Wealthsimple Review: The All-in-One Platform Canadians Actually Need

The Canadian Investing Problem

You’ve seen the ads on every podcast. You’ve watched friends ditch their bank advisors. And you’re still wondering: is Wealthsimple actually as good as they claim, or is this just slick marketing from a fintech that might not be around in ten years?

Here’s what brought you here: traditional Canadian banks charge 2%+ MERs on mutual funds while offering 0.01% interest on chequing accounts. The apps are clunky. The fees are hidden. And you’re starting to suspect you’re paying for marble lobbies instead of returns.

Wealthsimple has positioned itself as the antidote—automated portfolios at 0.5% fees, commission-free trading, high-interest chequing, and tax filing all in one app. With $100+ billion in assets under administration and 3 million+ Canadian users, they’ve clearly convinced a lot of people. But should they convince you?

Quick Verdict

Wealthsimple is worth it for Canadian investors who want modern, low-fee financial services without traditional bank friction. At 0.5% management fees versus 2%+ MERs at traditional banks, the math is compelling—especially when you add commission-free trading, high-interest chequing (1.25-2.25%), and integrated tax filing.

The catch: this is a hands-off platform. If you want a human advisor guiding every decision, you’ll need $500K+ to access their full-service wealth management. For everyone else, you get excellent automation and tools, but you’re largely on your own.

Best for: Canadian millennials and Gen Z investors who want a single app for investing, banking, and taxes—and are comfortable managing their own financial decisions with automated help.

The Fee Math That Actually Matters

Traditional Canadian mutual funds charge an average MER of 1.85% or higher. Wealthsimple’s managed portfolios charge 0.5% at the Core tier, dropping to 0.4% at Premium ($100K+) and as low as 0.2% at Generation ($500K+).

Let’s make this real.

On a $50,000 portfolio:

• Traditional mutual fund (1.85% MER): $925/year in fees
• Wealthsimple managed portfolio (0.5%): $250/year in fees
• Annual savings: $675

Over 30 years with compound growth, Wealthsimple claims clients can “retire up to 47% richer by saving on fees.” That calculation compares their 0.44% Summit portfolio fee against a 1.85% mutual fund fee over three decades with a $10,000 initial investment.

Is that claim aggressive? Yes. Is the underlying math directionally correct? Also yes. Lower fees compound into significant wealth differences over decades.

The self-directed trading side is even more straightforward: $0 commissions on stocks and ETFs, $0 per options contract. Compare that to Questrade’s $4.95-$9.95 per equity trade and the value becomes obvious for cost-conscious investors.

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What You Actually Get

Wealthsimple isn’t just a robo-advisor anymore. It’s evolved into an ecosystem that tries to replace your bank entirely.

Managed Investing (Portfolios)

The original product. You answer a risk questionnaire, Wealthsimple builds a diversified ETF portfolio, and they handle rebalancing and dividend reinvestment automatically. Premium and Generation tiers add tax-loss harvesting and asset location optimization.

Portfolio options include:

• Classic: Standard diversified ETF portfolios
• Income: Focused on dividend-generating assets
• Direct Indexing: Own individual stocks that track an index (requires $1,000 minimum)
• Summit: Access to private market investments (higher fees: 0.44% + 2.25%+ for private funds)

Self-Directed Trading

Commission-free access to thousands of stocks and ETFs listed on US and Canadian exchanges, plus options ($0 per contract), crypto, and gold. Features include:

• Fractional shares
• 24/5 extended trading hours for US securities
• Real-time streaming quotes
• Recurring investments (auto-buy on schedule)
• Instant deposits up to $50K (Core) or $250K (Premium/Generation)

Chequing & Savings

This is where Wealthsimple quietly becomes compelling. While big banks offer 0.01% on chequing, Wealthsimple pays:

• Core: 1.25%
• Premium ($100K+): 1.75%
• Generation ($500K+): 2.25%

No monthly fees. No minimums. ATM fee reimbursement worldwide. USD savings accounts available.

Credit Card

2% cash back on everything with no foreign exchange fees. The $20/month fee is waived with $4K+ monthly direct deposit or automatically included for Premium/Generation members. Metal card for higher tiers.

Tax Filing

Integrated tax software with three tiers:

• Basic: Pay what you want
• Plus: $40 (free for Premium/Generation)
• Pro: $80 (free for Generation)

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How the Investment Philosophy Works

Wealthsimple’s managed investing follows a passive, long-term strategy. According to their website, they “don’t believe in timing the market” and instead “build portfolios of assets that are low-fee, broadly diversified across markets, and expected to perform well long-term.”

Their stated rationale: “Outperforming the market is difficult, and the data shows that very few active managers do it consistently, especially when considering their fees.”

This is textbook Boglehead philosophy—and there’s decades of academic research supporting it. The approach won’t beat the market, but it aims to capture market returns while minimizing the fee drag that destroys most investors’ wealth.

Performance expectations: Wealthsimple states that “over long time horizons, a helpful rule of thumb is that our riskiest portfolios may earn around 4–5% above inflation, while less risky portfolios will earn somewhat less.”

Translation: expect market-like returns minus their 0.5% fee. You’re not paying for alpha; you’re paying for automation, convenience, and not making emotional mistakes.

Pricing Breakdown

Tiered Benefits System

Hidden Costs to Know

• Currency conversion: 1.5% on USD trades in CAD accounts (reduced with USD account)
• Gold trading: 1% fee
• Crypto trading: As low as 0.05%
• Margin rates: 3.95%-7.25% depending on currency and tier
• USD accounts: $10/month for Core tier (free for Premium/Generation)

The currency conversion fee is the biggest gotcha for Canadian investors buying US stocks. If you’re trading US securities frequently, upgrading to Premium for the free USD account becomes worthwhile.

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The Trade-Offs

What Works

• All-in-one ecosystem: Investing, banking, trading, and taxes in one app genuinely reduces friction
• Fee savings: 0.5% vs 2%+ MERs compounds into serious money over decades
• High-interest chequing: 1.25-2.25% crushes big bank rates
• Commission-free trading: $0 trades on stocks, ETFs, and options
• Modern experience: The app is genuinely well-designed, unlike legacy bank interfaces
• Scale and stability: $100+ billion AUA and 3 million+ users—this isn’t a scrappy startup anymore

What Doesn’t

• Canada-only: Canadian residents and citizens only—no US or international access
• Currency conversion fees: 1.5% on USD trades hurts if you’re buying American stocks frequently
• Limited research tools: The platform prioritizes simplicity over advanced analysis
• No human advice (for most): Full-service wealth management requires $500K+
• Passive-only managed portfolios: If you want active management, look elsewhere
• Private market fees: Summit portfolio’s private investments carry 2.25%+ additional fees

Who It’s For (And Who Should Skip It)

Wealthsimple Is Right For You If:

• You’re a Canadian resident seeking a modern alternative to traditional banks
• You’re comfortable with hands-off investing and don’t need constant human guidance
• You want an all-in-one platform for investing, banking, and taxes
• You’re frustrated with big bank fees and clunky digital experiences
• You have a long time horizon and can stick with a passive strategy through volatility

Skip Wealthsimple If:

• You’re not a Canadian resident — the platform is Canada-only
• You need advanced day trading tools — platforms like Interactive Brokers offer Level 2 data, advanced order types, and professional-grade features
• You want human financial advice without $500K+ in assets
• You trade US stocks heavily and don’t want to pay 1.5% currency conversion (unless you upgrade to Premium)
• You want to beat the market — their passive approach aims to match it, not exceed it

Best Alternatives

If Wealthsimple isn’t the right fit, consider these options:

For More Advanced Trading: Interactive Brokers offers the lowest costs and most sophisticated tools for serious traders. The interface is complex, but if you need global market access, margin rates, and advanced order types, IBKR is the professional choice.

For US Investors: Betterment offers a similar robo-advisory experience for American investors at 0.25% annually. Tax-loss harvesting, automatic rebalancing, and goal-based planning—but without the integrated banking ecosystem. See our Betterment review for the full breakdown.

For DIY Canadians Who Want Control: Questrade offers $4.95-$9.95 trades with more research tools and flexibility than Wealthsimple’s self-directed platform. If you want to actively manage your portfolio with better charting and analysis, Questrade is worth considering.

For Hands-On Investors: Fidelity Investments provides comprehensive research, tools, and human support. Higher touch, more resources, but also more complexity.

Final Verdict

Wealthsimple has earned its position as Canada’s dominant fintech platform by solving real problems: high fees, clunky apps, and fragmented financial services. The 0.5% management fee versus 2%+ traditional MERs isn’t marketing—it’s math that compounds into significant wealth over decades.

The ecosystem approach—investing, banking, trading, and taxes in one app—creates genuine convenience. The high-interest chequing alone (1.25-2.25% vs big bank 0.01%) makes it worth considering even if you never use the investment products.

The bottom line: For Canadian investors who want modern, low-fee financial services and are comfortable with a hands-off approach, Wealthsimple is the obvious choice. It won’t make you rich quick—but it will stop the slow bleed of fees that makes traditional banks rich at your expense. For a broader comparison of robo-advisors and investment platforms, explore our guide to the best stock market research websites.

If you’re a Canadian millennial or Gen Z investor tired of paying for marble lobbies and paper statements, Wealthsimple is built for you. Start with the free Core tier, see if the experience matches the hype, and scale up as your assets grow.

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Frequently Asked Questions

Is Wealthsimple worth the money?

Yes, for Canadian investors seeking low-fee, automated financial services. At 0.5% management fees versus 2%+ MERs at traditional banks, the fee savings compound significantly over time. Wealthsimple claims clients can retire “up to 47% richer” by saving on fees over 30 years. The platform is free to start with no account minimums, so there’s no risk in trying it.

What are the best alternatives to Wealthsimple?

For Canadian investors, Questrade offers more advanced trading tools at $4.95-$9.95 per trade. For US investors, Betterment provides similar robo-advisory at 0.25% annually—see our Betterment review for comparison. For serious traders needing professional tools, Interactive Brokers offers the lowest costs and most sophisticated platform, though with a steeper learning curve.

Wealthsimple vs Questrade: Which is better?

Wealthsimple wins on simplicity, ecosystem integration, and managed investing (0.5% fee vs Questrade’s lack of robo-advisory). Questrade wins on research tools, advanced trading features, and lower costs for frequent US stock traders. Choose Wealthsimple for hands-off investing and all-in-one convenience; choose Questrade for active trading with more control.

How do I close my Wealthsimple account?

Closing a Wealthsimple account is free with no penalties. You can withdraw funds or transfer to another institution at any time. For transfers of $25K+, Wealthsimple reimburses transfer-out fees charged by other institutions. The process is handled through the app or by contacting support.

Is Wealthsimple safe for my money?

Wealthsimple investment accounts are protected by CIPF (Canadian Investor Protection Fund) up to specified limits. Chequing accounts are protected up to $1 million through CDIC coverage via their trust framework. With $100+ billion in assets under administration and 3 million+ users, Wealthsimple has the scale and regulatory oversight of a major financial institution.

What are Wealthsimple’s hidden fees?

The main “hidden” cost is the 1.5% currency conversion fee on USD trades in CAD accounts. This adds up if you’re frequently buying US stocks. Other fees to know: 1% on gold trading, margin rates of 3.95%-7.25%, and USD accounts cost $10/month for Core tier users (free for Premium/Generation). Managed investing fees are straightforward: 0.5% for Core, 0.4% for Premium, 0.2%-0.4% for Generation.

Can I have both a managed portfolio and self-directed account at Wealthsimple?

Yes, Wealthsimple allows you to hold both managed and self-directed accounts simultaneously. Many investors use this hybrid approach: managed portfolios for long-term retirement savings (RRSP, TFSA) where automation handles rebalancing, and self-directed accounts for individual stock picks or sector bets. Your total assets across all accounts count toward tier status, so $50K in managed investing plus $50K in self-directed trading qualifies you for Premium benefits at $100K total. This flexibility lets you automate core holdings while maintaining control over specific positions.

Does Wealthsimple offer RRSP and TFSA accounts?

Wealthsimple supports all major Canadian registered account types including RRSP, TFSA, RESP, RRIF, LIRA, and non-registered accounts. TFSA contribution room for 2026 is $7,000, and Wealthsimple’s automated tracking helps you avoid over-contribution penalties. RRSP accounts include automatic contribution receipt generation for tax filing. You can also use Wealthsimple Tax (free for basic filing) to claim RRSP deductions and track your registered account room directly in the app—eliminating the need to cross-reference with CRA My Account.

How long does it take to withdraw money from Wealthsimple?

Withdrawals from Wealthsimple typically take 1-3 business days to reach your linked bank account. For self-directed accounts, you can sell positions and request a withdrawal immediately, though settlement takes the standard T+1 period for stocks and ETFs before funds are available. Managed portfolio withdrawals may take slightly longer as Wealthsimple sells holdings proportionally to maintain your target allocation. Premium and Generation members receive priority processing. There are no withdrawal fees, and you can withdraw any amount—Wealthsimple has no lock-up periods or early withdrawal penalties on non-registered accounts.