Wealthsimple Trade was the first $0-commission discount brokerage in Canada and is the reason every other broker (Questrade, RBC Direct, etc.) eventually had to match. Here’s what you actually get — and where they cut corners to make $0 trades work.
Last reviewed: May 2026.
What you get
- $0 commission on every trade. Stocks, ETFs (Canadian + US), crypto. No platform fee, no inactivity fee. Genuinely free.
- Fractional shares. Buy $25 of Apple even though one share is $200+. Excellent for dollar-cost averaging small amounts.
- Auto-deposit + recurring buys. Set $50/week to buy VEQT automatically. Removes emotional timing.
- Clean mobile app. Best app of any Canadian broker — fast, simple, doesn’t push you to trade.
- Wealthsimple Cash integration. Move cash instantly from your Wealthsimple Cash account (which pays 4%) into your Trade account.
- Crypto in the same account. Buy Bitcoin, Ethereum, and 50+ other coins without a separate exchange.
Where they make their money (and what it costs you)
- 1.5% FX fee on USD trades. Buy $1,000 USD of VTI? You’ll pay $15 in FX conversion. Sell? Another $15. Round-trip on US ETFs costs 3% of position value — meaningful for active US-stock buyers. (Workaround: Norbert’s Gambit via DLR/DLR.U, or upgrade to Wealthsimple Premium for free FX.)
- Crypto spread. Crypto buys/sells cost 1.5-2% bid/ask spread. Higher than dedicated exchanges like Newton or NDAX (0.2-0.5%).
- Premium tier ($10/mo for Premium, $0 for Core). Free FX, advanced order types, real-time data, and access to Mutual Funds. For active US-stock buyers, Premium pays for itself fast.
- Wealthsimple makes money on cash float. Uninvested cash in your Trade account earns 0% — vs the 4% you’d get in their Cash account. Move idle cash to Wealthsimple Cash and trigger trades back to Trade as needed.
What’s missing vs Questrade / IBKR
- No options trading. Wealthsimple does not support stock options. If you write covered calls or buy puts, use Questrade or IBKR instead.
- No margin accounts. All Wealthsimple accounts are cash-only.
- Limited research tools. Basic charts + company snapshots. No Level 2 quotes, no analyst reports, no screening tools. Fine for buy-and-hold investors, frustrating for active traders.
- No DRIP for individual stocks. They reinvest ETF distributions but not individual-stock dividends.
Who Wealthsimple Trade is right for
- Buy-and-hold investors who DCA into 2-5 Canadian ETFs (VEQT, XEQT, etc.) — the platform is built for you
- First-time investors who want $0 trades and no minimum to start
- Crypto-curious investors who want a small allocation without a separate exchange
- Mobile-first users who never want to use a desktop platform
Who should pick Questrade instead
- Active US-stock investors (Questrade Edge has cheaper FX strategies + better tools)
- Options traders
- Margin account users
- Investors who want a desktop platform with serious charts
The verdict
For the average Canadian investor — someone holding 1-5 ETFs in a TFSA + RRSP, contributing monthly — Wealthsimple Trade is the best choice on the market. $0 fees, clean app, fractional shares, no minimum. The 1.5% FX fee only matters if you buy a lot of US-listed positions, and there are workarounds.
For active traders, options writers, or anyone who needs serious tools, look at Questrade or Interactive Brokers Canada.
Frequently asked questions
Is Wealthsimple Trade safe? What happens if Wealthsimple goes under?
Wealthsimple Investments Inc. is a member of CIRO (the Canadian Investment Regulatory Organization) and the Canadian Investor Protection Fund (CIPF), which covers up to $1 million per account category if the broker becomes insolvent. That protection covers your stocks and ETFs — not market losses, just broker failure.
Crypto is held through Wealthsimple Digital Assets and is not CIPF-covered. They custody most coins with Gemini Trust Company, but treat crypto holdings as higher-risk than your TFSA stock positions.
Can I transfer my existing RRSP or TFSA from another broker to Wealthsimple Trade?
Yes. Wealthsimple will reimburse transfer-out fees from your old broker up to $150 per account when you move $5,000 or more. You submit a transfer-in request inside the app, upload a recent statement, and the assets move “in-kind” — meaning your VEQT stays as VEQT, no forced selling, no triggered capital gains.
The process takes 2-4 weeks. When my mom asked me about consolidating her RBC Direct TFSA into Wealthsimple last year, it took about 18 days door-to-door and RBC’s $150 transfer-out fee was fully reimbursed.
How do I avoid the 1.5% FX fee on US stocks without paying for Premium?
Use Norbert’s Gambit with DLR.TO and DLR.U.TO. You buy DLR (Horizons US Dollar Currency ETF) in Canadian dollars, call Wealthsimple to “journal” it over to DLR.U (the US-listed version of the same ETF), then sell DLR.U for USD. You skip the 1.5% conversion and pay roughly $0.01-$0.02 per share in spread instead.
It only makes sense for conversions above ~$3,000 because the spread cost is fixed while the FX savings scale with size. For smaller US purchases, the math doesn’t beat just eating the 1.5%.
Does Wealthsimple Trade support FHSA accounts?
Yes, the First Home Savings Account is supported as of 2024 and you can hold stocks, ETFs, and cash inside it. The 2026 contribution limit is still $8,000/year with a $40,000 lifetime cap. If you want a pure cash FHSA earning interest with no investing, Wealthsimple Cash also offers that — but the Trade FHSA is where you’d hold something like XEQT for a longer time horizon.
Can I day-trade on Wealthsimple Trade?
Technically yes, but the platform isn’t built for it. There are no Level 2 quotes, no hotkeys, no advanced order types on the Core plan, and quotes are delayed by 15 minutes unless you pay for Premium. Active traders should look at Questrade Edge, Interactive Brokers Canada, or Moomoo — all of which have real-time data and proper order routing.
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