IN-DEPTH ANALYSIS

Wealthsimple Review

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Written By
I. Mitic
Updated
July 22, 2022
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

If you’re looking for a low-cost, automated investment management service, Wealthsimple is worth checking out. Wealthsimple’s streamlined, user-friendly platform, low fees, and investment options make it one of Canada’s leading online investment management services.

In this Wealthsimple review, we’ll look into what the company has to offer so you can decide if it’s the right solution to create the ideal portfolio for your needs.

Management fee:
0.5% or 0.4%

Withdrawal time 1 to 7 business days

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Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

Account minimum:
$0
Years in business:
8
Wealthsimple management fee:
0.5% or 0.4%
Mobile trading app:
Yes
BBB rating:
F (not accredited)
Withdrawal time:
1-7 business days
pros thumb up Strengths
  • No additional fees
  • No minimum deposit
  • Socially responsible investing and Halal investment options
  • Automatic rebalancing
pros thumb up Weaknesses
  • Delayed deposit times
  • No one-on-one investment advice available for the Basic plan

What Is Wealthsimple? An Overview

Wealthsimple is a Canadian online investment management service offering trading in stocks, ETFs, and cryptocurrencies. Funds invested with Wealthsimple are CIPF-protected.

The company operates one of the top robo-advisor platforms, increasingly implemented by investment companies, and has a team of financial experts to help you maximize your yields. Depending on your account tier, you can discuss specifics with the human advisors.

Most Wealthsimple reviews in Canada will tell you that the platform is good for beginners; however, it is suitable for experienced investors, too, as both can benefit from commission-free trading.

Those not interested in manual trading can take a risk-free survey to create an automated portfolio with Wealthsimple Invest. It’s completely safe to link your bank account to Wealthsimple, as the company doesn’t store your bank login credentials, while its security features include data encryption. 

How Wealthsimple Works

With Wealthsimple, you can invest in equities, exchange-traded funds, bonds, cryptocurrencies, real estate, and cash equivalents. ​​Wealthsimple offers five portfolios: Conservative, Balanced, Growth, Balanced SRI, and Halal. Standard portfolios include eight to 10 ETFs, socially responsible portfolios six ETFs, and Halal portfolios 50 stocks.

Corporate accounts, retirement savings plans, locked-in retirement accounts, tax-free savings accounts, registered school savings plans, registered retirement income funds, joint accounts, and taxable accounts are among the many types of products available.

To invest and manage your money, you can go for one of the following options: Wealthsimple Trade, Wealthsimple Invest, Wealthsimple Cash, Wealthsimple Crypto, and Wealthsimple Tax.

Wealthsimple Invest vs. Trade

Wealthsimple Invest is a good option if you want to invest but don’t have the time or knowledge to do it yourself. The first step is to fill out a risk-free survey to create an automated, cost-effective portfolio. These portfolios combine bonds and stocks to meet the client’s needs. Once the portfolio is created, there will be no need for human stock selection.

On the other hand, Wealthsimple Trade is a self-directed investment platform enabling investors to trade stocks and ETFs on leading US and Canadian exchange markets. Users can get started with as little as $1, and there are no transaction commissions. However, purchasing stocks or ETFs on the US market comes with a modest fee based on exchange rates. 

Wealthsimple Cash 

Wealthsimple Cash enables instant payments. With Cash, you can use the Cash card to make purchases and the Cash app to send and receive funds from others. 

You can also spend money using the Cash Card and earn 1% cash back on eligible purchases, send and receive funds using a Dollar $ign handle or phone number, and request funds from friends.

Wealthsimple Crypto Review

Wealthsimple Crypto is a cryptocurrency trading platform listing over 40 cryptocurrencies such as Bitcoin, Dogecoin, and Ethereum. Your coins are secure, being held by Gemini Trust Company, LLC, a licensed cryptocurrency custodian with $200 million in cold storage insurance coverage. 

Wealthsimple Crypto charges no commission, deposit or withdrawal fees, and no minimum balance is required. It uses spreads to cover its costs and promises you will pay no more than 2% per transaction overall. 

Cryptocurrency investors can place their investments in a nonregistered account. They also have the option to access Wealthsimple Crypto via the Wealthsimple Trade app.

If you’re only interested in crypto trading, though, you should look into some of the other top platforms available.

Wealthsimple Tax

Wealthsimple Tax is an automated filing service that prepares and files tax returns on behalf of its clients to the Canada Revenue Agency. Using Wealthsimple Tax comes with a donation-based pricing system: Customers can pay as little or as much as they want to file their tax return and can even pay nothing if they so desire.

Wealthsimple Tax has made it simple to file taxes by providing autofill features for customers who log into their CRA accounts.

Wealthsimple Fees

Wealthsimple does not charge account-opening fees. However, you will be charged an annual management fee based on the portfolio’s value. There are three Wealthsimple account tiers:

Account type Basic Black Generation

Deposit amount

$0-$100,000

$100,000+

$500,000+

Management fee

0.5%

0.4%

0.4%

Key features
  • Expert advice
  • Auto-rebalancing
  • Auto-deposits
  • Financial planning 
  • Tax-efficient funds
  • Tax loss harvesting
  • Team of advisors
  • Asset allocation
  • Personalized financial reports

Wealthsimple Trade fees depend on whether you opted for the Basic or Plus plans, which allow you to buy and sell ETFs and stocks without paying a commission. You do not need to deposit any money to start your portfolio with Basic, and you can access most features. The Plus plan gives you more flexibility in managing your portfolio but comes with a $10 monthly fee.

Wealthsimple App Review

Wealthsimple offers an app that helps users manage their money and make investment decisions. The app allows you to track spending, set budgets, and monitor investment portfolios. It also provides tools for goal-setting and financial planning. 

The app is available in both English and French and is free to download from the App Store and Google Play.

Wealthsimple Compared to Other Trading Platforms

Wealthsimple Logo
Wealthsimple
Minimum deposit:

$0

Withdrawal times:

1 - 7 business days

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Questrade Logo
Questrade
Minimum deposit:

$0

Withdrawal times:

1 - 5 business days

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Forex.com Logo
Forex.com
Minimum deposit:

$100

Withdrawal times:

1 - 2 business days

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Is Wealthsimple Safe?

Wealthsimple is a member of the Canadian Investor Protection Fund and is registered with the Investment Industry Regulatory Organization of Canada.

The brokerage takes measures to protect its customers’ personal information, including 256-bit SSL encryption, two-factor authentication, and cloud backups.

Finally, the company has a dedicated team of security experts who monitor the system around the clock. As a result, Wealthsimple’s clients can have peace of mind knowing that their information is secure.

Wealthsimple Customer Support

One of the most important aspects of any online service is customer support, and Wealthsimple is no exception. The company offers 24/7 customer support through various channels, including phone, email, and live chat.

Customer service representatives are available by phone and live chat from 8 a.m. to 8 p.m. (EST) Monday through Friday and 9 a.m. to 6 p.m. (EST) on weekends. Email and virtual assistant support are available around the clock. Wealthsimple also offers a comprehensive FAQ section on its website, which covers a wide range of topics related to its services. 

Bottom Line

We have covered all key features provided by this investment management service and hopefully saved you from having to read through a slew of Wealthsimple reviews available. 

Our opinion is that Wealthsimple is a great choice for Canadian investors looking for a simple and affordable way to invest, as the company offers a variety of products and services and its fees are very competitive. 

However, for investors looking for a one-stop shop for all of their investment needs, Wealthsimple may not be the best option. For those who are willing to use multiple providers, Wealthsimple can be a great way to save on fees and simplify the investing process.

FAQ

Why can’t I withdraw from Wealthsimple?

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If you deposited funds into your account within the last five business days, your available balance may be less than the total amount in your account. As an internal risk management measure, new deposits take five business days to clear before they can be withdrawn. Another reason you may not be able to withdraw is that you recently sold something in your account.

Is Wealthsimple good for beginners?

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With Wealthsimple Trade, both novice and seasoned investors will discover the ideal combination of features and enjoy commission-free trading. As explained in our Wealthsimple review, Wealthsimple Invest allows investors who do not wish to trade manually to complete a risk-free survey and receive a personalized portfolio.

Is Wealthsimple a Canadian company?

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Yes, Wealthsimple is an online investment management business based in Canada. Michael Katchen launched the company in September 2014, with headquarters in Toronto.

Is Wealthsimple good for day trading?

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Day trading is permitted with Wealthsimple trading accounts, though it is discouraged. Upon purchase, assets are immediately available for sale, and the earnings from the sale of an asset can be applied toward the purchase of another asset right away.