KOHO Core
Aug 28, 2026
9.8
9.8
BestMoney Score
Cost
9.8
Experience
9.8
Flexibility
9.7
Support
9.7
BestMoney User Recommendation
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -96, or 1.1 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
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Wealthsimple
BestMoney.ca's take: Wealthsimple makes investing and everyday banking simple with commission-free trading, high-interest cash accounts, and automated investing—all in one easy-to-use platform.
Wealthsimple Features
Commission-Free Trading
Buy and sell stocks with no trading fees.
High-Interest Cash
Earn competitive interest on your cash balance.
Automated Investing
Grow your portfolio with managed investing.
All-in-One App
Invest, save, and spend from one platform.
Customer Review Summary
Key Points About Wealthsimple Review
📱 Wealthsimple is a user-friendly Canadian investing platform offering managed investing, self-directed trading, crypto, banking, and tax services.
💰 Low fees and commission-free trading make it attractive for beginners, though USD trades can incur FX fees.
🛡️ Wealthsimple is regulated and secure, with CIPF protection for investment accounts and CDIC coverage for its chequing account.
📊 Best for beginners and casual investors who value simplicity, automation, and an easy-to-use app.
⚠️ Advanced investors may find it limiting, with fewer research tools, investment options, and weaker customer service than some competitors.
A few years ago, the answer to “should I use Wealthsimple?” was almost always yes. Low fees, clean design, passive investing done right. It was exactly what Canadian investors had been waiting for.
Today the answer is more complicated. Wealthsimple has grown into one of Canada’s largest financial platforms, with over three million customers and more than $100 billion in assets under administration. But along with that growth came a significant shift in priorities. Crypto, private equity, prediction markets, and premium tiers have pushed aside the simple passive investing model that made the company great.
This Wealthsimple Review covers everything you need to know in 2026: how the fees actually work, whether the platform is safe, what the customer service situation really looks like, how it compares to Questrade, and whether it’s still worth using.
What Is Wealthsimple?
Wealthsimple is a Canadian financial platform founded in 2014 by Michael Katchen, Brett Huneycutt, and Rudy Adler, originally built around a single idea: make passive, low-cost investing accessible to everyday Canadians.
For its first several years, it did exactly that. Wealthsimple was Canada’s first robo-advisor to put client money into diversified, passively managed index ETFs at a fraction of the cost of the mutual fund industry. It was simple, effective, and filled a genuine gap.
Today the platform has expanded far beyond robo-advising. Products now include:
- Managed Investing (the original robo-advisor)
- Self-directed trading (formerly Wealthsimple Trade)
- Crypto trading
- Tax filing (Wealthsimple Tax)
- A chequing account and USD savings account
- Mortgages
- A forthcoming prediction market product
The company entered 2026 valued at approximately $10 billion, reached profitability in 2024, and has maintained it since. By any business metric, Wealthsimple has been a success. Whether that success has translated into better outcomes for clients is a separate question.
Best
9.8
Welcome Bonus
$25
Monthly Fee
$0
Interest
1.75%
9.8
Welcome Bonus
$25
Interest
1.25%
Monthly Fee
$0
9.8
Trade Fee
$0
Welcome Bonus
$25
Min. Balance
$0
9.8
Welcome Bonus
$25
Monthly Fee
$0
Interest
1.75%
Wealthsimple Chequing Account
Overview:
The Wealthsimple chequing account is a no‑fee, digital first everyday account that lets you pay bills, send e‑Transfers, and spend with a prepaid Mastercard, all with no monthly account fees and 1.75% interest on your balance with qualifying direct deposits. It also offers features like free ATM fee reimbursements, high Interac e‑Transfer limits, and up to $1 million in CDIC deposit coverage to help your money grow while you spend.
Wealthsimple Chequing Account Best For
Who it's for
The Wealthsimple chequing account is best for Canadians who prefer digital banking and want to avoid monthly fees while earning interest on everyday balances. It’s especially suited for people comfortable managing their money online who value perks like free e-Transfers and ATM fee reimbursements.
Wealthsimple Chequing Account Features
Stand-out features
- No monthly account fees
- Earn interest on your balance
- Free Interac e-Transfers
- Reimbursed ATM fees worldwide
- Prepaid Mastercard for everyday spending
- Up to $1 M CDN CDIC protection
Who it's for
The Wealthsimple chequing account is best for Canadians who prefer digital banking and want to avoid monthly fees while earning interest on everyday balances. It’s especially suited for people comfortable managing their money online who value perks like free e-Transfers and ATM fee reimbursements.
Stand-out features
- No monthly account fees
- Earn interest on your balance
- Free Interac e-Transfers
- Reimbursed ATM fees worldwide
- Prepaid Mastercard for everyday spending
- Up to $1 M CDN CDIC protection
Is Wealthsimple Regulated and Safe to Use?
Yes. Wealthsimple is fully regulated, well-capitalized, and as secure as any major Canadian financial institution.
Here is what actually protects your money and your data:
- Regulation: Wealthsimple Investments Inc. is a member of the Canadian Investment Regulatory Organization (CIRO), formerly known as IIROC. The platform is regulated as an investment dealer across all Canadian provinces.
- CIPF coverage: Investment accounts are protected by the Canadian Investor Protection Fund up to $1 million in the event of insolvency.
- CDIC coverage: The Wealthsimple chequing account is CDIC-insured with up to $1 million in coverage.
- Encryption: The platform uses Transport Layer Security (TLS) encryption, which is the current gold standard for securing data transmitted online.
- Two-factor authentication (2FA): All accounts are protected with 2FA, requiring both a password and a secondary verification code to log in.
- Transaction monitoring: Wealthsimple actively monitors accounts for suspicious activity, which adds another layer of protection against unauthorized transactions.
- Ownership: The majority of Wealthsimple’s shares are held by Power Corporation of Canada, one of the largest corporations in the country. Client assets are kept separate from the company’s own balance sheet.
So if you’re asking is Wealthsimple safe to use from a regulatory and security standpoint, the answer is clearly yes. What’s less guaranteed is investment performance, which is a different category entirely.
Wealthsimple’s Fees, Explained
Wealthsimple fees vary depending on which product you are using and which tier your account falls into. Here’s how each one works.
Managed Portfolio Fees
The managed investing (robo-advisor) side of Wealthsimple uses a tiered fee structure based on your total household balance:
| Tier | Assets Required | Management Fee |
|---|---|---|
| Core | $1+ | 0.5% |
| Premium | $100,000+ | 0.4% |
| Generation | $500,000+ | 0.2% to 0.4% |
On top of the management fee, the underlying ETFs in your portfolio also carry MERs of approximately 0.12% to 0.15% annually for standard portfolios, or 0.21% to 0.23% for Socially Responsible Investing (SRI) portfolios.
The Core tier is fully automated with no access to financial advice. Premium adds tax-loss harvesting and a one-time financial planning session. Generation adds a dedicated advisor and more customized portfolio construction.
Self-Directed Trading (Commission-Free, But Watch the FX Fee)
Wealthsimple trading charges zero commissions on stocks, ETFs, and options across the major North American exchanges. There are no account administration fees, no inactivity fees, and no fees for outgoing account transfers. Fractional share trading is also free on eligible securities.
The fee to watch is the currency conversion charge. If you buy US-listed securities without a USD account, a foreign exchange fee of up to 1.5% applies on every single trade. That adds up quickly for anyone trading US stocks regularly.
The USD Account Fee Trade-Off
Wealthsimple offers a USD account that eliminates per-trade FX charges. Instead, you pay the exchange fee once when moving funds into the account. The catch is that the USD account costs $10 per month unless your total assets across all Wealthsimple accounts exceed $100,000. Premium and Generation clients get the USD account included at no extra charge.
For low-balance accounts, the $10 monthly fee is steep and inconsistent with the platform’s low-fee positioning. A trader making two or three US stock purchases a month may find the USD account worth it. A casual investor doing the occasional trade probably doesn’t need it.
| Fee Type | Amount |
|---|---|
| Stock/ETF/Options trades | $0 |
| FX conversion (without USD account) | Up to 1.5% |
| USD account monthly fee (under $100k) | $10/month |
| Account administration | $0 |
| Inactivity fee | $0 |
| Outgoing account transfer | $0 |
What You Can Actually Invest In: Account Types and Product Range
Wealthsimple trading supports stocks, ETFs, and options on major North American exchanges. Fractional shares are available on select securities. Crypto is accessible through a separate account.
What you cannot trade through Wealthsimple self-directed: mutual funds, bonds (unless through managed funds), GICs, CFDs, precious metals (except physical gold at a 1% fee), and forex.
Account types available include RRSP (individual and spousal), TFSA, FHSA, RESP, RRIF, LIRA, LIF, personal non-registered, joint, and corporate. RDSPs and trust accounts are not offered.
For managed investing, the portfolio options are Conservative (roughly 35% equities, 62.5% bonds, 2.5% gold), Balanced (60% equities, 37% bonds, 3% gold), and Growth (80% equities, 17.5% bonds, 3% gold). SRI and Halal portfolios are also available.
The product range is adequate for a casual investor buying Canadian stocks and ETFs. For anyone who wants bonds, GICs, mutual funds, or access to international markets beyond North America, Wealthsimple falls short and a platform like Questrade would be the better fit.
If you are also considering physical gold or silver for your portfolio, we have a detailed guide on Silver Gold Bull Review.
A Closer Look at the Wealthsimple Chequing Account
The Wealthsimple chequing account has become one of the platform’s most genuinely competitive offerings, and it deserves its own section because it outperforms what most traditional banks offer at no cost.
Key features of the Wealthsimple chequing account include:
- Up to 2.25% interest on your everyday balance, with no minimum balance required to earn it
- No monthly fees, ever
- CDIC protection up to $1 million, which is significantly higher than the $100,000 limit at most traditional banks
- Free Interac e-transfers
- A Visa debit card for everyday purchases
- A USD savings account with up to 3.75% APY for clients who hold US dollars
For Canadians who keep a meaningful cash balance in their everyday account, the interest rate alone makes the Wealthsimple chequing account worth comparing against your current bank. Most major Canadian banks pay negligible interest on chequing balances, which makes the gap meaningful over time.
The account integrates seamlessly with the rest of the platform, so moving money between your chequing account, TFSA, and investment accounts happens in a single app without any delays or friction.
The Wealthsimple Welcome Bonus: What It Is and How to Claim It
The Wealthsimple welcome bonus is one of the more accessible sign-up incentives in Canadian fintech right now, and it doesn’t require a large initial deposit to qualify.
New clients who sign up through a referral link typically receive a $25 cash bonus, which is deposited directly into their account after their first qualifying transaction. Some promotional periods offer higher bonuses, so checking the current offer before signing up is worth a few minutes.
The Wealthsimple welcome bonus structure is straightforward compared to many bank promotions that require you to maintain a minimum balance for several months or meet direct deposit thresholds. For a first-time investor opening a TFSA with a small initial deposit, a referral bonus can meaningfully offset the first few months of management fees.
A few things to confirm before claiming:
- Bonuses are generally only available to new clients who have never held a Wealthsimple account before
- The referral must be completed through a valid referral link, not a general sign-up page
- Cash bonuses may be taxable as income depending on your situation, so it’s worth keeping a record of the amount received
The Customer Service Problem: What Reviews Consistently Flag
This is where the Wealthsimple Review picture gets significantly less flattering. Customer service is the most frequently cited complaint across independent review platforms.
Wealthsimple holds a 1.5 out of 5 rating on Trustpilot. That is not a minor outlier. It reflects a consistent pattern of complaints around slow response times, difficulty reaching a live person, and frustrating resolution times when something goes wrong with an account.
Live support is available Monday through Friday from 9 AM to 6 PM ET via chat, phone, and email. Outside those hours, an AI chatbot is available around the clock. The chatbot is reportedly more capable than most, but it cannot resolve account-level issues.
Core clients have the least access to support. Financial advice is entirely unavailable at this tier. Premium clients ($100,000+) get more priority and one financial planning session. Generation clients ($500,000+) have a dedicated advisor.
For the vast majority of Wealthsimple users who fall in the Core tier, the customer service experience depends heavily on whether your issue is routine or complex. Routine questions about contributions, deposits, and account setup tend to be handled reasonably well. Complex issues around account freezes, verification, or dispute resolution can take days to resolve and generate the bulk of the negative reviews.
Account Freezes and Fund-Access Complaints: What’s Actually Going On
Account freezes are one of the most alarming complaint categories in Wealthsimple reviews, particularly in the crypto section of the platform.
The reality is that Wealthsimple, like any regulated financial institution, is required to follow anti-money laundering (AML) rules and FINTRAC reporting requirements. When the system flags a transaction or account for review, access can be restricted while the review is processed. This is not unique to Wealthsimple, but the complaint pattern suggests that the review timelines are longer than users expect and that communication during the process is often poor.
One example from a reviewer described being unable to transfer $200,000 in crypto because an account unlock took five business days with no clear explanation from support.
The takeaway for prospective users is practical: do not keep funds you need urgent access to in a Wealthsimple account without a backup plan. For long-term investing, freezes of this nature are rarely a meaningful issue. For time-sensitive transactions, the five-business-day support response window can create real problems.
Where Wealthsimple Excels: Strengths Worth Acknowledging
Even a critical Wealthsimple Review should acknowledge what the platform genuinely does well.
Ease of use: This is probably the strongest point. The mobile app rates 4.6 on the App Store and 4.5 on Google Play. The onboarding process takes minutes. Setting up automatic contributions and managing multiple account types from a single app is seamless. No other Canadian platform has matched this experience.
Commission-free trading: Wealthsimple was the first Canadian brokerage to offer zero-commission Wealthsimple trading in 2018. While competitors like Questrade and Qtrade have since matched this, Wealthsimple still stands out for also offering zero per-contract options fees.
No minimums: You can open an account and start investing with $1. This matters for newer investors who want to get started without a large initial deposit.
Chequing account: The Wealthsimple chequing account offers up to 2.25% interest with no monthly fees and no minimum balance. The USD savings account offers up to 3.75% APY, which is competitive by any Canadian standard.
Wealthsimple welcome bonus: New clients can receive a cash bonus through referral links, typically $25 for new sign-ups, with some promotional periods offering more. The Wealthsimple welcome bonus is straightforward and does not require a large initial deposit to qualify.
Tax filing: Wealthsimple Tax (formerly SimpleTax) is widely regarded as one of the better free tax filing tools in Canada and integrates cleanly with the rest of the platform.
Where Wealthsimple Falls Short: For Active and Advanced Traders
Wealthsimple trading is not built for active or experienced investors, and the platform does not try to hide this. Its own website states that day trading is not generally encouraged and that the company reserves the right to block transactions it determines to be inappropriate.
The gaps are significant for anyone who wants more than basic buy-and-hold investing:
- No advanced charting tools beyond basic TradingView indicators on the web platform
- No stock screener
- No research tools (no analyst reports, no ETF research, no bond information)
- No paper trading
- No desktop trading platform
- No mutual funds, bonds, GICs, or forex
- $10 monthly USD account fee for accounts under $100,000
Beyond the brokerage side, the managed portfolios have also underperformed. The Wealthsimple balanced portfolio produced an average annualized return of approximately 3.6% since inception in 2016, compared to 10.14% for the top-ranked Canadian robo-advisor over a comparable five-year period. The gap is largely attributed to Wealthsimple’s deviation from pure index investing, including exposure to long-term bonds during rising rate environments and the addition of gold and alternative assets to portfolios that were originally designed to be simple and passive.
Wealthsimple vs. Questrade vs. Other Canadian Brokerages
For self-directed investing, here is how Wealthsimple compares to the main alternatives:
| Feature | Wealthsimple | Questrade | Qtrade |
|---|---|---|---|
| Stock/ETF commissions | $0 | $0 | $0 (as of 2026) |
| Options commissions | $0 | $0 | Varies |
| Research tools | Minimal | Strong | Strong |
| Advanced charting | Basic | Full platform | Full platform |
| Mutual funds | No | Yes | Yes |
| Bonds/GICs | No | Yes | Yes |
| USD account | $10/mo (under $100k) | Included | Included |
| Customer service ratings | Poor | Good | Excellent |
| Best for | Beginners, casual investors | All experience levels | DIY investors |
The main advantage Wealthsimple held for years was zero commissions. Now that Questrade and Qtrade have both moved to $0 trades, the competitive gap has narrowed considerably. Wealthsimple still wins on ease of use and design. It loses on tools, research, product range, and customer service.
How Wealthsimple’s Managed Portfolios Have Changed Over Time
When Wealthsimple launched its robo-advisor in 2014, the proposition was clean and simple: put your money in low-cost index ETFs, rebalance automatically, and let compounding do the work. That model worked well and attracted a large early following.
Over time, the portfolios drifted from that original approach. Gold was added as a third asset class. Alternative investments and private equity exposure appeared in the higher tiers. Long-term bonds remained in the mix during a period when rising interest rates were eroding their value.
The result is a managed portfolio product that is harder to evaluate than it was at launch. The underlying simplicity that justified the management fee has given way to a more complex mix that has not produced better returns. For investors who opened a managed account early based on the original pitch and haven’t revisited it recently, checking the current portfolio composition and comparing the actual returns against a simple index ETF portfolio is a worthwhile exercise.
If the numbers don’t support the fee, Wealthsimple trading also allows self-directed investors to build their own simple ETF portfolio for free, without the 0.5% management layer on top
Who Wealthsimple Is Actually a Good Fit For
Despite its limitations, Wealthsimple remains a genuinely good choice for a specific type of Canadian investor.
Wealthsimple works well for:
- First-time investors who want the simplest possible way to open a TFSA or RRSP
- Canadians who want automated, hands-off portfolio management and are not comparing five-year returns closely
- People who hold crypto and want to manage it alongside stocks from one app
- Investors who primarily buy Canadian stocks and ETFs and do not need USD accounts or foreign market access
- Anyone who values a clean, modern user experience above research depth and product range
- People who want a high-interest no-fee chequing account alongside their investments
Wealthsimple is the wrong choice for:
- Active traders who need real-time research, screeners, and charting
- Investors who regularly trade US-listed securities and hold under $100,000 in assets
- Anyone who wants mutual funds, bonds, or GICs
- Investors who want personalized financial advice without reaching $100,000 first
- Anyone who may need rapid access to funds in time-sensitive situations
If you are deciding between RRSP and TFSA before the deadline, we have a detailed guide on RRSP deadline.
Questions to Ask Before Choosing Any Canadian Robo-Advisor or Brokerage
Before opening any account, including Wealthsimple, these questions help you match the platform to your actual needs:
- What account types do I need (TFSA, RRSP, RESP, FHSA)?
- Will I be buying Canadian stocks, US stocks, or both?
- Do I want a managed portfolio or do I want to pick my own investments?
- How important is access to a financial advisor?
- How often will I trade, and do commission costs actually affect my decision?
- Do I need research tools and advanced charting, or just a place to execute trades?
- What is the customer service situation like at this platform?
- Do I need access to GICs, bonds, or mutual funds alongside my equities?
Wealthsimple answers some of these questions well. For others, Questrade or Qtrade will be the stronger fit. The honest answer for most experienced Canadian investors in 2026 is that Wealthsimple is a solid starting point, but not necessarily the destination.
Closing up: Is Wealthsimple Worth It?
For new and casual investors, yes. For experienced investors who have outgrown the basics, it depends on what you actually need.
Wealthsimple in 2026 is a very different company from the one that launched in 2014. It is larger, more profitable, and more complex. The product lineup has expanded in ways that serve some users well and confuse others. The core investing experience is still clean and easy, but the managed portfolio performance has disappointed, the customer service ratings have not improved, and the competitive pricing advantage that once set Wealthsimple apart has all but disappeared now that Questrade and Qtrade charge $0 commissions too.
What remains genuinely strong is the app experience, the Wealthsimple chequing account, the zero-commission Wealthsimple trading platform for Canadian equities, and the Wealthsimple welcome bonus for new sign-ups. For someone opening their first TFSA or RRSP and wanting to get started without confusion, Wealthsimple is still one of the most accessible platforms in Canada.
For everyone else, the honest recommendation is to check what you actually need, compare it against this Wealthsimple Review, and then see whether Questrade or Qtrade fills the gaps before committing to a single platform.
Wealthsimple Details
Wealthsimple Contact Info
1-855-255-9038
Mon - Fri, 9:00 AM – 5:00 PM EST
80 Spadina Avenue, Suite 201, Toronto, Ontario, Canada M5V 2J4
FAQs about
Is Wealthsimple safe if the company goes under?
Yes. Client assets are held separately from Wealthsimple's own balance sheet, so they cannot be used to pay company debts. Investment accounts are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million per eligible account. The Wealthsimple chequing account is CDIC-insured up to $1 million separately.
Why does Wealthsimple have such mixed customer service reviews?
The 1.5 out of 5 Trustpilot rating reflects consistent complaints about slow response times, difficulty reaching live agents, and long resolution windows for account-level issues like verification and freezes. Core clients have the least access to support. The AI chatbot handles routine questions adequately but cannot resolve account problems.
What does Wealthsimple actually charge in fees?
For self-directed Wealthsimple trading, stock and ETF trades are free. The main fee to watch is the 1.5% foreign exchange charge on US-listed trades without a USD account, and the $10 monthly USD account fee for balances under $100,000. For managed investing, Wealthsimple fees are 0.5% for Core, 0.4% for Premium, and 0.2% to 0.4% for Generation, plus underlying ETF MERs of roughly 0.12% to 0.15%.
Is Wealthsimple better than Questrade?
For beginners who want simplicity and a clean app, Wealthsimple is easier to start with. For investors who want more investment options, better research tools, and stronger customer service, Questrade is the better platform. Questrade offers mutual funds, bonds, GICs, and a more complete trading experience. With both platforms now offering zero-commission trades, the pricing advantage that once made Wealthsimple stand out is largely gone.
Can Wealthsimple really freeze my account, and why?
Yes. Wealthsimple is regulated under FINTRAC anti-money laundering requirements, and accounts can be flagged and restricted when transactions trigger a compliance review. This is not unique to Wealthsimple, but resolution timelines can stretch to five business days or longer, which becomes a real problem when access to funds is time-sensitive. The complaints are most common on the crypto side of the platform.
Is Wealthsimple good for active or advanced traders?
No. Wealthsimple explicitly discourages day trading and reserves the right to block transactions it considers inappropriate. The platform lacks a stock screener, has only basic charting, offers no research tools, and does not support mutual funds, bonds, or GICs. Advanced traders should look at Questrade, Qtrade, or Interactive Brokers Canada instead.
Wealthsimple Community Reviews
Would you recommend Wealthsimple to your friends?
BestMoney.ca User Rating
BestMoney users do not recommend this product giving it a score of -96, or 1.1 stars.
The recommendation score shows how satisfied customers are with a provider. A perfect +100 means all customers recommend it, while -100 means no one does. These ratings come solely from community votes and are never affected by partner payments. BestMoney also monitors and removes fraudulent reviews once identified.
