILE to help clients prepare and file their tax returns in addition to Koinly for crypto-specific taxes.

Getting Started With Wealthsimple

How To Set Up An Account

You can switch from other investment management services easily. If you transfer over at least $5,000, then Wealthsimple will pay the switch fees on your behalf.

  1. On the Wealthsimple website, click on the ‘Get Started’ button and type your email and desired password
  2. Select the product you are interested in from the drop-down list
  3. Input your personal details (you may be asked to provide identification documents)
  4. Click the option to add or transfer a new account
  5. Select the account type from the list and input responses to the on-screen prompts

Requirements

How Old Do You Have To Be To Use Wealthsimple?

You need to satisfy the age requirements in your province. In Alberta, Manitoba, Ontario, Prince Edward Island, Quebec and Saskatchewan the minimum age is 18. In all other provinces, the age limit is 19.

If you are under 18, you cannot open a Wealthsimple account.

How To Delete Your Wealthsimple Account

You can close your account by following these steps:

  1. Login at my.wealthsimple.com
  2. Go to the ‘Settings’ section on the dashboard
  3. Click ‘deactivate my profit’
  4. Confirm

Deposits & Withdrawals

Deposits

Wealthsimple clients are permitted to make instant direct deposits up to a certain limit across a three-day period. Our experts found the limit varies depending on the amount held in your accounts and whether you are a Basic or Plus subscriber.

A Wealthsimple Plus subscription costs $10 per month. The absolute maximum is $25,000, which is available for Plus subscribers with $50,000 or more deposited in their accounts. Once you have used all the allocated quick deposit limit, you need to wait for the next three-day cycle before you can make another instant deposit.

After the instant deposit allocation is used up, any deposits under $50,000 take three business days. All deposits greater than $50,000 take five business days.

Currently, Wealthsimple only permits deposits in CAD if you use Visa and Mastercard debit and credit cards or a transfer from a Canadian bank such as BMO and RBC.

If you want to make a deposit using USD, you need to set up a wire transfer or move funds via another institution or broker.

Roundup

If you connect your debit or credit card to your account, you can use the ‘Roundup’ feature. This service helps to further fund your savings accounts such that whenever you make everyday purchases, the amount is rounded up to the next whole number. The money used to round up is then sent directly to your Wealthsimple account. For example, if you were to buy a magazine for $3.75, Wealthsimple would deposit $0.25 into your account to round up the purchase to $4.00.

Withdrawals

Wealthsimple does not impose any fees for withdrawals.

The time taken to process the withdrawal varies depending on the type of account:

Security

Wealthsimple has taken several measures to help protect clients’ accounts. Firstly, all financial information is encrypted and accounts can enable two-factor authentication (2FA) at sign-in.

Additionally, the Canadian Investor Protection Fund keeps customers safe as the company is regulated by the Canadian Investment Regulatory Organization (CIRO).

Finally, while Wealthsimple manages your investments, the accounts are still kept in your name meaning if Wealthsimple were to default, you would still have ownership of your capital.

Customer Support

If you are having problems such as Wealthsimple is not working, keeps logging out, asking for code, crashing, real-time quotes are not available or you encounter a glitch, there are several ways of finding a solution. If Wealthsimple is down then check third-party sites such as DownDetector to see if the issue is your online connection or if there is an outage.

Upon testing, we found you can also seek support through the following channels:

Note, if you have a complaint or need to resolve an outstanding balance, there are specific email addresses and phone numbers to contact.

Apps

Clients can access their trading accounts either via their mobile device or through a desktop browser. You can use the app for checking your portfolio’s current performance, reading the newsletter and making a trade.

You can download the app on iOS and Android mobiles via the Apple App Store and Google Play Store, respectively.

Wealthsimple retirement and income tax calculator

Whether you run Windows, macOS or Linux, you can access your accounts via a web browser.

Promotions

Wealthsimple runs a partner referral scheme where you can earn for each person who uses your unique link or scans your QR code when they join up.

If your colleague forgot to use your cash promo code when they signed up, you can still claim the bonus if they input the code within the following 30 days.

Wealthsimple Verdict

If you are new to trading then Wealthsimple is a great option as the low account minimums make it highly accessible. The many different plans and the portfolio customization means there is something for all investors, regardless of their risk tolerance.

If you are interested in launching an account, it is worth contacting a team member to find the best way to make money according to your interests and financial goals. Whether it is through the cheapest penny stocks or the best cryptos, Wealthsimple can help you to build a foundation for future financial freedom.

FAQs

Is Wealthsimple Canadian?

Yes, Wealthsimple is based in Canada. Currently, only Canadian residents can open an account. In the past, investors from the UK and the USA could open an account but this is no longer an option.

Does Wealthsimple Have Fees?

Yes, Wealthsimple does charge fees. There is a management fee of 0.5% for accounts under $100,000. All accounts with deposits totalling $100,00 or more are charged 0.4%. There is zero trade commission on stocks and ETFs but there is a fee for crypto trading.

Can You Buy Ripple (XRP), Bitcoin (BTC) and Dogecoin (DOGE) On Wealthsimple?

Unfortunately, Wealthsimple does not support Ripple (XRP) trading. If you want to buy and sell XRP you will need to find a different crypto broker. The brand does, however, support BTC and DOGE, amongst other tokens. If you are interested in buying cryptocurrencies with Wealthsimple, you can find the full list of supported tokens as well as any associated fees on the official website.

Where Can I Learn How To Make Money On Wealthsimple?

Wealthsimple has an extensive learning section on its website to help clients to boost their understanding of markets and investing. This is useful if you need concepts or a definition explained, for example, order types such as limit buy, limit sell, stop loss or how auto invest works. You can also subscribe to the Wealthsimple Medium blog and weekly newsletter to stay updated on news and financial statements.
If you want specific information about the company, then websites such as Wiki and Zoominfo are good resources.

Is Wealthsimple Profitable?

Yes, it can be profitable but returns are not guaranteed. As with all investments, you must accept that you can lose money with Wealthsimple.

Is My Wealthsimple Safe And Legit?

Yes, my.wealthsimple.com is legitimate and can be trusted. You do not need to worry if it is safe enough to give Wealthsimple your SIN as it is regulated by the CIRO, Canada’s financial regulatory authority.

Can You Trade Options On Wealthsimple?

Wealthsimple does not have options trading as derivatives are not supported. You can only spot trade stocks, ETFs and crypto.

Should I Use Wealthsimple?

Only you can determine if signing up for an account with Wealthsimple is worth it. You should take the time to evaluate the benefits and drawbacks of using the managed investment services on offer. It can be helpful to read customer reviews and opinions on websites such as Reddit and Facebook before you invest. Alternatively, read our comprehensive review based on our experts’ findings while using Wealthsimple.

Who Owns Wealthsimple?

Wealthsimple is principally owned by Power Corp, a financial services company based in Montreal, Canada.

Top 3 Alternatives to Wealthsimple

Compare Wealthsimple with the top 3 similar brokers that accept traders from your location.

  1. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
    Go to Interactive Brokers
  2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.
    Go to IG
  3. eToro – eToro is a top-rated multi-asset platform which offers trading services in thousands of CFDs, stocks and cryptoassets. Launched in 2007, the brand has millions of active traders globally and is authorized by tier one regulators, including the FCA and CySEC. The brand is particularly popular for its comprehensive social trading platform. Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply. 76% of retail accounts lose money.
    Go to eToro

Wealthsimple Comparison Table

Compare Wealthsimple With Similar Brokers
Wealthsimple Interactive Brokers IG eToro
Rating 3.1 4.3 4.4 4.1
Markets Stocks, ETFs, Cryptocurrencies Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Stocks, ETFs, Cryptos, Futures, Commodities, Bonds
Demo Account No Yes Yes Yes
Minimum Deposit $1 $0 $0 $50
Minimum Trade $1 $100 0.01 Lots $10
Regulators CIRO FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA FCA, ASIC, CySEC, FSA, FSRA, MFSA
Bonus
Education Yes Yes Yes Yes
Platforms Own Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral eToro Web, CopyTrader, TradingCentral
Leverage 1:50 1:30 (Retail), 1:250 (Pro)
Payment Methods 5 6 6 13
Visit Visit Visit Visit Visit
Review Interactive Brokers
Review
IG
Review
eToro
Review

Compare Trading Instruments

Compare the markets and instruments offered by Wealthsimple and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare Wealthsimple Trading Instruments
Wealthsimple Interactive Brokers IG eToro
CFD No Yes Yes Yes
Forex No Yes Yes Yes
Stocks Yes Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil Yes No Yes Yes
Gold Yes Yes Yes Yes
Copper No No Yes Yes
Silver Yes No Yes Yes
Corn No No No Yes
Crypto Yes Yes Yes Yes
Futures No Yes Yes Yes
Options No Yes Yes No
ETFs Yes Yes Yes Yes
Bonds Yes Yes Yes Yes
Warrants No Yes Yes No
Spreadbetting No No Yes No
Volatility Index No No Yes Yes

Wealthsimple vs Other Brokers

Compare Wealthsimple with any other broker by selecting the other broker below.

 

The most popular Wealthsimple comparisons:

  1. Wealthsimple vs Interactive Brokers
  2. Wealthsimple vs eToro
  3. FOREX.com vs Wealthsimple

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Wealthsimple offers managed investment portfolios to Canadian residents. Clients can build a trading solution based on their financial goals and risk tolerance. Buy and sell stocks, ETFs, and cryptocurrencies. 2 million+ accounts have already been opened.