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 |
$4.95-9.95 |
| Stock fee |
$0 |
$4.95-9.95 |
| 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 |
Who Should Use Wealthsimple
| Profile |
Recommendation |
| Beginner investor |
✅ Best starting platform |
| Buy-and-hold ETF investor |
✅ Ideal ($0 fees) |
| Want one app for everything |
✅ Trade + Cash + Tax |
| Active/day trader |
⚠️ Questrade or IBKR better |
| Options trader |
❌ Not available |
| US stock heavy (without Plus) |
⚠️ 1.5% FX adds up |