INDEX

>

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?

+

    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 2022

+

  • Sorry, no data is available.

How can I contact Wealthsimple Trade customer support?

+

What do people think of Wealthsimple Trade?

sapontheweb
PersonalFinanceCanada
8/28/2022
Thank you so much for the detailed response that makes so much sense moral of the story - “keep it simple” and don’t overcomplicate. With all the read up I was doing guess I just got lost along the way and made my life complex. It makes more sense to keep both the portfolios similar and take a breath of relief with simplicity. With that being said if I can do that with one ETF on Wealthsimple Trade (XGRO) , Do you think it even makes sense to have robo investor like Wealthsimple Invest account and pay the 0.5% fee for them to manage my account ?
wobrudda
PersonalFinanceCanada
8/28/2022
They charge 1.5% on top of the going FX rate, so I guess it depends on how often you buy USD and how much you buy. Another factor that you may want to consider, because it's a big factor for some, is that Wealthsimple Trade is very... simple. It's designed to be easy to use. Questrade and IBKR (especially IBKR) are more difficult to use if you're a beginner.
wobrudda
PersonalFinanceCanada
8/28/2022
If you're just buying CAD ETF's then I would suggest Wealthsimple Trade since there are no fees when buying or selling. Questrade charges a fee to sell. If you're dabbling in USD I would recommend Questrade or IBKR.
mmathieum
mintuit
8/28/2022
You can delete Wealthsimple Trade and add it again but you lose the transaction history... every time it gets broken. Mint is definitively capable of connecting to Wealthsiimple Trade for a while so they should be able to stay connected forever if they fix their thing. I have reported the issue many times but not improvements so far.
AlphaQFor7mins
CanadianInvestor
8/27/2022
Absolutely redeem any bank mutual funds and replace with Blackrock or Vanguard ETF Portfolios. Transfer to Wealthsimple Trade and National Bank DB both of which will pay for your transfer fees and let you buy and sell at $0 commission.

RELATED ARTICLES

More Posts >
Link to a related post

Discount Brokerage Weekly Roundup – August 17, 2018

Discount Brokerage News

August 17, 2018

When it rains, it pours. Amirite Toronto? And, for many of Canada’s online brokerages located in Toronto and across the country, the commission party just got rained on. Hard. In this edition of the roundup we take a look at some earthshattering developments in the Canadian discount brokerage space, as a robo-advisor flips the script […]

Link to a related post

Discount Brokerage Weekly Roundup – August 24, 2018

Discount Brokerage News

August 24, 2018

Where there’s smoke, there’s fire. There’s certainly been no shortage of smoke as fires rage across the country, however, in the online brokerage space, it appears that commissions are definitely smoldering and set to touch off a fire sale in the coming months. In this week’s roundup, we take a look at a major US-based […]

More Posts >

©2022 SparxTrading.com, property of
Sparx Publishing Group Inc. All Rights Reserved.