This Wealthsimple review rates the platform 4.5 out of 5: for most Canadians who buy Canadian-listed ETFs in a TFSA, RRSP or FHSA, Wealthsimple is a good all-round place to invest, bank and file taxes, with $0 commissions and no account minimum. Some products in the app cost more than their closest rivals, and the review says which. It scores each product separately, looks at the Wealthsimple app and what its store ratings do and don’t tell you, prices three common investors, and names the cases where Questrade, Interactive Brokers, another robo-advisor or a bank brokerage is the better pick. YieldMaple checked Wealthsimple’s pricing page, fee schedules and product pages on September 23, 2026 and re-checked the headline fees, rates and both app-store listings on September 29, 2026; every figure below comes from those pages or from the rival’s own pricing page. This review is general education, not financial advice.
Wealthsimple review at a glance (September 2026)
| Feature | What you get | What it costs |
|---|---|---|
| Stocks and ETFs (self-directed) | Listed Canadian and US stocks and ETFs, fractional shares, no account minimum | $0 commission (better on this row) |
| US trades from a CAD account | Automatic conversion at Wealthsimple's exchange rate | 1.5% conversion fee, each way |
| USD account | Hold US dollars; no conversion fee on US trades inside it | $10 a month for Core clients; free for Premium and Generation |
| Options | Equity and ETF options, including covered calls and spreads | US$0 per contract per contract |
| Managed investing | Portfolios built and rebalanced for you | 0.50% a year Core; 0.40% a year Premium; from 0.4% down to 0.2% a year Generation |
| Chequing | Visa Platinum Prepaid card; cash held in trust at CDIC members | $0 monthly fee; 1.25% to 2.25% interest by plan |
| Savings | Separate savings account | 2.5% (available to every client, no tiers) |
| Credit card | Wealthsimple Visa Infinite+ | Cash back: 2% on every purchase. Fee: $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit |
| Tax filing | Wealthsimple Tax (NETFILE-certified) | Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation) |
| Crypto | 170+ coins; transfers to external wallets supported (network fees apply) | a flat 0.5% trading fee plus a price spread on market orders (the rate without Active Trader status) |
| Opening an account | TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts | $0 to open |
Sources: wealthsimple.com/en-ca/pricing; Wealthsimple's trade and managed-investing fee schedules; its chequing, savings, credit card, tax, crypto and accounts pages — checked September 23, 2026.
The pattern is clear once the fees sit side by side. Buying and selling listed Canadian and US stocks and ETFs costs $0 in commission, and opening any account costs $0. Options cost US$0 per contract. Wealthsimple makes its money elsewhere:
- Currency conversion: 1.5% on US trades from a Canadian-dollar account
- USD account: $10 a month for Core clients; free for Premium and Generation
- Managed investing: 0.50% a year on Core, 0.40% a year on Premium and from 0.4% down to 0.2% a year on Generation
- Crypto: a flat 0.5% trading fee plus a price spread on market orders (the rate without Active Trader status)
- Wealthsimple Visa Infinite+ annual fee: $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit
On the banking side, Chequing has a $0 monthly fee and pays between 1.25% and 2.25% depending on your plan, while the separate Savings account pays 2.5% (available to every client, no tiers). The credit card pays cash back of 2% on every purchase, and Wealthsimple Tax has three tiers — Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation). In crypto, you can trade 170+ coins, and transfers to outside wallets are supported (network fees apply). Accounts cover TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts.
Is Wealthsimple good?
Yes, for most Canadian ETF investors: YieldMaple scores Wealthsimple 4.5 out of 5 because trades cost $0 commission and every major registered account sits in one app.
Wealthsimple reviews come in two kinds, and they measure different things. App-store ratings are averages of what users tapped after using the app: 4.6 out of 5 from about 130,000 ratings on the App Store and 4.1 stars from about 81,000 reviews on Google Play when YieldMaple checked both Canadian listings on September 29, 2026. Android users rate it lower than iPhone users. Those stars reflect how the app feels day to day; they don’t compare fees with any other broker. YieldMaple’s editorial score ignores store stars and weighs published costs against the closest Canadian alternatives, the account choice and how easy the platform is to use.
On that basis, Wealthsimple is good at the everyday jobs most Canadians have: buying ETFs and stocks for $0 commission, holding a TFSA, RRSP, FHSA or RESP in one place, and earning 2.5% (available to every client, no tiers) on cash in Savings. It is weaker at the jobs a smaller group has: converting large sums to US dollars (1.5% each way from a CAD account), borrowing on margin, and hands-off robo portfolios at the lowest possible fee. The rest of this review works through each one.
What are Wealthsimple’s pros and cons?
Wealthsimple’s pros are $0 commissions, every major account type and interest on cash; its cons are a 1.5% US-trade conversion fee, pricier managed investing and margin than the cheapest rivals.
The full list of pros and cons is in the box near the top of this page. Below, YieldMaple scores each Wealthsimple product on its own, because the app mixes products that match the cheapest in Canada with others that cost more than their closest rivals.
| Feature | Score | Why |
|---|---|---|
| Self-directed investing (Trade) | 4.7 (better on this row) | $0 commissions, every major account type; loses points for the 1.5% FX fee from CAD accounts |
| Wealthsimple Tax | 4.5 | Pay-what-you-want Basic tier and NETFILE certification |
| Chequing and Savings | 4.3 | No monthly fee; Savings pays 2.5% (available to every client, no tiers); new-client promo rates elsewhere pay more for a few months |
| Managed investing | 4.0 | Hands-off and rebalanced; 0.50% a year on Core is double Questwealth's 0.25% |
| Credit card | 4.0 | Cash back of 2% on every purchase, but the annual fee applies unless you meet a waiver |
| Crypto | 3.5 | Wide coin choice; fee disclosures are inconsistent between Wealthsimple's own pages |
Editorial scores weigh published cost against the closest Canadian alternatives, account choice and ease of use. They are YieldMaple's judgments, not an average of user reviews.
Overall, YieldMaple rates Wealthsimple 4.5 out of 5. Self-directed investing scores highest (4.7) because $0 commissions across every major registered account are hard to beat; it loses points only for the 1.5% conversion fee. Wealthsimple Tax scores 4.5 for its pay-what-you-want Basic tier. Chequing and Savings score 4.3: no monthly fee and a Savings rate of 2.5% (available to every client, no tiers), but promotional rates at other banks pay more for new clients for a few months. Managed investing and the credit card both score 4.0, the first because 0.50% a year on Core is double Questwealth’s 0.25%, the second because cash back of 2% on every purchase comes with an annual fee unless you qualify for the waiver. Crypto scores lowest (3.5) because Wealthsimple’s own pages don’t agree on what it charges.
Is the Wealthsimple app good?
The Wealthsimple app is well rated: 4.6 out of 5 from about 130,000 ratings on Apple’s App Store and 4.1 stars from about 81,000 reviews on Google Play, per both listings on September 29, 2026.
Getting it. The app is free to download. On iPhone it needs iOS 16.4 or later, and it runs in English and French. Google Play lists 1M+ downloads. You can also sign in on Wealthsimple’s website, though a few features, such as trading physically backed gold, are app-only.
What sits inside it. One login covers self-directed trading, managed portfolios, crypto, Chequing and Savings. Accounts available include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. The Discover tab’s search finds securities by category; searching for the “extended hours trading” category lists the securities you can trade outside regular market hours. For frequent trading, Wealthsimple’s Trade Plus view puts a chart, order entry and open positions on one screen.
Card controls. The Chequing card is run from the app. To order a physical card, in the Wealthsimple app, open your personal chequing account, tap Settings (the gear icon), then tap Request a physical card. The card uses a 4-digit PIN that you set when you order the physical card; to view or change it, open the Wealthsimple app, tap your chequing account, tap the card to flip it over, then tap Manage card and View PIN or Change PIN. Wealthsimple’s security page says you can lock the card instantly from the app or the web.
Security settings. Two-step verification works with an authenticator app, text message or automated phone call, and an authenticator app is a stronger form of two-factor authentication than SMS, according to Wealthsimple. Signing in with a passkey (Face ID or your fingerprint) also matters for money: the Wealthsimple Account Guarantee offers reimbursement of direct losses from unauthorized transactions in your accounts, as long as you use passkeys on all your devices and meet the guarantee's security responsibilities. It doesn’t cover credit card, corporate and Wealthsimple Predict accounts, and self-custody wallets. For help, Wealthsimple’s security page points clients to its chat while signed in to the app; there’s no branch to visit.
The app changes how Wealthsimple feels to use, not what it costs, so the ratings above sit alongside the fee comparison in this review rather than replacing it.
Is Wealthsimple worth it?
Yes, for most Canadians who buy Canadian-listed ETFs in a TFSA, RRSP or FHSA: trades cost $0 in commission and there’s no account minimum.
Three things make it worth it for that majority:
- Buying costs nothing at the broker level. A monthly purchase of an all-in-one ETF such as XEQT or VEQT carries no commission, and fractional shares mean a small contribution is fully invested even when one unit costs more than you’re adding.
- Every account in one place. Wealthsimple offers TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. The RESP is available as a self-directed or managed RESP; the LIRA is available (self-directed and managed). Earlier reviews, including a previous version of this page, said Wealthsimple had no RESP, no LIRA and no options trading; all three are available now.
- Cash earns interest while it waits. Chequing pays 1.25% on Core, and the Savings account pays 2.5% (available to every client, no tiers). The big-bank brokerages YieldMaple checked pay nothing on uninvested cash; RBC Direct Investing, for example, pays 0% on cash balances (CAD and USD), including TFSA and RRSP accounts.
It’s less worth it if you convert large sums to US dollars, borrow on margin, want the cheapest possible robo-advisor, or value a banker you can meet in person. Wealthsimple can also sit alongside a bank rather than replace it: the bank for in-person help, Wealthsimple for the TFSA and RRSP.
Is Wealthsimple the best choice in Canada?
Wealthsimple is the best pick for most Canadian ETF investors, but not for large US-dollar conversions, margin borrowing, low-cost robo portfolios or branch banking, where rivals win. Interactive Brokers, Questrade, Questwealth and the bank brokerages each beat it on one of those jobs.
| Feature | Better pick | Why |
|---|---|---|
| Regular buys of Canadian-listed ETFs | Wealthsimple (or Questrade, or BMO InvestorLine) (better on this row) | Wealthsimple: $0 commission; Questrade: $0 to buy and sell Canadian and U.S.-listed stocks and ETFs; BMO InvestorLine: $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted |
| Converting large sums to US dollars | Interactive Brokers | 0.002% of the amount (US$2.00 minimum) vs Wealthsimple's 1.5% from a CAD account |
| Holding US dollars in a TFSA or RRSP | Questrade or Interactive Brokers | Questrade: free — every account can hold both Canadian and US dollars; IBKR registered accounts hold cash in both CAD and USD; Wealthsimple's USD account is $10 a month on Core |
| Margin borrowing | Interactive Brokers | 3.606% vs 4.95% on Wealthsimple Core |
| Cheapest robo-advisor | Questwealth | 0.25% vs 0.50% a year on Wealthsimple Core |
| Branch, banker and one bank login | Your bank's brokerage | BMO InvestorLine: $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted; RBC Direct Investing: $9.95 per trade, with a commission-free ETF list |
Sources: each provider's own pricing page or fee schedule, checked September 2026.
Heavy US-dollar investors. Interactive Brokers converts currency for 0.002% of the amount (US$2.00 minimum), against Wealthsimple’s 1.5% on US trades from a CAD account, and its registered accounts hold cash in both CAD and USD. Questrade’s edge is holding US dollars rather than converting them: its dual-currency accounts are free — every account can hold both Canadian and US dollars, while Wealthsimple’s USD account is $10 a month on Core. Questrade’s conversion fee is 1.5% on Canadian-to-US-dollar conversions and back, built into the exchange rate Questrade applies, the same rate Wealthsimple charges from a CAD account, and larger conversions into a Wealthsimple USD account fall to lower tiers (1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000). If most of your money goes into US-listed stocks, read Wealthsimple vs Interactive Brokers and Wealthsimple vs Questrade before you open anything.
Margin borrowers. Interactive Brokers charges 3.606% on CAD loans versus 4.95% on Wealthsimple Core. On a $10,000 loan held for a year that’s about $361 against about $495. Wealthsimple narrows the gap on Generation (3.95%); the Wealthsimple margin account guide has the details.
Robo-only investors. Questwealth’s 0.25% is half of Wealthsimple Core’s 0.50% a year. Both Wealthsimple and Questrade charge $0 on Canadian-listed ETFs (Questrade lists $0 to buy and sell Canadian and U.S.-listed stocks and ETFs), so ETF buyers can use either at no commission.
People who want a branch. Wealthsimple has no branches. If you want a branch to walk into, or your investments under the same login as the bank that already holds your mortgage and chequing, a bank brokerage keeps everything under one roof. Per-trade costs vary by bank: BMO InvestorLine now charges $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted, while RBC Direct Investing charges $9.95 per online trade. See Wealthsimple vs BMO InvestorLine and Wealthsimple vs RBC Direct Investing.
If you arrived here comparing Wealthsimple with US apps such as Robinhood or Wealthfront, start with residency: Wealthsimple’s Terms of Use require you to be a Canadian resident, so the comparison only matters if the US app will also open an account for someone living where you live; check its own eligibility rules before comparing fees. And Wealthsimple vs Vanguard isn’t an either-or choice: Vanguard Canada makes ETFs such as VFV (MER 0.08%), which trade on the TSX and cost $0 in commission on Wealthsimple. For more options, see the Wealthsimple alternatives in Canada.
What does Wealthsimple actually cost? Three worked examples
For an investor who buys Canadian-listed ETFs, Wealthsimple’s own fees can be zero; costs appear when you convert currency, pay for managed investing, borrow or withdraw instantly.
1. The monthly ETF buyer. Twelve purchases of XEQT in a TFSA cost $0 each at Wealthsimple. The only ongoing cost is XEQT’s own MER of 0.19%, about $11 a year on $6,000 invested. CIBC Investor’s Edge offers 200+ commission-free ETFs, including VFV, VEQT, XGRO and XBAL, but not XEQT, so the same 12 XEQT buys there cost $83.40 in commissions. The gap depends on the bank and the fund. RBC Direct Investing’s commission-free list is iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS. Two bank brokerages have closed the gap entirely: BMO InvestorLine charges $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted, and National Bank Direct Brokerage charges $0 on online Canadian and U.S. stock and ETF trades.
2. The hands-off investor with $50,000. Wealthsimple managed investing on Core costs $250 a year, plus the portfolio funds’ own MERs. Questwealth costs $125 a year plus its ETFs’ MERs. Holding XEQT yourself in a Wealthsimple self-directed account costs about $95 a year, all in. The managed fee buys automatic rebalancing and no decisions, which is worth paying for if it keeps you invested; doing it yourself costs well under half.
3. The US-stock buyer converting $25,000. From a CAD account, the conversion costs $375 on the way in, and 1.5% of the proceeds again when you sell. With a USD account on Core, a single $25,000 conversion falls in the 0.5% tier (1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000), so the first year costs $245 including the subscription, and later US trades inside the account pay no conversion fee. On Premium, where the USD account is free, it’s $125. At Interactive Brokers the same conversion costs US$2.00, though each US trade there then carries a commission (US$0.005 a share, with a US$1.00 minimum and a cap of 1% of the trade value per order). Wealthsimple also supports Norbert’s Gambit, which needs the USD account and costs two bid-ask spreads plus the flat journaling fee on Wealthsimple’s trade fee schedule instead of a percentage; the step-by-step Norbert’s Gambit guide for Wealthsimple shows how.
To price your own year of trades against Questrade and TD Direct Investing, use the calculator below. For more brokerages, the Canadian brokerage fee calculator covers a wider list.
Core, Premium and Generation: what the plans change
Wealthsimple’s plans aren’t subscriptions; your total assets decide them. Core starts at $1 in assets, Premium at $100,000 and Generation at $500,000. Moving up lowers the managed-investing fee (0.40% a year on Premium), raises chequing interest (1.75% on Premium, 2.25% on Generation), makes the USD account free and cuts the CAD margin rate from 4.95% to 4.45% and then 3.95%.
A detail worth knowing: Wealthsimple’s Households feature counts a household’s combined assets toward the plan. Two partners at the same address with $60,000 each hold $120,000 together, enough for Premium. The full trade-off is in whether Wealthsimple Premium is worth reaching.
How good is Wealthsimple Trade for self-directed investing?
Wealthsimple Trade suits buy-and-hold investors and, increasingly, active traders: $0 commissions on listed Canadian and US stocks and ETFs, fractional shares, options and free real-time quotes.
You can trade stocks, ETFs and some OTC securities on the TSX, TSXV, Cboe Canada, CSE, NYSE, Nasdaq and Cboe, plus a limited number of OTC-listed ADRs. Fractional shares: yes — thousands of Canadian and US stocks and ETFs. Account minimum: none. A limited selection of US-listed stocks and ETFs trades from Sunday evening to Friday evening (Eastern time), which suits people who can only trade outside office hours. If you’d rather not place every order yourself, Automated Investing buys the stocks and ETFs you’ve chosen, at the target weights you set, each time you deposit, for 0.25%, capped at $250 per account per year. Wealthsimple also publishes free Learn articles on stock-market basics, from order types to reading a chart.
For active traders, Wealthsimple’s Trade Plus view puts charting, order entry and open positions on one screen, with technical indicators such as moving averages, RSI and VWAP. Clients who reach Active Trader status, which Wealthsimple grants for a high number of manual trades in a calendar month, get priority support and a trade desk: a licensed investment representative will place trades by phone. The full platform review is in the Wealthsimple Trade review.
Market vs limit orders on Wealthsimple
A market order buys or sells right away at the best available price. The fill can differ from the price in the app, so Wealthsimple reserves extra cash on market buys in case the price moves, and a market order can’t be edited once placed (a pending one can be cancelled). A limit order sets the most you’ll pay or the least you’ll accept. You control the price, but the order may never fill, even if the stock touches your price. For a large, heavily traded ETF during regular hours, a market order is usually fine; for a thinly traded stock or an option, a limit order stops you paying far more than you expected.
Stop-limit vs stop-market orders
Both order types wait for a trigger, the stop price. After the trigger, a stop-limit order tries to fill at your limit price or better, so in a sharp drop it may not fill at all. A stop-market order turns into a market order and fills at the best available price, which in a fast market can be well past your stop. Per Wealthsimple’s Best Execution and Order Handling Disclosure (June 2026), stop-limit orders work on stocks, ETFs and options, stop-market orders on stocks and ETFs only, and bracket orders (a take-profit and a stop-loss attached to the same position, where one cancels the other) on stocks and ETFs. Orders can be set as day orders, good-till-cancelled or good-till-date.
Options, futures and gold
Equity and ETF options cost US$0 per contract, and Wealthsimple supports covered calls, secured puts and multi-leg strategies such as vertical and calendar spreads; Questrade also offers $0 commissions on US equity options contracts, so options alone isn’t a reason to switch. The Wealthsimple options trading guide covers what the platform can and can’t do.
Futures are available too: index and commodity contracts in micro, mini and standard sizes, for a flat per-contract fee plus pass-through exchange and regulatory fees. Futures are leveraged, so losses can exceed your deposit.
Gold is the unusual one. Wealthsimple sells physically backed gold that trades around the clock in the app (not on the web), in both registered and non-registered accounts, with no storage fee, and you can redeem it for coins made for Wealthsimple by the Royal Canadian Mint, from non-registered accounts only. Held gold is covered by CIPF; redeemed coins are not.
If you’re weighing it against MNT, the two are built differently. Per the Royal Canadian Mint’s exchange-traded receipts page (checked September 24, 2026), MNT is the Mint’s gold receipt listed on the TSX, gives direct ownership of physical gold stored at the Mint, and charges an annual service fee. Wealthsimple’s gold instead charges a trading fee on top of the spot price (listed on its gold page), with 24/7 trading and coin redemption as the extras. The longer you hold, the more MNT’s yearly fee adds up; the more often you trade, the more Wealthsimple’s trading fee does.
Can Wealthsimple trade for you?
Yes: managed investing builds and rebalances a portfolio, Automated Investing buys your picks when you deposit, and Active Trader clients can phone trades in to the trade desk.
Managed investing is the full hands-off option. Wealthsimple builds a diversified portfolio around your goals (its range includes Classic, Summit and Income portfolios) and rebalances it automatically as you deposit, withdraw or change goals, at 0.50% a year on Core. Automated Investing sits between managed and self-directed: you choose the stocks and ETFs and a target weight for each, Wealthsimple buys whatever is below target when you deposit, and a full rebalance is one tap, for 0.25%, capped at $250 per account per year. If you want a dedicated human advisor, Wealthsimple’s wealth management service needs $1,000,000 in managed accounts. To weigh the two main routes, see Wealthsimple managed vs self-directed.
Trading for someone else is a different question. A joint non-registered account lets both owners trade. Wealthsimple’s Households feature lets people at the same address share a view of chosen accounts, but members can’t move each other’s money. Wealthsimple’s Trade page already mentions trading on a partner’s behalf through Households, but its Households page still marked authorised trading as coming soon when YieldMaple checked on September 23, 2026, so confirm in the app before you count on it.
Is Wealthsimple’s managed investing worth the fee?
Only if you won’t hold an all-in-one ETF yourself: Wealthsimple charges 0.50% a year on Core, while Questwealth charges 0.25%.
| Feature | Annual management fee | Minimums and notes |
|---|---|---|
| Wealthsimple managed investing | 0.50% a year Core; 0.40% a year Premium; from 0.4% down to 0.2% a year Generation | Fund MERs extra; fee falls as your assets grow |
| Questwealth Portfolios | 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000 (better on this row) | ETF MERs extra |
| Justwealth | 0.50%; minimum fee $4.99 a month | Minimum account $5,000 (no minimum for RESPs, FHSAs and RDSPs); average ETF MER about 0.20% |
| RBC InvestEase | 0.50% + sales tax | ETF MERs 0.12%–0.25% |
| CI Direct Investing | 0.60% on the first $150,000, 0.40% on the next $350,000 and 0.35% above $500,000 | Minimum before investing: as low as $100 |
Sources: Wealthsimple managed-investing fee schedule; Questrade Questwealth, Justwealth, RBC InvestEase and CI Direct Investing pricing pages — checked September 2026.
Wealthsimple sits mid-pack. Questwealth is the cheapest at 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000. Justwealth charges 0.50%, the same as Wealthsimple Core, with a minimum fee of $4.99 a month and a minimum account of $5,000 (no minimum for RESPs, FHSAs and RDSPs); its portfolios hold ETFs averaging about 0.20% in MER. RBC InvestEase charges 0.50% + sales tax with ETF MERs of 0.12%–0.25%, and CI Direct Investing charges 0.60% on the first $150,000, 0.40% on the next $350,000 and 0.35% above $500,000, and it starts investing at balances as low as $100. On $50,000 that works out to $250 a year at Wealthsimple Core or Justwealth and $300 at CI Direct Investing.
Wealthsimple’s case is the fee cut as you grow (0.40% a year from $100,000, then 0.4% at $500,000, falling to 0.2% only at $10,000,000 or more) and having your managed portfolio, chequing and tax return in one app. The best robo-advisor in Canada comparison and the Wealthsimple managed investing review go deeper.
What about Wealthsimple’s banking, tax and crypto products?
Chequing and Savings are solid everyday accounts, Wealthsimple Tax is one of the better-value filing tools, and crypto is convenient but not the cheapest place to trade.
Chequing and Savings
Wealthsimple Chequing pays 1.25% on Core, 1.75% on Premium and 2.25% on Generation, and Core and Premium clients earn an extra 0.5% with at least $2,000 direct-deposited within 30 days. The card is a Visa Platinum Prepaid card (digital and physical), linked to your Wealthsimple Chequing account, with a foreign transaction fee of 0% (Visa's conversion rate still applies) and no Wealthsimple ATM fees in Canada or abroad; eligible ATM-operator fees reimbursed. Cash back on the prepaid card: none — Wealthsimple publishes no cash-back rate for the Visa Platinum Prepaid card, and the old prepaid Mastercard's cash-back program has ended. The separate Savings account pays 2.5% (available to every client, no tiers), and USD savings pays 2.5% Core, 3% Premium, 3.5% Generation.
In dollars, $10,000 left in Savings earns about $250 a year, against about $125 in Core Chequing or about $175 with the direct-deposit boost. Promotional rates can beat that for a while: a new Tangerine client can get 4.50% for 153 days (about 5 months) — the offer is for new clients whose Client Number is created between July 28 and November 30, 2026 — after which Tangerine’s posted rate is 0.30%. Compare the details in the Wealthsimple Chequing review and the Wealthsimple Savings account guide.
The Wealthsimple credit card
The Wealthsimple Visa Infinite+ earns cash back of 2% on every purchase. The fee is $240 a year ($20/month), waived with $100,000+ in individual assets or $4,000+/month direct deposit, so it suits people who already qualify for the waiver; everyone else should run the numbers in the Wealthsimple credit card review.
Wealthsimple Tax
Wealthsimple Tax has three tiers — Basic: pay what you want; Plus: $40 + tax (free for Premium); Pro: $80 + tax (free for Generation). It’s CRA and Revenu Québec NETFILE-certified (tax years 2023–2025), and it can import your tax slips from your CRA My Account (or Revenu Québec) so you don’t type them in by hand. Returns with rental properties across provinces or complicated self-employment can still justify an accountant. The Wealthsimple Tax review and the best free tax software in Canada cover alternatives.
Crypto
Wealthsimple offers 170+ cryptocurrencies, and sending to or receiving from external wallets is supported (network fees apply). The cost is a flat 0.5% trading fee plus a price spread on market orders (the rate without Active Trader status). That inconsistency is why crypto scores lowest here: before a large crypto trade, open the crypto fee schedule and compare it with a dedicated exchange. More in the Wealthsimple Crypto review.
Is Wealthsimple safe?
Yes: Wealthsimple Investments Inc. is a CIRO-member investment dealer, investment accounts carry CIPF coverage, and chequing cash is CDIC-eligible through a trust structure.
Wealthsimple describes its investment-account protection as securities eligible for CIPF coverage up to $1M per defined account. CIPF steps in if a member firm fails; it doesn’t cover a fall in the value of what you own. Chequing works differently: cash is held in trust at CDIC member institutions and covered up to $100,000 per beneficiary, per CDIC member institution. In total, that is up to $1 million, because funds are spread across up to 10 CDIC member institutions (Wealthsimple itself is not a CDIC member). The full breakdown, including what happens in a failure, is in is Wealthsimple safe?, and account security is covered in the Wealthsimple data breach explained.
How do you open a Wealthsimple account?
Sign up in the Wealthsimple app or on its website, confirm your identity, choose an account type and fund it; the opening fee is $0 and there’s no minimum.
- Check eligibility. Wealthsimple’s Terms of Use require Canadian residency. For a TFSA, the CRA’s rule is: Canadian resident, 18 or older, with a valid SIN (19 in some provinces to sign the contract).
- Create your login in the app or on the website, and confirm your identity when asked.
- Pick the account. Most first-time investors start with a TFSA; the every Wealthsimple account type explained guide walks through the rest.
- Fund it. Deposit from your bank or transfer an existing account in. Transfer-out fees charged by your old institution are reimbursed on transfers of $25,000 or more, up to $150 per account, and most transfers take 2–4 weeks. The Wealthsimple transfer guide covers each account type.
- Place your first trade or pick a managed portfolio.
A new client who signs up through a personal referral link and deposits $100 from another institution within 30 days gets $25. Moving a larger account? The transfer match pays 1% of the net amount transferred on transfers of $25,000 or more made within 30 days of registering, capped at $20,000 and paid over 24 months, so a $50,000 transfer earns $500 spread over two years. Conditions are in the Wealthsimple sign-up bonus guide.
Wealthsimple review verdict: who should (and shouldn’t) use it
Pick Wealthsimple if:
- You buy Canadian-listed ETFs or stocks regularly in a TFSA, RRSP, FHSA or RESP, and want $0 commissions with no minimum.
- You want investing, chequing, savings and tax filing in one app.
- You’re moving an account worth $25,000 or more from a bank brokerage and want the transfer-out fee covered.
- You want the option of a managed portfolio now and self-directed investing later, without changing providers.
Look elsewhere if:
- You convert large sums to US dollars often: Interactive Brokers converts for 0.002% of the amount (US$2.00 minimum).
- You borrow on margin: Interactive Brokers charges 3.606% against 4.95% on Wealthsimple Core.
- You only want a robo-advisor at the lowest fee: Questwealth charges 0.25%.
- You want a branch and an adviser you can meet: your bank’s brokerage.
The bottom line of this Wealthsimple Canada review is a 4.5 out of 5 rating: the best all-round choice for most Canadian ETF investors, not the cheapest for every job. This review is general education, not financial advice; the right platform depends on your accounts, how often you trade and how much you convert to US dollars.