Wealthsimple Trade Review 2023

Updated December 13, 2022

Quick Info

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


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?


    Registered Accounts

    Non-Registered Accounts

Account Fees & Requirements for Wealthsimple Trade


    Registered Accounts

    Non-Registered Accounts

Trading Commissions & Fees provided by Wealthsimple Trade


Wealthsimple Trade Rankings & Reviews for 2023

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How can I contact Wealthsimple Trade customer support?


Wealthsimple Trade Downtime Report

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Click here to view current Wealthsimple Trade Downtime Report

What do people think of Wealthsimple Trade?

@DividendKingTSX To Wealthsimple Trade?
@rajatsonifnance Hi Rajat, Instead of brokerages, why not use platforms like Wealthsimple trade?!
u got a few free options: Wealthsimple trade (free for cad etfs/stx) TD Easy trade (first 50 free, no etfs except TD etfs) NBDB (minimum balance required to avoid monthly fees) Disnat (minimum balance required to avoid monthly fees)
TD DI would charge you about $10 each time you buy or sell an ETF. If you bank with TD and you are just might think of it as a convenience fee you are willing to pay. But if you want to purchase 24 or 26 times a year the commissions could have a more significant impact. If you want to make frequent and automated or semi automated purchase you could instead consider Questrade or Wealthsimple Trade. Neither charge commissions for ETF purchases and they don't charge any maintenance/inactivity/ low balance fees. With Questrade you could set up automatic contributions and have Passiv Elite remind you to make "one click purchases" as soon as money hits your account. For WS Trade you could set up recurring and partial share purchases a for ETFs like XGRO, VGRO, XEQT, or VEQT. If you want a portfolio with a higher fixed income allocation you could do the same with a combination of one of the *EQTs and XBB or VAB Setting up Passiv Elite or recurring purchases may reduce the odds of experiencing a drag on return caused by tampering with your investment plan.
Questrade fees aren't low. They charge for selling and buying and they have so many hidden fees, such as ECN fees and interest fees if you sell a stock and use that cash to buy another stock on the same day without waiting for the settlement date There are many more brokerages with lower fees. I switched to Disnat, who offers completely free buying/selling, no ECN fees (they pay the ECN fees themselves), and no interest if you buy and sell on the same date. Other options are NBDB and Wealthsimple Trade. Seriously Questrade is not a low fee brokerage (anymore).