Wealthsimple Review: Every Account, Fee and Product

1. Wealthsimple Review: Our Verdict and Score

The short version. Wealthsimple earns 4.2 / 5 in our online broker ranking and places fourth of 13 Canadian brokers as of October 23, 2026. No other platform we score puts self-directed investing, managed portfolios, crypto, chequing, savings, a credit card and tax filing behind one login. For someone who buys and holds Canadian-listed ETFs, the only investing cost is the fund’s own expense ratio.

Where it earns its score. Wealthsimple takes the full 5.0 for account types because it offers all 10 we count: TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA or LIF, margin, joint and corporate. It also takes the full 5.0 on cost, because $0 commissions on Canadian and US trades and no yearly account fee make both of our trading profiles cost $0 a year. In our separate options ranking it takes the full 5.0 for options cost, since equity and ETF options carry $0 commission and $0 per contract.

Where it loses points. Cash and margin scores 2.0 of 5. The Core margin rate of 4.95% earns most of the margin half, but Wealthsimple does not publish an interest rate on uninvested cash in trading accounts, so it gets nothing for cash. US investing scores 3.5: the full 2 points for $0 US commissions, but 1.5 of 3 for US dollars in registered accounts, because the USD account costs $10 plus tax a month on Core. The platform score is 4.0 because we do not count a separate advanced desktop trading platform.

Why it ranks fourth. Questrade and Desjardins Online Brokerage (Disnat) both score 4.3 / 5, helped by a full 5.0 for US investing: both hold US dollars in registered accounts with no fee listed and charge $0 US commissions. Interactive Brokers Canada also shows 4.2 / 5 but ranks ahead on the unrounded score, 4.232 against Wealthsimple’s 4.225, with the lowest margin rate in our ranking and a full platform score. Wealthsimple wins outright for beginners: 4.7 / 5, first of 13, on its $1 fractional shares, simple app, dividend reinvestment and no stated account minimum.

Its other products score well too. Wealthsimple Managed Investing is first of four ranked robo-advisors at 4.2 / 5. Wealthsimple Crypto is first of nine authorized crypto platforms at 4.6 / 5. Wealthsimple Chequing is second of 20 chequing accounts at 4.4 / 5, behind EQ Bank. Wealthsimple Tax ranks first of seven certified tax products we score.

A date to watch. Wealthsimple has scheduled a product event for November 5, 2026, where it plans to announce new products. Every figure on this page was checked on October 22, 2026, and we will update the page if a price or rate changes after the event.

2. Wealthsimple Fees by Product and Tier

What the tiers change. Wealthsimple’s prices fall into two groups. Some fees are the same for every client: $0 stock and ETF commissions, $0 per options contract, the 0.5% crypto trading fee and $0 to transfer an account out. Others fall as your assets grow: the managed investing fee, margin and line of credit rates, the chequing rate, the USD account fee, the credit card fee and the Wealthsimple Tax plan you get. The table shows each one as of October 22, 2026.

Costs that sit outside the table. Some US orders carry small stock exchange and regulatory pass-through fees, which show on the trade confirmation. Crypto market orders include a spread on top of the 0.5% fee, and orders under $100 add $1. Instant withdrawals to a debit card cost 2.5%. Paper statements cost $20, journaling between accounts $9.95, a manual wire from a trading account $30, a certificate withdrawal $250 and a phone trade $45. Opening and closing an account cost $0.

What “commission-free” leaves out. A $0 commission is not a $0 cost. ETFs charge their own expense ratios, managed portfolios add 0.5% a year on Core, and a Core client who adds a USD account pays $10 plus tax a month, or $120 a year before tax ($10 x 12). Our Wealthsimple fees guide lists every charge with the way to avoid it.

3. Wealthsimple Accounts, Opening and Transfers

Self-directed accounts. Wealthsimple’s self-directed platform offers the TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA, LIF, individual non-registered, joint non-registered and corporate accounts. A corporation can hold up to eight investing accounts. Margin is offered as up to two personal margin accounts, one joint margin account (in beta) and one corporate margin account per corporation. Wealthsimple states no minimum to open, and the Core tier starts at $1 in assets.

Managed and automated accounts. Managed portfolios are offered in the TFSA, RRSP, spousal RRSP, FHSA, RESP, RRIF, LIRA, non-registered and corporate accounts. Automated Investing, a lower-cost option covered in section 5, is offered in the TFSA, RRSP, FHSA, LIRA, LIF, RRIF and individual and joint non-registered accounts. Crypto sits in a non-registered crypto account only, and the savings account is individual and non-registered only for now.

Registered limits for 2026. The 2026 TFSA limit is $7,000, and someone who has been eligible since 2009 can have up to $109,000 of total room. The FHSA allows $8,000 a year to a $40,000 lifetime limit. The account type matters more than the provider for tax, so our TFSA guide, RRSP guide and FHSA guide explain the rules. For the RESP, Wealthsimple offers a family RESP (single-owner or joint-owner) and an individual RESP for yourself, applies for the CESG, Additional CESG, Canada Learning Bond and QESI on your behalf, and prompts you to apply for the BCTESG; our Wealthsimple RESP review covers its fees and grant timing, and our RESP guide covers how the grants work. The Wealthsimple RRSP review covers personal, spousal and group RRSPs.

Transferring in. When you move an account of $25,000 or more to Wealthsimple, it covers the transfer-out fee your old institution charges, up to $150 per account, as long as the account stays funded for 90 days. Separately, the 1% transfer match pays 1% of qualifying transfers of $25,000 or more made within 30 days of registering, on up to $2,000,000 (a maximum of $20,000), in 24 equal monthly payments into chequing. It has run since May 4, 2026, with no end date.

Transferring out. Wealthsimple charges $0 to transfer an account to another institution. One catch: fractional shares cannot be transferred to another institution, so plan to sell them before you move. Our guide to transferring an investment account explains how to move a TFSA or RRSP without using contribution room.

4. Self-Directed Investing: Wealthsimple Trade

Commissions and selection. Wealthsimple charges $0 commission on listed Canadian and US securities and offers more than 14,000 stocks and ETFs. You can buy fractional shares of thousands of Canadian and US stocks and ETFs from $1, in real time during market hours. Recurring investments can run daily, weekly, every two weeks or monthly, and dividend reinvestment can be switched on for an account.

Options at $0 per contract. Since October 2025, equity and ETF options carry $0 commission and $0 per contract on every tier. In registered accounts such as the TFSA and RRSP you can buy calls and puts, sell cash-secured puts and write covered calls. Every other strategy needs a margin account. An early exercise or do-not-exercise instruction costs US$45. Our Wealthsimple options trading review covers approval and index option fees.

Trading hours. US-listed stocks and ETFs trade 24 hours a day, five days a week, from Sunday 8 pm to Friday 8 pm Eastern time. That covers pre-market (4:00 am to 9:30 am), regular hours (9:30 am to 4:00 pm), post-market (4:00 pm to 8:00 pm) and an overnight session (8:00 pm to 4:00 am). Orders outside regular hours must be limit orders, fractional shares do not trade then, and Canadian securities are not part of 24-hour trading.

Margin and borrowing. Margin rates are 4.95% on Core (prime plus 0.5%), 4.45% on Premium (prime) and 3.95% on Generation (prime minus 0.5%) in Canadian dollars, using a CAD prime rate of 4.45% as of September 18, 2026. US-dollar margin costs 7.5%, 7% and 6.5%. Interest accrues daily and is charged monthly. Some clients get a restricted margin account with a $1,000 borrowing limit, and a TFSA can be linked to a margin account for buying power. Wealthsimple’s Core rate ranks third in our lowest margin rates in Canada list, and our Wealthsimple margin account review explains approval and margin calls.

Beyond stocks. Physical gold trades around the clock with a 1% trading fee, and redeeming physical gold costs 11% for a tenth of an ounce or 2.25% for one ounce. Futures cost US$1 per contract plus a US$0.02 regulatory fee and exchange fees, and perpetual futures cost 0.12% of the notional value per trade. Event contracts cost US$0.02 per contract. Private equity and private credit funds start at $10,000 and are open to every tier. If you lend shares through the stock lending program, you keep 50% of the income.

App, web and Active Trader. Everything runs in the Wealthsimple mobile app and the web app. Clients who place 50 or more manual trades in a calendar month become Active Traders, with one month of grace. They get phone trades at no charge (normally $45), phone pickup in under a minute, email replies within four hours and lower crypto fees. Our full Wealthsimple Trade review covers order types, limits and the app in detail.

5. Managed Investing and Automated Investing

The fee by tier. Wealthsimple’s managed portfolios cost 0.5% a year on Core, 0.4% on Premium and 0.4% on Generation, falling to 0.2% at $10,000,000 or more. Generation clients are told to confirm their exact rate with the advisor team. Corporate managed accounts pay 0.5%, dropping to 0.4% at $100,000. The fund costs of the ETFs inside the portfolio come on top: Classic portfolios use ETFs with expense ratios between 0.12% and 0.15%.

The portfolios. The current lineup is Classic, Summit, Income, the Private Market Fund, Automated Investing and Advice. Classic holds eight to ten ETFs and rebalances automatically when you deposit, withdraw or change your goal, with dividends reinvested into underweight funds. Summit adds private markets at 20%, 25% or 30% for Balanced, Growth and Aggressive, with a 1.00% management fee on the private portion. It needs $10,000 of investable assets, $3,500 before the private portion is added, and a horizon of four years or more. A Socially Responsible portfolio with expense ratios between 0.21% and 0.23% is described in Wealthsimple’s help centre.

Income portfolios. Wealthsimple offers three: Vanguard Income, Core Bond and a Money Market portfolio. The Money Market portfolio has no management fee; the other two pay the tiered fee. You can hold one Income portfolio per account.

Automated Investing. This option costs 0.25% a year and is capped once the balance reaches $100,000, so the most you pay is $250 per account per year. In non-registered accounts it uses direct indexing with tax-loss harvesting.

What higher tiers add. Tax-loss harvesting comes with Premium and Generation, not Core. Asset location and custom portfolios are Generation-only. A dedicated advisor team is available from $1,000,000, and Wealthsimple’s advisor-led Wealth Management service for households of $1,000,000 or more charges 0.8%, falling to 0.5% at $10,000,000, before fund costs.

How it ranks. Wealthsimple Managed Investing scores 4.2 / 5 and ranks first of four robo-advisors we can rank, on its portfolio range, $1 entry and advisor access. Its weak spot is cost: about 0.65% a year in total at $50,000 on Core (0.5% fee plus up to 0.15% in fund costs), against 0.37% for Questwealth Portfolios. See the Wealthsimple Managed Investing review and our best robo-advisors in Canada ranking.

6. Wealthsimple Crypto

Fees. Under the fee schedule dated September 24, 2026, crypto market orders cost a flat 0.5% plus a spread on every tier, and limit orders carry no spread. Orders under $100 add a $1 charge, so a $50 market order costs $1.25 in fees ($50 x 0.5% = $0.25, plus $1), or 2.5% of the order, before the spread. Active Traders pay less: 0.35% from $10,000 of 30-day volume, 0.25% from $100,000, 0.15% from $500,000, 0.10% from $1,000,000, 0.05% from $10,000,000 and 0% from $15,000,000, with no spread.

Coins and staking. Wealthsimple lists more than 170 coins. You can stake ETH, SOL, ADA and DOT, with yields of up to 3.8% a year on Core and Premium and up to 5% on Generation, shown net of fees and set by each network. Wealthsimple keeps 30% of staking rewards on Core and Premium and 15% on Generation, and validator commissions are separate. A built-in decentralized exchange feature charges a 0.85% trading fee, with network fees currently covered.

Transfers and limits. You can send crypto in and out; the blockchain sets the network fee and Wealthsimple lists no transfer fee of its own. Crypto is held only in a non-registered crypto account, not in a TFSA, RRSP or FHSA. Under its regulatory terms, investors who do not qualify as eligible can buy up to $30,000 of net crypto cost in a 12-month period, eligible investors up to $100,000, and accredited investors have no limit, outside certain provinces.

Regulation and custody. Wealthsimple Investments Inc. has been a registered crypto trading platform since January 1, 2024, and is a CIRO investment dealer. Most crypto sits in offline cold storage with regulated custodians, held in trust, and each custodian partner carries $75 million or more of cold storage coverage. Hot wallets are covered through Coincover. Crypto assets are not protected by CIPF or CDIC, though cash in the crypto account is CIPF-covered.

How it ranks. Wealthsimple Crypto scores 4.6 / 5, first of nine platforms on the Canadian Securities Administrators’ authorized list that we rank. NDAX charges less at 0.20% flat, but scores lower on coin selection and regulation. Read the Wealthsimple Crypto review or compare all nine in our best crypto platforms in Canada ranking.

7. Wealthsimple Chequing and Savings

Chequing rates. Wealthsimple Chequing pays 1.25% on Core, 1.75% on Premium and 2.25% on Generation, calculated daily and paid monthly. A direct deposit of $2,000 or more within a 30-day period adds 0.5% for Core (to 1.75%) and Premium (to 2.25%). Generation already earns 2.25% and gets no boost. On a $10,000 balance for a year, that is $125.00 on Core, $175.00 on Premium and $225.00 on Generation before tax.

Everyday costs. The account has a $0 monthly fee, no minimum balance and $0 Interac e-Transfers, with up to $50,000 a day for eligible clients. The Visa Platinum Prepaid card has no fee. Wealthsimple charges no ATM fee of its own and reimburses eligible ATM operator fees worldwide, with no cap stated. The card does not work in Costco Canada warehouses, which take only Mastercard.

Deposits, cheques and bills. You can deposit cash at more than 5,300 Canada Post locations and deposit cheques by photo, with funds in about six business days. A chequebook comes at no charge once your pay is direct deposited, and pay can arrive up to one day early. You can pay bills and order bank drafts in the app. Outgoing domestic wires cost $15 (waived for Generation), incoming wires cost nothing, and international SWIFT wires are available. Overdraft carries no fee, with interest from 3.95%. You can hold up to eight individual and eight joint chequing accounts. The institution number is 703 and the transit number is 00001; our guide to the Wealthsimple institution and transit number shows where to find your own account number.

Savings account. The savings account pays 2.5% to all clients, not as a promotion, with $0 fees, no minimum and no withdrawal limits or notice (rate data as of August 19, 2026). It is individual and non-registered only for now. It has no account or transit number, so you cannot direct deposit into it. On $20,000 for a year, 2.5% earns $500.00 before tax. Our Wealthsimple savings account review compares it with other savings accounts.

Kids and registered savings. The Kids and Teens account pays up to 2.25% with $0 fees, for up to 10 children per parent. Wealthsimple also offers a registered savings option inside the TFSA, RRSP and FHSA, protected by CDIC up to $100,000 per category rather than CIPF; its rate differs across Wealthsimple’s own pages and is being confirmed.

How it ranks. Wealthsimple Chequing scores 4.4 / 5 and ranks second of 20 in our best chequing accounts ranking, behind EQ Bank at 4.6 / 5. It takes full marks for fees, transactions and ATM access and loses points on interest and because Wealthsimple is not a CDIC member in its own right. See the Wealthsimple Chequing review, Wealthsimple vs EQ Bank and our high-interest savings account rates.

8. US Investing and USD Accounts

US commissions. Listed US stocks and ETFs cost $0 commission on every tier, the same as Canadian ones, and US equity and ETF options cost $0 per contract. US-listed stocks and ETFs trade 24 hours a day on weekdays. Some US orders carry small regulatory pass-through fees, which show on the trade confirmation.

What the USD account costs. A USD account lets an eligible account hold US dollars. Core clients pay $10 plus tax a month ($120 a year before tax) after a 30-day trial, with no pro-rated refund when you cancel. Premium and Generation clients get it at no extra charge once they opt in, and clients who share a home address can combine assets as a household to reach Premium at $100,000.

US withholding tax by account. US dividends paid to Canadian residents have 15% US tax withheld when a Form W-8BEN is on file, and 30% without one. The Canada-US tax treaty exempts accounts operated for retirement income, such as the RRSP, RRIF, LIRA and LIF, when US-listed securities are held directly and the account is documented. In a TFSA, FHSA or RESP the 15% cannot be recovered, while in a non-registered account you report the gross dividend and can claim a foreign tax credit. Our US stocks in a TFSA guide explains the rules.

USD savings and what we are confirming. USD savings accounts (up to eight, with no monthly fee and no minimum) are offered, but the rates differ between two Wealthsimple pages and are being confirmed. Direct deposit into US dollars is not available yet. Our editorial standards explain how we handle figures we cannot confirm.

Dividends and where to read more. Wealthsimple offers optional dividend reinvestment and ranks third of seven brokers that offer DRIP in our best brokers for dividend investing ranking. Estimate what your broker and funds cost each year with our investment fee calculator, or read the Wealthsimple USD accounts review.

9. Credit Card, Tax, Mortgages and Business Accounts

The credit card. Wealthsimple offers two Visa cards, Visa Infinite+ and Visa Infinite Privilege, and matches each applicant to one; both are available in limited quantities. Each pays 2% cash back on all net purchases with no categories. The fee is $20 a month ($240 a year), waived with $100,000 or more in individual assets or $4,000 or more a month in direct deposits. At a $240 fee, you need $12,000 a year of spending ($240 ÷ 2%) before the cash back covers it. Purchase interest is 20.99% and cash advances 22.99%, and the balance can be paid only from Wealthsimple Chequing.

Who can get which card. Visa Infinite+ needs $80,000 of personal income or $150,000 of household income, plus active Wealthsimple Chequing and a full credit check. Visa Infinite Privilege needs $150,000 personal or $200,000 household income, or $50,000 of annual spending, or $400,000 of Wealthsimple assets; it adds access to more than 1,200 airport lounges and travel medical cover of up to $2,000,000. See the Wealthsimple credit card review.

Wealthsimple Tax. For the 2025 tax year, Basic is pay what you want, including $0, for up to two returns with every income type and deduction. Plus costs $40 plus tax for up to eight returns with priority email and audit protection, and is included for Premium and Generation. Pro costs $80 plus tax, adds a 30-minute consultation with a tax expert, and is included for Generation; it is not offered in Quebec or in French. The software is NETFILE-certified for the 2023 to 2025 tax years and ranks first of seven products in our best tax software scores. Read the Wealthsimple Tax review or Wealthsimple Tax vs TurboTax.

Mortgages. Wealthsimple Mortgage Services Inc. works as a mortgage broker with more than 25 lending partners. It serves Ontario, Alberta, British Columbia, Saskatchewan, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador, not Quebec or the territories, and the minimum mortgage is $150,000.

Business accounts. Incorporated businesses can open up to eight corporate investing accounts with no minimum, a corporate margin account and managed portfolios at 0.5%, dropping to 0.4% at $100,000. Business chequing and Corporate Save deposits are protected by CDIC up to $100,000 per business, and a Business Prepaid Visa is issued by Wealthsimple Payments Inc.

Portfolio line of credit. You can borrow up to 35% of eligible collateral at 4.95% on Core, 4.45% on Premium or 3.95% on Generation, with at least $1,000 of collateral, no credit check and no minimum payment. Up to five non-registered accounts and TFSAs can be pledged; FHSAs, RRSPs, RESPs, LIRAs and joint accounts cannot.

10. Core vs Premium vs Generation: Is Wealthsimple Premium Worth It?

How the tiers work. Every client starts on Core from $1. Premium starts at $100,000 and Generation at $500,000. Wealthsimple uses the higher of your net deposits or your total portfolio value, so a market drop alone does not demote you; you move down only if both fall and stay below the threshold. Withdrawals and transfers out reduce net deposits. Upgrades are automatic and take at least one business day, and new deposits can take up to 72 hours to count.

Households. Two or more Wealthsimple clients who share a home address can form a household and combine assets toward Premium or Generation. No size limit or relationship rule is stated. Members choose what to share, and others can see shared balances but cannot move money. Please note that the credit card fee waiver is written as $100,000 or more in individual assets, so confirm it applies before relying on a household upgrade for the card.

What the upgrade is worth. Moving from Core to Premium on $100,000 of managed assets cuts the management fee from $500 to $400 a year, a saving of $100. The included USD account saves $120 a year before tax if you use one, Wealthsimple Tax Plus is a $40 value, and $10,000 of chequing cash earns $50 more a year ($175 instead of $125) without a direct deposit. Generation adds the 3.95% margin rate, Tax Pro and the lower staking cut, but the managed fee stays at 0.4% until much larger balances.

What no tier includes. No tier changes the 0.5% crypto trading fee or the service fees, and lounge access and a 24/7 concierge are credit card perks, not tier perks. There is no paid membership plan: the only paid add-on on the pricing page is the Core USD account. Our Wealthsimple Core vs Premium vs Generation guide runs the full upgrade math.

11. Is Wealthsimple Safe? CIRO, CIPF and CDIC

Who holds your investments. Wealthsimple Investments Inc. is an investment dealer, a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). It holds the self-directed, crypto, managed, registered savings and business investing accounts. Other group companies include Wealthsimple Inc. (portfolio manager), Wealthsimple Financial Corp. (the parent of the dealer), Wealthsimple Mortgage Services Inc. and SimpleTax Software Inc., which runs Wealthsimple Tax.

Who runs the cards and chequing. Wealthsimple Payments Inc. is registered with FINTRAC as a money services business and is registered with the Bank of Canada as a payment service provider under the Retail Payment Activities Act. It issues the credit cards and prepaid cards. Like Wealthsimple as a whole, it is not a CDIC member.

What CIPF does and does not do. CIPF protects cash, securities, futures and segregated funds held by a member firm if that firm becomes insolvent. It does not cover a fall in the market value of your investments, and it does not cover crypto assets. The general, retirement and RESP categories each have their own $1,000,000 limit. Our CIPF vs CDIC guide explains how investment protection and deposit insurance differ.

How chequing deposits are covered. Chequing cash is placed in trust at partner banks that are CDIC members, which gives up to $1,000,000 of combined cover. Wealthsimple says it cannot name the partner banks for contractual reasons, so you cannot check whether you already hold money at one of them. Joint chequing funds count under the primary holder for CDIC purposes.

Account security and size. Clients who sign in with a passkey are reimbursed for all direct losses from unauthorized activity, and Wealthsimple reports SOC 1 and SOC 2 compliance. As of December 18, 2023, subsidiaries and affiliates of Power Corporation of Canada controlled a majority of the voting securities of Wealthsimple Financial Corp. Wealthsimple reported $155.6 billion in assets under administration at June 30, 2026. Our full Is Wealthsimple safe? guide covers each layer in depth.

12. Wealthsimple Pros and Cons

How to read this list. Each point comes from Wealthsimple’s published prices and terms as checked on October 22, 2026, and from our published scores. Weigh the cons against how you invest: a buy-and-hold investor in Canadian-listed ETFs meets few of them, while an active trader who wants advanced tools and interest on idle cash meets most.

The balance. For a long-term investor in Canadian-listed funds, a saver who wants a good chequing rate, or a family near $100,000, the pros clearly outweigh the cons. For someone who trades every week, wants interest on idle cash and holds US dollars on Core, the cons add up quickly, and another broker may fit better.

13. Wealthsimple vs Questrade and Interactive Brokers

Three of the leaders. Questrade ranks first, Interactive Brokers Canada third and Wealthsimple fourth in our online broker ranking as of October 23, 2026. The table compares their published prices as of October 22, 2026, and the yearly cost of our two trading profiles and our options profile.

Wealthsimple vs Questrade. Both charge $0 stock and ETF commissions and have no yearly account fee, so both cost $0.00 a year in our active and buy-and-hold profiles. Questrade scores higher, 4.3 / 5 against 4.2 / 5, because US dollars sit in its registered accounts at no extra cost and it offers an advanced trading platform. Wealthsimple charges $0 to transfer out against Questrade’s $150, has a much lower entry margin rate (4.95% against 8.70%) and adds chequing, crypto and tax filing. See Wealthsimple vs Questrade and our Questrade review.

Wealthsimple vs Interactive Brokers. IBKR edges ahead on the unrounded score (4.232 against 4.225), helped by the lowest CAD margin rate in our ranking and a full platform score. It also pays 1.675% on Canadian cash above CAD 13,000, with the full rate only for accounts with more than USD 100,000 in net assets. Wealthsimple is cheaper in all three of our cost profiles: $0.00 against $36.00 a year for the active profile, $0.00 against $12.00 for buy-and-hold and $0.00 against $62.40 for options. It also offers more account types and ranks higher for beginners (4.7 / 5 against 4.4 / 5). Read Wealthsimple vs Interactive Brokers and our Interactive Brokers Canada review.

Enter your own trading pattern in the broker cost calculator below to see your yearly cost at Wealthsimple and every other broker we score.

Other match-ups. If you are weighing a per-share broker, see Wealthsimple vs moomoo; for bank-owned brokers, Wealthsimple vs TD Direct Investing and Wealthsimple vs RBC Direct Investing; and for another $0-commission app, Wealthsimple vs Webull. You can also compare all 13 brokers in our best online brokers in Canada ranking. Every review we publish is listed in our Canadian broker and bank reviews hub.

14. Is Wealthsimple Good? Who It Suits and Who Should Look Elsewhere

New investors. Wealthsimple ranks first of 13 in our best brokers for beginners list. Fractional shares from $1, no stated minimum and recurring investments let you start with small amounts, and the app keeps every account in one place. Our step-by-step guide to investing in Canada pairs well with it.

Long-term ETF investors. If you buy Canadian-listed ETFs in a TFSA, RRSP or FHSA and hold them, Wealthsimple costs nothing to trade and nothing to leave. Your main cost is the fund’s own expense ratio, which you would pay anywhere.

People who want it done for them. Managed portfolios rank first of four robo-advisors we score, with Summit, Income and Automated Investing options. Families near $100,000 can combine assets as a household to reach the 0.4% Premium fee and tax-loss harvesting.

People who want banking with investing. Chequing at up to 2.25%, savings at 2.5%, ATM fee reimbursement and a 2% card give Wealthsimple the main features of an everyday bank account, though it is not a CDIC member itself.

Compare first if you hold US stocks on Core. Wealthsimple charges $0 commission on US stocks, but holding US dollars in a TFSA or RRSP needs a USD account at $10 plus tax a month on Core. Our best brokers for US stocks ranking places Wealthsimple fourth of 13 at 4.0 / 5, behind Desjardins Online Brokerage (Disnat), Questrade and National Bank Direct Brokerage, which list no fee for US dollars in registered accounts.

Look elsewhere if you want interest on idle trading cash or advanced tools. Wealthsimple publishes no rate for cash in trading accounts and offers no separate desktop trading platform. Traders who live in charts and order books may prefer a broker built around one; see our best options trading platforms for the trade-offs.

All 18 Wealthsimple Guides

Each Wealthsimple product has its own in-depth page. Start with the one that matches what you want to open.

What You Need and What You Get With Wealthsimple

How to Open and Fund a Wealthsimple Account

1. Pick your accounts. Decide which registered and non-registered accounts you need, and whether you want to choose investments yourself, use a managed portfolio or use Automated Investing.
2. Sign up in the app. Enter your details, verify your ID and provide your social insurance number. Set up a passkey, since passkey users are covered for direct losses from unauthorized activity.
3. Make a first deposit. Link your bank and deposit. Instant deposits go up to $50,000 on Core and $250,000 on Premium and Generation.
4. Transfer existing accounts. Request a direct transfer from your old institution so registered money moves without using contribution room. On $25,000 or more, Wealthsimple covers the old institution’s fee, up to $150 per account, if the account stays funded 90 days.
5. Decide on US dollars. If you want to hold US dollars in a TFSA, RRSP or other eligible account, add a USD account. It costs $10 plus tax a month on Core after a 30-day trial and is included on Premium and Generation.
6. Set up direct deposit and recurring investments. A direct deposit of $2,000 or more in 30 days lifts the Core and Premium chequing rate by 0.5%. Recurring investments can run daily, weekly, every two weeks or monthly.
7. Check your tier after 72 hours. New deposits can take up to 72 hours to count toward your tier, and the upgrade itself takes at least one business day.

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Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
• Certified Public Accountant, Washington (No. 57629) and Montana (No. PAC-CPAP-LIC-033176)
• Writing on tax and registered accounts since 2021
• Reader’s Choice Award 2025 Winner, Best Accountant (Toronto)

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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
• Post Graduate Diploma in Business Administration (Finance), 2008
• In financial markets since December 2005
• More than 2,600 published investment articles

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