Wealthsimple Expert Rating

Yes, we rate Wealthsimple as a good way to invest for beginner investors looking for a simple, low-cost way to buy and hold stocks or ETFs, rather than active traders who require sophisticated tools. Wealthsimple’s DIY brokerage designed for investors who want to buy and sell their own stocks and ETFs.

How much does Wealthsimple cost?

There is also no minimum deposit or annual account fee, which lowers the barrier for first-time investors.

Canadian stocks, options and ETFs can be traded commission free, making it one of the lowest-cost ways for Canadians to build a portfolio.

However, “free trading” comes with a caveat. When trading US stocks, Wealthsimple charges around 1.5% currency conversion each time funds are exchanged between CAD and USD, which can add up if you frequently trade American stocks. This is quite high compared to IBKR’s 0.02%.

What can you trade on Wealthsimple?

Wealthsimple lets you trade over 14,000 stocks, ETFs, options as well as fractional shares, allowing investors to buy portions of expensive companies rather than whole shares. This makes it particularly appealing to investors who contribute small amounts regularly.

Is it easy to use?

Wealthsimple is primarily mobile-first, with a clean interface designed for simplicity rather than professional-grade analysis. While this makes the app easy to use, more advanced traders may find the research tools and order types limited compared with full-service brokerages.

Is Wealthsimple safe?

For safety, in Canada Wealthsimple is a member of CIRO and customer accounts are protected by the Canadian Investor Protection Fund (CIPF) within specified limits.