While you may have heard of Wealthsimple, did you know that Wealthsimple also offers Wealthsimple Self-Directed Investing? And it’s a little different. They advertise it as “a simpler way to trade,” and it’s hard to argue with that. You can only open a handful of account types. You can trade stocks, ETFs, options, margin, and corporate products on Canadian and U.S. exchanges. And that’s about it.
Wealthsimple Self-Directed Investing doesn’t have all the bells and whistles of most self-directed investing platforms. There’s no market research, and data tracking tools are rudimentary. On the other hand, it also charges no commission fees, no withdrawal fees, and no inactivity or maintenance fees.
Wealthsimple Self-Directed Investing features
So, what does this simple stock trading app have to offer?
Why You Want It
No commission, maintenance or withdrawal fees + Easy to use.
Special Features
- Focus on simplicity and ease of use
- Search and track stocks with a watchlist
Provinces
ALL
Features
Types Of Accounts
- Personal
- TFSA
- RRSP
- LIRA
- FHSA
- RESP
- RRIF
- Non-registered
- Corporate
- Margin
Types Of Investments
- Stocks
- ETFs
- Options
- Crypto
- Margin
Minimum Investment
$$1
Email Support
Live Chat Support
Phone Support
See Issuer for Details
Minimum Stock Fee
$0
Maximum Stock Fee
$0
Minimum ETF Fee
$0
Maximum ETF Fee
$0
Active Trader Stock Fee Per Trade
N/A
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
$25,000
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
$0
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Wealthsimple Self-Directed Investing rating: 2.4 stars
Wealthsimple Self-Directed Investing is a little difficult to judge, really, because it’s designed for a different sort of user than most other self-directed investment platforms. That said, when compared against some of those more full-featured competitors, it comes up a little short.
We’ve given Wealthsimple Self-Directed Investing 2.4 stars because it’s a pretty limited platform, with few features, 1 major hidden-ish fee, and very limited investment account types. On the other hand…it charges no commission fees, withdrawal fees, inactivity fees, or maintenance fees. So it gains quite a few points there.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Wealthsimple Self-Directed Investing
Wealthsimple Self-Directed Investing is simple...but maybe that's all you need right now – especially if you're just starting out.
Pros
No commission, withdrawal, inactivity, or maintenance fees
Most self-directed investing platforms charge a fee for every trade you do, whether it’s buying or selling. Given that these fees generally range between $4 and $10, they can add up fast. Wealthsimple Self-Directed Investing charges $0 for doing trades through their app. This is a significant benefit and a huge savings for you. Some other investment platforms also charge withdrawal, inactivity, and maintenance fees. Not so here.
Well designed and easy to use app
Designed with “mobile first” clearly in mind, the Wealthsimple Self-Directed Investing app has a clean, simple, and easy to use interface. By stripping the concept down to its most bare-bones features, they’ve created something that’s really just nice to use.
Trade on Canadian and U.S. exchanges
Wealthsimple Self-Directed Investing allows you to trade thousands of different stocks and ETFs on Canadian and U.S. exchanges. This is really sort of limited, but is likely enough for the types of traders who are likely to use this kind of app.
CIPF protection up to $1,000,000
Your account balance is covered for up to $1,000,000 by the CIPF. It’s important to know that this doesn’t mean you’re covered for money lost on the stock market, to be very clear. This coverage only applies if Wealthsimple fails as a company and becomes insolvent. Learn more about the CIPF and how it protects investors.
No minimum account balance
You don’t have to keep any minimum amount of money in your Wealthsimple Self-Directed Investing account. This is different from other self-directed investing platforms that will charge quarterly or annual maintenance fees or inactivity fees if your account balance falls below a certain threshold.
The cons of Wealthsimple Self-Directed Investing
So, let’s look at the downsides.
Cons
Market + 1.5% fee for currency conversion
Wealthsimple Self-Directed Investing does charge a currency conversion fee of “market rate” plus 0%-1.5% without a Wealthsimple USD account. This isn’t unusual for these sorts of investment platforms, but it is something to be aware of. If you’re in Canada and you execute USD trades, you will get dinged with this fee. This is how Wealthsimple Self-Directed Investing makes money.
There are some fees for particular things
You’ll get charged a fee for a few non-recurring things like getting a paper account statement, asking for a special request or investigation, or sending/receiving a wire transfer.
It takes up to 5 days for an ETF to show up in your account
Unfortunately, the funds you add into your Wealthsimple Self-Directed Investing account via ETF won’t actually be deposited for about 3 days, possibly up to 5. For an app that touts its ease and simplicity, this is a huge drawback. People generally want to install an app and just get started.
Wealthsimple Self-Directed Investing alternatives
While Wealthsimple Self-Directed Investing is pretty unique, there are other self-directed investing platforms you can use to manage your own wealth. Let’s see how Wealthsimple Self-Directed Investing stacks up.
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|---|---|---|---|---|
| Account | Wealthsimple Self-Directed Investing | CIBC Investor's Edge | Qtrade | BMO InvestorLine |
| Genius Rating | ||||
| Why You Want It | No commission, maintenance or withdrawal fees + Easy to use. | Lowest commission rate from a Big 5 Bank online broker + Free trading under 25. |  $80 GeniusCash + Ditch the fees, and trade unlimited Stocks, ETFs, Mutual Funds and more for $0 | Flat $9.95 fee for most trades + Commision-free trades on popular ETFs. |
| Types Of Accounts |
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|
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| Types Of Investments |
|
|
|
|
| Minimum Investment | $$1 | $0 | $0 | $0 |
| Email Support | | | | |
| Live Chat Support | | | | |
Show More | ||||
| Open an account See more Wealthsimple products Compare | Open an account See more CIBC products Compare | I Want This Deal See more Qtrade products Compare | Learn More See more BMO products Compare |
Wealthsimple Trade FAQ
Does Wealthsimple Self-Directed Investing charge any fees?
Wealthsimple Self-Directed Investing does not charge any commission fees, withdrawal fees, inactivity fees, or maintenance fees. They do, however, charge a currency conversion fee, and some miscellaneous fees for particular things.
Can I transfer money from my Wealthsimple account into my Wealthsimple Self-Directed Investing account?
Yes! You can transfer funds between any of your accounts on the Wealthsimple platform.
How long does it take to get started with Wealthsimple Self-Directed Investing?
Downloading, installing, and starting the app can be done in a matter of minutes. But you can’t really get started trading on the platform until the money you deposit actually appears in your account.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
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