Wealthsimple Review




  • Leverage: Not Offering

  • Regulation: IIROC

  • Min. Deposit: $1

  • HQ: Canada

  • Platforms: Wealthsimple App

  • Found in: 2014

Wealthsimple Licenses:

  • Wealthsimple Investments Inc. - authorized by IIROC (Canada) registration no M5V 2J4
  • Wealthsimple Investments Inc. - member of CIRO & CIPF (Canada)

Top 3 Forex Brokers

  1. What is Wealthsimple?
  2. Wealthsimple Pros and Cons
  3. Is Wealthsimple Safe or a Scam?
  4. Margin Trading
  5. Accounts
  6. Products
  7. Fees
  8. Commission
  9. Deposits and Withdrawals
  10. Trading Platform
  11. Customer Support
  12. Education
  13. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Stock and Forex Trading check all trading conditions, regulations and licenses, fees, spreads, platforms, customer service, and placed traders to see proposals fully to give expert opinions about Wealthsimple.

What is Wealthsimple Invest?

Wealthsimple is a Canadian financial firm offering Stock trading and investment services, along with a variety of financial planning options. The platform enables investors to trade a diverse range of financial products, including stocks, ETFs, options, and cryptocurrencies.

Based on our research, the broker is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and is a member of the Canadian Investment Regulatory Organization (CIRO). These organizations ensure strict compliance with regulatory standards and help safeguard investors’ assets.

Overall, Wealthsimple focuses on providing automated, low-cost investment solutions for individuals seeking a hands-free approach to portfolio management.

Is Wealthsimple Stock Broker?

Yes, Wealthsimple operates as a Stock Trading broker. The firm offers automated investment solutions through its robo-advisory service and allows users to build and manage diversified portfolios based on their financial goals and risk tolerance.

Wealthsimple Pros and Cons

Per our findings, the broker has several advantages, including its user-friendly interface, commission-free trading on stocks and ETFs, and automated investment solutions. The platform caters to both beginners and experienced investors, offering diverse financial products.

For the cons, it has more limited investment options compared to some traditional brokers. Additionally, the platform has simplified education and research tools, potentially affecting the depth of market information available to users. Moreover, the absence of 24/7 customer support might be a drawback for those who prefer round-the-clock assistance.

IIROC regulation and overseeNo 24/7 customer support
Secure investing environmentLimited investment products
Self-directed investingNo paper trading or demo account
User-friendly interfaceLimited education and research materials
Low minimum deposit requirement
Competitive trading conditions

Wealthsimple Review Official Website

Wealthsimple Review Summary in 10 Points
🏢 HeadquartersCanada
🗺️ RegulationIIROC
🖥 PlatformsWealthsimple App
📉 Trading ProductsStocks, ETFs, Options, Cryptos
💰 Stock CommissionFrom $0
🎮 Paper Trading/ Demo AccountNo
💳 Minimum Deposit$1
💰 Base CurrenciesUSD, CAD, GBP
📚 EducationLimited
☎ Customer Support24/5

Overall Wealthsimple Ranking

According to our analysis, the broker provides competitive investment solutions, a user-friendly trading platform, and low-cost brokerage fees. However, we recommend considering the specific investment needs, preferences, and potential limitations of the platform before making a decision.

  • Wealthsimple Overall Ranking is 8 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers.
Our Ranking ⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading ConditionsTrading ProductsBrokerage Rates

Wealthsimple Alternative Brokers

While the company offers competitive trading conditions for investors, other stock trading firms may offer additional benefits such as a wider range of trading products, trading platforms, etc. So, we have compiled a list of alternatives for you to consider.

  • Zerodha – Variety of Trading Products
  • Upstox – Competitive Brokerage Rates
  • E-Trade – Competitive Investment Conditions

Is Wealthsimple Safe or Scam?

No, Wealthsimple is not a scam. It is a reliable Stock trading broker that follows the strict rules and guidelines established by Canadian IIROC. This Top-Tier regulation safeguards client assets and provides low-risk trading.

Is Wealthsimple Legit?

Yes, Wealthsimple is a legitimate and regulated investing firm. It is authorized by a reliable Canadian authority and has a good reputation in the financial market.

However, the firm lacks an additional license, which could be a drawback for some investors seeking accounts with multiple regulatory authorities.

See our conclusion on Wealthsimple Reliability:

  • Our Ranked Wealthsimple Trust Score is 8.9 out of 10 for the good reputation and services provided. However, we recommended conducting your research, reviewing customer feedback, and considering personal factors before deciding to engage with the broker.
Wealthsimple Strong PointsWealthsimple Weak Points
Top-tier licenseNone
Member of CIRO and CIPF
Professional investing environment
Two-step verification
Client funds security

Customer Trading Protection

Wealthsimple Canada emphasizes customer trading protection through various measures. The firm is a member of the Canadian Investor Protection Fund (CIPF), which offers protection in case the brokerage faces financial insolvency. This means that eligible clients may be compensated up to specified limits in the unlikely event of the platform’s insolvency.

The platform strives to prioritize the security and protection of its customers’ assets, contributing to a secure trading environment.

Wealthsimple Review License

Margin Trading

We found that Wealthsimple does not offer margin trading. It is focused on providing a straightforward and user-friendly experience without incorporating advanced features like margin trading.

However, for the most accurate and current information about the firm’s offerings, including leverage or margin trading, we recommend checking the official website or contacting its customer support directly.

Account Types

Based on our findings, the broker offers a range of account types to suit diverse financial needs. These include account types such as the Registered Retirement Savings Plan (RRSP), Tax-Free Savings Account (TFSA), First Home Savings Account (FHSA), Non-registered Account, and others.

Variety of account typesNone
Low minimum deposit amount
Fast and easy account opening

How to Open Wealthsimple Live Account?

Opening an account with a broker is considered quite an easy process, as you can log in and register within minutes. Just follow the opening account or Wealthsimple login page and proceed with the guided steps:

  • Select and Click on the “Sign Up” page
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your data by uploading documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

Wealthsimple Review Accounts

Trading Products

Through the platform, traders can buy and sell Stocks, ETFs, Options, and Wealthsimple crypto without incurring traditional trading commissions. This selection of trading instruments provides users with the flexibility to create diversified portfolios or engage in more specialized investment strategies.

  • Wealthsimple Markets Range Score is 7.9 out of 10 for trading products overall which we rank high also for offering some unique opportunities and investment options. Yet, on the other hand, many popular asset classes are not available to invest in, so it might be good to consider alternatives too.

Wealthsimple Review Trading Products

Wealthsimple Fees

According to our findings, the firm is known for its transparent fee structure, offering competitive pricing across its various services. The broker charges a management fee based on the total assets under management.

While Wealthsimple aims to keep its fees competitive, traders should review the detailed fee information for each service to ensure a clear understanding of the costs associated with their investment and trading activities.

  • Wealthsimple Fees are ranked low or average with an overall rating of 8 out of 10 based on our testing and compared to over 500 other brokers for all fees applied. Some services are free of charge and others may apply some charges. See more comparison details below:
FeesWealthsimple FeesZerodha FeesUpstox Fees
Deposit feeYesYesYes
Withdrawal feeYesNoYes
Inactivity feeNoYesYes
Investment PlansYesYesYes
Fee rankingLow/AverageLow/AverageLow/Average

Wealthsimple Review Fees

Trading Commission

Based on our test trade, the broker is known for its commission-free trading model, allowing users to buy and sell different trading products without incurring traditional trading commissions. This fee structure is particularly appealing to investors looking to minimize transaction costs.

As fees and commissions can be subject to change, traders should check the broker’s official website or contact customer support for the latest and most accurate information regarding trading commissions.

  • Wealthsimple Commission is ranked good with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found fees are competitive, transparent, and suitable for investment.
Asset/ PairWealthsimple CommissionZerodha CommissionUpstox Commission
Stocks FeesFrom $0From ₹20From ₹20
Fractional SharesYesNoNo
Options FeesFrom $2From ₹20From ₹20
ETFs FeesFrom $0From ₹10From ₹20
Free StocksYesNoNo

Wealthsimple Review Commissions

Wealthsimple Trading Hours

We found that the broker operates within the standard trading hours of major stock exchanges. The platform aligns with the regular trading hours of North American markets, typically from 9:30 AM to 4:00 PM Eastern Time (ET) on weekdays, excluding holidays. During these hours, users can execute trades for stocks and ETFs.

Deposits and Withdrawals

The broker supports multiple funding methods to provide flexibility for users. Investors can fund their Wealthsimple accounts through bank transfers, including linking their bank accounts for seamless deposits and withdrawals. The platform also accepts fund transfers from other financial institutions.

Additionally, users can contribute to their Cash accounts through various means, such as direct deposits, and use the associated Wealthsimple Cash Card for spending.

  • Wealthsimple Funding Methods we ranked good with an overall rating of 8.5 out of 10. Fees are low, and you can also benefit from various funding methods.

Here are some good and negative points for Wealthsimple funding methods found:

Variety of funding methodsNone
Fast digital deposits

Wealthsimple Minimum Deposit

The broker has an exceptionally low minimum deposit requirement of just $1. This minimal threshold allows investors to open and fund their accounts with ease, promoting accessibility for a diverse range of users.

Wealthsimple minimum deposit vs other brokers

Wealthsimple Most Other Brokers
Minimum Deposit $1 $500

Wealthsimple Withdrawals

Per our analysis, the broker facilitates easy withdrawals for investors, allowing them to access their funds when needed. Users can initiate withdrawals through the platform, and the processing time may vary based on the withdrawal method, typically taking a few business days for the funds to reach their designated accounts.

Withdraw Funds from Wealthsimple

To initiate a withdrawal fund from your trading account, the firm provides a set of typical steps that can be followed:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with the requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

Wealthsimple Review Funding Methods

Trading Platforms

Wealthsimple provides a user-friendly trading experience through its mobile app. Designed for simplicity and functionality, the app allows investors to execute trades seamlessly from their mobile devices. The convenience of mobile access enhances the overall user experience, making it easy for both novice and experienced investors to manage their portfolios on the go.

  • Wealthsimple Platform is ranked good with an overall rating of 7.9 out of 10 compared to over 500 other brokers. We mark it as good since the broker offers an advanced trading platform via a mobile app, however, lacks alternatives.
PlatformsWealthsimple PlatformsZerodha PlatformsUpstox Platforms
Own PlatformsYesYesYes
Mobile AppsYesYesYes

Wealthsimple Trade App

According to our findings, the Wealthsimple app is a user-friendly and intuitive platform designed to provide a seamless experience for investors. Available for mobile devices, the app allows users to effortlessly trade stocks, ETFs, options, and cryptocurrencies. The app is accessible to both beginners and experienced investors, providing a convenient way to manage and monitor their portfolios on the go.

Wealthsimple Review Trading App

Customer Support

The broker offers 24/5 customer support to assist traders with inquiries and support needs. Users can reach out to the support team through various channels, including email, phone, and live chat. The platform aims to offer responsive assistance to address user concerns, ensuring a positive and supportive experience for its investors.

  • Customer Support in Wealthsimple is ranked good with an overall rating of 8 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days.

See our find and ranking on Customer Service Quality:

Quick responsesNo 24/7 customer support
Relevant answers

Wealthsimple Education

Finally, the broker provides articles and guides covering topics like investment strategies, financial planning, and understanding different asset classes. However,  the extent of Wealthsimple’s educational content may be relatively limited compared to some other financial platforms.

Users looking for more comprehensive educational materials should consider additional resources or dedicated educational platforms to enhance their understanding of various financial concepts.

  • Wealthsimple Education ranked with an overall rating of 6.9 out of 10 based on our research. We recommend seeking educational resources from other brokers since Wealthsimple education is rather limited and might not be very suitable for beginning traders.

Wealthsimple Review Education

Wealthsimple Review Conclusion

In conclusion, Wealthsimple stands out as a user-friendly trading platform offering a range of financial services. The platform’s emphasis on simplicity, transparency, and low fees makes it an attractive option for both novice and experienced investors.

While the educational resources may be somewhat limited, the broker’s commitment to accessibility and customer support contributes to its overall appeal.

Overall, we found that Wealthsimple provides a reliable investment environment. However, we recommend conducting thorough research to assess whether the broker’s offerings align with your specific needs.

Based on Our findings and Financial Expert Opinions Wealthsimple is Good for:

  • Canadian traders
  • Investing
  • Stocks and Options trading
  • Professional trading
  • Advanced traders
  • Self-Directed Investing
  • Competitive trading conditions
  • Supportive customer service

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