Wealthsimple Backs Down on Crypto Fee Changes After User Backlash

Toronto-based fintech Wealthsimple has officially cancelled a planned update to its cryptocurrency fee structure just days after announcing changes that sparked an outcry from its user base.

On Monday, the Wealthsimple sent an email to customers confirming that it will not move forward with the new pricing model. The reversal means that crypto trading fees will remain at their current levels, and users do not need to take any action to keep their existing rates.

The controversy began three days ago when Wealthsimple notified users of a significant shift scheduled for July 15, 2026. Under the proposed plan, the company intended to scrap its tier-based Baseline Trading Fee in favour of a volume-based system. Yeah, it turned out that was not a good idea.

For many long-term investors, the change would have resulted in a substantial price hike. For example, Generation tier members who currently pay a 0.5% fee would have seen that rate jump to 2% unless they traded more than $100,000 in a 30-day period.

The announcement led to immediate frustration on social media platforms like Reddit. Many users described the move as a “disgusting” shift that penalized loyal customers who hold large balances but do not trade frequently.

In its latest communication, Wealthsimple acknowledged that fee changes have a major impact on how people invest. The company stated it will be clearer about future changes and the reasoning behind them.

The full text of the email received by iPhone in Canada says:

We’re writing to follow up on a recent update to our crypto fee structure. We will not be moving forward with the changes at this time. This means your crypto fees will remain the same, and no action is required.

We know fee changes impact how you invest, and in the future, we’ll be clearer about what’s changing and why.

For now, the original fee structure stays in place. Core clients will continue to pay 2%, Premium members pay 1%, and Generation members retain their 0.5% rate. The company reiterated that no trading fees apply when buying or selling USD Coin (USDC) using U.S. dollars, or for automated investments set up through its ‘automate your pay’ feature.

You can click here to sign up for Wealthsimple and get a free $25 bonus. The company now says 1 in 5 Canadians under 40 uses the service and it just had a record quarter to start 2026.