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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?

aenild
CanadianInvestor
5/20/2022
This is WealthSimple Trade. Surprised you aren't aware of it
Cantfigureshitout000
PersonalFinanceCanada
5/19/2022
Thanks. What would be some stocks to buy rn? I recently got into investing through wealthsimple trade so still feel pretty hesitant as I have lost quite a bit with Shopify and TEC ETF.
alienmario
Wealthsimple
5/18/2022
I wasn't saying it's a good idea to buy individual stocks over ETFs, or vice versa. You originally said: <Wealthsimple trade should be used only for Canadian ETFs. My point is that WS can be used to buy more than ETFs, i.e. individual stocks from Canadian companies if that's what someone chooses to do. No fees in this scenario since it's in CAD currency.
wandering-and_lost
CanadianInvestor
5/18/2022
If your money is indeed tax free, then it makes sense to max your TFSA since the gains will also be tax free. You should still have a significant amount left over which you can choose to put in Taxable or RRSP accounts. Coming to the options you have provided: 1. I guess you mean Wealthsimple Invest which is their Roboadvisor? Folks usually assume Wealthsimple Trade (stock trading) if you don't specify. Trading on WS Trade is also free so if you decide to split between robo and self directed, you can do both in the same app. 2. Can't answer about RRSP in your case, sorry. 3. This depends on your risk tolerance. Since GICs guarantee your Capital, you may hold them for the Fixed part of your portfolio. 4. As mentioned above, you can do it in Weakthsimple too or in a broker of your choice, shouldn't matter. If you are asking if you should DCA the money in instead of lump sum - that again depends on whether you think the market will be volatile for a while. Studies say something like 2/3rds of the time lump sum beats DCA, but in volatile markets you may actually come out ahead by regular purchases. At the very least it may help you sleep better or keep you excited (in a good way) when the markets fall :)
dimonoid123
Wealthsimple
5/17/2022
Don't buy stocks, and especially don't buy US stocks. Wealthsimple trade should be used only for Canadian ETFs.