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Wealthsimple Trade review

With Wealthsimple Trade, you'll pay no commissions when you trade stocks and ETFs.

Get $25 when you open a Wealthsimple account and fund at least $150.

Finder Rating: 3.9 / 5

★★★★★

Details

Wealthsimple Trade is an online and mobile platform that lets you buy and sell stocks and exchange-traded funds (ETFs). You don’t pay commissions for trades and there are no account fees. There is no minimum account balance and you can execute transactions quickly with an easy-to-use mobile app. Check out more details about the platform in our Wealthsimple review.

Quick take

  • Choose Wealthsimple Trade if you want to trade commission-free.
  • Choose something else if you want to trade more than just stocks and ETFs.

Who is Wealthsimple Trade best for?

Wealthsimple Trade is best for both new and experienced investors who want to take advantage of zero commissions on stock and ETF trades. It’s also a good fit for investors who don’t want to pay annual account fees.

What is the difference between Wealthsimple Trade vs Wealthsimple Invest?

Wealthsimple Trade is a self-directed trading platform, so you buy and sell assets on your own. Wealthsimple Invest is a robo-advisor, meaning the platform manages your portfolio for you. When deciding between the two, ask yourself whether you would rather manage your own portfolio without advice or have your investments managed for you.

What features does Wealthsimple Trade offer?

Wealthsimple offers some interesting features that make it especially appealing for beginner investors.

  • Fractional shares: You don’t have to buy an entire share to invest in a company you’re interested in. Wealthsimple Trade’s fractional share feature means you can invest just $1 and get a fraction of that share. For example, if a share costs $10, investing $1 would get you 10% of the share.
  • No minimum balance: Some online trading platforms require you to deposit a minimum amount of money in your account before you can start trading. Wealthsimple Trade has no minimum account balance.
  • Instant deposits: You can deposit up to $1,500 and start trading immediately. Deposits of a larger amount have to wait for 3 days before you can start trading with that cash.
  • Wealthsimple Premium: Wealthsimple now offers a plus feature for $10 per month that provides you with real-time quotes (instead of a 15-minute lag on the free version) and instant deposits of $5,000.
  • Cryptocurrencies: Wealthsimple Crypto is a separate account you can open inside Wealthsimple Trade that gives you access to 40 cryptocurrencies to buy and sell from your portfolio.
  • Free price alerts: Canadians can set up free, unlimited price alerts for stocks, crypto, and ETFs.

How easy is Wealthsimple Trade to use?

You can access the platform through the Wealthsimple Trade app and desktop site. It offers quick access to hundreds of stocks and ETFs. You can sign up for an account in a matter of minutes and start trading as soon as you load funds into your account. You can set up auto-deposits or you can make one-time deposits from a linked bank account.

Wealthsimple Trade App

The Wealthsimple Trade app has a 4.7 rating in the Apple Store and is ranked number 2 in the Finance category. The app has a 4.6 rating in the Google Play store.

Get 2 free stocks by signing up for Wealthsimple Trade now

Wealthsimple Trade fees

How much does Wealthsimple charge per trade? The main benefit of Wealthsimple Trade is that it’s one of the only platforms in Canada that doesn’t charge commissions to trade stocks and ETFs. This is exceptional in a market where the standard buy/sell price for investments is between $4 and $10 per trade.

That said, Wealthsimple Trade charges a foreign exchange fee (corporate rate x 1.5%) if you buy and sell US assets, which most other brokerages do as well.

CommissionForeign exchange feeAverage broker commissionAverage broker forex fee
Canadian stocks$0Between $4 and $10
US stocks$01.5%Between $4 and $102%

Can I open a Wealthsimple Trade USD account?

Wealthsimple Trade does not offer a US dollar account at this time. That means that if you want to buy US-listed stocks you have to pay foreign exchange fees, since you cannot hold USD in your account.

Example: Buying stock in Apple on Wealthsimple Trade

One share of Apple stock: $148.96
Convert to Canadian dollars at market rate: $184.37
Add 1.5% forex fee: $2.77
Total cost to buy 1 share of Apple on Wealthsimple Trade = $187.14

Wealthsimple Premium

Wealthsimple Premium is a $3/month subscription service offered by Wealthsimple Trade. With Wealthsimple Premium, you get access to:

  • Real-time market data through immediate price quotes, instead of a 15-minute delay.
  • $5,000 instant deposit limit. This means you can start investing immediately with this money rather than waiting for a couple of days to clear like the free version.

Wealthsimple Plus

By March 2022, Wealthsimple will replace the Premium account with Wealthsimple Plus for $10/month. With this new subscription, you will have access to:

  • USD accounts. You will be able to hold USD in your account, which means you won’t need to convert CAD to USD every time you by a US stock (and convert USD to CAD every time you sell a US stock). You will still need to pay the 1.5% currency conversion fee when you deposit your CAD, but you won’t need to pay it each time you buy and sell a USD asset.
  • Unlimited price alerts.
  • Real-time market data through immediate price quotes, instead of a 15-minute delay.
  • $5,000 instant deposit limit. This means you can start investing immediately with this money rather than waiting for a couple of days to clear like the free version.

Wealthsimple

Get $25 when you open a Wealthsimple account and fund at least $150.

Finder rating: 3.9 / 5 ★★★★★

  • Go with this platform if you want to Get $25 when you open a Wealthsimple account and fund at least $150.
  • Look elsewhere if you want to use leverage to trade or you want to trade more complex securities like options.

What research tools does Wealthsimple Trade offer?

Wealthsimple Trade doesn’t offer a ton of research options, which is one of the downsides of the platform. There is the option to set up a watchlist for your stocks, which is a useful feature to track the stocks and ETFs you’re interested in.

Wealthsimple Trade also plans to add features such as price alerts when stocks shift as well as up-to-the-minute market news (available soon with Wealthsimple Plus), insights and analysis.

Pros and cons of Wealthsimple Trade

Pros

  • No commissions. Wealthsimple Trade offers commission-free trades for stocks and ETFs.
  • No annual fees. You won’t pay fees every year to maintain your account.
  • Lower-than-average currency conversion fee. The 1.5% conversion fee is less than the going rate.
  • Easy application. You can sign up for an account in a matter of minutes by filling out a simple online form.
  • Intuitive mobile app. Wealthsimple Trade offers an innovative mobile trading app that is rated highly in app stores, so you can manage your investments from just about anywhere.
  • Accessible customer service. You can access Wealthsimple’s customer service department online or over the phone.
  • Cryptocurrencies. Wealthsimple Crypto is a separate account you can open inside the Wealthsimple Trade app to buy and sell 25 different cryptocurrencies.
  • Wealthsimple Trade Premium. For $3 a month, you get real-time price quotes and instant deposits of $1,000.

Cons

  • Limited investment types. You’ll only have the option to trade stocks or ETFs, and a select list of cryptocurrencies.
  • Limited account types. You can put your money into an RRSP, TFSA or a taxable account, but you won’t be able to open a RESP or margin account.
  • Stock quote lag. There is a 15-minute delay for stock quotes.
  • No USD accounts. You’ll need to convert CAD to USD in order to buy US stocks. When you sell, you’ll need to convert the USD proceeds back into CAD.
  • Few research tools. Wealthsimple Trade only offers a handful of research tools, though it plans to unroll more features in the future.
  • Fees for wire transfers. While EFTs are free, you’ll have to pay $30 every time you want to transfer money in or out of your account using a wire transfer.
  • 3-day deposits over $250. Since deposits take 1 day to make it to your Trade account, and then must settle for 2 additional days, any deposit over $250 won’t be available to trade until the settlement period is over.

Wealthsimple vs Questrade

Is Wealthsimple Trade safe?

In May 2021, Wealthsimple raised about $750 million from venture capital firms and celebrity investors such as Drake and Ryan Reynolds. The company manages over $8 billion in assets and is majority owned by Montreal-based Power Corporation. Power Corporation is one of Canada’s largest financial conglomerates, and its subsidiaries include well-known financial brands such as Canada Life. Wealthsimple is a division of Canadian ShareOwner Investments Inc. which is a member of the Canadian Investor Protection Fund (CIPF). This means any money you deposit up to $1 million is protected against (unlikely) insolvency.

How does Wealthsimple Trade keep my money safe?

Wealthsimple Trade maintains a number of physical, electronic and procedural safeguards designed to protect your account and personal information. It also uses state-of-the-art data encryption and 2-factor authentication (2FA) to protect your account.

How do I sign up?

If you meet all the eligibility criteria and are ready to start investing with Wealthsimple Trade, follow the steps below:

  1. Click the green “Sign up” button below to be securely redirected to the online sign-up page.
  2. Provide personal information like your name, email address, proof of ID and relevant documents.
  3. Review and submit your application.
  4. Get verified and load funds into your account to start trading.
  5. Take advantage of the promotion by depositing and trading a minimum of $100.
Sign up for Wealthsimple Trade now

How do I contact Wealthsimple Trade support?

You can contact Wealthsimple Trade by sending an email on its website or calling the Wealthsimple support line. You can also visit its extensive online Trade Help Centre to find answers to most questions, including how to sign up, fund your account and start trading.

Bottom line

  • Use Wealthsimple Trade if you are a beginner investor who is mostly interested in trading Canadian stocks or ETFs at a low cost.
  • Wealthsimple Trade has a welcome offer of 2 free stocks if you load at least $150 onto your trading account.
  • Choose a different platform if you are interested in buying more complex securities like derivatives or options.

If you are looking for Wealthsimple Invest review, check out our review of the robo advisor here

Frequently asked questions about Wealthsimple Trade

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