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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?

deltatux
PersonalFinanceCanada
9/22/2022
Questrade is a popular choice but may not be the best choice. If you're looking to stick to only CAD trades, WealthSimple Trade offers free buying/selling. If you want to also do USD trades, National Bank Direct Brokerage offers free buying/selling. However, with NBDB, you need to either keep your investment balance of $20k+ to avoid account fees or you hold one of their special account packages available to select professions (like healthcare, business, IT, engineering and educational professionals). CI Direct also offers free ETF purchases but has lower selling fees than Questrade, it's 1 cent per share to sell like Questrade but it's $2 minimum, $7 max, instead of Questrade's $5 minimum and $10 max. Other brokerages like Scotia iTrade and QTrade (not to be confused with Questrade) offers select ETFs for free as well.
Chinny Chin Chin
chellarh_
9/22/2022
Wealthsimple Trade’s UX stinks abeg! A year plus and I still find it so frustrating to use, wtf. Questrade has its flaws but UX ain’t one
deltatux
PersonalFinanceCanada
9/21/2022
Personally cheaper for someone who buys & holds to just use Questrade or free buy/sell with National Bank than pay WealthSimple Trade $10/month to be able to hold USD. For active traders, they'd probably have gone with IKBR anyways rather than WealthSimple Trade. I'm sure there's a target audience where this fee makes sense.
One_Programmer613
PersonalFinanceCanada
9/21/2022
As I recall you can't do RESP with Wealthsimple trade, only invest. Questrade has free buys but a cost to sell.
HowIWasteTime
PersonalFinanceCanada
9/19/2022
< worldsource Financial I don't know about this place in particular, but generally anything other than Questrade or Wealthsimple Trade is going to be less flexible and more expensive. RESPs are easy, you're putting the money in there and won't need it for 20 years. Just set up an account at one of the above and buy VEQT. Simple and nearly free.