Wealthsimple review

More pros and cons of Wealthsimple

• No account minimum. Open an account and start investing with any amount.
• Access to major Canadian & US exchanges. Trade securities on the TSX, TSXV, CSE, NEO, NYSE, Nasdaq and BATS exchanges.
• Easy application. It takes just minutes to fill out Wealthsimple‘s simple online application.
• Fractional shares. Buy into major companies like Google, Apple and Amazon without paying the full stock price.
• Investment rewards. Earn 1% in cash, stock or crypto rewards when you spend with a Wealthsimple Cash card.
• Wealthsimple Crypto. Trade 60+ cryptocurrencies on Canada’s first regulated crypto platform.

• No margin trading. You can’t borrow funds in a margin account to invest.
• Instant deposit limits. Instant deposit maximums are specific to your account and reset every three business days.

Wealthsimple’s features

Fees	Commission-free stock and ETF trades, and no foreign exchange fees for USD securities trades with a USD account.
Available securities	Trade stocks, ETFs, options and cryptocurrency. Limited to major Canadian and US exchanges.
Customer support	Reach customer support by live chat, phone or email 7 days a week. Chat with a Virtual Assistant 24/7.
Mobile app	Mobile app users love the app’s ease and simplicity but report speed issues and a need for more features.
Research and tools	Simple stock research tools, no advanced charting or third-party analysis.
Reliability	No major outages have been reported recently, but users occasionally report speed issues.

Wealthsimple is best for beginners

Wealthsimple is best for those with beginner- to intermediate-level investment experience. It offers a simple, uncomplicated interface, $0 stock and ETF trades and no annual account fees.

Where Wealthsimple shines

Wealthsimple lets you trade Canadian and US stocks and funds on an inexpensive, easy-to-use platform. There’s no minimum balance to open an account, and you can make instant deposits up to your account limit. For USD accounts, an instant trading limit of up to $50,000 applies.

Buy into major companies like Google, Apple, Tesla, Microsoft and Amazon for less with fractional share trading. You can also trade 60+ cryptocurrencies by opening a Wealthsimple Crypto account in your Wealthsimple Trade account. And if you’re a well-practiced trader, Wealthsimple enables you to buy long call and long put options as part of your trading strategy.

Wealthsimple account types

Wealthsimple offers three plans based on your asset amount: Core ($1), Premium ($100,000) and Generation ($500,000). Core customers pay a 1.5% foreign conversion fee. This is waived for Premium/Generation customers, who also get higher instant deposit limits, lower crypto trading fees and free USD accounts. Core customers pay $10 for a USD account, which offers zero FX fees for US securities trades.

Where Wealthsimple falls short

Wealthsimple may not offer enough for advanced investors who want research tools that give them a deep, detailed look at the market.

You can only trade stocks, ETFs, options and cryptocurrency, which means you don’t have access to mutual funds, bonds, GICs, options or any other investment types. Additionally, Wealthsimple doesn’t offer margin trading.

If you want to deposit above your account limit, you’ll have to wait three business days for excess funds to appear in your account before you can start investing.

Wealthsimple’s fees

Minimum deposit	$0
Annual fee	$0
Stock and ETF trade fee	$0
Options trade fee	$0.75 - $2 USD/contract
Inactivity fee	$0
Transfers (EFTs)	$0 deposits, 2.5% for instant withdrawals
Foreign exchange fee	0% - 1.50% every time you convert CAD to USD and vice versa (no fee for Premium and Generation customers)

Is Wealthsimple legit?

Yes. Wealthsimple is a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). The company was founded in 2014 and is headquartered in Toronto, Ontario. It also has an office in Brooklyn, New York.

Wealthsimple makes it easy to invest in US securities

Wealthsimple offers USD account for $10/month for Core customers or $0 for Premium & Generation customers. A USD account comes with the following perks:

• Save on foreign exchange fees. Pay no FX fees when you trade US securities.
• High instant trade limit. Instantly trade up to $50,000.
• No trade commissions. Like other Wealthsimple accounts, you’ll pay zero trade commissions on US trades.

Wealthsimple’s app

As of the time of writing, the Wealthsimple app is rated #5 out of all finance apps in the Apple App Store. It has a simple, clean interface and offers a convenient dashboard where you can view all your holdings, accounts, watchlists and price alerts. Additionally, the app supports biometric login.

Wealthsimple’s desktop tools

Wealthsimple doesn’t offer a ton of research options, which is one of the downsides of the platform. You can create watchlists for stocks and ETFs. You can also set up free, unlimited price alerts for stocks, crypto, and ETFs. Get real-time price data, and view investment news all within the app.

Wealthsimple’s app store reviews

Google Play app reviews	4.1/5 stars based on 78.5K ratings
Apple App Store app reviews	4.6/5 stars based on 124.6K ratings

Wealthsimple’s customer support

You can contact Wealthsimple by phone, email or live chat. You can chat with a real person online 7 days a week during operating hours, otherwise, you’ll be speaking with a Virtual Assistant. Wealthsimple also has loads of helpful articles and answers to frequently asked questions online.

• Online live chat
• Virtual Assistant
• Email
• Phone

How to open a Wealthsimple account

1. Select the Sign up button below to be securely redirected to Wealthsimple’s online registration page.
2. Provide personal information like your name, email address, proof of ID and relevant documents.
3. Review and submit your application.
4. Get verified and load funds into your account to start trading.
5. Take advantage of the promotion.

Eligibility and required information

• At least the age of majority in your province or territory (18 or 19 years old)
• Valid phone number, residential address and email address
• Valid Social Insurance Number (SIN)

How safe is Wealthsimple?

Wealthsimple’s custodial broker, Wealthsimple Investments Inc., is a member of the Canadian Investment Regulatory Organization (CIRO). Wealthsimple investment accounts are insured by the Canadian Investor Protection Fund.

The company follows industry-standard best practices to protect users’ money and data. Besides employing a full-time security team, the company uses 256-bit SSL/TLS encryption, two-step verification and cloud backups to prevent any data from getting lost.

Compare Wealthsimple with other platforms

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