Wealthsimple Review

Rana Adnan | September 24, 2021

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

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

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

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

Wealthsimple Account Opening Page

Compare

Compare Broker (vs Our Top 3 Brokers)
Broker FeaturesAvaTradeIGIC Markets
Founded200619742007
RegulatedASIC, BVI, CBI, FFAJ, JFSA, FSCA, IIROC, ADGM FRSAFCA, CFTC, NFA, BaFin, FINMA, ASIC, FMA, MAS, FSA, FSCA, DFSA, JFSA, METI, MAFFASIC, CySEC, FSA, SCB
CountryAustralia, Ireland, South Africa, Japan, British Virgin IslandsAustralia, UK, USA, Switzerland, UAE, Singapore, JapanAustralia, Seychelles, Bahamas, Cyprus
Min. DepositMin $250 DepositMin $100 DepositMin $200 Deposit
CommissionFrom $0From $0From $0
SpreadsFixedVariableVariable
Leverage1:4001:2001:500
InstrumentsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Options, Bonds, CFDs, ETFsForex, Commodities, Stocks, Shares, Indices, Cryptocurrencies, Metals, Energies, Options, Bonds, ETFs, CFDsForex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies, Bonds, CFDs
PlatformsMetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade, Web, MobileMetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API, Web, MobileMetaTrader 4, MetaTrader 5, cTrader, Web, Mobile
TypeMarket Maker, STPSTP, ECN, DMAECN
FundingWire Transfer, Credit/Debit Card, Paypal, WebMoney, Neteller, SkrillWire Transfer, Credit/Debit Cards, PayPalWire Transfer, Credit Card, Debit Card, WebMoney, Neteller, PayPal, Skrill, FasaPay, UnionPay, Qiwi, Bpay, Poli
Visit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit BrokerVisit 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.

Wealthsimple Logo

Min $1 Deposit

Wealthsimple is a Canadian online investment management service that enables you to invest in a globally diversified portfolio.

With any investment, your capital is at risk.

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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