Wealthsimple Review
Rana Adnan | September 24, 2021
Table of Contents
Wealthsimple is a Canadian online investment management service that enables you to invest in a globally diversified portfolio of low-cost index funds while using their advanced investing technology to help you earn without hiking your tax bill. Its services include automatic rebalancing, dividend reinvesting, and tax loss harvesting.
Wealthsimple Awards & Recognitions
Over the years, Wealthsimple has bagged several industry awards in honour of their satisfactory financial services. The awards include Best Financial Services Website, Top 100 Global Financial Technology Companies, EY Entrepreneur of the Year, and more.
Broker Pros / Cons
- Access to human advisors
- Free portfolio analysis
- Socially responsible investment options
- No account minimum
- Higher account management fees
- Limited personal finance tools
- Limited account funding options
Summary
Wealthsimple operates through five product offerings: Invest, Trade, Crypto, Tax, and Cash.
Wealthsimple Invest
The Company combines a robo-advisor platform with access to live advisors, providing you with an investment advisor who helps match you with investments that suit your long-term goals and risk tolerance.
Wealthsimple Trade
This commission-free investment platform allows you to trade multiple stocks without extra fees. With the Wealthsimple Trade, you can build your passive investing portfolio of ETFs or buy shares in companies you trust.
Wealthsimple Crypto
This is a regulated crypto trading platform that allows traders to sign up within five minutes with a $0 minimum and start trading various cryptocurrencies, including Bitcoin, Ethereum, Chainlink, Aave, Uniswap, and more top DeFi coins, instantly 24/7.
Wealthsimple Tax
This is the firm’s online tax software that allows users to file their taxes with a smart technology that is simple, accurate, and secure.
Wealthsimple Cash
This mobile app allows users to send, request, and receive money seamlessly from friends and family. All accounts are protected by the Canadian Deposit Insurance Corporation (CDIC).
Regulation
Wealthsimple is regulated in multiple jurisdictions according to the financial products they offer:
- Wealthsimple Trade is offered by Canadian ShareOwner Investments Inc., a registered investment dealer in each province and territory of Canada, a member of the Investment Industry Regulatory Organization of Canada (IIROC), and a member of the Canadian Investor Protection Fund (CIPF).
- Wealthsimple Invest and Work are offered by Wealthsimple Inc., a registered portfolio manager in each province and territory of Canada.
- Wealthsimple Crypto is offered by Wealthsimple Digital Assets Inc., a registered restricted dealer in jurisdictions other than Québec. Crypto-assets are not protected by the Canadian Investor Protection Fund, the Canadian Deposit Insurance Corporation, or any different investor protection insurance scheme.
- Wealthsimple Payments Inc. offers Wealthsimple Cash product; a FINTRAC registered money services business.
- SimpleTax Software Inc. offers Wealthsimple Tax under the terms of the Wealthsimple Tax User Agreement.
Wealthsimple provides its services to citizens and residents of Canada, the USA, and the U.K.
Portfolio Construction
Wealthsimple helps users to invest in stocks, ETFs, and cryptocurrencies. It offers an intelligent portfolio of low-fee funds that are designed to meet your financial goals, but you can build your passive investing portfolio of ETFs or buy shares in companies you trust.
At the moment, Wealthsimple is one of the only trading platform in Canada that allows fractional shares, allowing you to buy and sell portions of U.S. and Canadian companies’ shares in increments as small as a single dollar.
Platforms & Tools
Wealthsimple provides traders with intuitive trading platforms that are designed to ensure hassle-free financial investments. The platform can be accessed via desktop and web interfaces, and there is also a mobile app that is compatible with Android and iOS devices.
Education
There are various learning resources on the firm’s website. These educational resources — blogs, learning articles, FAQs, masterclasses, and more — are designed to help guide traders in making their investment decisions.
Wealthsimple Blog
Accounts
Wealthsimple Trade allows clients to Trade inside a TFSA, RRSP, RESP, LIRA, Corporate, or non-registered personal investment account.
Wealthsimple Account Types
As Wealthsimple fees can vary and change, there may be additional fees that are not listed in this Wealthsimple review.
Support
The investment firm offers reliable customer support that can be reached 24/7 via telephone, email, support ticket, and social media.
Funding
Investors can deposit and withdraw funds to and from their Wealthsimple account using bank transfers and credit/debit cards.
Signup
To open an account, click on the “Get Started” button at the top right corner of the website and follow the prompts.
Wealthsimple Account Opening Page
Compare
| Broker Features | AvaTrade | IG | IC Markets | |
|---|---|---|---|---|
| Founded | 2006 | 1974 | 2007 | |
| Regulated | ASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSA | FCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFF | ASIC, CySEC, FSA, SCB | |
| Country | Australia, Ireland, South Africa, Japan, British Virgin Islands | Australia, UK, USA, Switzerland, UAE, Singapore, Japan | Australia, Seychelles, Bahamas, Cyprus | |
| Min. Deposit | Min $250 Deposit | Min $100 Deposit | Min $200 Deposit | |
| Commission | From $0 | From $0 | From $0 | |
| Spreads | Fixed | Variable | Variable | |
| Leverage | 1:400 | 1:200 | 1:500 | |
| Instruments | Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFs | Forex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDs | Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs | |
| Platforms | MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, Mobile | MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, Mobile | MetaTrader 4, MetaTrader 5, cTrader, Web, Mobile | |
| Type | Market Maker, STP | STP, ECN, DMA | ECN | |
| Funding | Wire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, Skrill | Wire Transfer, Credit/Debit Cards, PayPal | Wire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli | |
| Visit Broker | Visit Broker | Visit Broker | Visit Broker |
Conclusion
Established in 2014, Wealthsimple is an online investment firm that aims to help investors reach their financial goals and manage their money. They provide investors with the essential tools they need to make smart financial choices according to their own individual goals.
Min $1 Deposit
Wealthsimple is a Canadian online investment management service that enables you to invest in a globally diversified portfolio.
About the Author
Rana Adnan
I am an introverted long-distance runner and a Forex trader with more than 7 years of experience. Reminiscences of a stock operator was the first book that changed the whole concept of trading for me.
Review Methodology
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