Wealthsimple has emerged as one of Canada’s leading digital investing and financial management platforms. From its humble beginnings in 2014, Wealthsimple has grown into a multifaceted platform that offers everything from automated investing to tax filing services. This 2025 review dives deep into Wealthsimple’s offerings, evaluating its strengths, weaknesses, and what makes it stand out in the crowded fintech space.
Overview of Wealthsimple
Wealthsimple is a Canadian-based financial technology company that provides a suite of financial products and services, including:
- Wealthsimple Invest (automated investing/robo-advisory)
- Wealthsimple Trade (self-directed trading)
- Wealthsimple Cash (hybrid savings/spending account)
- Wealthsimple Crypto (cryptocurrency trading)
- Wealthsimple Tax (tax filing)
- Wealthsimple Private Credit (private credit investments)
- Wealthsimple Save (high-interest savings account)
Each of these services is designed to simplify money management for Canadians with a strong emphasis on low fees, automation, and ease of use.
Wealthsimple Invest (Robo-Advisor)
Wealthsimple Invest is the company’s flagship service. It offers an automated investing experience where your money is invested in a diversified portfolio of ETFs (exchange-traded funds) based on your goals, timeline, and risk tolerance.
Features:
- Professionally designed portfolios (Socially Responsible Investing and Halal options available)
- Automatic rebalancing and dividend reinvestment
- Human advisors available for support
- No minimum account balance
Fees:
- 0.5% annual fee for accounts under $100,000
- 0.4% for accounts over $100,000 (Wealthsimple Black and Generation tiers)
Pros:
- Very beginner-friendly
- Great for passive investors
- Tax-loss harvesting available
Cons:
- Higher fees compared to some other robo-advisors
- Limited customization of portfolios
Wealthsimple Trade (Self-Directed Investing)
Wealthsimple Trade allows users to buy and sell stocks and ETFs commission-free. It was Canada’s first commission-free trading platform.
Features:
- $0 commission on stock and ETF trades
- Fractional shares available
- Real-time quotes
- TFSA, RRSP, and personal account options
Premium Option:
- Wealthsimple Plus: $10/month
- USD accounts for avoiding forex fees
- Enhanced data and instant deposits up to $5,000
Pros:
- No trading fees
- Easy-to-use interface
- Good for beginners and long-term investors
Cons:
- Limited investment research tools
- Forex fees for U.S. stocks unless you subscribe to Plus
Wealthsimple Crypto
This is the first regulated crypto platform in Canada where you can buy and sell cryptocurrencies directly from the Wealthsimple app.
Supported Coins:
- 50+ cryptocurrencies including Bitcoin, Ethereum, Solana, Cardano, and more
Features:
- No minimums
- Cold storage via Gemini
- Crypto staking now available
Pros:
- Regulated and secure
- Beginner-friendly
Cons:
- Spread fees apply
- Limited tools for advanced traders
Wealthsimple Cash
This is a hybrid spending and saving account with peer-to-peer payment functionality, similar to a digital wallet.
Features:
- Earn interest on all balances (3–4% range as of 2025)
- No monthly fees
- Visa debit card provided
- Instant e-transfers and bill payments
Pros:
- High interest for a spending account
- Great app experience
Cons:
- No physical branches
- Not a full bank replacement yet
Wealthsimple Tax
Previously known as SimpleTax, Wealthsimple Tax is a free tax-filing tool for Canadian residents.
Features:
- 100% free to use
- Supports most tax situations (including investments and crypto)
- NETFILE-certified
- Auto-fill my return (AFR) with CRA integration
Pros:
- Simple, intuitive interface
- Supports complex tax scenarios
Cons:
- Lacks live customer support for tax filing
Wealthsimple Save and Private Credit
Wealthsimple Save functions as a high-interest savings account, while Private Credit is a relatively new offering for accredited investors looking to diversify with low-volatility private credit investments.
Private Credit:
- Higher yield, lower volatility than stocks
- Requires minimum investments (typically $10,000+)
- Suitable for high-net-worth individuals
Customer Support and User Experience
Wealthsimple offers support via chat, email, and phone. Wealthsimple Generation clients get dedicated human advisors. The mobile and desktop apps are highly rated for ease of use and reliability.
Pros:
- Clean, modern interface
- Extensive educational content
- Transparent fee structure
Security and Regulation
Wealthsimple is regulated by IIROC and CIPF. Accounts are protected up to $1 million in case of insolvency. Crypto assets are held by Gemini Trust Company, a regulated custodian.
Conclusion: Is Wealthsimple Worth It in 2025?
Yes—especially if you’re a Canadian looking for a simple, all-in-one financial solution. Whether you’re just starting your investment journey or looking to streamline your finances, Wealthsimple offers user-friendly tools with competitive features. While it may not cater to active day traders or those seeking ultra-low fees, it’s ideal for long-term investors, passive savers, and digital-native Canadians.
Ideal For:
- New investors
- Passive savers
- Crypto-curious Canadians
- People who want to manage all their finances in one place
If you’re ready to invest, save, and grow your money with minimal hassle, Wealthsimple is one of the best choices in Canada today
