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[Wealthsimple.com] Wealthsimple Trade - Free stock/ETF trades - Now available to all

  • Last Updated:
  • Mar 18th, 2019 3:46 pm
[OP]
Sr. Member
Sep 8, 2006
689 posts
155 upvotes
Richmond

Wealthsimple Trade - Free stock/ETF trades - Now available to all

Deal Link:
Price:
free
Retailer:
Wealthsimple.com
Just got this in my email:

Wealthsimple Trade is here
It's finally here: Wealthsimple Trade is now available to everyone in the App Store and the Google play store.

To make sure you have the latest version of the app, download it from the App Store or Google Play store. If you've been using Wealthsimple Trade on an iPhone®, you'll no longer need the TestFlight app.


Read some reviews: https://www.savvynewcanadians.com/wealthsimple-trade/
See beta launch thread here: https://forums.redflagdeals.com/wealths ... d-2245734/

A (biased) summary, from the other RFD thread
habsfan321 wrote:
Dec 7th, 2018 11:15 pm
So after reading their FAQ:

  • No real time quotes (15 min delay on everything)
  • All trades settle in CAD (No US side to a cash account/mandatory 1.5% spread on buys and subsequent sells)
  • No DRIP
  • $20 paper statement fee!
  • $50 to submit reorg instructions
  • No pre market or after hours trading
  • No Investment Representatives to take trades
  • Only stocks with average daily volume of 50,000+ and minimum price of $0.50 can be traded
  • No mutual funds, options, GICs, Bonds, etc

....and finally, day trading is strongly discouraged. Buying and selling the same stock in the same day can get your account flagged for suspicious activity, and consequently blocked and banned.



[*]Sounds like it's decent for Canadian $ ETF and stocks.
[*]No RRSP/TFSA accounts, only non-registered accounts
[*]1.5% currency exchange fee (each way) CAD->USD and USA->CAD only Canadian dollars can be funded and withdrawn from account.




for those who only know Wealthsimple for their robo advisor service which is much advertised on social media, see explanation below:
f00fak wrote:
Mar 13th, 2019 10:24 am
I think that there is some confusion here between Wealthsimple's automated portfolio/robo-advisor (where everything is managed for you) and this new Trade app (where you can trade for yourself, like any other brokerage).

The .5% investment fee is for the robo-advisors. The question about "how has it done for you investment wise?" was probably also targeted at someone using the robo-advisor feature.

So two very different products, but potentially a nice combination for someone who wants a mix of DIY vs. automated.
Last edited by emmpeethree on Mar 13th, 2019 10:29 am, edited 2 times in total.
103 replies
Jr. Member
Dec 26, 2012
109 posts
124 upvotes
TORONTO
i've been using it for almost 2 months, i've had a couple tech issues with it but they've been fast to resolve it.
Jr. Member
Dec 12, 2010
126 posts
51 upvotes
Cowboy905 wrote:
Mar 13th, 2019 10:05 am
i've been using it for almost 2 months, i've had a couple tech issues with it but they've been fast to resolve it.
How has it done for you investment wise?

I just created an account there last week, and so far so good. Very easy to use.

OP says no RRSP/TFSA accounts? My account there IS a TFSA, and I see the option for RRSP. Edit: no RRSP/TFSA for the new 'Trade' accounts? Which is different from traditional investment account they offer?
Last edited by dazman09 on Mar 13th, 2019 10:23 am, edited 1 time in total.
Member
User avatar
Jul 11, 2009
472 posts
159 upvotes
Canada
On their website, under pricing, for accounts of $0-100K there appears to be a 0.5% wealthsimple invest fee. I wonder if this is an annual charge of some sort.
Newbie
Dec 30, 2010
21 posts
35 upvotes
I think that there is some confusion here between Wealthsimple's automated portfolio/robo-advisor (where everything is managed for you) and this new Trade app (where you can trade for yourself, like any other brokerage).

The .5% investment fee is for the robo-advisors. The question about "how has it done for you investment wise?" was probably also targeted at someone using the robo-advisor feature.

So two very different products, but potentially a nice combination for someone who wants a mix of DIY vs. automated.
Member
May 18, 2017
247 posts
73 upvotes
Toronto, Ontario
what's wrong with daytrading in an unregistered account?

also what does reorg instructions mean?
Deal Addict
User avatar
Jul 14, 2009
1677 posts
624 upvotes
GTA
Would you suggest this for new ETF traders?
[OP]
Sr. Member
Sep 8, 2006
689 posts
155 upvotes
Richmond
f00fak wrote:
Mar 13th, 2019 10:24 am
I think that there is some confusion here between Wealthsimple's automated portfolio/robo-advisor (where everything is managed for you) and this new Trade app (where you can trade for yourself, like any other brokerage).

The .5% investment fee is for the robo-advisors. The question about "how has it done for you investment wise?" was probably also targeted at someone using the robo-advisor feature.

So two very different products, but potentially a nice combination for someone who wants a mix of DIY vs. automated.
thanks I'll add this to OP
Member
Mar 23, 2009
357 posts
134 upvotes
Toronto
Too high of cost for them to allow daytrading
Jr. Member
Dec 26, 2012
109 posts
124 upvotes
TORONTO
dazman09 wrote:
Mar 13th, 2019 10:19 am
How has it done for you investment wise?

I just created an account there last week, and so far so good. Very easy to use.

OP says no RRSP/TFSA accounts? My account there IS a TFSA, and I see the option for RRSP. Edit: no RRSP/TFSA for the new 'Trade' accounts? Which is different from traditional investment account they offer?


I'm referring to their Trade product, not their core product. Their core product i signed up for in December and i've been pretty happy. I have a TFSA and RSP. With regards to Trade, it only performs as well as the choices you make lol. that being said my trade account is up 25%
Newbie
Nov 27, 2018
20 posts
91 upvotes
BEWARE: 1.5% FOREX fee on all USD trades. There is NO way around this.

Wealthsimple trade doesn't offer any USD accounts so you have to pay the fee.

Works well for trades on the TSX however.
Deal Addict
Oct 23, 2006
1010 posts
65 upvotes
so is this better than Quest trade if i want to set up a ETF portfolio and manage it myself?
Heatware : Chuckdeg
Newbie
Dec 30, 2010
21 posts
35 upvotes
chuckdeg wrote:
Mar 13th, 2019 10:29 am
so is this better than Quest trade if i want to set up a ETF portfolio and manage it myself?
Yes, for a typical Canadian couch potato type investor, this would save you a couple of bucks each time on your sell orders.
Jr. Member
Jun 18, 2018
186 posts
73 upvotes
frankelele wrote:
Mar 13th, 2019 10:29 am
BEWARE: 1.5% FOREX fee on all USD trades. There is NO way around this.

Wealthsimple trade doesn't offer any USD accounts so you have to pay the fee.

Works well for trades on the TSX however.
Pretty much this lol. I would use this for TSX stocks until they allow you to use US dollars. Sad part is not many good TSX stocks out there
[OP]
Sr. Member
Sep 8, 2006
689 posts
155 upvotes
Richmond
Electrah wrote:
Mar 13th, 2019 10:35 am
Pretty much this lol. I would use this for TSX stocks until they allow you to use US dollars. Sad part is not many good TSX stocks out there
not sure if they will allow USD, conversion on forex fee is about the only way they make money

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