Wealthsimple Review 2026: The Best Investing App in Canada?

Wealthsimple Review 2026: Is It the Best Investing App in Canada?

Wealthsimple is Canada's most popular self-directed investing platform, used by over 3 million Canadians. But is it actually good? I've been using Wealthsimple since 2020 to invest in XEQT and other ETFs. Here's my honest, detailed review.

Short answer: For most Canadians—especially those building wealth with low-cost ETFs—Wealthsimple is the best platform available in 2026.

The Verdict: 9/10 for Canadian ETF Investors

Zero commissions, fractional shares, automatic investing, and the best mobile experience in Canada. Wealthsimple makes simple, passive investing almost effortless. The only drawbacks are the US currency conversion fee and lack of advanced trading tools—neither of which matter for XEQT investors.

10/10 Fees
10/10 Ease of Use
9/10 Features
9/10 Account Types
8/10 Research Tools

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Disclosure: This review contains a referral link. When you sign up using our link, both you and the referrer receive $25. This helps support JustBuyXEQT.com at no extra cost to you. This is an honest review based on years of personal use—I genuinely believe Wealthsimple is the best platform for most Canadian investors.

What Is Wealthsimple?

Wealthsimple is a Canadian fintech company founded in 2014 in Toronto. It started as a robo-advisor (Wealthsimple Invest) but has since expanded into self-directed trading (Wealthsimple Trade), a high-interest savings account (Wealthsimple Cash), crypto trading, and tax filing (Wealthsimple Tax).

For this review, I’m focusing on Wealthsimple’s self-directed trading platform—the part you’ll use to buy ETFs like XEQT, stocks, and other investments.

Key facts about Wealthsimple in 2026:

Wealthsimple Features That Matter

$0 Trading Commissions

Buy and sell Canadian and US stocks and ETFs with zero trading fees. No per-trade charges, no hidden costs. Every dollar you invest goes directly to your investments.

Fractional Shares

Invest any dollar amount—even $1—into any stock or ETF. No need to buy full shares. This means 100% of your money is always invested, nothing sitting as idle cash.

Automatic Investing

Set up recurring deposits and auto-invest into specific ETFs on a schedule. True "set it and forget it" investing. Perfect for dollar-cost averaging into XEQT.

Instant Deposits

Deposit up to $5,000 instantly and start investing right away. No waiting for bank transfers to clear. Larger deposits settle in 2-3 business days.

All Account Types

TFSA, RRSP, FHSA, Personal, Joint, RESP, LIRA, and more. Open and manage multiple tax-advantaged accounts in one place, all from your phone.

Round-Ups

Link your spending and automatically round up purchases to the nearest dollar. The spare change gets invested automatically. It's painless investing on autopilot.

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Wealthsimple Fees Breakdown (2026)

This is where Wealthsimple really shines. Here's exactly what you'll pay:

Fee Type Free Plan Plus ($13/mo) Premium ($65/mo)
Stock & ETF Trades $0 $0 $0
Account Fees $0 $0 $0
USD Conversion 1.5% Reduced $0
Instant Deposits Up to $1,500 Up to $5,000 Up to $50,000
Crypto Trading 1.5% spread 1.5% spread 1.5% spread
Transfer Out (Partial) $0 $0 $0
Transfer Out (Full) $50 $50 $0

For XEQT investors trading in Canadian dollars: you pay exactly $0 in fees to Wealthsimple.

Do you need Wealthsimple Plus? If you only buy Canadian ETFs like XEQT, VEQT, or XGRO, the free plan is all you need. The USD conversion fee only applies when you buy US-listed stocks (like Apple or Amazon). Since XEQT trades in Canadian dollars, you'll never pay it.

Wealthsimple Pros and Cons

What I Like

  • Zero commissions — Buy XEQT weekly without any fees eating your returns
  • Fractional shares — Invest every dollar, no cash sitting idle
  • Automatic investing — Schedule recurring XEQT purchases on autopilot
  • Beautiful mobile app — Best investing app in Canada, hands down
  • No minimums — Start investing with as little as $1
  • All account types — TFSA, RRSP, FHSA, and more in one place
  • Free tax filing — Wealthsimple Tax is excellent and free
  • Round-ups — Automatically invest spare change from daily purchases
  • CIPF protected — Investments covered up to $1 million
  • Canadian company — Built by Canadians, for Canadians

What Could Be Better

  • 1.5% USD conversion fee — Costly for frequent US stock trading (free plan)
  • No USD account — Can't hold US dollars to avoid conversion
  • Limited research tools — Basic charts and no screeners
  • No options trading — Not available for options strategies
  • No Norbert's Gambit — Can't cheaply convert CAD to USD
  • Customer support wait times — Can be slow during peak periods

Detailed Review: Using Wealthsimple Day-to-Day

Account Opening Experience

Opening a Wealthsimple account is one of the smoothest experiences I've had with any financial institution. The entire process takes about 5 minutes on your phone:

  • Download the app and enter your email
  • Provide basic personal information (name, address, SIN)
  • Verify your identity with a photo of your driver's license or passport
  • Choose your account type (TFSA, RRSP, FHSA, etc.)
  • Link your bank account and fund it

Verification is usually instant—I was approved and ready to invest within minutes. Compare that to opening a brokerage account at a bank, which often requires an in-branch visit and days of processing.

The Mobile App

This is where Wealthsimple absolutely dominates. The app is clean, fast, and intuitive. Everything you need is 2-3 taps away. Buying XEQT takes about 10 seconds once you're logged in.

The portfolio view is clear and easy to understand. You can see your total balance, individual holdings, performance over time, and dividend history at a glance. Setting up automatic investing takes less than a minute.

Compared to bank brokerage apps (which feel like they were designed in 2005), Wealthsimple feels like it belongs in 2026. The mobile-first design philosophy shows in every interaction.

Buying XEQT on Wealthsimple

Buying XEQT on Wealthsimple is ridiculously simple:

  • Open the app and tap the search icon
  • Type "XEQT" and tap the result
  • Tap "Buy" and enter your dollar amount (thanks to fractional shares, any amount works)
  • Confirm the purchase—done

The entire process takes about 10 seconds. No commission charged. No minimum order size. The shares appear in your portfolio immediately.

Even better: set up automatic investing and you'll never need to open the app at all. Wealthsimple will buy XEQT for you on your schedule.

Automatic Investing Feature

This is my favourite Wealthsimple feature and the main reason I recommend it for XEQT investors. Here's how it works:

  • Choose how much to invest (e.g., $100/week)
  • Choose what to buy (e.g., 100% XEQT)
  • Choose your schedule (weekly, bi-weekly, monthly)
  • Wealthsimple automatically deposits from your bank and buys XEQT for you

This is true dollar-cost averaging on autopilot. You don't need to log in, you don't need to place orders, and you don't need to think about market timing. It just happens. Combined with fractional shares, every cent gets invested—nothing sits as idle cash.

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Security and Safety

A common concern with newer fintech platforms: "Is my money safe?" With Wealthsimple, the answer is unequivocally yes.

  • CIRO regulated: Wealthsimple is regulated by the Canadian Investment Regulatory Organization, the same body that oversees all brokerages in Canada
  • CIPF protected: Your investments are protected up to $1 million per account type by the Canadian Investor Protection Fund—the same protection you get at TD, RBC, or any major bank
  • Bank-level encryption: 256-bit SSL encryption and two-factor authentication
  • Segregated accounts: Your investments are held separately from Wealthsimple's corporate funds. Even if Wealthsimple went bankrupt, your investments are yours

Your money is as safe at Wealthsimple as it would be at any major Canadian bank. This isn't some sketchy crypto exchange—it's a fully regulated Canadian investment dealer.

Wealthsimple Tax

A bonus that many people overlook: Wealthsimple offers completely free tax filing through Wealthsimple Tax. It auto-imports your tax slips, guides you through the process, and handles everything from T4s to investment income.

If you use Wealthsimple for investing AND tax filing, your investment information is automatically pulled in. It's one of the best free tax tools in Canada and saves most people $30-$50 compared to paid alternatives like TurboTax.

How Wealthsimple Compares to Other Brokerages

Feature Wealthsimple Questrade Big Banks
Buy ETFs $0 $0 $9.95
Sell ETFs $0 $4.95+ $9.95
Fractional Shares Yes No No
Auto-Invest Yes No No
Min. Balance $0 $0 Varies
Mobile App Excellent Good Basic
Account Opening 5 minutes 1-2 days In-branch visit

For a more detailed comparison, see our full Wealthsimple vs Questrade breakdown or our best broker for XEQT in Canada guide.

Who Is Wealthsimple Best For?

Great for: Passive ETF Investors

If you're buying and holding XEQT (or any Canadian ETF), Wealthsimple is unbeatable. Zero fees, auto-invest, and fractional shares make it the perfect platform.

Great for: Beginners

The simplest, most intuitive investing platform in Canada. No confusing interfaces, no intimidating tools. Open an account and buy your first ETF in under 10 minutes.

Great for: Dollar-Cost Averagers

Automatic investing + fractional shares + $0 commissions = the perfect DCA setup. Set your schedule and Wealthsimple handles the rest.

Great for: Small Account Sizes

No minimums, no account fees, fractional shares from $1. Whether you're investing $50/month or $5,000/month, Wealthsimple works equally well.

Consider Alternatives: US Stock Traders

The 1.5% USD conversion fee adds up if you frequently buy US-listed stocks. Consider Questrade or IBKR for a USD account with Norbert's Gambit.

Consider Alternatives: Active Traders

Wealthsimple lacks advanced charting, screeners, and options trading. If you need professional trading tools, Interactive Brokers is a better fit.

Account Types Available

Wealthsimple offers every account type a Canadian investor could need:

How to Get Started (5 Minutes)

  1. Sign Up With Our Referral Link
    Use this link to create your account and get $25 towards your first investment.
  2. Verify Your Identity
    Snap a photo of your driver's license or passport. Approval is usually instant.
  3. Choose Your Account Type
    Start with a TFSA if you're unsure—it's the most flexible option for most Canadians.
  4. Fund Your Account
    Link your bank and deposit any amount. Instant deposits up to $5,000 are available immediately.
  5. Buy XEQT and Set Up Auto-Invest
    Search "XEQT," enter your amount, and buy. Then set up automatic investing so you never have to think about it again.

That's it—you're now a globally diversified investor.

Start Your Investing Journey Today

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Frequently Asked Questions

Is Wealthsimple safe and legit?

Yes. Wealthsimple is regulated by CIRO (Canadian Investment Regulatory Organization) and your investments are protected by CIPF up to $1 million per account type. It has the same regulatory protections as any major bank brokerage in Canada. Over 3 million Canadians use the platform.

Is Wealthsimple really free?

For Canadian stocks and ETFs like XEQT, yes—it's completely free. No commissions, no account fees, no hidden charges. Wealthsimple makes money through premium subscriptions, USD currency conversion fees (1.5% on the free plan), and interest on uninvested cash.

Is Wealthsimple better than Questrade?

For simple ETF investing, yes. Wealthsimple offers zero commissions on all trades (Questrade charges to sell), fractional shares, and automatic investing—none of which Questrade offers. Questrade is better for active traders who want US dollar accounts and options trading. See our full Wealthsimple vs Questrade comparison.

Is Wealthsimple better than my bank's brokerage?

For most people, yes. Banks charge $9.95 per trade, don't offer fractional shares, and have clunky apps. Wealthsimple charges $0, supports fractional shares, has automatic investing, and has a vastly superior mobile experience.

What happens if Wealthsimple goes bankrupt?

Your investments are held in segregated accounts, separate from Wealthsimple's corporate funds. If Wealthsimple went bankrupt, your investments would be transferred to another brokerage. CIPF also protects accounts up to $1 million per account type.

Can I transfer my existing investments to Wealthsimple?

Yes. Wealthsimple supports incoming transfers from other brokerages and may reimburse transfer fees for accounts over $5,000. The process takes 2-4 weeks and Wealthsimple handles most of the paperwork. Your investments transfer in-kind (you don't have to sell and rebuy).

Does Wealthsimple have a desktop/web version?

Yes. While Wealthsimple is known for its mobile app, they also have a web platform at my.wealthsimple.com. It has the same features as the mobile app. That said, the mobile experience is where Wealthsimple truly shines.

Do I need Wealthsimple Plus or Premium?

If you only buy Canadian-listed ETFs like XEQT, the free plan is all you need. Plus ($13/month) is worth it if you frequently buy US stocks, as it reduces the currency conversion fee. Premium ($65/month) is for high-net-worth investors who want priority support and higher instant deposit limits.

How does the $25 referral bonus work?

Sign up using a referral link, deposit at least $1, and Wealthsimple deposits $25 cash into your account within a few business days. No strings attached—you can invest it or withdraw it. See our full Wealthsimple referral guide for details.

Can I use Wealthsimple outside of Canada?

No. Wealthsimple is only available to Canadian residents. You must be a Canadian resident with a valid SIN to open an account. If you're a Canadian living abroad, check Wealthsimple's current residency requirements.

Final Verdict: Wealthsimple Is the Best Platform for Most Canadians

After years of using Wealthsimple to invest in XEQT, I can confidently say it’s the best investing platform for the vast majority of Canadians. The combination of zero commissions, fractional shares, automatic investing, and a beautiful app is unmatched.

Is it perfect? No. If you’re an active trader who needs advanced charting, options, and USD accounts, look at Interactive Brokers or Questrade instead. But for the 90% of Canadians who just want to build wealth with simple, low-cost ETFs—Wealthsimple is the clear winner.

The best part? Getting started takes 5 minutes and costs nothing. You can even get $25 free with a referral link.

Stop overthinking it. Open the account. Buy XEQT. Set up auto-invest. Live your life.

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