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Wealthsimple Trade review

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Pay no commissions when you trade stocks and ETFs with this innovative mobile trading platform. 

Get a $25 bonus when you open a Wealthsimple Trade account and deposit and trade at least $100.

Details

Wealthsimple Trade is a reputable mobile platform that lets you buy and sell thousands of stocks and exchange-traded funds (ETFs). You won’t have to pay any commissions for trades and there are no account fees. You also won’t need to keep a minimum account balance and you’ll be able to execute transactions quickly with an easy-to-use mobile app.

The major downside of Wealthsimple Trade is that it doesn’t offer very many research options and it doesn’t have a desktop interface. This means all of your trades have to be managed from your mobile phone.

Quick take

  • Think about this trading platform if you want to manage your own investments and you don’t want to pay commissions to execute trades.
  • Choose something else if you want to manage your trades from your computer or you’d prefer for your portfolio to be managed directly by a dedicated adviser.

What investments does Wealthsimple Trade offer?

Wealthsimple Trade offers two main types of trades that you can invest in using its online trading platform:

  • Stocks. You’ll be able to purchase shares in a company that you may then have the potential to earn revenue on if the company performs well.
  • Exchange traded funds. ETFs are pools of stocks or bonds that let you earn an average revenue across several investments at one time.

Who is Wealthsimple Trade best for?

Wealthsimple Trade is best for 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.

This trading platform might not make sense for investors who are interested in trading other types of investments – such as mutual funds, options or futures. It might also not be the best choice for investors who would prefer to use a desktop application to execute trades.

How easy is Wealthsimple Trade to use?

Wealthsimple Trade is an innovative mobile trading platform that’s designed for beginner and experienced investors alike. It offers quick and easy access to hundreds of stocks and ETFs with a couple of taps of your mobile device.

It’s easy to sign up for an account in a matter of minutes and you can start trading as soon as you load funds into your account. You can also opt to choose a pre-built portfolio with Wealthsimple Invest if you’d prefer to execute trades automatically using a robo-advisor.

What research does Wealthsimple Trade provide?

Wealthsimple Trade doesn’t really offer a ton of research options, which is one the downsides of the platform. There is the option to set up a watchlist for your stocks, which is a useful feature for tracking 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, insights and analysis.

Pricing and fees

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. The only downside with this platform is that you’ll be limited in what type of trades you can make.

Is Wealthsimple Trade safe?

Wealthsimple Trade is a safe option since it’s backed by over $265 million in investments from some of the world’s largest financial institutions. It’s also a member of the Canadian Investor Protection Fund (CIPF), which protects any money you deposit up to $1 million in the case that Wealthsimple Trade becomes insolvent.

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 two-factor authentication (2FA) protection to protect your account.

Customer reviews and complaints

Wealthsimple Trade has very good reviews from customers. These reviews praise the zero commission fees for trading stocks and ETFs. This platform is also seen as a very safe and regulated way to invest money since there are a number of safeguards in place to protect your money.

Some customers have voiced complaints about the amount of time it takes to make withdrawals. Others are unhappy that it’s not possible to access the service online, which means you have to do most of your trading from your mobile phone.

Pros and cons

Pros

  • Easy application. You can sign up for an account in a matter of minutes by filling out a simple online form.
  • No commissions. Wealthsimple Trade is the first platform in Canada to offer commission-free trades for stocks and ETFs.
  • Several account types. You can put your money into an RRSP, TFSA or taxable account, depending on your preferences.
  • No annual fees. You won’t have to pay fees every year to maintain your account.
  • Mobile app. Wealthsimple Trade offers an innovative mobile trading app that lets you manage your investments from just about anywhere.
  • Accessible customer service. You can access Wealthsimple’s customer service department online or over the phone.

Cons

  • Limited investment types. You’ll only have the option to trade stocks or ETFs.
  • Few research tools. Wealthsimple Trade only offers a handful of research tools, though it plans to unroll more features in the future.
  • Exclusively on your phone. Your account is managed entirely through your mobile phone as there is no desktop interface.
  • Fees for wire transfers. You’ll have to pay $30 every time you want to transfer money in or out of your account using a wire transfer.
  • Less dedicated support. You won’t have a dedicated adviser assigned to your account.

How do I sign up?

If you think you meet all the eligibility criteria and you’re ready to start investing with Wealthsimple Trade, you just need to follow the steps below:

  1. Click the green “Go to site” button above to be securely redirected to the online signup 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.

How do I contact Wealthsimple Trade support?

You can contact Wealthsimple Trade by sending an email on its website. You can also visit its trade help centre to find answers to questions like how to sign up, fund your account and start trading. Unfortunately, there doesn’t seem to be a phone number you can call to speak to an agent.

Bottom line

Wealthsimple Trade is a commission-free trading platform that offers a secure and convenient way to manage your self-directed investment portfolio. It provides limited research tools but is one of the cheapest and easiest trading platforms to use in Canada. Find out more about how this platform works and sign up for an account today to start investing.

Frequently asked questions about Wealthsimple Trade

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