Wealthsimple Review 2024: Best Investing App To Buy Canadian Stocks For Free

Known for commission-free trading, Wealthsimple has become known as one of the best investing apps for buying Canadian stocks. The Canadian stock trading platform has also introduced new features, including cryptocurrency investing, options trading, and more. In this article, we’ll go over our overall rating for Wealthsimple, highlight the pros and cons of the Wealthsimple app, and walk new users from Canada through how to sign up for the Wealthsimple app.

How To Buy Stocks on Wealthsimple For Free

1. Click here to sign up for a non-registered Wealthsimple account
2. Add funds to Wealthsimple Trade
3. Make a commission-free trade of at least $100
4. Receive $10 in free cash to invest in the best Canadian stocks

Wealthsimple Review ⭐⭐⭐⭐⭐

Known for commission-free trading, Wealthsimple is a great option for Canadians who are looking for a user-friendly, low-cost way to invest their money. Whether you’re a beginner or an experienced investor, Wealthsimple has the tools and features you need to grow your wealth over time.

One of the best features of the Wealthsimple app is its automated investing tools. You can set up a personalized investment portfolio based on your risk tolerance and investment goals, and the app will automatically rebalance your portfolio as needed to maintain your desired asset allocation.

The app also includes helpful educational resources to help you learn about investing and personal finance. Wealthsimple’s customer support team is available through the app and offers fast, friendly assistance when you need it.

Overall, Wealthsimple’s app is a top-notch investment platform that offers a range of powerful features to help you grow your wealth over time. Whether you’re a seasoned investor or just starting out, the app is a great way to manage your finances and achieve your financial goals.

Wealthsimple Features	Rating (Out of 5 Stars)
💵 Pricing	⭐⭐⭐⭐⭐
💻 Customer Service	⭐⭐⭐
📈 User Experience	⭐⭐⭐⭐
📱 Mobile App	⭐⭐⭐⭐
🔏 Online Security	⭐⭐⭐⭐⭐
📊 Overall Value	⭐⭐⭐⭐⭐

Wealthsimple Highlights

One of the standout features of the Wealthsimple app is its integration with the Wealthsimple Wealth Management platform.

Wealthsimple users can users manage their accounts, including their registered and non-registered investment accounts, including TFSA, RRSP, and other tax-advantaged accounts.

This makes it easy for users to track and manage their entire investment portfolio in one place.

Available for both iOS and Android devices, the Wealthsimple app can be downloaded from the App Store or Google Play.

It is also compatible with Apple Watch and Android Wear, allowing users to access key information and place trades from their smartwatch.

	Wealthsimple Trade	Wealthsimple Crypto	Wealthsimple Tax
Best for	Beginners	Beginner to Intermediate	Beginners
Products	Stocks, ETFs, mutual funds, options	Over 50 Cryptocurrencies	Free Tax Software
Web Platform	✅	✅	✅
Mobile App	✅	✅	✅

Does Wealthsimple Offer Free Trades for Canadian Stocks?

Wealthsimple offers commission-free trades for the best Canadian stocks and ETFs. This means that you won’t be charged a commission when you buy or sell these securities on the Wealthsimple platform.

However, it’s important to note that there are other fees associated with using Wealthsimple, including management fees for the Wealthsimple Invest service, as well as fees for foreign exchange transactions, account transfers, and other services.

It’s also important to consider that while commission-free trades can be appealing, they are not the only factor to consider when choosing an investment platform. It’s important to consider other factors such as investment options, fees, account types, and customer support before making a decision.

What Is Wealthsimple?

Wealthsimple Pros and Cons

Wealthsimple is a popular investing app that allows investors to buy the best Canadian dividend stocks and ETFs, commission-free. With its sleek design and user-friendly interface, Wealthsimple makes it easy for Canadians to invest their money and grow their wealth.

One of the key features of Wealthsimple is its managed investing tool, which uses sophisticated algorithms to build and manage a customized investment portfolio for each user. This means that you don’t need to have any prior investment knowledge to get started with Wealthsimple.

Another great reason to use Wealthsimple is its low fees. Unlike traditional investment firms that charge high management fees, Wealthsimple offers a simple, transparent fee structure that is easy to understand. You’ll pay a management fee of just 0.5% for accounts with balances under $100,000, and even less for larger accounts.

Wealthsimple also offers a wide range of investment options, including stocks, bonds, and exchange-traded funds (ETFs). This allows you to build a diversified portfolio that matches your investment goals and risk tolerance.

In terms of security, Wealthsimple takes the protection of your personal and financial information very seriously. The app uses bank-level security measures to keep your data safe, and your investments are held in custodial accounts with a third-party custodian.

Using the Wealthsimple app can help you save time and money while building a diversified investment portfolio that matches your goals and risk tolerance.

Check out some of the pros and cons of using Wealthsimple below:

Pros	Cons
✅ Low Fees	❌ Not Enough Customization
✅ User-Friendly Mobile App	❌ Fewer Account Types
✅ Diversified Portfolios	❌ Limited Investment Options
✅ Robo-advisor & Automatic Rebalancing	❌ No Physical Branch Locations
✅ Tax-Loss Harvesting
✅ Excellent Security

Wealthsimple Advantages

• User-friendly app: Wealthsimple has a clean and intuitive interface that makes it easy for users to navigate and understand. Users don’t need any prior investment knowledge to get started and start buying stocks with Wealthsimple.
• Low fees: Wealthsimple offers a simple and transparent fee structure that is significantly lower than traditional investment firms. This means that you can keep more of your money invested and working for you.
• Diversification: Wealthsimple offers a wide range of investment options, including stocks, bonds, and ETFs. This allows you to build a diversified portfolio that matches your investment goals and risk tolerance.
• Robo-advisor: Wealthsimple Invest uses sophisticated algorithms to build and manage a customized investment portfolio for each user. This means that you don’t need to spend time researching and selecting individual investments.
• Automatic rebalancing: Wealthsimple automatically rebalances your portfolio to maintain your desired asset allocation. This ensures that your investments stay aligned with your long-term goals.
• Tax-loss harvesting: Wealthsimple offers tax-loss harvesting, which can help you minimize your tax bill by selling investments that have lost value and offsetting gains in other parts of your portfolio.
• Security: Wealthsimple uses bank-level security measures to keep your personal and financial information safe, and your investments are held in custodial accounts with a third-party custodian.

Wealthsimple Disadvantages

• Not enough customization: While Wealthsimple’s Invest creates a customized investment portfolio for each user, there is limited room for customization beyond that. Users cannot select individual stocks or funds outside of the pre-selected investment options.
• Lackluster customer support: Wealthsimple’s customer support is primarily online but our experience with the customer service agents was lackluster compared to other brokerages.
• Limited investment options: While Wealthsimple offers a wide range of investment options, some users may find that the available investment options are limited compared to what is offered by traditional investment firms.
• No physical branch locations: Wealthsimple is an online-only platform, which means that there are no physical branch locations where users can speak to an advisor in person. This may not be ideal for users who prefer face-to-face interactions with advisors.

Wealthsimple Web Trading Platform

Wealthsimple has one of the top investing apps in Canada, but members can also access their accounts with any web browser, using an easy-to-use web-based version of the trading platform.

The Wealthsimple web-based platform is a clean and user-friendly interface that is easy to navigate. The platform provides an overview of your account balances, investment holdings, and recent transactions. Users can also access detailed information about their investments, including performance history and fees.

One of the key features of the Wealthsimple web-based platform is the ability to trade Canadian and ETFs commission-free. This makes it an attractive option for investors who are looking to save on trading fees.

The platform also offers a range of investment options, including stocks, bonds, and ETFs, which allows you to build a diversified portfolio that matches your investment goals and risk tolerance. The platform’s robo-advisor service creates a personalized portfolio for each user, which takes into account your investment objectives, risk tolerance, and time horizon.

In terms of security, Wealthsimple uses bank-level security measures to protect your personal and financial information. Your investments are held in custodial accounts with a third-party custodian, which provides an additional layer of security.

One potential downside of the Wealthsimple web-based platform is that it does not offer as many advanced trading features as some other online brokers. However, the company has taken a step forward in that direction by offering investors the ability to trade options contracts at a fixed price.

Unlike other trading platforms, customer service does not seem to be a major priority at Wealthsimple. The platform’s customer support is primarily online and there is no phone support available.

Overall, the Wealthsimple web-based platform is a good choice for investors who are looking for a simple, user-friendly platform to manage their investments and trade commission-free.

Wealthsimple App

Wealthsimple has a free app for iOS and Android devices that allows members to manage their investments and make trades on the go.

It’s easy to use and has some cool features like letting you automatically put money into your investment account every month, so you can save and invest at the same time.

One of the best things about the Wealthsimple app is that you can buy and sell stocks and ETFs without paying any fees. This means you get to keep more of your money instead of giving it away to a broker.

The app is also really secure, which means your information and money are safe. You can set up extra security measures like a password and fingerprint login to make sure nobody else can get into your account.

The app shows you how your investments are doing and how much money you have in your account. You can also see information about the companies you’re investing in, like how well they’re doing and how much money they’re making.

While the Wealthsimple app doesn’t have as many advanced features as some other investing apps, it’s a great choice for beginners who want to start investing and learn more about the stock market.

How To Sign Up To Wealthsimple

Like the best investing apps in Canada, Wealthsimple makes it easy to start buying the best Canadian stocks.

New members can open an account, add funds, and start buying the best Canadian stocks for free within a matter of minutes.

To sign up for an account with Wealthsimple follow our step-by-step guide below:

Step 1: Sign Up For A Wealthsimple Account

Go to the Wealthsimple website and click the “Get started” button.

From there, you will be asked to enter your email address and create a password. Once you’ve done that, you can begin the account setup process.

Step 2: Answer Questions About Your Risk Tolerance

Wealthsimple will ask you a series of questions to help determine your investment goals and risk tolerance.

This is important because it will help them recommend investment strategies that are appropriate for you.

Be sure to answer these questions honestly and to the best of your ability.

Step 3: Enter Your Personal Information

Next, you’ll be asked to provide your personal information, such as your name, date of birth, and contact information.

In order to invest with Wealthsimple, members must provide accurate account information.

You’ll also need to provide your Social Insurance Number (SIN) so Wealthsimple can verify your identity.

Step 4: Add Funds To Your Account

Before you can start trading, you’ll need to add funds to your Wealthsimple account.

You can do this by linking your bank account and transferring money directly into your Wealthsimple account.

Wealthsimple supports transfers from most Canadian banks, and there are no fees for transferring money in or out of your account.

Step 5: Start Buying The Best Canadian Stocks For Free

With your Wealthsimple account funded, you can start buying Canadian stocks for free.

Wealthsimple’s platform makes it easy to search for and buy stocks, as well as other investment products like ETFs and mutual funds.

You can use Wealthsimple’s tools and research to help you make informed investment decisions, and they also offer personalized investment advice if you need it.

And don’t forget to download the Wealthsimple app so you can easily manage your account on your phone.

Wealthsimple Fees

When choosing an investment account, it’s important to consider the fees, but it’s also important to consider other factors such as investment performance, user experience, and customer support.

Wealthsimple offers a range of accounts with different fees structures to suit different investment goals and risk tolerance levels. While there are some fees associated with using Wealthsimple’s services, their fees are generally lower than those charged by traditional investment firms.

Here’s a breakdown of the Wealthsimple fees for Invest, Trade, and Crypto accounts:

Wealthsimple Invest Fees

Wealthsimple Invest is an automatic trading account that offers a range of diversified portfolios tailored to your investment goals and risk tolerance level.

Here are the fees associated with Wealthsimple Invest:

Management Fees

Wealthsimple Invest charges a management fee of 0.5% for accounts with balances below $100,000 and 0.4% for accounts with balances above $100,000.

ETF Fees

The ETFs used in Wealthsimple Invest portfolios have an average management expense ratio (MER) of 0.2% to 0.25%. This fee is charged by the ETF provider and is included in the portfolio’s performance.

Wealthsimple Trade Fees

Wealthsimple Trade allows users to buy and sell the best Canadian stocks and ETFs commission-free.

However, there are other fees that users should be aware of:

Currency Conversion Fee

If you trade stocks or ETFs on foreign exchange, Wealthsimple Trade charges a currency conversion fee of 1.5% for CAD to USD and 0.5% for USD to CAD conversions.

Market Data Fees

Wealthsimple Trade offers real-time market data for free, but if you want access to Level 2 data, which provides more detailed information about the order book, you’ll need to pay a monthly fee of $3.

Note: It’s important to note that Wealthsimple also offers premium versions of their Invest and Trade accounts, called Wealthsimple Black and Wealthsimple Trade Pro, respectively. These premium versions come with additional features and benefits but also come with higher fees.

Wealthsimple Options Fees

Wealthsimple applies a fee per contract on all successful buy orders, which is automatically charged. The fee amount is based on your subscription status.

Here is a list of the Wealthsimple fees for options trading:

• Options contract fee : US$2
• Options early exercise fee : US$45
• Options exercise fee : US$20
• Options ORF fee : US$0.01815 per contract
• Options SEC fee : US$0.0000229 per gross dollar of sale, applied to sell transactions only

Wealthsimple Crypto Fees

Wealthsimple Crypto allows users to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum. Here are the fees associated with Wealthsimple Crypto:

Crypto Trading Fees

Wealthsimple Crypto charges a fee of 1.5% for each cryptocurrency trade.

Network Fees

When you withdraw your cryptocurrency from Wealthsimple Crypto, you’ll need to pay a network fee, which covers the cost of processing the transaction on the blockchain.

Complete List of Wealthsimple Fees for Everyday Accounts

• Commission for listed US & Canadian securities : $0
• Account Opening : $0
• Account Closing : $0
• Deposits via Bank Transfer (EFT) : $0
• Withdrawals via Bank Transfer (EFT) : $0
• Electronic Statements & Trade Confirmations : $0
• Inactive account : $0
• Foreign Exchange Fee (CAD ⇆ USD) : WSII Corporate Exchange Rate x 1.5%
• Outgoing account transfers to another institution : $0
• Options contract fee : US$2
• Options early exercise fee : US$45
• Options exercise fee : US$20
• Options ORF fee : US$0.01815 per contract
• Options SEC fee : US$0.0000229 per gross dollar of sale, applied to sell transactions only

Is Wealthsimple Safe?

Yes, Wealthsimple is safe to use.

As a regulated online investment platform, Wealthsimple takes the security and safety of their users’ personal and financial information seriously.

While no investment platform can guarantee 100 percent safety, Wealthsimple has taken several measures to ensure their platform is secure and protected against unauthorized access or fraud

Here are some of the measures Wealthsimple takes to ensure its platform is secure:

• Regulation: Wealthsimple is regulated by the relevant financial authorities in the countries they operate in, including the Financial Conduct Authority (FCA) in the UK, the Investment Industry Regulatory Organization of Canada (IIROC) in Canada, and the Securities and Exchange Commission (SEC) in the United States. This means that Wealthsimple must meet strict regulatory standards to ensure they operate ethically and transparently.
• Encryption: Wealthsimple uses encryption technology to protect your data. This means that when you’re accessing Wealthsimple’s website or app, your information is transmitted securely using industry-standard SSL encryption. This ensures that your data is protected against unauthorized access by hackers or other malicious actors.
• Two-Factor Authentication: Wealthsimple offers an optional security feature called two-factor authentication (2FA) to add an extra layer of security to your account. With 2FA, you’ll need to enter a unique code generated by an app on your phone in addition to your username and password when you log in. This makes it much harder for someone to access your account even if they have your login information.
• Separation of User Funds: Wealthsimple keeps user funds in separate custodial accounts, which means that user funds are not mixed with Wealthsimple’s own funds. This provides an additional layer of protection in case of bankruptcy or other financial difficulties.
• Insurance: Wealthsimple is a member of the Canadian Investor Protection Fund (CIPF), which provides up to $1 million in coverage per account in case of insolvency. In the United States, Wealthsimple is a member of the Securities Investor Protection Corporation (SIPC), which provides up to $500,000 in coverage per account in case of insolvency.

Who Owns Weathsimple?

Wealthsimple is a privately-owned financial technology company that was co-founded by Michael Katchen, Brett Huneycutt, Rudy Adler, and other individuals who saw a need for a more accessible and transparent investment platform.

Since its founding, Wealthsimple has grown significantly and expanded its operations to several countries, including the United States and the United Kingdom. While Wealthsimple is privately owned, the company has received significant investment from several prominent investors, including Power Financial Corporation, a Canadian holding company that owns several financial services companies.

In May 2021, it was announced that the Canadian financial services company, Purpose Financial, would be acquiring Wealthsimple’s parent company, Shareholder Democracy Inc., in a deal that’s expected to close later in the year.

However, it’s worth noting that despite this acquisition, Wealthsimple will continue to operate as an independent entity under the leadership of its co-founder and CEO, Michael Katchen.

Wealthsimple Customer Service Options

Wealthsimple Contact & Phone Number

Find the live chat hours, customer support email, and Wealthsimple phone number below.

Live Chat

Members can speak to the Client Success team via live chat seven days a week with extended hours during trading days.

Wealthsimple users can get answers from the Virtual Assistant 24/7 or reach the Client Success team during business hours.

Live chat is available Monday to Friday from 8 am to 8 pm ET and on the weekends from 9 am to 5 pm ET.

• Monday-Friday: 8am – 8pm (ET)
• Saturday & Sunday: 9am – 5pm (ET)

Email

Wealthsimple can also be reached by email 24/7.

Members can email customer support and have their issues solved quickly even when live chat and phone support are closed.

Click here to submit a request to reach Wealthsimple by email.

Phone Number

• Monday-Friday: 8am – 8pm (ET)
• Saturday & Sunday: 9am – 5pm (ET)

Note: There is currently no phone support for Wealthsimple Tax customers.

Wealthsimple Referral Code

Wealthsimple allows new members to receive certain benefits using a referral code upon signing up.

The investing app has a number of different rewards for new members to cash in on.

Users can receive free stocks, cash bonuses, free transfer fees and more depending on the referral code.

Is Wealthsimple The Best Investing Platform In Canada?

Overall, the Wealthsimple app is a powerful and convenient tool for Canadian investors that offers a wide range of features for traders of all experience levels.

New users can sign up to Wealthsimple and receive up to $50 in free trades to use on the best Canadian stocks.

Not only is Wealthsimple one of the best investing apps in Canada but it is a valuable resource for anyone looking to manage their investments on the go.