Wealthsimple: What It Offers — Cash, Trade, Invest, Crypto, Tax

What it is

Wealthsimple is a Toronto-based financial technology company — founded in 2014 — that puts banking, investing, and tax filing inside a single app. It started as a robo-advisor (automated investing) and has grown into an all-in-one money platform used by more than 3 million Canadians, with over $100 billion in assets under administration. It is a member of the Canadian Investment Regulatory Organization (CIRO), and investment accounts carry Canadian Investor Protection Fund (CIPF) coverage of up to $1 million per category if the firm ever became insolvent.

How it works

You sign up online or in the app, verify your identity with a government ID, provide your Social Insurance Number (SIN), and link your existing bank account. From there you open whichever products you want — a chequing-style Cash account, a self-directed Trade account, a managed Invest account, Crypto, or Tax — and move money between them and your bank with Interac e-Transfer or direct bank transfer. Everything lives under one login.

What it’s used for

Wealthsimple is built for people who want their money life in one simple app: everyday banking, DIY stock and ETF investing, hands-off managed investing, and a free tax return. It suits beginners especially well because there are no commissions on stock and ETF trades and no account minimums.

It is NOT for everyone. Active traders who need advanced charting and research tools will find the platform basic compared to a full brokerage. People who want in-person branch service won’t find any — Wealthsimple is digital-only. And frequent traders of US-listed stocks should pay close attention to the currency conversion fee below.

Who provides it in Canada

Wealthsimple Inc. and its affiliates (Wealthsimple Investments Inc., Wealthsimple Crypto, and others), headquartered in Toronto, Ontario. Its five main products:

• Cash — a chequing-style account with no monthly fees. It pays interest on your balance, tiered by your total assets with Wealthsimple: 1.25% (Core), 1.75% (Premium), 2.25% (Generation), as posted in 2026. Cash balances are eligible for CDIC protection through a partner bank.
• Trade — self-directed investing in stocks and ETFs (see our Self-Directed Brokerages page).
• Invest — managed (robo-advisor) investing (see our Robo-Advisors page).
• Crypto — buying and selling cryptocurrencies inside the same app, no separate account needed.
• Tax — free tax-filing software for basic returns, CRA NETFILE-certified.

Accounts are organized into three tiers by total assets: Core (no minimum), Premium ($100,000+), and Generation ($500,000+). Commissions and CIPF protection are identical across tiers — what changes is the managed-investing fee, chequing interest rate, USD account fee, and crypto fee.

What it costs

• Stock and ETF trades: $0 commission, buying and selling, Canadian and US listings. No account minimums.
• Currency conversion: about 1.5% when buying US-listed securities from a Canadian-dollar account. A USD account avoids repeated conversions: $10/month plus tax on the Core tier (with a 30-day free trial), free on Premium and Generation.
• Managed investing (Invest): 0.5% per year on balances up to $100,000; 0.4% above $100,000 (0.2%–0.4% on Generation). The ETFs inside the portfolios charge their own fees (MERs) of roughly 0.08%–0.12% on top.
• Crypto trading: 2% (Core), 1% (Premium), 0.5% (Generation) — check current fees.
• Cash account: $0 monthly fees. Deposits and standard withdrawals are free.
• Options contracts: $0 contract fee across all tiers, as posted in 2026.
• Gold trading: 1% fee, as posted in 2026.

Newcomer notes

• You need a SIN and Canadian ID to open investment accounts — so this usually comes after your first week, not on day one.
• No Canadian credit history is required. Wealthsimple runs only a soft identity check — no hard credit pull — to open investing or Cash accounts.
• Newcomers often pair Wealthsimple with a Big Five newcomer bank account: the bank for the newcomer credit card and branch access, Wealthsimple for free investing and higher interest on savings.
• Tax filing with Wealthsimple Tax is free for basic returns, which covers most newcomers’ first Canadian tax return.

Risks / watch-outs

• The 1.5% currency conversion fee is the biggest gotcha. Buying US stocks regularly without a USD account quietly eats returns. If you mostly buy Canadian-listed ETFs, it barely matters.
• No branches. All support is by chat, email, or phone — fine until you have a complicated problem.
• Crypto is volatile and unprotected. Crypto assets are not covered by CIPF, and prices can swing violently. Treat it as high-risk money only.
• Tiered perks favour large balances. The best interest rates, free USD accounts, and tax-loss harvesting kick in at $100,000+. Beginners on Core get the $0 trades, which is the part that matters most early on.
• Easy trading cuts both ways. Commission-free trading removes the cost barrier — it also removes the friction that stops impulsive decisions.

FAQ

Is Wealthsimple safe? It is a legitimate, regulated Canadian company: CIRO member, with CIPF coverage up to $1 million per category on investment accounts and CDIC-eligible cash balances through a partner bank. That protects against the firm failing — not against your investments losing value.

Is it really free? Stock and ETF trades are genuinely $0 commission, and there are no account, inactivity, or withdrawal fees. Wealthsimple makes money on currency conversion, managed-investing fees, crypto spreads, and premium tiers instead.

Do I need a SIN to open an account? Yes, for investing accounts — Canadian tax law requires it. You can explore the app before your SIN arrives, but you can’t fund investment accounts without one.

Can a newcomer with no credit history use Wealthsimple? Yes. Opening investing and Cash accounts involves no hard credit check.

Wealthsimple or my bank’s investing platform? For a beginner buying ETFs, Wealthsimple’s $0 trades beat the ~$7–$10 per trade that bank brokerages typically charge. If you already keep large balances at one bank and value having everything in one place, compare the total cost including currency conversion before deciding.

Educational content only — not financial advice. Rules and promotions change; verify current details with the provider or CRA.