• Minimum Investment: ★★★★★ 5/5
  • Account Fees: ★★★★☆ 4/5
  • Portfolio Mix: ★★★★★ 5/5
  • Socially Responsible Investment: ★★★★★ 5/5
  • Tax Strategies: ★★★★★ 5/5
  • Human Advisor Option: ★★★★☆ 4/5
  • Savings Account Option: ★★★★☆ 4/5
  • Customer Service: ★★★★★ 5/5

Latest Wealthsimple Review [2022 Info]

Fact-checked
  • Minimum Investment: ★★★★★ 5/5
  • Account Fees: ★★★★☆ 4/5
  • Portfolio Mix: ★★★★★ 5/5
  • Socially Responsible Investment: ★★★★★ 5/5
  • Tax Strategies: ★★★★★ 5/5
  • Human Advisor Option: ★★★★☆ 4/5
  • Savings Account Option: ★★★★☆ 4/5
  • Customer Service: ★★★★★ 5/5

Best For

Those who want to put their savings on autopilot

STRENGTHS

  • Streamlined interface
  • Low fees
  • Socially responsible investing

WEAKNESSES

  • No technical analysis tools
  • Charges exchange fees for foreign stocks

With so many investment management platforms on the market, growing your savings has become so accessible that all it really takes is a mobile device and internet connection.

In this Wealthsimple review, I’ll introduce this Robo-investing platform, discuss how it works, its features, pros, and cons, and compare it with other competing services. Read on to find out whether Wealthsimple is the right investing platform for you, or should you go with another alternative.

What Is Wealthsimple and How Does It Work?

Wealthsimple is a Robo-investing platform. If you’re not sure about how Robo-advisors or Robo-investing works, in a nutshell, Robo-investing is putting your investments on autopilot.

When you invest with Robo-advisors, you’re essentially letting a computer program grow your money for you based on your goals and financial profile. Aside from Robo-advising, Wealthsimple also lets you build your own portfolio from scratch. You can hand-pick your own stocks and ETFs and follow your own investing strategies.

Main Features

Wealthsimple actually has four ways in which you can grow your money. These are Invest, Save, Trade, and Crypto. Their web and mobile app interfaces group these into two where you essentially get two different platforms in one account: Invest & Save and Trade & Crypto. We’ll be talking about both in this Wealthsimple app review.

Invest & Save

Invest & Save is the first product that I have used from Wealthsimple. It’s targeted more towards passive investors who may just want to have a set-and-forget kind of instrument to grow their savings. Invest is Wealthsimple’s Robo-advising feature that comes with automatic rebalancing and auto-optimization. Rebalancing occurs when the system reallocates your funds to maintain the desired diversification.

It builds your portfolio mix for you based on your financial profile and goals which it will ask when you create an account. You’ll be asked a series of questions that will make an assessment of how your funds should be invested to suit your profile. It’s up to you whether you want to go with the recommendation or not.

There are three account management categories: Conservative, Balanced, and Growth. Conservative means that your funds will be invested in low-risk instruments, but will also show slower growth. Balanced means funds will be invested into a mix of low and high-risk investments with faster growth. The annual fee for managing your account is 0.5%. Note that this option does not give you advisor access.

But if you really want to get the biggest benefits of Wealthsimple through high-risk, high-return investing, Growth is the category to get into. You can always adjust this along the way in case you need to shift to a different investing strategy.

For Save, it’s pretty much straightforward. You leave your money in the account, and as of the time of this writing, Wealthsimple Save gives you a 0.05% interest return.

Trade & Crypto

Trade & Crypto is Wealthsimple’s platform for manual investing. Trade lets you build your own portfolio from a wide selection of US and Canadian stocks and ETFs available on various exchanges. After a month of using Save & Invest, I decided to get into Trade & Crypto, given my interest in building a portfolio all by myself.

Unlike banks or other platforms, Wealthsimple doesn’t charge any fee for buying and selling stocks which is one of the pros I’d like to highlight in this Wealthsimple Trade review. There is, however, an exchange fee of 1.5% which is applied for converting US to CAD and vice versa. This happens when you’re buying a stock that’s not based in your country, i.e. if you’re Canadian and are buying or selling Tesla shares.

If you’re into crypto, Wealthsimple has a wide selection of digital coins you can buy. This includes popular coins like Bitcoin, Litecoin, and Ethereum. The list keeps growing with new coins coming out.

Minimum Deposit

There is no minimum investment required for the Basic Account. For higher-tiered accounts like Wealthsimple Black, which gives you access to human financial advisors, there is a maintaining balance of $100,000. If you’re investing $500,000 and above, you can go with Wealthsimple Generation which gives you priority advisor access.

Tax Loss Harvesting

For your tax strategy, Wealthsimple’s free tax-loss harvesting can lower your taxes on gains from investments by offsetting them with your losses. This is done automatically for Black and Generation account clients.

Fractional Shares

Another pro feature I have to mention in this Wealthsimple investing app review is Fractional Share buying. If you’re planning to buy assets below your balance, Wealthsimple allows fractional buying. This lets you buy a fraction of a share. This option is great for those who don’t have that much to invest but would like to spread their funds on a well-diversified personalized portfolio.

Socially Responsible Options (SRI)

For those conscious about social issues who want to follow the same principles with the companies they invest in, Wealthsimple lets you build an investment portfolio based on socially responsible ETFs that include the most socially responsible companies available.

Charts & Tools

There aren’t many complicated tools on the platform which is noted by nearly every Wealthsimple review out there. At most, you get a line chart that is presented beautifully and is easy on the eyes. Your balance is displayed in large fonts and is the first thing you’ll see along with the line chart. The interface is minimalistic and aesthetically pleasing.

There is no option to change how you see the graph though. If you’re in Wealthsimple Trade & Crypto and are looking for detailed movements of the market, you won’t find it here. There aren’t any charting tools or Japanese candlesticks for technical analysis. You just get a line and that’s it.

Ease of Use

Signing up is pretty straightforward, though there are plenty of questions to answer.

These questions are about your personal profile, as well as questions regarding citizenship and taxes.

Finally, you’ll be asked about your investment experience, financial goals, and retirement plans.

All the pages look clean and never get very busy, making it easy to navigate as there aren’t that many buttons that bombard the screen. There’s hardly any learning curve for understanding the functions and you can immediately utilize the platform fully thanks to the intuitive layout for all accounts supported.

That said, Wealthsimple Trade & Crypto is not a day trader’s tool. Its strength – the sleek and minimalistic setup that’s so easy to understand and navigate – is also its limitation. But then again, it was never meant to be a platform for day traders, rather, for long-term investors which is the main focus of this Wealthsimple trade review.

Plans & Pricing

Account Type Account Size Management Fee
Basic $99,999 and below 0.50%
Black $100,000 and above 0.40%
Generation $500,000 and above None

Customer Service

There are three ways to get in touch with Wealthsimple’s customer service. AI chat is available 24/7. If you need to talk to a human, whether chat or voice call, the service is available Monday to Friday, 8 a.m. to 8 p.m. EST, and Saturdays & Sundays 9 a.m. to 6 p.m. EST. Another option is to send them an email.

I’ve actually used their chat support a couple of times and so far, have never been disappointed. Agents are quick to respond and have been very thorough and helpful in answering all my questions and solving my problems.

Wealthsimple Alternatives

Let’s see how Wealthsimple compares with its competitors:

Wealthsimple vs Acorns

Win: Wealthsimple wins for availability to US, UK, and Canadian investors.
Lose: Wealthsimple loses due to high exchange fees.
Best: Choose Acorns if you’re an American investing in American companies.

Wealthsimple vs Betterment

Win: Wealthsimple wins if you want socially responsible portfolio options.
Lose: Wealthsimple loses to Betterment for goal investment strategies.
Best: Choose Betterment if you’re after more advanced automated features for your financial goals.

Find out more in our review of Betterment.

Wealthsimple vs Robinhood

Win: Wealthsimple wins for autopilot investing.
Lose: Wealthsimple loses for lack of robust tools for day trading.
Best: Choose Robinhood if you’re into day trading.

Wealthsimple is a great platform for those who want to put their savings on autopilot. It’s simple and easy to use, with an interface that’s aesthetically pleasing. Basically, anyone who can navigate through an app can get into investing through Wealthsimple. If you’re planning to do day trading, better look elsewhere as this is not the right platform.

Is Wealthsimple Worth It?

With low fees, zero commissions, and an easy-to-use platform, there’s no reason why you shouldn’t invest your savings with Wealthsimple.

FAQ

How to withdraw money from Wealthsimple?

From the Move Funds tab, click Withdraw Funds and fill in the details of your withdrawal. Make sure to have a bank account linked where you want the funds to be transferred. If successful, you should get withdrawal alerts on the email you registered.

How to reach the Wealthsimple customer service?

Customer service can be reached through chat available on their website and mobile apps. For the voice hotline, you can dial 1-855-255-9038. You can also contact them by email at support@wealthsimple.com.

Is investing a good idea?

Investing will always be a great way of growing your money passively. While there are always associated risks, choosing the right investment vehicle should be able to help you manage those risks and grow your retirement savings to add to your 401(k).

Is Wealthsimple legit?

Wealthsimple is a Toronto-based financial company that was launched in 2014. It is registered under Canadian law and is regulated by several governing institutions of Canada. Many users trust Wealthsimple for complementing their Thrift Savings Plans.

How much money should I invest in Wealthsimple?

As seen in this Wealthsimple review, there is no minimum required investment in Wealthsimple so it’s really up to you how much you’re willing to invest according to your budgeting strategies, financial goals, and target for your IRAs.

ABOUT AUTHOR

I learned a lot about finance after working for a digital marketing company specializing in investing and trading stocks, forex, etc. After that, I got exposed to other verticals such as wealth management and personal finance, which further improved my understanding of the financial world.