What is MyWallSt and is It Available in Canada? | Finder Canada

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What is MyWallSt and is it available in Canada?

MyWallSt is a great investment research app for beginners living in the US. But is it available in Canada?

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What is MyWallSt?

MyWallSt is a popular US investment research app with more than 2 million downloads as of 2019. The app provides easy-to-read information on stock performance and investment concepts, making it perfect for beginner investors who want to direct their investments but need a helping hand. The MyWallSt company was originally named Rubicoin back in 2013 but was rebranded to MyWallSt in early 2019.

MyWallSt is not a brokerage, so users can’t buy and sell investments through the platform. However, users can connect their trading accounts with other brokerages to MyWallSt. The app comes with a free trial, after which a monthly or yearly subscription fee is charged.

Is MyWallSt available in Canada?

No. To sign up for a MyWallSt account, you need to be a US resident. Canadians won’t be able to use the app unless they live in the US. Check out our list of top saving and investing apps in Canada to find the right investment tool for your needs.

Who is MyWallSt best for?

  • New investors. Specifically created for new investors, MyWallSt provides recommendations and investment advice.
  • Investors with individual stocks. If your money is in mutual funds or other investments and you want to start making your own investment choices, MyWallSt could help you get started.

What are the benefits of MyWallSt?

MyWallSt offers investment knowledge and education, including:

  • Companion app. Learn by MyWallSt is free and offers 40 beginner lessons in investing.
  • Knowledge backed by success. The company claims to have an annual return of 44% over the last 5 years and 24% over the last 11 years.
  • Competitive pricing. MyWallSt is available for USD$29.99 per 3 months or USD$79.99 a year, which is substantially less than paying an investment adviser for similar recommendations. (Note these amounts are current as of January, 2021.)

What should users watch out for?

The MyWallSt app has its strong points, but it also includes the following drawbacks:

  • Short free trial. MyWallSt’s one week trial is shorter than other investment advice platforms.
  • Limited information. Those who are already familiar with the stock market may find that the information available isn’t as comprehensive. There’s a lack of information on stocks and other investments like mutual funds and exchange-traded funds.

How to get started

The signup process is pretty straightforward:

  1. Go to the app store and search for MyWallSt.
  2. Click Install.
  3. Click Get Started.
  4. Create an account.
  5. Review and accept the Terms & Conditions.
  6. Select the Watchlist tab.
  7. Click Subscribe to Start Free Trial.
  8. Review the free trial terms and click Subscribe & Start Free Trial.

Eligibility

Anyone in the US is eligible to download and use the app. Unfortunately, this means that Canadian users cannot signup unless they’re living in the US.

Required information

Users don’t need to There’s no required information to download MyWallSt. For the subscription process, MyWallSt uses the information connected to users’ app store account, such as their email addresses and US credit card information. The app will automatically link this, giving users an option to review and change their credit card information during the free trial.

MyWallSt reviews and complaints

MyWallSt is not accredited or rated by the Better Business Bureau. It has a 4.4 star average from 729 reviews in the Google Play Store, as of January 2021. There’s mainly positive reviews online, but there are some negative reviews centered around the app’s limited information and fees for using a brokerage account.

What to do after signing up with MyWallSt

Once users have downloaded the app and started their free trial, they can begin to familiarize themselves with the service in the following ways:

  • Download the companion app. Learn by MyWallSt is a separate educational app that provides access to 40 investment lessons.
  • Listen to the Stock Club Podcast. Listen to the company’s experts for extra investing insights and the latest investing trends.
  • Check out the blog. The Stock Market 101 and Your Investing Life blogs are a great source of extra information and advice from MyWallSt.
  • Connect a brokerage account. Users can connect their brokerage accounts to the MyWallSt app to make investments based on its recommendations.

Ready to start trading? Compare online trading platforms in Canada

Name Product Available asset types Stock Fee Option Fee Account Fee ETF Transaction Cost Feature Table description
Wealthsimple Trade
Stocks, ETFs
$0
N/A
$0
Free
Zero commissions on Canadian stocks.
Get a $25 bonus when you open a Wealthsimple Trade account and deposit and trade at least $100.
Interactive Brokers
Stocks, Bonds, Options, ETFs, Currencies, Futures
Min. $1.00, Max. 0.5% of trade value
$1.50 min. per order
$0 (if monthly commissions are greater than or equal to US$10.00)
Min. $1.00, Max. 0.5% of trade value
Extensive trading capabilities and global investment tracking.
Access market data 24 hours a day, six days a week and invest in global stocks, options, futures, currencies, bonds and funds from one single account.
Qtrade Investor
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs
$6.95 - $8.75
$6.95 - $8.75 + $1.25 per contract
$0 if conditions met, else $25/quarter
$0 - $8.75
Trade 100 ETFs free of charge.
Qtrade Investor offers low trading commissions and an easy-to-use platform with access to powerful tools and a wide selection of investment options. Trade 100 ETFs free of charge and thousands more for $8.75 or lower.
Questrade
Stocks, Bonds, Options, Mutual Funds, ETFs, GICs, International Equities, Precious Metals
$4.95-$9.95
$9.95 + $1 per contract
$0
Free
$0 account fee and free ETF transactions.
Opt for self-directed investing and save on fees or get a pre-built portfolio and take some of the guesswork out.
Scotia iTRADE
Options, Mutual Funds, ETFs, GICs, International Equities
$4.99-$9.99
$9.99 + $1.25 contract ($4.99 + $1.25 contract if completed 150 trades or more a quarter)
$0
$9.99 ($4.99 if completed 150 trades or more a quarter)
Pay no annual account fees.
Buy, sell and trade ETFs, Equities, Options and more with competitive commissions.
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Bottom line

MyWallSt offers investment information for new investors looking to make informed decisions and become more familiar with the stock market. However, the app may be lacking depth for some users.

Want to learn more about investing? Check out our guide to investing for your future or take a look at our list of top stock trading games to have some fun while honing your skills.

Frequently asked questions

Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.

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