Wealthsimple Review January 2024 (For Canadians Only)

Reading time: 27 mins
Wealthsimple Review4.51CDN

Key Takeaways

  •  1. Robo Advisor

    Wealthsimple Invest, the focus of this review, is Wealthsimple’s robo advisor, which caters to investors who prefer a hands-off approach to their investment strategy.
  • 2. Beginner-Friendly

    Designed for beginner investors with a user-friendly interface on both desktop and mobile and a simple account setup process.
  • 3. Transparency

    Transparent and straightforward fee structure, with no minimum deposit and clear information on both fees and returns.
  • 4. Account Options

    Offers various account types, including personal accounts, TFSA, RRSP, and various investment options to suit investor risk levels and goals.
  • 5. Reputation for Safety

    Wealthsimple has a well-established reputation for being safe and secure, with robust security measures and regulatory compliance.

Pros
  • Built for beginner investors
  • Limited fees
  • Automated investing feature
  • RRSP and TFSA accounts
  • Very sleek & modern user interface
  • All-in-one mobile app
  • Socially Responsible And Halal Portfolios
  • Connects with other Wealthsimple products
  • Reputation for being safe and secure
  • No minimum deposit required
  • Quick and easy account sign-up process
  • Access to human advisors
  • Very transparent on returns and fees
  • Higher-tier plans available
Cons
  • Limited control over investments
  • Some competitors have lower fees
  • No 24/7 customer support
  • No advanced analysis tool or charts

What is Wealthsimple? 

In short, Wealthsimple is a Canadian-founded financial tech company that offers many financial products:

  1. Robo advisor (Wealthsimple Invest – You’re reading the review now)
  2. Self-directed investment platform (Wealtshimple Trade – Read Review Here)
  3. Crypto platform (Wealthsimple Crypto – Read Review Here)
  4. Online tax-filing software (Wealthsimple Tax – Read Review Here)
  5. Pre-paid cash card (Wealtshimple Cash – Read Review Here)

At the end of this article, I outline summary reviews of Trade, Crypto, Tax, and Cash, but for the purpose of this in-depth analysis, we are going to focus on Wealthsimple’s founding product back in 2014, its robo advisor – Wealtshimple Invest.

As a long-time user of Wealthsimple since early 2018 (when I transferred my Scotiabank TFSA to Wealthsimple), I can attest to it being an amazing platform, which will be covered throughout this article.

Confirmation email from Wealthsimple about my deposit

Because let’s just be honest, investing can feel like an alien universe riddled with jargon and complex mechanisms when you first start. And because of this, it’s not uncommon for potential investors to feel daunted and turn away from it altogether.

But this is exactly where Wealthsimple comes into the picture.

So let’s get into it.


Wealthsimple Invest Review | Comprehensive Analysis

Overall Score:

As a Wealthsimple investor since early 2018 (February), it was the only product offered at the time, so I’ve seen the company and products grow and innovate in real-time.

In this upcoming section, I’ll break down my rating and dive into specific factors that clarify why Wealthsimple Invest has earned me such a solid 4.5/5 score.

At a Glance

1. Fees (4.5/5)

Score:
  • No account minimums – you can open an account without any deposit and invest as little as $1. For context, Questrade requires $1,000 to start investing.
  • Straightforward and transparent pricing. You’re charged a management fee based on a percentage of your assets under management (AUM). That’s it.
  • Wealthsimple will cover any administrative transfer fees charged by another institution when an investment account worth $5,000 or more is transferred to them.
  • Creating an account is 100% free
  • No deposit or withdrawal fees
  • While Wealthsimple Invest’s management fees are competitive, they are slightly higher than some robo-advisors charge.
  • While not a direct charge from Wealthsimple, the ETFs within your portfolio also have their own management expense ratios (MERs), which are deducted from the fund’s returns.

2. Usability (5/5)

Score:
  • Intuitive and user-friendly interface for easy navigation – built specifically for beginner investors.
  • Simple account setup process – takes literally 20-30 minutes from start to finish (step-by-step guide below)
  • Seamless integration with bank accounts for smooth transfers and deposits – Wealthsimple uses a well-known fintech software company called Plaid for this integration.
  • Clear and transparent information on investment options, fees and returns – monthly emails breaking down your investment returns by account type.
Screenshot of Wealthsimple managed investing monthly statement from March

3. Account Types (5/5)

Score:
  • Personal accounts for individual investors
  • TFSA (Tax-Free Savings Account) for tax-free growth.
  • RRSP (Registered Retirement Savings Plan) for long-term retirement savings.
  • Spousal RRSP for income splitting and retirement planning.
  • LIRA (Locked-In Retirement Account) for pension transfers.
  • RESP (Registered Education Savings Plan) for saving for a child’s education.
  • FHSA coming soon! (Join Waitlist here)

4. Cool Features (4.5/5)

Score:
  • Automatic portfolio rebalancing to maintain desired risk levels.
  • Risk tolerance slider for making personalized investment preferences easy. (see video below)
  • Dividend reinvestment plan to maximize returns.
  • Tax loss harvesting[1] for tax optimization
  • Free access to Wealth advisors[2]
  • In 2023, Wealthsimple came out with a Private Credit investing option for eligible applicants[3]
  • Access to fractional shares and crypto with Wealthsimple’s other platforms (Trade and Crypto)

5. Mobile App (4.5/5)

Score:
  • User-friendly and well-designed mobile app for on-the-go investing.
  • Easy access to account information and portfolio performance.
  • Secure authentication and biometric login options.
  • Push notifications for important account updates.
  • Seamless integration with other Wealthsimple products.
  • Occasional glitches and downtimes
Iphone screenshot of my investment portfolio holdings

6. Portfolio Performance Options (5/5)

Score:
  • Wealthsimple offers a variety of investment options to suit different investors’ risk levels and investment objectives. These include conservative[4], balanced[5], and growth portfolios[6].
  • The ability to choose a portfolio that aligns with your financial goals and risk tolerance allows for a more personalized investment strategy tailored to your needs.
  • One of the advantages of using Wealthsimple’s robo-advisor is that it manages portfolios and automatically rebalances and optimizes them in response to market gains and losses.

Wealthsimple also offers Halal and SRI (Socially Responsible Investing) portfolio types. Each portfolio type, including Halal[7] and SRI[8], further encompasses conservative, balanced, and growth portfolios, resulting in a total of nine portfolio options.

These additional portfolio types allow investors to align their investment choices with their ethical and religious considerations, further enhancing the flexibility and inclusiveness of Wealthsimple’s offerings.

Below are the asset allocations for classic portfolio types:

Growth

Asset ClassAllocation
Global equities10.00%
Emerging market equities14.00%
Gold2.50%
International equities20.00%
U.S. equities26.00%
Canadian equities10.00%
Canadian short-term bonds1.00%
Government bonds16.50%
As of July 2023

Balanced

Asset ClassAllocation
Global equities10.00%
Emerging market equities8.70%
Gold3.75%
International equities10.50%
U.S. equities14.62%
Canadian equities6.18%
Canadian short-term bonds9.00%
Government bonds26.00%
Canadian aggregate bonds11.25%
As of July 2023

Conservative

Asset ClassAllocation
Global equities10.00%
Emerging market equities6.09%
Gold2.50%
International equities5.80%
U.S. equities8.88%
Canadian equities4.23%
Canadian short-term bonds8.00%
Government bonds17.00%
Canadian aggregate bonds37.50%
As of July 2023

7. Security and Credibility (5/5)

Score:
  • Wealthsimple implements state-of-the-art encryption, including 256-bit SSL encryption, to secure customers’ data and personal information.[9]
  • Wealthsimple has implemented threat detection measures encoded into its products, allowing real-time identification and mitigation of potential security threats. [10]
  • The platform offers two-factor authentication (2FA), providing an extra layer of security by requiring verification codes to be sent to users’ phones or emails for account access.
  • Wealthsimple is a member of the Canadian Investor Protection Fund (CIPF), which covers up to $1 million per account in the rare event of insolvency.
  • The platform has a dedicated security operations team that includes experienced professionals responsible for ensuring the safety and integrity of Wealthsimple’s systems.
Linkedin screen showing Wealthsimple's security team

8. Higher Tier Plans (4/5)

Score:
CorePremiumGeneration
> $1 in assets> $100,000 in assets> $500,000 in assets
BenefitsBenefitsBenefits
Trade stocks with no commission feesCore Plan Benefits Plus…Premium Plan Benefits Plus…
Management fee of 0.5% on all managed accounts Only 0.4% on all managed investment accountsComes with a management fee ranging from 0.2% to 0.4%.
Receive instant deposits of up to $50,000 Goal setting with an advisorTeam of advisors who are committed to helping you
Assistance from a live customer support representativeEarn 4% interest on your cash balanceCan earn a 4.5% interest rate.
USD accounts availableCustom portfolios for clients.
Customized asset location
As of July 2023

9. Customer Support (4/5)

Score:
  • Wealthsimple’s customer support is highly responsive, friendly, and helpful based on my experience. Wait times on the phone are typically 2-3 minutes, with a callback option if the wait is longer.
  • Support Availability – Phone support is available seven days a week, providing convenient access to assistance.
  • Wealthsimple offers multiple support methods, including phone, email, and a virtual assistant (chatbot). This allows customers to choose the channel that suits their preferences and convenience.
  • Premium Client Priority – Premium or Generation Wealthsimple clients receive priority support through the app, ensuring quicker assistance and a higher level of service.
  • Lack of 24/7 Support – While Wealthsimple provides responsive customer support during business hours, the absence of round-the-clock support may be a limitation for individuals who require assistance outside the available hours.

Wealthsimple Invest Fees

Wealthsimple Invest’s main appeal, in my opinion, is its simplicity.

Yet, like any financial institution, Wealthsimple generates revenue, and they do this through a fee structure applied to their client’s portfolios.

Understanding these fees is crucial to make informed decisions about your investments. So let’s break down Wealthsimple Invest’s fees in a digestible way.

Fee Structure

Wealthsimple Invest’s fees depend on how much you have invested on the platform. The service provides three tiers:

  1. Core
  2. Premium
  3. Generation

Here’s the breakdown of the annual management fees for each tier:

PlanTotal InvestedManagement Fee
Core$1 onwards0.5%
Premium$100,0000.4%
Generation$500,0000.2% – 0.4%

The annual fees are charged on a monthly basis.

How it Works

Let’s illustrate this with an example. If you have invested $50,000, you fall into the ‘Core’ tier, and your fees would be calculated as follows:

  • $50,000 x 0.5% = $250

So, you’d pay a $250 management fee over a year, equating to approximately $20.83 each month.

For the ‘Premium’ tier, with an investment of, say, $150,000, the fee calculation is as follows:

  • $150,000 x 0.4% = $600

This implies an annual fee of $600 or around $50 monthly.

For the ‘Generation’ tier, let’s consider a $1,000,000 investment with a management fee of 0.3%. The fees would be:

  • $1,000,000 x 0.3% = $3,000

In this case, you’d pay an annual fee of $3,000 or $250 monthly.

These fees are automatically deducted from your account balance.

Viewing your Fees on Wealthsimple Invest

To view your Wealthsimple Invest fees, navigate to your account’s “Activity” section.

Here, you’ll find a row titled “Fees and Reimbursements”. This section will detail all charges associated with your account, providing a transparent overview of the costs of managing your portfolio.

Backend of Wealthsimple screenshot of where to find fees and reimbursements

So as you can see, Wealthsimple Invest’s fees are fairly straightforward, with a tiered approach based on your total invested amount.


Who Should Use Wealthsimple Invest?

If you’re still unsure whether Wealthsimple Invest is the right investment platform for you, consider my section below on who I think Wealthsimple Invest is best and worst suited for.

You Should Use Wealthsimple Invest if…

  • You are brand new to investing and are looking for a user-friendly and beginner-oriented platform.
  • You value an automated investment management approach and prefer to be hands-off regarding your investments.
  • You are interested in diversified portfolios of low-cost ETFs focusing on long-term growth.
  • You appreciate the convenience of having multiple investments and financial options (like trading, crypto, and savings) within the same platform.
  • You are a Canadian resident and prioritize socially responsible investing or seek Halal investment options.

Wealthsimple Invest Might Not be For You if…

  • You are an active trader seeking detailed analytics, advanced trading features, and real-time data.
  • You enjoy a do-it-yourself approach to investing and prefer to manage your investments directly.
  • You seek a wide variety of asset classes beyond ETFs.
  • You’re a frequent day trader.
  • You prefer having extensive portfolio customization options beyond the provided templates.

My Experience with Wealthsimple Invest

Over the last 5-6 years, I’ve tested, experimented and used dozens and dozens of fintech platforms. And with all the different products I review, I think Wealthsimple Invest is probably the one I can speak on most confidently.

Not only did I first sign up for an account with them back in 2018, but I’ve continued to have my money invested with them for the last 5+ years.

Document Archive from Noel's Wealthsimple account dating back to 2018

I know every little thing you can know about the platform – not because I’ve tested it for a month or two, but because I’ve really used the product and watched my wealth grow with them over time AND witnessed how the software (and the company) has innovated and advanced every year.

So it shouldn’t surprise you when I say I’ve had a fantastic experience with Wealthsimple Invest so far over the last half-decade.

With everything I discussed above about Wealthsimpe, the thing I like the most about the platform is its user-friendliness for beginners, its lack of high fees, and lastly, it’s its transparency from a company and an investment perspective.

When you speak with customer support, you don’t feel like you are being sold to or viewed as a “prospect”. They just try to help you solve your problem as quickly as possible, and from my experience, they are always super pleasant and helpful.

And lastly, as someone who likes things to be easy, I love how Wealthsimple just makes everything so simple – from the signup process to connecting your bank account to investing and viewing your returns, it’s really SO much easier and quicker than setting up and managing a TFSA with say a Scotiabank or RBC.

So at the end of the day, I give Wealthsimple Invest a glowing review and a 4.5/5 star rating for everything mentioned above. If you’re on the fence about signing up, I would say there is no harm (or cost) in signing up.

If it works for you, then great.

If not, it takes 1 minute (and no money) to delete your account and move on – but hey, at least then, you’ll know one way or another.

Try Wealthsimple Invest Today

Eager to see your money grow? Start your Wealthsimple Invest journey now

Why Canadians Use Wealthsimple Invest

Don’t Just Take my Word For It

Highly recommend!

I have to admit my experience with Wealthsimple has been wonderful thus far! I can fund my TFSA through my Simplii account. Easy peasy!
Amira Jacobs
Source: Trust Pilot

Great app, very streamlined

I’ve had a lot of great success with Wealthsimple vs my other investments with RBC.  Great app, very streamlined and easy to use.
Trevor Dupp
Source: Facebook

Refreshing

Refreshing. So much better than RBC and their atrocious customer service and high fees.
Tom
Source: Trust Pilot

favourite investing platform

I use Wealthsimple, It’s my favourite investing platform for Canadian investors
TheAlphaThought
Source: Twitter

good investment returns

Wealthsimple does live up to its name = it makes sound investing SIMPLE! We opened an account about 18 months ago; it was easy to set up; the qualified investment adviser advised us on risks and rewards and help us to set up our account with our needs and attitudes in mind.
Steve Price
Source: Trust Pilot

Great For Passive Investors

I’ve been using Wealthsimple for a few years now and they’ve been great. I don’t have time to manage my own portfolio and as a robo investor they’ve been able to deliver great returns with low fees and allow me to have the peace of mind without all of the up selling hassles of being with a big bank or a broker paid on commission.
Thomas Costa
Source: Trust Pilot

How To Sign Up For A Wealthsimple Invest Account

Time needed: 30 minutes

Creating your Wealthsimple Invest account is a simple and straightforward process. Follow these steps, and you’ll be on your way to becoming an investor in no time!

  1. Set Up Your Wealthsimple Profile

    Start by visiting Wealthsimple’s sign-up page. You’ll set up your profile by entering your email address and choosing a password.
    Select “Invest” as your starting product.

    Screenshot of 5 of Wealthsimple's product in a multiple choice question
    You’ll be asked to provide the following personal details:
    1. First Name
    2. Last Name
    3. Date of Birth
    4. Phone Number
    5. Citizenship
    6. Gender (Optional)
    7. Residential Address
    8. Mailing Address
    9. Employment Status
    10. Current Workplace
    11. Type of Company
    12. Your Role at the Company
    13. Social Insurance Number (SIN)

    It’s important to remember that Wealthsimple, just like big Canadian banks, is regulated by IIROC, so it’s safe to provide your SIN and other details to.

  2. Personalize Your Portfolio

    In this step, you’ll answer a series of questions to help Wealthsimple tailor your portfolio to your needs and risk tolerance.

    Questions include:
    1. Are you thinking about retirement?
    2. What’s the main reason for investing?
    3. When would you like to retire?
    4. What’s your estimated household income for this year?
    5. How much money do you have saved?
    6. What’s the value of property and other assets you own?
    7. What’s the value of your debts?
    8. How much do you know about investing?
    9. Do you have an idea of how much risk you’re willing to take?
    10. Choose an investment theme for your account (Socially Responsible, Classic, Halal)

    3 investment options when signing up with Wealthsimple
    Once you’ve answered these questions, Wealthsimple will suggest a portfolio type. But remember, you’re not locked into this recommendation. You can adjust your risk preferences in your settings after you’ve signed up.

  3. Open Your Wealthsimple Account

    Now it’s time to open your account. At the start of this step, you’ll decide whether you’re transferring an existing investment account or starting a new one. For new users, select “No, I’ll start with a new Wealthsimple account.”

    Then, choose the type of account you want to open. If you’re saving for retirement, go for an RRSP. If you think you might make withdrawals over time, opt for a TFSA.

    Not sure? Go with a TFSA to withdraw your money when needed without tax consequences.

    Next, you’ll select the goals for your new account and agree to the terms and conditions.

    User signing up for TFSA on Wealthsimple

  4. Fund Your Wealthsimple Account

    In the final step, you’ll link your bank account to Wealthsimple and deposit funds into your investment account. Don’t worry, connecting your bank account to Wealthsimple is safe, and the platform supports all major banking institutions in Canada.

    After linking your bank account, you’ll schedule your deposit by:
    1. Entering the amount you want to deposit
    2. Scheduling the deposit for a one-time transaction, or every week, every two weeks, or every month
    3. Selecting the date for your deposit

    screenshot of Wealthsimple add funds dashboard

    Once you’ve done this, hit “Submit deposit.” It usually takes 3-5 business days for deposits to process.

    And that’s it!
    If you’ve followed these steps, you have officially set up and funded a Wealthsimple Invest account. Congratulations on your new investing journey!

Ready to Try Wealthsimple Invest?

Let your money work for you and experience Wealthsimple Invest now.


Wealthsimple Trade Review

Wealthsimple Trade Review4.51CDN

Key Takeaways

  •  1. User-Friendly

    Ideal for beginners and seasoned investors alike. Its no-fee, no-minimum balance structure and the provision of fractional shares make it an appealing entry point for new investors.
  • 2. Mobile App

    The Wealthsimple Trade mobile app is a highly accessible tool, ideal for new and experienced investors, and offers a seamless modern experience.
  • 3. Fractional Shares

    Wealthsimple Trade stands out for its fractional shares feature, which is great for investors regardless of their budget and allows users to invest in high-priced stock with any amount of money.

Wealthsimple Trade is Wealthsimple’s self-directed investment platform. In other words, if you wanted to buy or sell individual stocks or ETFs, such as Tesla or Apple, you would open a Wealthsimple Trade account.

Wealthsimple Trade puts all the control in the hands of the investor, whereas with Wealthsimple Invest, you just set your risk level, and then Wealthsimple does the rest.

Check out my article Wealthsimple Invest Vs Trade 2023 | Which Is Right For You? for a full breakdown and comparison of the two Wealthsimple products.

Below is my summary review of Wealthsimple Trade – for my full, in-depth analysis, check out my article Wealthsimple Trade Review 2023: Pros, Features And Fees

Wealthsimple Trade At a Glance

Pros

  • No Commission Fees
  •  Fractional Shares Available
  •  No Minimum Balance Required
  • Beginner-Friendly on Mobile and Desktop
  •  TFSAs and RRSP Account Offerings
  • Access to the Crypto Markets

Cons

  •  No Margin Accounts
  • Currency Conversion Fees
  • Deposits Can Take Up to 3 Days to Process
  •  Desktop Platform Occasionally Glitches
Trade

Noel’s Take on Wealthsimple Trade

Due to its low costs, diverse investment options and overall ease of use, I think Wealthsimple Trade is Canada’s best self-directed online brokerage platform, and I would give it a score of 4.5/5.


Wealthsimple Crypto Review

Wealthsimple Crypto Review4.51CDN

Key Takeaways

  •  1. Beginner Friendly

    Provides an intuitive platform for Canadian investors who wish to explore crypto. It also seamlessly integrates with other Wealthsimple products for a streamlined user experience.
  • 2. Crypto Wallets

    Provides managed crypto wallets, enabling users to transfer their digital assets to and from external wallets.
  • 3. Coin Selection

    Currently supports trading for more than 50 well-known cryptocurrencies, with an ongoing commitment to broaden the range of available digital currencies in the future.

Wealthsimple Crypto is a solid platform for any Canadian new to cryptocurrency investing, offering a user-friendly interface and easy access to mainstream cryptocurrencies.

This platform is a good fit for beginners and those preferring a secure, regulated environment for crypto trading.

Not only that, but the platform has been super proactive in adding new features as the years go on – and for those prioritizing simplicity and security over complex crypto tools, Wealthsimple Crypto would be a great fit for you.

Check out my article here for my full review of Wealthsimple Crypto. But for my summary review, you can read the section below.

Wealthsimple Crypto At a Glance

Pros

  • Limited Platform Fees
  •  $0 Minimum Balance
  •  Access to Crypto Wallets
  • Regulated by the Canadian Government
  • Staking Rewards Offered
  • Over 50 Coins Available to Trade

Cons

  •  Wallet Transfers Not Supported by All Coins
  • Only Supported In Canada
  • Funding Restricted to CAD
  • 24/7 Customer Support Not Offered
Crypto

Noel’s Take on Wealthsimple Crypto

Wealthsimple Crypto scores a solid 4.5/5 from me – It’s dead simple to use, and they’re constantly improving with new features. Depending on who you ask, their fees can be seen as high, but I feel safe using a regulated Canadian exchange which is why it’s my go-to for buying and managing my crypto.


Wealthsimple Tax Review

Wealthsimple Tax Review4.51CDN

Key Takeaways

  •  1. Pay-What-You-Want

    This software operates on a flexible pricing structure where you decide what to pay.
  • 2. Cool Features

    Innovative features like intelligent search functionality, immediate refund estimations, and connectivity to cryptocurrency wallets.
  • 3.  Safe and Secure

    Certified by the CRA and Revenu Quebec and utilizes NETFILE as its electronic tax-filing service.

Wealthsimple Tax is a game-changer for Canadians looking for a simple, cost-effective solution to file taxes online.

In my personal experience, it’s been refreshingly straightforward to use.

The platform takes full advantage of advanced algorithms to ensure that you’re not leaving money on the table, and it works diligently to maximize your tax refunds and find every eligible credit and deduction.

One aspect of Wealthsimple Tax I truly appreciate is the error-catching feature. So before you hit that daunting ‘submit’ button, Wealthsimple Tax has your back and scans for errors or inconsistencies.

In other words, it helps keep those anxiety-inducing audit fears at bay.

And here’s where it gets really interesting. Wealthsimple Tax integrates smoothly with your Wealthsimple Crypto wallet if you have one and pulls in the necessary data automatically, which is super convenient considering the often confusing tax implications that the world of crypto brought along with it.

With all that being said, though, Wealthsimple Tax may not be everyone’s cup of tea. If you’re old school and prefer face-to-face interactions with a tax professional, or your tax situation is extremely complex, you might want to explore other options.

But, if simplicity, accuracy, and cost-effectiveness rank high on your list, Wealthsimple Tax should be a solid contender for you.

For more of my insights, check out my full review here. It’s a thorough, personal walkthrough of my experience with Wealthsimple Tax.

But if you only have a minute, I briefly summarize my full review below.

Wealthsimple Tax At a Glance

Pros

  • Pay-What-You-Want Pricing
  • NETFILE Certified Tax Software (CRA)
  •  Fast Refunds
  •  Sleek User Interface
  • Real-Time Refund Calculation

Cons

  •  No Expert Review Option
  • Limited Customer Support
  • Requires Basic Tax Literacy
Tax

Noel’s Take on Wealthsimple Tax

Wealthsimple Tax gets a thumbs-up from me with a 4.5/5 rating. It’s super user-friendly, cost-effective, and takes the headache out of tax season. This tool is a winner if your tax situation isn’t too complex. Plus, the crypto integration is a sweet bonus.


Wealthsimple Cash Review

Wealthsimple Cash Review4.51CDN

Key Takeaways

  •  1. Cash Back Rewards

    An ideal choice for individuals aiming to make purchases, earn cashback benefits and steer clear of debt simultaneously.
  • 2. Innovative Features

    Minimal charges, 1% cashback, and continual feature releases like peer-to-peer lending, automatic investing, and round-up spending.
  • 3. Good for Budgeting

    Wealthsimple Cash provides an effective method for managing expenses and living within your means while earning rewards for spending.

Wealthsimple Cash is a real asset for those seeking a smart way to manage their daily expenses. From personal experience, I’ve found this platform awesome to use.

With Wealthsimple Cash, you get to tap into the power of modern banking technologies and manage your everyday spending through a prepaid credit card that earns you cash rewards.

Sounds good, doesn’t it?

Another benefit, and one close to my heart, is its potential to curb overspending and credit card debt, as pre-paid credit cards are basically just like spending on a debit card, as you have to upload the money to the card before spending on it, so it’s your own money your spending, but you now get some great rewards for spending, unlike a traditional debit card.

Also, if you’re like me and already use other Wealthsimple platforms like Invest, Trade, or Crypto, integrating Wealthsimple Cash can help streamline your entire financial life.

However, in saying alll this, Wealthsimple Cash might not tick all the boxes for everyone.

For example, you may be disappointed if you’re chasing high-tier rewards like those from AMEX. Or if you prefer interacting face-to-face with a bank teller as opposed to over a live chat or email, you also may be disappointed.

Also, remember that while using a Wealthsimple Cash card won’t dent your credit score anyway, it won’t boost it either.

Finally, in the spirit of full disclosure, I’ve noticed a few bugs since Wealthsimple Cash’s app merged with the Invest, Trade, and Crypto app in 2022. But, honestly, it’s a minor gripe against the convenience and simplicity of having everything under one digital roof.

All things considered, I give Wealthsimple Cash a 4.5/5.

Despite a few hiccups, it’s a platform I use daily, and I plan to continue doing so.

Curious to know more? Then check out my in-depth analysis here as it’s packed with my personal experiences and insights into Wealthsimple Cash.

But again, if you’re short on time, keep reading for a brief summary of my full review.

Wealthsimple Cash At a Glance

Pros

  • 1% Cash Back on Spending
  •  Instant Deposits
  •  Round up Spending Feature
  • Limited Fees
  • Auto Invest Functionality

Cons

  •  2.5% Fee for Instant Withdrawals
  • Daily Spending and ATM Limits
  • Not All Merchants Accept Prepaid Cards
  • No In-Person Customer Service
Cash

Noel’s Take on Wealthsimple Cash

I give Wealthsimple Cash a solid 4.5/5 rating. It’s super easy to use, gives cash back on all spending, always innovates and releases cool features, and its potential to curb overspending makes it a worthy tool in my financial toolbox.

Summary

PlatformKey TakeawaysProsConsRating
Wealthsimple Trade– User-Friendly
– Mobile App
– Fractional Shares
– No Commission Fees
– Fractional Shares Available
– No Minimum Balance Required
– No Margin Accounts
– Currency Conversion Fees
– Deposits Can Take Up to 3 Days to Process
4.5/5
Wealthsimple Crypto– Beginner Friendly
– Crypto Wallets
– Great Coin Selection
– Limited Platform Fees
– $0 Minimum Balance
– Access to Crypto Wallets
– Wallet Transfers Not Supported by All Coins
– Only Supported In Canada
– Funding Restricted to CAD
4.5/5
Wealthsimple Tax– Pay-What-You-Want
– Cool Features
– Safe and Secure
– Pay-What-You-Want Pricing
– NETFILE Certified Tax Software
– Fast Refunds
– No Expert Review Option
– Limited Customer Support
– Requires Basic Tax Literacy
4.5/5
Wealthsimple Cash– Cash Back Rewards
– Innovative Feature
– Good for Budgeting
– 1% Cash Back on Spending
– Instant Deposits
– Round-up Spending Feature
– 2.5% Fee for Instant Withdrawals
– Daily Spending and ATM Limits
– Not All Merchants Accept Prepaid Cards
4.5/5

My Final Verdict

So there you have it – a deep dive into Wealthsimple Invest.

For the reasons stated throughout this article, if you’re a Canadian looking to start investing but are unsure where to start, Wealthsimple Invest would be a great option for you.

Or, even if you’re already investing your money somewhere but want an easier, more transparent (and modern) way to manage your investments, Wealthsimple Invest is, without a doubt, a platform you should at least take for a test drive.

With all of that said, though, it is worth noting the importance of conducting your own due diligence before making any investment decisions.

While this review provides an in-depth look at Wealthsimple Invest’s features, benefits and drawbacks, every investor’s needs are unique, so it’s always important to assess your financial goals, risk tolerance, and investment horizon before diving in.

Want an Easier Way to Invest? Try Wealthsimple Today


FAQs about Wealthsimple

Is it Hard to Withdraw Money from Wealthsimple?

No, it’s not hard to withdraw money from Wealthsimple. The platform provides a simple and straightforward withdrawal process. However, it’s worth noting that processing times can vary based on the timing and amount of your withdrawal.

Will Wealthsimple Reimburse my Transfer Out Fees?

Yes, Wealthsimple will reimburse the administrative transfer fee on an institutional transfer if the transfer is greater than $5,000 in value.

Is Wealthsimple Good for Beginners?

Absolutely. With its user-friendly interface, robust educational resources, and variety of low-risk investment options, Wealthsimple Invest is an excellent platform for beginners.

Is Wealthsimple like Robinhood?

Wealthsimple Trade and Robinhood are both commission-free trading platforms, but they differ in availability, investment options, features, account types, and research tools. While they share some similarities, they definitely have distinct characteristics that set them apart.

Can I Day Trade with Wealthsimple?

Yes, day trading is permitted on Wealthsimple Trade, but not Wealthsimple Invest. Investors can buy and sell assets instantly, with proceeds available for new purchases immediately. However, consider potential currency conversion fees, tax implications, and that Wealthsimple retains the right to monitor and restrict inappropriate trading activity.

Does Wealthsimple Charge for Withdrawals?

Wealthsimple does not charge fees for withdrawals. However, some costs might be associated with full account transfers to another institution or tax consequences for withdrawing from an RRSP.

Which Bank Owns Wealthsimple?

Wealthsimple is not owned by a bank. It’s an independent company that was initially backed by Power Financial Corporation, a major Canadian financial management company.

Does Wealthsimple Report to the CRA?

Yes, Wealthsimple reports to the Canada Revenue Agency (CRA). Its Wealthsimple Tax platform also offers various CRA-linked services, enabling users to fill and submit their tax returns directly to the CRA.

Is Wealthsimple Cheaper than RBC?

Considering the management fees and expense ratios (MERs), there’s little difference between Wealthsimple and RBC InvestEase’s fee structures. Both levy a management fee of 0.5%, but Wealthsimple offers a discounted fee of 0.4% for accounts exceeding $100,000. Meanwhile, the MERs of Wealthsimple’s ETFs range from 0.12% to 0.23%, and RBC’s average around 0.12%

How Many Canadians Use Wealthsimple?

As of May 2023, Wealthsimple boasts more than three million users across Canada.

Author

  • Noel Moffatt

    Noel Moffatt is an SEO Strategist based in Newfoundland, Canada and the founder of noelmoffatt.com. As a long-time user of Wealthsimple and many other financial technologies, Noel's mission is to help simplify Canada's most popular fintech platforms to help Canadians adapt to the modern world of personal finance.

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