Wealthsimple Trade launched in 2018 and rapidly became Canada's most downloaded investing app by offering commission-free trading at a time when Canadian banks charged $9.99–$29 per trade. In 2026, it remains the top choice for most Canadian beginner and intermediate investors. Here's our honest assessment.
Wealthsimple Trade at a Glance
| Feature | Details |
|---|---|
| Account minimum | $0 |
| Canadian stock/ETF trades | Free |
| US stock/ETF trades | Free + 1.5% currency conversion |
| Annual fee | Free (Wealthsimple Premium: $3/month) |
| Account types | TFSA, RRSP, Taxable, RESP, RRIF, Joint |
| Fractional shares | Yes (Canadian and US stocks/ETFs) |
| Crypto | Yes (25+ cryptocurrencies) |
| DRIP | Yes (on eligible securities) |
| Options trading | Yes (Wealthsimple Premium) |
| Margin accounts | No |
| USD account | No |
| Regulated by | IIROC, CIPF insured |
Pros
- Truly commission-free on Canadian trades
- Best mobile app experience in Canada
- Fractional shares (invest $50 in any ETF)
- No account minimum
- Automatic recurring purchases for many ETFs
- All registered account types available
- Crypto trading integrated
- Clean, beginner-friendly interface
- Wealthsimple Cash (high-interest savings) integrated
Cons
- 1.5% FX fee on all USD trades
- No USD account (can't hold US dollars)
- Norbert's Gambit not supported
- Less research/analysis tools
- No margin accounts
- No LIRA/LIF account support
- Customer service can be slow
- No corporate/business accounts
The 1.5% FX Fee: How Bad Is It?
Wealthsimple charges 1.5% currency conversion whenever you buy US-listed securities. On a $100 US stock purchase, you pay $150 in FX fees. This is significant for active US investors but relatively minor for long-term buy-and-hold investors who rarely trade.
For TFSA investors holding Canadian-listed ETFs (XGRO, VFV, ZSP), this fee is completely irrelevant — no FX conversion needed. For RRSP investors who want US-listed ETFs to avoid withholding tax, the 1.5% FX fee makes Wealthsimple less suitable. Consider Questrade for your RRSP USD holdings instead.
Wealthsimple Premium
For $3/month, Premium users get access to options trading, real-time US stock quotes, and early access to new features. For most buy-and-hold ETF investors, the free tier is sufficient. Options traders may find the $3/month worthwhile.
Wealthsimple Invest (Robo-Advisor)
Distinct from Wealthsimple Trade, Wealthsimple Invest is a robo-advisor that automatically builds and rebalances a diversified ETF portfolio for you. The fee is 0.4–0.5% per year. While more expensive than doing it yourself (which would cost ~0.20% MER), it's still far cheaper than actively managed mutual funds and requires zero effort.
Security and Regulation
Wealthsimple is a member of IIROC (Investment Industry Regulatory Organization of Canada) and CIPF (Canadian Investor Protection Fund), which protects accounts up to $1 million per category if Wealthsimple becomes insolvent. Your investments are held in segregated accounts and are not at risk if Wealthsimple's operating business runs into difficulty.
Who Should Use Wealthsimple Trade?
- Beginners starting their investing journey
- ETF investors (especially those holding Canadian-listed ETFs)
- TFSA investors buying index ETFs like XGRO or VGRO
- Investors who want fractional shares and can't afford full ETF units
- Those who want the cleanest mobile experience
- Casual investors who trade infrequently
Who Should Look Elsewhere?
- Active US stock traders (1.5% FX is expensive at scale)
- RRSP investors wanting US-listed ETFs in USD accounts
- Investors who need margin, LIRA, or corporate accounts
- High-volume traders who want advanced order types and research tools
Build Your Emergency Fund Before Opening Wealthsimple
Your investing foundation starts with liquid savings. KOHO integrates well with Wealthsimple users — save with KOHO, invest with Wealthsimple.