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Wealthsimple Trade review

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

Get 2 free stocks when you open a Wealthsimple Trade personal account and deposit and trade at least $150.

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Details

Wealthsimple Trade is a reputable online and 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.

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.

What is the difference between Wealthsimple Trade vs 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 takes care of managing your portfolio for you. The one you choose depends on whether you would rather actively manage your own portfolio without advice, or have your investments managed passively.

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 have the option of setting up auto-deposits or you can make one-time deposits from a linked bank account.

What research does Wealthsimple Trade provide?

Wealthsimple Trade doesn’t 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.

Wealthsimple Trade fees and pricing

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.

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.
  • 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. Since deposits take 1 day to make it to your Trade account, and then must settle for 2 additional days, you won’t be able to start trading until your deposit settles.

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.

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 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

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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