Is Wealthsimple safe? Is my money protected?

Wealthsimple is a registered Canadian investment platform. Investor protection and deposit coverage depend on the account, product, and institution involved, so always verify current coverage details.

What should I buy in my Wealthsimple TFSA?

For many beginners, a diversified exchange-traded fund can be simpler than picking individual stocks. The right choice depends on timeline, risk tolerance, and account rules.

Can I move my existing TFSA to Wealthsimple?

Yes, many Canadian financial institutions support direct Tax-Free Savings Account transfers. A direct transfer usually does not use new contribution room, but fees and timelines can vary.

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CanadaInvesting

Canada · Investing · Review

Wealthsimple Review 2025: Is It the Best Investing App in Canada?

7 min read · Canada · Investing · Review

Educational information only: This article is general information for learning. It does not replace guidance from a qualified professional who can review your full situation.

Affiliate disclosure: This article discusses Wealthsimple and may include affiliate links. The educational content remains useful even if affiliate links are removed.

Wealthsimple has grown from a robo-advisor startup to one of Canada's largest online brokerages by account count. With over 3 million users and $50 billion in assets, it has become a common option for Canadian beginners. But is it the right platform to research for your Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP) in 2025?

The short answer: for many Canadians, especially beginners and those building a simple exchange-traded fund (ETF) portfolio, Wealthsimple can be a useful platform to compare. Here is where it may fit well, and where its limitations matter.

What Wealthsimple Offers

Wealthsimple is not just one product. It is a platform that includes:

Wealthsimple Trade — commission-free stock and exchange-traded fund trading in Tax-Free Savings Accounts, Registered Retirement Savings Plans, and personal accounts
Wealthsimple Cash — a high-interest savings account with competitive rates
Wealthsimple Invest — a robo-advisor that builds and rebalances a portfolio for you
Wealthsimple Tax — free Canadian tax filing software (formerly SimpleTax)
Wealthsimple Crypto — buy and sell cryptocurrency

For many Canadians reading this, the relevant products are Trade (for do-it-yourself index fund investing) and Cash (for an emergency fund or savings).

The Case For Wealthsimple

Commission-Free Exchange-Traded Fund Trading

Wealthsimple charges $0 to buy or sell exchange-traded funds. Questrade charges a flat fee to sell exchange-traded funds, but not to buy them. For small, regular contributions, commission-free trading can reduce friction over time.

No Account Minimum

You can open a Tax-Free Savings Account or Registered Retirement Savings Plan with $1. This lowers the barrier to starting. You do not need to accumulate a large sum before learning how the platform works.

Clean, Simple Interface

The Wealthsimple app is clean and beginner-friendly. You can see your total balance, individual holdings, and performance clearly. For someone who has never invested before, the interface may feel easier to navigate than more advanced brokerage platforms.

Integrated Savings + Investing

Having a Tax-Free Savings Account, Registered Retirement Savings Plan, savings account, and tax filing tools in one platform can be convenient. You can review more of your financial picture without logging into multiple apps.

Where Wealthsimple Falls Short

United States Dollar Conversion Fees

Wealthsimple charges a 1.5% currency conversion fee when you buy United States-listed stocks or exchange-traded funds in United States dollars (USD). On a $5,000 purchase, that is $75 in fees. For investors who want to hold United States-listed funds directly, this can add up. Some Questrade users reduce conversion costs with a Norbert's Gambit strategy, but that approach is more advanced.

Premium Tier Required for Some Features

Wealthsimple Plus ($10/month or free above $100,000) unlocks lower conversion fees (1% vs 1.5%) and other perks. At small account sizes, this is probably not worth paying for.

Who Wealthsimple Is Best For

Wealthsimple may fit you if you are:

A first-time investor opening your first Tax-Free Savings Account or Registered Retirement Savings Plan
Building a simple all-in-one exchange-traded fund portfolio with Canadian-dollar funds
Contributing monthly in smaller amounts where commissions would matter
Wanting all your financial products under one app

A simple setup many Canadians consider: Open a TFSA, choose a diversified all-in-one exchange-traded fund such as XEQT, set up automatic monthly contributions, and review periodically. This keeps the process simple, but it still carries market risk.

Wealthsimple vs Questrade: Quick Comparison

Feature	Wealthsimple	Questrade
Exchange-traded fund purchases	Free	Free
Exchange-traded fund sales	Free	$4.95-$9.95
Stock trades	Free	$4.95-$9.95
United States dollar conversion	1.5% (1% with Plus)	About 1.5% before advanced workarounds
Account minimum	$1	$1,000
May fit	Beginners, exchange-traded fund investors	Larger portfolios, United States equities

For many people starting out, Wealthsimple may be simpler to use. If your portfolio grows and you want to hold United States-listed exchange-traded funds directly, Questrade can become worth comparing more closely.

Research Wealthsimple

Compare fees, account types, investment choices, currency conversion, and transfer rules before choosing any investing platform.

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Frequently Asked Questions

Wealthsimple is a registered investment dealer regulated by the Canadian Investment Regulatory Organization (CIRO). Eligible investments may be protected by the Canadian Investor Protection Fund (CIPF) up to applicable limits if Wealthsimple becomes insolvent. Cash in eligible savings products may be held at partner banks with Canada Deposit Insurance Corporation (CDIC) coverage, subject to program rules and limits.

XEQT (iShares Core Equity ETF Portfolio) and VEQT (Vanguard All-Equity ETF Portfolio) are commonly researched examples of single-ticket exchange-traded funds. Both hold diversified portfolios across Canada, the United States, and international markets. Compare risk level, fees, holdings, and your time horizon before choosing any investment.

You can usually request an in-kind transfer, which means transferring investments without selling them first. Wealthsimple may reimburse eligible transfer fees under its current policy, but program details can change. A direct transfer between institutions normally does not use Tax-Free Savings Account contribution room.