Wealthsimple Review 2025: Complete Guide for Canadian Investors

If you’ve been hearing about Wealthsimple and wondering if it’s worth the hype, this Wealthsimple Review breaks it all down. From zero-commission trading to automated investing, the platform promises simplicity for everyone. Let’s see if it truly delivers on that promise.

Wealthsimple Review: Quick Stats (2025)

• Founded: 2014, Toronto
• Assets Under Management: CAD $70+ billion
• Active Users: 3+ million
• Management Fee: 0.4-0.5% annually (Managed Investing)
• Account Minimum: $0 (no minimum required)
• Headquarters: Toronto, Ontario, Canada
• Regulatory Status: Regulated by IIROC and member of CIPF

Wealthsimple Is Best For:

• ✅ Canadian investors wanting commission-free stock/ETF trading
• ✅ Beginners seeking automated portfolio management with human advisor access
• ✅ Socially responsible and Halal investing
• ✅ Those wanting fractional share investing
• ✅ Investors needing Canadian registered accounts (TFSA, RRSP, RESP, FHSA)

Wealthsimple Is Not Ideal For:

• ❌ Advanced traders seeking sophisticated charting tools
• ❌ Frequent US stock traders (1.5% FX conversion fee)
• ❌ Active traders wanting margin, options, or futures
• ❌ Non-Canadian residents (Canada-focused platform)

What is Wealthsimple?

Wealthsimple is Canada’s largest robo-advisor and online brokerage platform. This investing platform focuses on helping younger generations with their investments. The company was founded back in 2014 and is headquartered in Toronto, Ontario. Most of the company is owned by Power Corporation of Canada, one of the country’s largest financial conglomerates.

Two Main Investment Platforms

Wealthsimple Managed Investing (Robo-Advisor)

• Automated portfolio management
• Unlimited human advisor access
• Automatic rebalancing and dividend reinvestment
• Tax-loss harvesting for taxable accounts
• 0.4-0.5% annual management fee

Wealthsimple Self-Directed Investing (Trade)

• Zero-dollar trading fees on Canadian stocks and ETFs
• Commission-free trading (revolutionized Canadian market)
• Fractional shares available
• Access to over 8,000 stocks, gold, options, and ETFs plus direct access to 50+ cryptocurrencies

Key Differentiator

While Wealthsimple does charge slightly higher than normal account management fees, stock traders can save a small fortune by trading here rather than with the big banks. Canadian banks typically charge up to $10 per trade; Wealthsimple was one of the first platforms to offer zero-dollar trading in Canada.

Pricing and Fees

Wealthsimple Managed Investing Fees

Our management fee varies by client tier, as follows: Core: 0.5% Premium: 0.4% Generation: Starting at 0.4%, as low as 0.2%

Core Plan (0.5% management fee)

• Account balance: $1 – $99,999
• All automated features included
• Human advisor access (unlimited)
• Email and phone support

Premium Plan (0.4% management fee)

• Wealthsimple Premium is a premium status for clients who have net deposits of at least $100,000 or have total assets of at least $100,000 across all their Wealthsimple accounts
• Lower 0.4% management fee
• Free USD accounts (save 1.5% FX fees)
• Earn 2.00% interest in your chequing account
• Priority support
• Access to private credit and equity investments
• 30% off Medcan health plan

Generation Plan (0.2-0.4% management fee)

• Account balance: $500,000+
• Management fees for Generation clients range from 0.4% for clients who have $500,000 with us, to 0.2% for clients who have $10,000,000 with us
• All Premium benefits included
• Dedicated advisor team
• Estate planning services
• Personalized investment strategies

Additional Managed Investing Costs

ETF Management Expense Ratios (MERs): 0.12%-0.42% annually (charged by ETF providers, not Wealthsimple)

Currency Conversion: 1.5% on CAD to USD conversions (waived for Premium/Generation with USD account)

Wealthsimple Self-Directed Investing Fees

Trading Commissions: $0 on Canadian stocks and ETFs

Foreign Exchange: 1.5% conversion fee on US trades (unless USD account: $10/month Core or $0 Premium/Generation)

No Fees For:

• Account opening or maintenance
• Withdrawals
• Transfers in (over $5,000)
• Account closure
• Dividend reinvestment

Account Types 

Wealthsimple Managed Investing Accounts

Registered Tax-Advantaged Accounts:

• TFSA (Tax-Free Savings Account) – Tax-free growth and withdrawals
• RRSP (Registered Retirement Savings Plan) – Tax-deferred retirement savings
• RESP (Registered Education Savings Plan) – Government grants for education savings
• FHSA (First Home Savings Account) – New 2023 account for first-time homebuyers
• LIRA (Locked-In Retirement Account) – For former employer pensions
• RRIF (Registered Retirement Income Fund) – Convert RRSP to income in retirement
• Spousal RRSP – Income splitting for retirement

Non-Registered Accounts:

• Personal investment accounts
• Joint accounts
• Corporate accounts
• Trust accounts

Wealthsimple Self-Directed Investing Accounts

Available:

• TFSA, RRSP, FHSA, Personal (taxable), Joint, Margin accounts

Not Currently Available:

• RESP, LIRA, RRIF (use Managed Investing for these)
• RDSP (Registered Disability Savings Plan) accounts

Investment Philosophy and Portfolio Options

Wealthsimple Managed Investing Portfolios

We don’t believe in timing the market. We build portfolios of assets that are low-fee, broadly diversified across markets, and expected to perform well long-term

Portfolio Types:

1. Classic Portfolios (Conservative, Balanced, Growth)

• Diversified portfolio of low-cost ETFs
• 8-10 ETFs per portfolio
• Global diversification across stocks and bonds
• Automatic rebalancing

2. Socially Responsible Investing (SRI)

• Eliminates companies that can be deemed harmful to society. These include companies that deal with weapons, drugs or alcohol, tobacco, and even fossil fuels
• 6 ETFs focused on ESG criteria
• Lower carbon footprint
• Gender diversity focus

3. Halal Investment Portfolio

• Shariah-compliant portfolio
• 50 individual stocks (not ETFs)
• No interest-bearing investments
• Excludes alcohol, gambling, pork products
• Complies with Islamic finance principles

Risk Levels

Each portfolio type offers three risk tolerance levels:

• Conservative: Lower volatility, more bonds, suitable for shorter timelines
• Balanced: 50/50 stocks/bonds mix, moderate risk
• Growth: Higher stock allocation, maximum long-term growth potential

Expected Returns

Over long time horizons, a helpful rule of thumb is that our riskiest portfolios may earn around 4–5% above inflation, while less risky portfolios will earn somewhat less

Wealthsimple Unique Features

1. Unlimited Human Advisor Access

What Sets Wealthsimple Apart: Unlike most robo-advisors (Wealthfront, Betterment Digital), Wealthsimple provides unlimited access to licensed financial advisors for ALL managed investing clients—even Core accounts with $1.

Advisors Can Help With:

• Portfolio selection and strategy
• Financial planning questions
• Tax optimization strategies
• RRSP contribution room calculations
• Goal setting and retirement planning
• Market volatility guidance

Access Methods: Phone, email, text, video chat

2. Fractional Shares

None of the big banks currently allow it, and only a handful do in Canada. This is certainly another feature that we found added to appeal to younger investors who generally have less money

Benefits:

• Buy expensive stocks like Amazon, Google, Tesla with as little as $1
• Perfect portfolio diversification regardless of account size
• Dollar-cost averaging made easy
• No need to save up for full shares

3. Cryptocurrency Trading

Direct access to 50+ cryptocurrencies on Canada’s first regulated crypto platform

Available Cryptocurrencies:

• Bitcoin (BTC), Ethereum (ETH)
• Litecoin, Ripple, Cardano, Polkadot
• 50+ additional cryptocurrencies
• Full crypto wallet functionality (recently expanded)

Fees: Varies by crypto (generally 1.5-2% spread)

4. Wealthsimple Cash (High-Interest Account)

Interest Rate: Up to 3.25% APY (Premium clients: 2.00% on chequing)

Features:

• No monthly fees
• No minimum balance
• Fractional shares, investment rewards, instant deposit limits
• Debit card with rewards
• 1% cash back, stock, or crypto rewards when spending with Wealthsimple Chequing Account card

5. Wealthsimple Tax

Wealthsimple Tax is a well-established digital financial company that offers an excellent tax return service for Canadians

Pricing: Pay-what-you-want (around $0-$20)

Features:

• Autofill options which make providing information easy
• CRA-certified NETFILE system
• Import tax slips directly
• Fast refunds (typically 8 business days)
• Free for simple returns

Tax Optimization Features

Tax-Loss Harvesting (Managed Investing)

Available To: All taxable managed investing accounts

How It Works:

• Monitors portfolio for unrealized losses
• Sells losing positions to realize losses
• Buys similar (but not identical) ETFs to maintain allocation
• Losses offset capital gains, reducing tax bill
• Complies with CRA’s superficial loss rules

Benefit: Can significantly reduce taxes on investment gains

Tax-Efficient Account Allocation

RRSP Optimization:

• Uses US-listed ETFs in RRSPs to avoid foreign withholding tax
• Managed stock accounts use certain low-cost ETFs traded on US exchanges for RRSPs, but use an equivalent Canadian-listed ETF for TFSAs, to minimize non-resident withholding tax

TFSA Optimization:

• Canadian-listed ETFs to avoid US withholding tax (15% on US dividends)
• Maximizes tax-free growth

RRSP/TFSA Contribution Planning

Advisors help maximize:

• RRSP contribution room and tax deductions
• TFSA contribution limits ($7,000 for 2025)
• Income splitting strategies with Spousal RRSPs

User Experience and Technology

Mobile App

Availability: iOS and Android

App Store Ratings:

• As of the time of writing, the Wealthsimple app is rated #5 out of all finance apps in the Apple App Store
• Trustpilot rating of 4.2 out of 5, based on more than 1,800 reviews as of July 2025

Key Features:

• Clean, beginner-friendly interface
• Portfolio tracking and performance
• Buy/sell stocks and ETFs
• Crypto trading
• Deposit and withdrawal management
• Contact advisors directly through app
• Real-time price data and alerts

Trading Experience

Managing an active stock and/or ETF portfolio can take up a lot of time. You should always research each security you’d like to add to your portfolio

Order Types Available:

• Market orders
• Limit orders
• Stop-limit orders (crypto only)

Not Available:

• No integration with advanced third-party tools such as TradingView or MetaTrader, nor are there in-app programmable indicators, scripts, or multi-variable studies
• Trailing stops
• OCO (one-cancels-the-other)
• Automated/algorithmic trading

Research Tools

Wealthsimple doesn’t offer a ton of research options

Available:

• Watchlists for stocks/ETFs
• Free unlimited price alerts
• Real-time price data
• Investment news within app
• Basic stock information (market cap, performance, fundamentals)

Limited:

• No advanced charting tools
• No screening or filtering capabilities
• No analyst ratings or detailed research reports

Security and Safety

Regulatory Protection

Regulated by IIROC and member of CIPF, Wealthsimple balances robust safety and compliance

CIPF Coverage: Securities and funds insured by CIPF up to $1 million

What CIPF Covers:

• Protection if Wealthsimple fails as a firm
• Up to CAD $1 million per account
• Does NOT protect against investment losses from market declines

Data Security

Security Measures:

• Same security as the big banks, all information is sent electronically over a secure system
• 256-bit encryption
• Two-factor authentication (2FA) available
• Secure bank linking (doesn’t store login credentials)
• Regular security audits

Company Stability

Backing: Power Corporation of Canada (TSX: POW) owns majority stake

Financial Strength: $265 million in raised investments from the Power Financial Group and Allianz X

Pros and Cons

Wealthsimple Pros

• ✅ $0 account minimum (start with $1)
• ✅ Commission-free Canadian stock & ETF trading
• ✅ Fractional shares available
• ✅ Lower fees than big Canadian banks
• ✅ Access to human financial advisors (all tiers)
• ✅ Fiduciary duty to act in clients’ best interest
• ✅ 7-day phone, email, text & video support
• ✅ Socially responsible & Halal portfolios
• ✅ Supports TFSA, RRSP, RESP, FHSA, etc.
• ✅ 50+ cryptocurrencies with wallet support
• ✅ Automatic rebalancing & dividend reinvestment
• ✅ Beginner-friendly app & web interface
• ✅ Integrated tax filing (Wealthsimple Tax)
• ✅ 2% interest chequing (Premium accounts)
• ✅ Designed for Canadian investors

Wealthsimple Cons

• ❌ Higher management fees (0.4–0.5% vs 0.25%)
• ❌ 1.5% FX conversion fee on USD trades
• ❌ ETF MER adds 0.12–0.42% to total costs
• ❌ USD account costs $10/month (Core plan)
• ❌ Limited research, charting & trading tools
• ❌ No margin, options, or forex trading
• ❌ Higher crypto fees than exchanges
• ❌ Canada-only availability
• ❌ Past US/UK expansion failed
• ❌ Portfolio returns lag some competitors
• ❌ Focus shifting toward trendier products (crypto, mortgages)

How Wealthsimple Compares

vs. Canadian Banks (TD, RBC, Scotiabank)

Winner: Wealthsimple for fees and technology; Banks for in-person service and lending products

vs. Wealthfront (US Robo-Advisor)

Management Fee	0.4-0.5%	0.25%
Account Minimum	$0	$500 USD
Human Advisors	Yes (unlimited)	No
Tax-Loss Harvesting	Basic (taxable only)	Advanced (daily, all accounts)
529 Plans	No (RESP instead)	Yes
Best For	Canadian investors	US investors
Availability	Canada only	US only

Winner: Depends on country—Wealthsimple for Canadians, Wealthfront for Americans

vs. Questrade

Stock Trading	$0 commission	$4.95-$9.95 per trade
ETF Purchases	$0 commission	Free to buy
Management Fee	0.4-0.5% (managed)	0.20-0.25% (Questwealth)
Human Advisors	Yes	No (Questwealth)
Advanced Tools	Limited	Extensive
Options Trading	No	Yes
Best For	Beginners, passive investors	Active traders, advanced investors

Winner: Wealthsimple for simplicity; Questrade for advanced traders

Who Should Choose Wealthsimple?

Ideal Candidates

Canadian Beginners ($0-$50K)

• Want simple, commission-free investing
• Need human advisor access for guidance
• Starting with small amounts (fractional shares)
• Prefer mobile-first experience

Passive Investors ($50K-$100K)

• Want automated portfolio management
• Don’t have time for active trading
• Value tax-efficient registered accounts
• Appreciate unlimited advisor support

Socially Conscious Investors

• Want ESG/SRI investment options
• Need Halal-compliant portfolios
• Willing to accept slightly lower returns for values alignment

Premium Clients ($100K-$500K)

• Want lower 0.4% management fee
• Trade US stocks frequently (free USD account saves 1.5%)
• Benefit from 2% chequing account interest
• Access to private credit/equity

Generation Clients ($500K+)

• Qualify for 0.2-0.4% management fees (lowest tiers)
• Need estate planning services
• Want dedicated advisor team
• Receive premium health benefits (Medcan)

Not Right For

Active US Stock Traders: 1.5% FX fee quickly erodes gains

Advanced Traders: Lack of options, futures, advanced charting tools

Fee-Sensitive Investors: Higher management fees than competitors (Justwealth 0.2-0.4%, Questwealth 0.20-0.25%)

International Investors: Canada-only platform

High-Frequency Traders: Limited tools and research capabilities

Compare

Wealthsimple vs Wealthfront: Which Robo-Advisor Should Manage Your Money in 2025?

How to Get Started

Step-by-Step Account Opening

1. Visit Wealthsimple: Go to wealthsimple.com or download mobile app

2. Choose Investment Type:

• Managed Investing (automated with advisor access)
• Self-Directed Trading (DIY stock/ETF selection)

3. Create Account:

• Provide email and password
• Verify email address

4. Personal Information:

• Full legal name, date of birth
• Social Insurance Number (SIN)
• Address and phone number
• Employment status

5. Choose Account Type:

• TFSA, RRSP, RESP, FHSA, Personal, Joint, Corporate

6. Risk Assessment (Managed Investing):

• Answer questions about goals, timeline, risk tolerance
• Receive portfolio recommendation
• Review asset allocation

7. Link Bank Account:

• Connect via instant verification
• Or provide void cheque/banking information

8. Fund Account:

• No minimum deposit required
• Can start with $1
• ACH transfer (3-5 business days) or wire

9. Start Investing:

• Managed: Portfolio automatically built
• Self-Directed: Search and buy stocks/ETFs
• Set up automatic deposits (recommended)

Timeline: 10-15 minutes for setup; investing begins once funds clear

Final Verdict

Overall Rating: 4.3/5 ⭐⭐⭐⭐

For most Canadians wanting simple, automated investing with the safety net of human advisors, Wealthsimple is the clear choice. Commission-free trading and intuitive design compete directly with both traditional banks and other discount brokers. While fees are higher than US competitors, the value of unlimited advisor access and Canadian-optimized registered accounts justifies the cost for most investors.

Get started at: wealthsimple.com

Frequently Asked Questions

Is Wealthsimple safe?

Yes. Regulated by IIROC and member of CIPF, with up to CAD $1 million coverage. Same security as the big banks.

What are Wealthsimple’s fees?

Core: 0.5%, Premium: 0.4%, Generation: 0.2-0.4% for managed investing. $0 commissions for Canadian stock/ETF trading. 1.5% FX fee on US trades.

Can I speak with a live advisor?

Yes! All managed investing clients get unlimited access to financial advisors via phone, email, text, or video chat.

Does Wealthsimple work for Americans?

No. They ultimately failed in US market, transferring their US customers to Betterment. Canada-only platform.

Can I buy fractional shares?

Yes, on Self-Directed Investing. Buy shares of companies like Amazon or Alphabet with as little as $1.

What’s the minimum to open an account?

$0. No minimum deposit required for any account type.

Disclaimer: This review is for educational purposes. Investment decisions should be based on your personal situation. All information is accurate as of October 2025 but is subject to change.