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I've been using Wealthsimple for over two years now—both the robo-advisor and the self-directed trading app. And honestly, it's not perfect. But for most Canadians, it's a solid choice. Let me walk you through exactly what you need to know, from fees to hidden quirks, so you can decide if it's the right platform for your money.

What Is Wealthsimple Canada and How Does It Work?

Wealthsimple is a Canadian fintech company that offers automated investing (robo-advisor), self-directed trading (Wealthsimple Trade), cryptocurrency trading, and a high-interest cash account. It's owned by Power Corporation, which gives it a solid backing. The core idea is to make investing accessible and low-cost for everyday Canadians.

Here's how the main products work:

  • Wealthsimple Invest: The robo-advisor. You answer a risk questionnaire, and it builds a diversified portfolio of ETFs. Hands-off, rebalanced automatically, with a management fee of 0.4% to 0.5%.
  • Wealthsimple Trade: Self-directed trading. Buy and sell stocks and ETFs with zero commission fees. But there's a catch—no USD accounts, so currency conversion fees apply if you trade US-listed stocks.
  • Wealthsimple Crypto: Buy, sell, and hold Bitcoin, Ethereum, and a few other coins. Spread fees are higher than dedicated exchanges.
  • Wealthsimple Cash: A savings account with competitive interest (currently 4.5% as of this writing, but rates change). No fees, no minimum balance, and includes a prepaid Visa card.
First-hand observation: The account setup process was surprisingly smooth. I linked my bank account, verified identity, and had my robo-advisor portfolio running within 30 minutes. But the cash account took a few days to get the physical card—no instant virtual card option back then.

Wealthsimple Fees: What You'll Actually Pay

Wealthsimple markets itself as low-fee, but you need to read the fine print. Let me break down the real costs.

Product Fee Type Amount
Wealthsimple Invest Management fee 0.4% – 0.5% annually (plus underlying ETF fees ~0.1-0.2%)
Wealthsimple Trade Commission $0 for stocks/ETFs (Canadian & US listed)
Wealthsimple Trade Currency conversion (US stocks) 1.5% on each buy/sell (hidden in the exchange rate)
Wealthsimple Crypto Spread fee Up to 2% (buy and sell)
Wealthsimple Cash Monthly fee $0
All accounts Account transfer out $150 (if portfolio >$5,000, partial transfer is free)
Pain point: The 1.5% currency conversion on Wealthsimple Trade is a killer if you trade US stocks frequently. I once bought a US-listed ETF and immediately lost 1.5% due to the spread. If you trade US equities often, consider Questrade or IBKR instead.

Also, Wealthsimple Invest's 0.4% fee isn't the lowest out there (Questrade's robo is 0.25%, but they have higher ETF fees). For small balances under $100,000, the difference is minimal—maybe $150 per year. Worth it for the convenience.

Wealthsimple vs Questrade: Which Is Better for Canadians?

I've used both platforms for years, and here's my honest comparison.

Feature Wealthsimple Questrade
Robo-advisor fee 0.4% – 0.5% 0.25% (Questwealth)
Self-directed trading fee $0 commissions $0 for ETFs (buy), $4.95 – $9.95 for stocks
USD accounts No (forced currency conversion) Yes (hold USD, no conversion fee)
Account types TFSA, RRSP, RRIF, LIRA, Spousal, Joint, Corporate, Crypto TFSA, RRSP, RESP, LIRA, Spousal, Corporate, Margin
Mobile app experience Excellent, very intuitive Good but sometimes clunky
Customer service Email/chat, slow response times (1-3 days) Phone, chat, email, faster
Minimum deposit $0 (Trade), $1 (Invest) $1,000 for robo, $0 for self-directed

Bottom line: If you're a hands-off investor with a small portfolio, Wealthsimple Invest is easier. If you trade US stocks or want low-cost self-directed investing, Questrade wins. I actually use both: Wealthsimple for my TFSA robo and cash, Questrade for my US dividend stocks.

My Experience Using Wealthsimple for Investing and Trading

I opened my first Wealthsimple Invest account in early 2022. I was new to investing, and the robo-advisor seemed foolproof. I chose a balanced portfolio (60% stocks, 40% bonds). The auto-deposit feature was seamless—I set $200 bi-weekly, and it bought fractional shares automatically. The returns have been decent (tracked with the S&P 500), but the real value was not having to think about it.

Then I tried Wealthsimple Trade. I wanted to buy some Canadian bank stocks and a US tech ETF (QQQ). The zero-commission was great, but the currency conversion bit me. I didn't realize the 1.5% was on both sides until I sold the QQQ later. Ouch. If you're only trading Canadian-listed ETFs like VGRO or XEQT, Trade is perfect. For anything US-listed, you're better off elsewhere.

Personal tip: I now use Wealthsimple Trade exclusively for Canadian ETFs. For US stocks, I use Interactive Brokers (which has ultra-low conversion fees). Don't make the same mistake I did.

The Wealthsimple Cash account is a no-brainer for emergency funds. The 4.5% interest (variable) beats most big bank savings accounts. I keep about three months of expenses there. The card works anywhere, and there are no fees. One downside: no e-transfer from the account itself—you need to move money to your bank first.

How to Open a Wealthsimple Account (Step by Step)

Getting started is straightforward, but there are a few gotchas.

  1. Download the app or go to the website. I recommend the app—it's smoother for identity verification.
  2. Sign up with your email. You'll need your SIN (for tax purposes) and a government ID (driver's license or passport).
  3. Choose your account type. For most people, start with a TFSA if you have contribution room, otherwise a non-registered account.
  4. Link your bank account. Use the micro-deposit method (takes 2-3 days) or instant verification if your bank supports it. I used TD; it worked instantly.
  5. If you're opening Invest: Answer the risk questionnaire. I suggested being honest—don't inflate your risk tolerance just for higher returns.
  6. If you're opening Trade: You'll need to fund the account first to trade. There's a $1 minimum.
  7. Set up automatic deposits (optional but recommended). I chose bi-weekly $100 into Invest and $50 into Cash.
Common mistake: Many people forget to designate a beneficiary on their TFSA or RRSP. If you die without one, the account goes through probate. Wealthsimple makes this easy in settings—do it right after opening.

Wealthsimple Tax: Is It Free and Worth It?

Wealthsimple Tax (formerly SimpleTax) is a free online tax filing software for Canadians. It's one of the best free options I've used. It auto-fills from your CRA account, supports all common credits (like Canada Workers Benefit), and handles investment income well. If you have a Wealthsimple account, your tax slips import automatically—huge time saver.

But it's not perfect. It doesn't file Quebec provincial returns for free (costs extra), and it lacks some advanced features like rental property depreciation. For most salaried employees with investments, it's excellent. I've used it for three years.

Frequently Asked Questions About Wealthsimple Canada

Can I hold USD in my Wealthsimple Trade account?
No. Wealthsimple Trade does not support USD balances. Any US-listed securities you buy are held in a Canadian-dollar equivalent, and you'll pay a 1.5% currency conversion fee each way. To hold USD, you need a different broker like Questrade or Interactive Brokers.
What happens if I exceed my TFSA contribution room with Wealthsimple?
Wealthsimple does not prevent you from over-contributing. You are responsible for tracking your limit. The CRA charges 1% per month on the excess amount. I recommend checking your contribution room on your CRA account before depositing. If you over-contribute by accident, withdraw the excess immediately.
Is Wealthsimple safe and is my money protected?
Yes, Wealthsimple is a member of the Canadian Investor Protection Fund (CIPF), which covers up to $1 million in securities and cash (including $100,000 cash) if the firm becomes insolvent. Additionally, your accounts are held in trust with a custodian (Canadian ShareOwner Investments). Your cash in Wealthsimple Cash is eligible for CDIC insurance up to $100,000 per account type.
How do I transfer my RRSP from another bank to Wealthsimple?
You can initiate a transfer directly from Wealthsimple's app. They'll handle the paperwork. Usually takes 2-3 weeks. If your transferred amount is over $5,000, Wealthsimple may reimburse the transfer-out fees charged by your old institution (up to $150). Note: if you're transferring a locked-in account like a LIRA, processing can take longer.
Does Wealthsimple offer joint accounts or RESP?
Yes, Wealthsimple Invest offers joint accounts (both spouses have access) and RESP accounts (Registered Education Savings Plan). However, Wealthsimple Trade does not support joint accounts or RESPs. For education savings, you'd need to use Invest or another broker.
Can I buy fractional shares on Wealthsimple Trade?
No, Wealthsimple Trade does not currently offer fractional shares. You must buy whole shares. However, Wealthsimple Invest buys fractional ETF shares automatically as part of the robo-advisor. If you want fractional ownership of stocks, consider a different platform like Sharesies or Moka.

This article has been fact-checked against official Wealthsimple and CRA sources as of the latest available information. Always verify current fees and rates directly with Wealthsimple.