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What Is Wealthsimple?
Wealthsimple is a Canadian fintech company offering investment, savings, and financial products. Founded in 2014, it's grown to become one of Canada's most popular investment platforms, especially among younger and newer investors.
Wealthsimple Products
Wealthsimple Trade
Commission-free stock and ETF trading. Features include:
- No commissions on Canadian or US stocks/ETFs
- TFSA, RRSP, and non-registered accounts
- Fractional shares available
- Clean, intuitive mobile app
- USD accounts available (with subscription)
Wealthsimple Invest
Robo-advisor service with automatic investing:
- 0.4-0.5% management fee (plus underlying ETF costs)
- Automatic portfolio rebalancing
- Tax-loss harvesting on larger accounts
- Socially responsible investing options
- Halal investing portfolio available
Other Products
- Wealthsimple Cash — High-interest savings account
- Wealthsimple Tax — Free tax filing software
- Wealthsimple Crypto — Cryptocurrency trading
Common Features Noted by Users
- User-friendly interface
- No account minimums
- Commission-free trading on many products
- Customer support available
- Canadian company with CIPF protection
- Automatic features may reduce decision fatigue
💡 Note: The simplicity of Wealthsimple is often noted by users who prefer a straightforward experience.
Considerations
- Currency conversion fees on US stocks (1.5% unless subscribed)
- Fewer research tools than some traditional brokerages
- No telephone trading option
- Limited investment selection (no options, bonds, or GICs in Trade)
- Premium features require subscription
⚠️ Important: Currency conversion fees may apply when trading US stocks. Consider your investment approach and research all options.
Who May Consider This Platform
Wealthsimple may be considered by:
- Newer investors seeking simplicity
- Those interested in Canadian ETFs
- Users who prefer mobile-first experiences
- Investors researching lower-cost options
As with any financial decision, consider your personal circumstances and research multiple options before choosing a platform.
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About Maple Wealth Guide
Maple Wealth Guide is an educational publication that explains investment concepts, retirement-related topics, and personal finance information for Canadians aged 50 and over. We are not licensed financial advisors and do not provide personalized recommendations. All content is for educational purposes only.
Non-Affiliation Statement: Maple Wealth Guide is not affiliated with any banks, brokerages, investment platforms, or government agencies.