Investing · Broker review
Wealthsimple review
The best investing app in Canada and the only $0-options platform — inside an ecosystem that wants to run your whole financial life, and rewards you for letting it.
Best for: Investors consolidating everything in one app — especially anyone who trades options or holds $100k+
Pros
- $0 stocks and ETFs, and $0 options — no commission, no contract fee
- Full registered lineup including RRIF, LIRA and LIF
- Tiers at $100k/$500k add free USD accounts, tax-loss harvesting and better rates
- Fractional shares and fractional DRIP
- 1% transfer match on $25,000+ (to Sep 15, 2026)
Cons
- USD accounts cost $10/month below the $100k Premium tier
- The 1.5% FX fee applies on CAD accounts (tiered down only on large conversions)
- Research and charting tools remain lighter than the incumbents’
Who Wealthsimple is
Wealthsimple grew from a robo-advisor into Canada’s most complete money app: self-directed investing, managed portfolios, chequing, a credit card, mortgages, tax filing and crypto under one login, with over $100 billion in assets. The self-directed arm is a CIRO dealer and CIPF member.
In January 2026 it became the only platform in Canada with truly free options trading — no commission, no per-contract fee — which instantly settled the where-should-options-traders-go question.
Pricing and the tier game
Stocks, ETFs and options are $0, and there are no account fees. The costs that remain are currency-shaped: 1.5% FX on CAD accounts, a $10/month USD account below $100k in assets (free at Premium and Generation), and conversion fees that tier from 1.5% down to 0% above $100,000.
That’s the design: Wealthsimple prices like it wants your whole balance sheet. Cross $100k in combined assets and the frictions mostly vanish — free USD accounts, tax-loss harvesting on managed money, better chequing rates. Below that line, the FX frictions are the price of the prettiest app in the country.
For retirees
The registered lineup is complete — TFSA, RRSP, RRIF, LIRA, LIF, FHSA, RESP — so money here can age in place. The interesting retiree case is the consolidator: $100k+ moved in unlocks the Premium tier, and the 1% transfer match (on $25,000+, ends September 15, 2026) effectively pays you to do it — paid over 24 months, with clawbacks if you withdraw beyond a buffer.
Weigh it against our Wealthsimple vs Questrade breakdown if the choice is between the two.
Frequently asked questions
What does Wealthsimple charge to trade?
Stocks and ETFs: $0 on Canadian and US stocks & ETFs. Options: $0 — no commission, no contract fee (the only one in Canada). Account fees: $0 — no maintenance or inactivity fees. Figures verified at Wealthsimple's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does Wealthsimple offer? Can it hold a RRIF?
TFSA, RRSP, RRIF, FHSA, RESP, LIRA, LIF. Yes — RRIF support means an RRSP here can convert at 71 and stay put, with no forced transfer at exactly the wrong moment. See the RRIF minimum calculator for what the drawdown schedule looks like.
Is my money safe at Wealthsimple?
CIRO dealer, CIPF member — $1M per account category if the firm fails. CIPF covers up to $1M for general accounts, plus $1M for registered retirement accounts combined, plus $1M for RESPs — against the firm failing, never against investments losing value. For cash deposits (a different regime), see the CDIC coverage planner.
The bottom line
For options traders it’s simply the answer, and for anyone consolidating their financial life the tier system makes a compelling offer. DIY investors who just want cheap, complete brokerage with no ecosystem ambitions may prefer Questrade — but Wealthsimple has closed almost every gap that used to matter.
Ready to compare Wealthsimple against the field?
The whole field, verified at the source and ranked.
This review is for educational purposes only and is not investment advice. Commissions, FX rates, account fees and offers shown were verified at the broker's own published pricing on June 10, 2026 and change without notice. Our editorial rating reflects costs, account lineup, currency handling and service — it is never paid for. CIPF protects against member-firm insolvency, never market losses. Confirm current terms on the broker's site before opening an account. See our methodology.