Our review of Wealthsimple broker 4/5

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Wealthsimple in brief

Our opinion of Wealthsimple

We particularly liked the accessibility of Wealthsimple, especially with its no minimum deposit policy and commission-free trading on stocks and ETFs. This makes it an excellent option for beginner investors or those who want to start small without worrying about high costs.

We also appreciated the platform's focus on simplicity, with a clean and user-friendly interface that removes the intimidation factor often associated with trading platforms. Additionally, the inclusion of socially responsible and halal investment portfolios is a standout feature, catering to a more diverse audience.

We would have liked to see more advanced trading tools and features, such as real-time data for all users or expanded asset classes like options or mutual funds, which are absent on the platform. Furthermore, the Trustpilot rating suggests that customer support could be more responsive and efficient, particularly in resolving fund transfer delays.

Who is Wealthsimple designed for?

Wealthsimple is best suited for beginner to intermediate investors who value simplicity, accessibility, and socially responsible investing over advanced trading tools.

Let's find out more about our test results.

Security and reliability 4.5/5

Wealthsimple is a Canadian-based broker that has been in business since 2014, quickly establishing itself as a leader in the realm of online investing and robo-advisory services. With over 3 million users and more than $18 billion in assets under management, it has garnered a strong foothold in Canada’s financial landscape. The company has also received accolades such as being recognized as one of Fast Company’s Most Innovative Companies and has won multiple Webby Awards for its intuitive platform design.

Wealthsimple is considered reliable for Canadian traders due to its strong regulatory framework. It is registered with key Canadian financial regulators, including the Ontario Securities Commission (OSC), British Columbia Securities Commission (BCSC), and Alberta Securities Commission (ASC). Additionally, it is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and client funds are protected by the Canadian Investor Protection Fund (CIPF), providing up to $1 million in coverage for eligible accounts.

To help traders manage risk, Wealthsimple offers features such as automated portfolio rebalancing and diversification through its robo-advisory service. Additionally, tools like Halal and socially responsible investment portfolios cater to specific ethical and financial goals, which can serve as risk mitigation for those prioritizing values-driven investing.

Market and asset diversity 3.5/5

Wealthsimple is designed with simplicity and accessibility in mind, which is reflected in its range of available assets. While its offering covers essential asset classes such as stocks, ETFs, and cryptocurrencies, the platform’s scope is somewhat narrower compared to other brokers, particularly those with a focus on active or advanced traders.

Wealthsimple’s market position appeals primarily to Canadian investors seeking a straightforward, user-friendly platform rather than those in search of extensive asset and market diversity.

Here is a breakdown of Wealthsimple’s available assets:

Our opinion on the diversity of Wealthsimple's offerings

Wealthsimple offers a curated selection of stocks, ETFs, and cryptocurrencies, making it suitable for beginner and casual investors but less ideal for those seeking access to a broader range of markets and instruments such as options, mutual funds, or international stocks.

Platforms and tools 4/5

Wealthsimple offers two primary platforms tailored to the needs of Canadian investors: Wealthsimple Trade and Wealthsimple Invest. These platforms cater to different investment styles and are designed to be user-friendly and accessible.

Wealthsimple Trade

Wealthsimple Trade is the broker's commission-free trading platform, available as a web-based interface and a mobile app. It allows users to trade stocks, ETFs, and cryptocurrencies directly. The platform is minimalistic and intuitive, making it an excellent choice for beginners. However, it lacks advanced features such as in-depth charting tools, technical indicators, or advanced order types like stop-loss or limit orders, which are standard on platforms like Questrade or Interactive Brokers.

Wealthsimple Invest

Wealthsimple Invest is a robo-advisory platform designed for passive investors. It automatically creates and manages diversified portfolios based on the user’s risk tolerance and financial goals. This platform is particularly beneficial for those who prefer a hands-off approach to investing. It also includes features such as automatic portfolio rebalancing and tax-loss harvesting for premium clients.

Analysis Tools and Decision Aids

Wealthsimple’s platforms are tailored for simplicity, and as a result, they lack robust analysis tools and decision aids commonly found on competitor platforms. Users will not find advanced charting, screeners, or financial news integrations, which may limit decision-making for active traders. Instead, the focus is on straightforward usability and automation, which benefits novice investors.

Specific Order Types

The available order types on Wealthsimple Trade are basic and limited to market orders and simple limit orders. The absence of more sophisticated options, such as stop-loss orders or trailing stops, can be a drawback for traders who wish to implement advanced risk management strategies.

Fees, spreads and commissions 4.5/5

Wealthsimple is positioned as one of the most affordable brokers for Canadian investors, particularly in terms of stock and ETF trading fees. It offers a zero-commission structure for trading stocks and ETFs, making it highly competitive compared to traditional brokers. However, when it comes to cryptocurrency trading, Wealthsimple’s spreads are slightly higher than the market average, which might impact cost efficiency for frequent crypto traders.

Here’s a comparison of Wealthsimple’s fees and spreads for the most traded asset classes versus the market average:

Other Fees:

• Deposit and Withdrawal Fees: Wealthsimple does not charge any fees for deposits or withdrawals, whereas many brokers charge $0 to $50 depending on the payment method.
• Overnight Fees: Since Wealthsimple does not offer leveraged trading, there are no overnight fees, making it a cost-effective choice for long-term investors.
• Inactivity Fees: Wealthsimple does not charge any inactivity fees, unlike many competitors, which often charge $10 to $20 per month for dormant accounts.

How is Wealthsimple's price positioning?

Wealthsimple earns an excellent rating for fees and spreads due to its zero-commission structure for stocks and ETFs, no hidden fees, and user-friendly approach to cost transparency. While cryptocurrency spreads could be more competitive, the overall cost structure makes it one of the most affordable options for Canadian investors.

Customer reviews 1.7/5

Wealthsimple currently holds a Trustpilot rating of 1.7/5 based on 410 reviews, with common customer concerns revolving around fund transfer delays, customer service responsiveness, and platform limitations.

Here are some recent testimonials from Canadian users:

• Sarah M (January 15, 2025):"I started using Wealthsimple last year for my TFSA investments because of the commission-free trading. While the platform is easy to navigate, I ran into issues when transferring funds from my bank account. It took almost a week for the funds to appear in my account, which was frustrating since I missed a buying opportunity. Customer support was polite but very slow to respond. I really hope they improve this process because I like the simplicity of the app otherwise."
• James P. (November 8, 2024): "I was attracted to Wealthsimple for its socially responsible investment options. Setting up my RRSP portfolio was a breeze, and I love how automated the whole process is. However, I was disappointed by the lack of real-time data for stocks, which is essential for tracking my investments more actively. For beginners, this platform is great, but I wouldn’t recommend it for those who want more detailed tools or advanced features."
• Emily L. (February 3, 2025): "I tried Wealthsimple Trade to dabble in cryptocurrency trading because of its simplicity. The app itself is very user-friendly, but the spreads on crypto are higher than I expected. I also noticed that some coins I wanted to buy weren’t available. That said, for someone like me who’s new to investing, it’s still a decent option. Customer support was helpful when I had a question, but I waited a full day for a response, which could be improved."

How is Wealthsimple positioned in relation to its competitors?

Conclusion of our review on Wealthsimple

Wealthsimple positions itself as a user-friendly broker designed for beginner and casual investors. Its strengths lie in its no-minimum-deposit policy and commission-free trading on stocks and ETFs, making it highly accessible. 

However, it lacks advanced tools, demo accounts, and copy trading options, which could limit its appeal for more experienced traders or those seeking diverse trading features.

Despite its simplicity and affordability, competitors offer broader asset classes, more sophisticated platforms, and enhanced flexibility for active traders.

Before opening a Wealthsimple account, take the time to compare the best brokers in Canada.

What types of accounts are available with Wealthsimple in Canada?

Wealthsimple offers a variety of account types tailored to the needs of Canadian investors. These include basic trading accounts, registered accounts such as TFSAs and RRSPs, and robo-advisory portfolios.

While Wealthsimple does not offer multiple tiers for trading accounts, it provides a premium subscription service called Wealthsimple Plus with added benefits. The broker does not currently offer a demo account or standard Islamic accounts, though its Halal portfolios provide a Sharia-compliant investment option.

Basic Account

The Basic Account is the default option for Wealthsimple users and is entirely free to use. It allows commission-free trading on stocks and ETFs, access to a selection of cryptocurrencies, and the ability to open registered accounts such as TFSAs, RRSPs, RESPs, and non-registered accounts.

Users can only access delayed market data with this account, which may limit its appeal for active traders. It is best suited for casual investors and beginners due to its affordability and simplicity.

Wealthsimple Plus

Wealthsimple Plus is the broker’s premium subscription plan, costing $10/month. It offers additional features such as access to real-time market data, U.S. dollar accounts to avoid foreign exchange fees on U.S.-listed stocks, and priority customer support. This account level is ideal for intermediate investors who want to minimize FX costs and trade more actively while maintaining an affordable fee structure.

Halal Portfolio

The Halal Portfolio provides an option for investors seeking Sharia-compliant investments. This portfolio excludes interest-based investments and focuses on equities that meet Islamic finance principles. It can be opened as a TFSA, RRSP, RESP, or non-registered account.

The management fees for this portfolio range from 0.5% to 0.4%, depending on the account size. It is particularly attractive to investors prioritizing ethical and religious alignment in their financial decisions.

Demo Account

Wealthsimple does not currently offer a demo account for its trading or robo-advisory platforms. This may be a limitation for beginners who wish to test the platform with fictitious capital before committing to real funds.

Islamic Account

While Wealthsimple does not provide a separate Islamic account (halal trading), its Halal Portfolio functions as a Sharia-compliant option. It adheres to Islamic finance principles and is suitable for Muslim investors seeking ethically aligned investment strategies.

Deposits and withdrawals at Wealthsimple: How does it work?

Wealthsimple provides a cost-effective and straightforward deposit and withdrawal process, with most methods being free and easy to use. The support for CAD and USD transactions is convenient for Canadian investors, but the lack of additional funding options like credit cards or e-wallets (e.g., PayPal) may be seen as a limitation.

Processing times are average, with most methods taking 1-5 business days, comparable to standard practices among competitors. While some brokers offer instant funding options, Wealthsimple’s simplicity and transparent fee structure make it a solid choice for users who prioritize affordability over speed.

Does Wealthsimple offer copy trading?

Wealthsimple does not currently offer copy trading or social trading features. The platform is designed to cater to beginner and passive investors with straightforward trading tools and automated investment options rather than advanced or social trading functionalities.

Unlike brokers that provide dedicated platforms for copy trading, Wealthsimple does not allow users to follow or replicate the trades of other investors. There are no features for tracking top-performing traders, copying portfolios, or engaging in social trading communities. Additionally, no additional software or fees are associated with such services, as they are not available on the platform.

While Wealthsimple excels in simplicity and accessibility for Canadian investors, its lack of copy trading features may be a drawback for users looking for a collaborative or mentor-based approach to investing. Competitors that prioritize these features may be better suited for such needs.

What is the tax treatment of income generated by Wealthsimple?

Applicable Taxation

• In Canada, income generated through trading is subject to taxation under the Income Tax Act.
• The taxation method depends on whether the income is classified as capital gains or business income:Capital Gains: Only 50% of the profit is taxable at the individual's marginal tax rate.Business Income: 100% of the profit is taxable at the individual’s marginal tax rate, usually applied to frequent or professional traders.
• Capital Gains: Only 50% of the profit is taxable at the individual's marginal tax rate.
• Business Income: 100% of the profit is taxable at the individual’s marginal tax rate, usually applied to frequent or professional traders.
• Dividends and interest earned through investments are taxed at different rates, with eligible dividends receiving a tax credit to offset double taxation.
• For registered accounts like TFSAs and RRSPs, investments grow tax-free. Withdrawals are tax-free in a TFSA but taxable in an RRSP.
• Cryptocurrency trading profits are taxed as either capital gains or business income, depending on the nature and frequency of the transactions.

How to Declare Trading Income or Revenues?

• Report your trading income on your T1 General Income Tax and Benefit Return.
• Use Schedule 3 to declare capital gains or losses, detailing the proceeds of disposition, adjusted cost base, and capital gain or loss.
• Business income should be declared on the T2125 Statement of Business or Professional Activities form.

Points to remember on filing your taxes

• Include any interest, dividends, or foreign income in the appropriate sections of the tax return.
• Cryptocurrency transactions require a detailed record of each trade, including the fair market value at the time of the transaction, and should be included under capital gains or business income, as applicable.
• If investments are held in registered accounts like a TFSA or RRSP, ensure compliance with contribution limits to avoid penalties.

• Consult with a tax professional or use CRA-approved tax software for accurate reporting, especially for complex portfolios or frequent trading.

Contact: How do I contact Wealthsimple customer service?

FAQ

Nishadh Mohammed

Nishadh Mohammed is a seasoned news editor and financial writer, working with HelloSafe since May 2023. Nishadh has developed expertise in financial markets, insurance, and investment products, with a deep understanding of the Canadian financial landscape. He has honed his SEO skills and content marketing strategies while writing for Canadian publishing houses. Armed with a master's in Business Analytics and extensive journalistic experience, Nishadh uniquely combines data proficiency and thorough research to deliver comprehensive and accessible information.