Wealthsimple gold trading in Canada: fees, storage, coins

Wealthsimple lets Canadians buy and sell physically backed gold inside the Wealthsimple app, starting from $1 CAD. You pay a 1% trading fee on top of spot price, and there’s $0 storage fee while Wealthsimple’s partners hold the gold in Canada. If you build up enough, you can also redeem for 1 oz or 1/10 oz Royal Canadian Mint coins and have them delivered (non-registered accounts only).

Update log: First published 2025-10-23; Last reviewed 2025-12-23; What changed: updated trading fee status (0% promo ended; 1% fee active), clarified redemption/tax details, and tightened fee table language.

This guide explains what’s actually new, what it costs now (the early 0% promo has ended), and the practical details people care about: storage, protection, taxes, and coin redemption.

Key figures:

• Protection: CIPF coverage applies while gold is held in your Wealthsimple account; it does not apply after you redeem coins to your home
• Trading fee: 1% per gold transaction (on top of spot price)
• Minimum buy: from $1 CAD (fractional)
• Storage fee: $0 (gold stored in Canada)
• Coin redemption: 1 oz (2.25%) or 1/10 oz (11%) redemption fee (covers minting, insurance, delivery)
• Accounts: trade in registered + non-registered; redeem coins only from non-registered

Not sure if you should use Wealthsimple Gold at all? See our comparison of Wealthsimple Gold vs gold ETFs vs buying bullion in Ontario.

What’s new (and what changed since launch)

Wealthsimple markets this as a simple way for Canadians to own “real, physical gold” with real-time pricing and instant execution in the app, with the option to turn digital holdings into delivered coins once you hit the redemption thresholds.

One important update: Wealthsimple launched with a limited 0% trading-fee offer, but that offer ended. Gold trading fees are back to 1% per transaction. (If you still see “0%” mentioned in older writeups, that’s why.)

How Wealthsimple physical gold trading works

When you buy gold in the app, you’re buying fractional ownership of physical bullion held by Wealthsimple’s partners. You can sell back in the app as well.

A practical detail that matters: gold trades 24/7 in the product design, but Wealthsimple also notes that gold orders are market orders filled instantly — meaning you generally can’t cancel or reverse a filled trade. If you’re the type who likes limit orders, this is a different experience.

Where the gold is stored (and what “$0 storage” means)

Wealthsimple states the gold is stored securely in Canadian facilities including the Royal Canadian Mint and Brinks, with $0 storage fees. They describe this as segregated program-level storage (your ownership amount is tracked precisely in their records, but the metal is held in trust at a program level with other clients’ gold).

Who can use it

Trading eligibility (accounts)

Wealthsimple says you can trade gold in all Wealthsimple self-directed accounts, including registered accounts (like TFSA/RRSP) and non-registered accounts.

Coin redemption eligibility

Coin redemption is currently only available from a non-registered account (Wealthsimple says they’re working to expand this later).

Age and residency (important)

To use Wealthsimple’s self-directed products and promotions, you generally need to be a Canadian resident and the age of majority in your province/territory. If you’re under the age of majority, you typically can’t open and trade in your own self-directed account.

Fees and costs (simple breakdown)

Here’s the real “what will I pay?” section.

Trading fees

• 1% trading fee on top of spot price (per gold transaction)

Redemption fees (coin delivery)

If you redeem your holdings for coins, Wealthsimple’s service provider charges a redemption fee that covers minting, insurance, and secure delivery. Wealthsimple lists:

• 1 oz coin: 2.25%
• 1/10 oz coin: 11%

Wealthsimple also notes the redemption fee is incorporated into the redemption price you see in-app.

Worked example (easy math)

If you buy $500 of gold:

• Trading fee at 1% ≈ $5 for that transaction.

If you sell later, the fee applies again (another transaction), so plan for that in your “break-even” thinking.

If you redeem coins, the redemption fee is a separate cost (and it’s much larger than the 1% trading fee), so it’s best to think of coin redemption as a “collector / physical possession” feature rather than a low-cost way to get bullion delivered.

How to start (and how redemption works)

To buy or sell

1. Open the Wealthsimple app
2. Go to your self-directed account
3. Buy or sell gold (app only — not available on web)

To redeem coins (non-registered only)

In the app, you request redemption from the non-registered account that holds your gold, then choose:

• 1 oz or 1/10 oz
• Quantity
• Confirm shipping details

Wealthsimple says:

• Delivery is typically 7–10 business days
• Signature + ID are required on delivery
• The parcel is fully insured during shipping (included in redemption fee)

Taxes and protection (don’t skip this)

Taxes

Wealthsimple explains that for non-registered accounts, gold is taxed like stocks/ETFs in Canada:

• Profits are treated as capital gains (only half taxable)
• Losses can offset capital gains

Important redemption detail: when you redeem coins, your digital gold holdings are sold to fulfill the request, and Wealthsimple describes that as a taxable disposition (non-registered).

CIPF coverage

Wealthsimple states your accounts are protected by CIPF up to $1M per eligible account, and that precious metals held in your Wealthsimple account are covered. But if you redeem coins and they’re delivered to you, CIPF coverage no longer applies.

Wealthsimple gold vs a gold ETF vs buying bullion

Option	What you own	Typical costs	Best for
Wealthsimple physically backed gold	Fractional ownership of stored physical gold	1% per transaction; $0 storage; redemption fees if you want coins	People who want simple app access + optional physical coin redemption
Gold ETF	ETF units tracking gold	MER every year (ongoing)	People who want low-friction exposure without dealing with physical redemption
Physical bullion/coins from a dealer	Coins/bars in your possession	Dealer premiums + storage/insurance on you	People who specifically want to hold/store gold themselves

No option is “best for everyone.” The right choice depends on whether you care most about ongoing fees, ease of trading, or having physical gold in your hands.

FAQs

Source: Wealthsimple