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ONLINE BROKERAGE REVIEW

Wealthsimple Trade Review 2022

Updated September 20, 2022

Quick Info

  • Standard Equity Commission
    $0
  • Best Commission Price
    $0
  • Minimum to Open Account
    Not Required
  • Maintenance/Inactivity Fees
    0
  • Commission-free ETF Trading
    Yes (All)
  • Young Investor Offer
  • Compare to Another Brokerage

HIGHLIGHTS

Wealthsimple Trade is a self-directed platform, which allows DIY investors complete control over buying and selling the assets in their accounts. It’s different from Wealthsimple Invest, which has a portfolio manager to make the purchasing and selling decisions (so clients just “set it and forget it”).

The most popular Canadian stocks are available to trade on Wealthsimple Trade, but many of the less popular ones are unavailable. Wealthsimple Trade was the first Canadian online discount brokerage to start out as mobile-first. Accordingly, their clients tend to skew younger and be more tech-savvy and comfortable trading on the mobile platform. 

Wealthsimple Trade seems to be modeling themselves after some of the more popular online discount brokerages in the United States by offering zero-commission trading and adding new features constantly, to continually strengthen the user experience. They also have been known to run attention-grabbing promotions, such as giving away free stock.

Wealthsimple Trade Full Review

What Account Types does Wealthsimple Trade offer?

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    Registered Accounts

    Non-Registered Accounts

Account Fees & Requirements for Wealthsimple Trade

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    Registered Accounts

    Non-Registered Accounts

Trading Commissions & Fees provided by Wealthsimple Trade

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Wealthsimple Trade Rankings & Reviews for 2022

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  • Sorry, no data is available.

How can I contact Wealthsimple Trade customer support?

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Wealthsimple Trade Downtime Report

Wealthsimple Trade down? Submit an incident report using our exclusive online brokerage outage tracker and view reported incidents from other users.

Click here to view current Wealthsimple Trade Downtime Report

What do people think of Wealthsimple Trade?

HamishDimsdale
PersonalFinanceCanada
12/5/2022
That's understandable. Honestly, that was my biggest hurdle when I started self directed investing. There's lots of advice out there on what to buy, but not as much on how to actually go about doing it. Once you're more familiar it will seem so simple and easy though, which is why I think a lot of people don't understand your frustration/panic. I think you're doing things the smart way though if your time horizon is decades, just buying XGRO through a low/no cost broker like WealthSimple Trade seems like a solid choice. If I were you I wouldn't worry about the order types, just use the default market buy and relax; XGRO is pretty stable, so the differences will be pennies at most. Sure you could use a limit buy to try to save a couple pennies, but your order might not get filled at your limit price, so you might just have to buy again another day at a higher price anyways. Limit orders are much more useful for people who are trading frequently, especially highly volatile securities like penny stocks and such. So it's basically as simple as: put $ in TFSA account, buy XGRO, repeat at next contribution.
nolancamp2
PersonalFinanceCanada
12/5/2022
Buy XEQT through Wealthsimple Trade
La Frugaliste Futee
FrugalisteFutee
12/5/2022
@Cornusse Wealthsimple Trade
diagonal_lines
PersonalFinanceCanada
12/4/2022
It's not too late. You have almost 20 years before standard retirement age which is plenty of time to save and invest. My $0.02: 1. Take everything you read on Reddit with a grain of salt and do your own research. 2. Before you do anything, have big life goals. Allow yourself to dream about your retirement in full colour, with details. Dont let fear guide you. What do you want to do? How will you be spending your time? What is important to you? Having these goals will help you work towards actually accomplishing them, like you did for your kids' education plans. Now it's time for you. 3. Buy a financial education book. Whichever one stands out to you. I recommend I Will Teach You To Be Rich by Ramit Sethi. It's fantastic but it's from a US perspective. So also get a Canadian one. Or take a course. Our entire lives we work for money but we rarely ever actually invest in teaching ourselves how to manage it or get it working for us. This is the single biggest action that will affect your retirement number. Commit to reading a few plain language books and develop a money system that works for you. Listen to podcasts etc. 4. Understand that in order to invest, you need good cashflow management skills. Your ability to grow a good nest egg in the stock market directly relates to how well you handle money in your day to day. You need the money to invest in the first place, so maximizing that amount will set you up in the best way possible. Again, the Ramit Sethi book outlines how to create a Conscious Spending Plan instead of a strict budget. You can probably get it from the library as an ebook. 5. Have an emergency fund. This protects your investments because when things are tough you can get funds from the emergency fund instead of selling your investments. 6. Everyone's comfort level with investing is different and investing can be scary. Try not to be too intimidated at first--its possible to learn. 7. If you're able to, try to avoid mutual funds at Big Banks. You want to understand MER fees, which, if over 1% can drastically eat away at your wealth. Instead of mutual funds, consider a robo advisor like Wealthsimple Invest, or if you learn how, self directed investing like with Wealthsimple Trade or Questrade. Research all-in-one ETFs (like VEQT or VGRO or VBAL) and consider those. 8. Committ to getting debt free and staying that way. Understand the behaviors and patterns that got you into credit card debt. Money management is a bunch of tiny begaviour changes. So make them slowly but steadily and you'll get there. Good luck!
numbersev
PersonalFinanceCanada
12/4/2022
Look into Index Funds/ETFs and search 'couch potato investing'. Put aside an emergency fund to cover half a year's mortgage or rent at least. Don't ever invest in a company or stock that you don't understand well (ie. balance sheets). Most paid professional portfolio managers can't beat the market. But ETFs will typically give an 8-12% yearly return. It's better to invest your $ here than to lose it slowly in a savings account. Over the 20th century, the stock market went down approx. 15 times. So 85 times it was a bull market. This is why ETFs are considered the safest and easiest options for investors. Open an RRSP and TFSA if you haven't already. Look into TFSA's. Wealthsimple Trade doesn't have a DRIP (dividend reinvestment plan) so any dividends would be paid out in cash. You can then take that and reinvest it manually. Look into Dollar Cost Averaging vs. Value Averaging.