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ONLINE BROKERAGE REVIEW

Wealthsimple Trade Review 2022

Updated April 22, 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

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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What do people think of Wealthsimple Trade?

BCRE8TVE
CanadianInvestor
6/20/2022
It's not quite that you will lose some contribution room, it's more like if you invested 11k in the TFSA, then you lost 1K and took out the remaining 10K, then that 1K of lost growth has permanently reduced your contribution room, but if you had invested 10K, it grew to 13k, then you lost 1K before withdrawing 10K, you're still 2k net positive. < I was more curious about if that $10k comes from the funds I've personally put in or if it comes from the growth/loss aspect. Fair. For the purposes of the TFSA, it doesn't matter. The only thing that matters is money you put in vs money you take out, and any amount you take out, you can re-contribute that amount the following year. Might be best to pull out that 10k in say late November though, because if you pull it out Dec 25th, it might not be processed and you may not get that 10k room the next year but the one after. <Plus, I just don't want to deal with the bank directly and get a song and dance about keeping my money there. But yeah, after heavy researching the mutual funds based on since I started with them when I was 18(!) vs the projected dividend growth I'll get over 10 years, it makes sense to pivot. But yeah, bad timing, 2022, fml haha Hey if you're just starting, and you will have a steady job, this is a great time for you! With the downturn, ETFs will be on sale, and if you can invest heavily in them then you'll make a lot of money when the downswing is over. The only thing that matters is that the investments have grown between now and when you take the money out, which should be when you retire in say 30-40 y ears. If the stock market crashes so bad that you lose money after 30-40 years, we're all in deep **** anyways and it won't really matter. So yeah, getting out of mutual funds with the bank and having control over your own investments with TFSA is definitely less expensive. Did you plan to go with Wealthsimple Invest (robo-advisor), Wealthsimple Trade, or Questrade? Any idea what ETF you want to buy?
SUPRVLLAN
PersonalFinanceCanada
6/17/2022
Wealthsimple Trade.
Siecje1
PersonalFinanceCanada
6/17/2022
Is it better if you are using Wealthsimple Trade which charges 3% (1.5% to buy USD stock and 1.5% to sell) extra after the exchange fees?
NegotiationNext8844
CanadianInvestor
6/17/2022
There is a web site called Couch Potato Investing. If u want to learn how to passively invest, go check it out. If u r asking for fee and into ETF, I would go with Questrade. Wealthsimple Trade is free but their market price is 1-2% against u. As to ETF fee, the passive ones r cheaper. VEQT is a broad market ETF which is okay to start.
Brokenclasses
CanadianInvestor
6/17/2022
You can educate yourself so you gain confidence and expertise so that you can reassure yourself you are doing the right thing. If successful, go with DIY route and open wealthsimple trade account and buy an index ETF that tracks the market. If unsuccessful, fiercely fight the financial advisor until they recommend you low fee passive investing options. They will be able to give you the mental assurance when you need them, for a fee though.
hodkan
PersonalFinanceCanada
6/16/2022
And investing through Wealthsimple doesn't necessarily make Wealthsimple any revenue. If you only purchase Canadian stocks and Canadian managed ETFs from Wealthsimple Trade you can do this for free. Are people who use a free tax service also more likely to invest in a way that makes Wealthsimple no money? I have no clue, but it's possible.
hodkan
PersonalFinanceCanada
6/16/2022
How much money has Wealthsimple made from you investing with them? Do you only use Wealthsimple Trade and only trade in Canadian dollars, so that you you never pay fees to Wealthsimple? Or if Wealthsimple does make revenue from you, do they make a lot? So it's not just whether or not the tax service helped them attract customers. It's also the quality of the customers. Does the average person who uses a free tax service become a profitable investing client for Wealthsimple? . Just to be clear, I'm not trying to be insulting or demeaning with these questions. There is absolutely nothing wrong if Wealthsimple has made no revenue from you. But from Wealthsimple's point of view if they are mainly attracting clients that bring them little or no revenue, they need to ask whether it's worthwhile.
Paul Teman
drpteman
6/16/2022
@mint could you fix my connection to Qtrade and wealthsimple trade accounts? Both connections have been broken for over a month!
@nu
anupriyamranjit
6/15/2022
Idk what's got me more depressed, the exam I just wrote or my Wealthsimple trade balance 😅
LeaveTheBank
PersonalFinanceCanada
6/15/2022
All-in-one ETFs (for example those from Vanguard) or a robo-advisor is probably your best bet. Just need to figure out your risk profile, pick an option, and start investing. If you go the ETF route, both Questrade and Wealthsimple Trade offers commission-free ETF purchase.
BBFinneganIII
MMAT
6/14/2022
This is strange. A while back I got an email with the following instructions: In order to remove the non-qualified investment from your registered account you have two options: 1. You can sell the asset if Wealthsimple offers access to the new listing exchange and it is still an active, tradable asset. For inactive, non-tradable assets you will not be able to sell the asset. **2. You can do an in-kind transfer out of the asset into your Wealthsimple Trade personal, non-registered account. If you wish to do this, please fill out this form by May 31, 2021 11:59 PM EST.** ***If you do not request the transfer before this date, we will email you a new link*** next month for your authorization to transfer the non-qualified asset(s) to a non-registered account at Wealthsimple. Please note that if we don’t receive authorization to remove the non-qualified investment(s) from your registered account(s) by August 30, 2022, we will, unfortunately, have to restrict those account(s) until an authorization to remove the non-qualified investment(s) has been provided.
mindsgambit
PersonalFinanceCanada
6/14/2022
The fund likely has cash, so they won't need to "sell" your positions. Instead, they'll transfer the cash based on the approximate value to which you are entitled, at least that's how it's going to work with my pension, which I am also in the process of transferring. And Just so you know, I recently asked about moving a pension to Wealthsimple Trade, and they added to an email that they do not offer self directed LIRA's, in case that's what you were hoping for the locked in portion.
nv33
PersonalFinanceCanada
6/14/2022
1. For Saving account - EQ bank 2. For robo advisor - CI Direct Investing 3. For self direct investing - Wealthsimple trade
John Lindsay MorashJohn
JMorashjohn
6/14/2022
@BNNBloomberg wealthsimple trade & crypto any opinions
416to647
CanadianInvestor
6/13/2022
Wealthsimple trade is pretty good - no commissions and instant deposit feature 1.5k-5k from any bank account
Mellard the Crapicorn
NotMLVN_
6/13/2022
Accidentally opened my Wealthsimple trade account. Wish I could Unsee it
don_julio_randle
PersonalFinanceCanada
6/12/2022
<Walk into your bank and advise them you would like to open a TFSA I wouldn't do this. Either you're going to have some "advisor" sell you high fee mutual funds or you'll end up opening an account at that bank's brokerage, all of whom but BMO have much higher transaction fees for ETFs than options like Questrade and Wealthsimple Trade
ChippyChalmers
PersonalFinanceCanada
6/11/2022
Research the difference between Wealthsimple Trade and Wealthsimple Invest. You sound to be looking into Invest (managed). However, you can use Wealthsimple Trade with zero commission fees to invest in a broadly diversified, low cost index fund like XBAL/XGRO/XEQT depending on your risk tolerance and then, for the most part, set it and forget it, barring any further contributions or DCA'ing (Dollar Cost Averaging).
do-it-better
PersonalFinanceCanada
6/11/2022
How long do you intend to continue this lifestyle? Do you have retirement savings? If not, are you expecting your pay to change at some point and then start retirement savings? Do you intend to work to the age the government tells you? Could be 70 by the time you retire. Or would you like to retire at 50, 55 or 60? I’ve learned, to become wealthy, you must start investing early. Someone who starts in the 20’s will be much better off than someone who starts in their 40’s because time is needed for growth. I ran scenarios using excel and realized this makes a massive difference. Just think about it, you can always start small. I was in a very similar situation. Although I started RRSPs since I was 19, it was a very low amount. My wife never seemed interested in savings strategies or sitting at table more than 2 minutes to discuss it. I had a hard time changing mindset from spending what we have to spending what our investments earn. This is difficult but necessary if you eventually want to be financially independent. Especially in the beginning, the progress seems so slow and you don’t feel like you are making progress. Write your plan down, when you start second guessing your self, read it again. And finally, read books like Rich Dad, Poor Dad. It does not tell you how, it changes your mind set in a story like way. It is not boring. I myself choose Passive Income Investing strategy. You can search this group on YouTube and it is Canadian focused. But there are other correct strategies to pursue instead especially if you are still young. I am frugal so I use WealthSimple Trade to invest (no fees). I invest only what I can live without (money I used to spend on stupid things like lottery). I now earn over 25% of my salary from investments tax free. The goal is to be financially independent and have it grow with inflation even after retirement. I will die with all original capital if things go as planned. My grand kids will inherit this. My kids are being taught to do this.