Wealthsimple has become Canada’s default investing platform for good reason: $0 commissions on stocks and ETFs, fractional shares starting at $1, and an app that makes buying XEQT in a TFSA as simple as sending an e-Transfer. With over 3 million users, integrated banking, free tax filing, and crypto trading, it’s the closest thing to an all-in-one financial platform for Canadians. The main limitation is the 1.5% currency conversion fee on US stock trades (eliminated with the $10/month Plus plan), which makes Interactive Brokers a better choice for heavy US stock investors. For the tax side of that tradeoff, see best account type for US stocks and ETFs in Canada.
Wealthsimple at a Glance
Feature
Details
Founded
2014
Headquarters
Toronto, Ontario
Users
3+ million
Regulation
IIROC (investing), CDIC (cash)
Account minimum
$0
Stock/ETF commission
$0
Fractional shares
✅ Yes ($1 minimum)
Products & Services
Product
Description
Fee
Wealthsimple Trade
Self-directed stock/ETF trading
$0 commission
Wealthsimple Invest
Robo-advisor portfolios
0.4-0.5%
Wealthsimple Cash
High-interest savings/spending
$0
Wealthsimple Crypto
Bitcoin, Ethereum, 50+ coins
1.5-2% spread
Wealthsimple Tax
Free tax filing software
$0
Account Types
Account
Available
TFSA
✅
RRSP
✅
FHSA
✅
RESP
✅ (Invest only)
Non-registered
✅
Corporate
✅
LIRA
✅
Wealthsimple Plans
Feature
Free Plan
Plus ($10/month)
Premium ($25/month)
Stock/ETF trading
$0
$0
$0
US stock FX fee
1.5%
0%
0%
Instant deposits
$250
$5,000
$50,000
Cash account interest
~4%
~4%
~4%
Crypto trading fee
1.5%
1.5%
1.5%
Tax filing (Wealthsimple Tax)
Free
Free
Free
Wealthsimple vs Questrade
Feature
Wealthsimple
Questrade
ETF buy fee
$0
$0
ETF sell fee
$0
$0
Stock fee
$0
$0
US FX fee
1.5% (free with Plus)
~2% (or Norbert’s Gambit)
Fractional shares
✅
❌
Options
❌
✅
Margin
❌
✅
Platform
Mobile-first
Desktop + mobile
Best for
Beginners, ETF investors
Active traders, options
Pros and Cons
Pros
Cons
$0 commissions (CDN stocks & ETFs)
1.5% FX fee on free plan
Fractional shares ($1 min)
No options trading
Beautiful, simple app
No margin accounts
Integrated banking (Cash)
Limited research tools
Free tax filing
Desktop platform less robust
FHSA available
Phone support limited
For the vast majority of Canadian investors — those buying Canadian ETFs on a regular schedule and not actively trading US stocks — Wealthsimple’s free plan is genuinely hard to beat. The combination of $0 commissions, fractional shares, auto-deposits, DRIP, and a high-interest cash account paying ~4% means you can build an entire financial stack within one app. Where Wealthsimple falls short is for investors who need margin, options, or access to international markets beyond the US — those users should look at Questrade or IBKR as a complement.
Wealthsimple is the best starting point for most Canadian investors. Open a TFSA, set up a $100+ auto-deposit, buy XEQT or VGRO, and you have a low-cost, globally diversified portfolio that requires zero ongoing effort. Upgrade to Plus ($10/month) only when your US stock holdings are large enough that 1.5% FX fees exceed $120/year — or wait until your combined balance hits $100K for complimentary Premium. For most Canadians just getting started, the simplicity and zero-barrier entry make Wealthsimple the obvious first choice. If you would rather outsource portfolio management, compare best robo-advisors in Canada and robo-advisor vs ETF portfolio in Canada.