Investing

Wealthsimple Trade for iOS and Android

  • Last Updated:
  • Jan 10th, 2019 4:39 pm
[OP]
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Dec 4, 2007
2797 posts
633 upvotes
Quebec

Wealthsimple Trade for iOS and Android

anyone else received their email to join the beta?

i just received it and have signed in, but i stopped at funding because it required to login my bank account directly from wealthsimple apps, i know its suposed to be "secure" but....not feeling confortable at all....to fund the account that way.

though?
Last edited by HyperTech on Dec 5th, 2018 6:01 am, edited 1 time in total.
27 replies
Deal Addict
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Oct 14, 2001
1546 posts
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GMA
Question for you ... how would you know that it's "secure" ? I would never assume this whenever I'm asked to share authentication credentials with a third-party.
Newbie
Sep 21, 2017
89 posts
35 upvotes
Vancouver
That seems strange if there's no other way to fund the account. i thought it would just be set up like a bill payment from your bank account or something. I also wouldn't feel that comfortable giving my login. But it could be just for the Beta and the real app will have another way.

Just curious what place in line you were?, I'm 719th and hoping to get the email soon.
[OP]
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Dec 4, 2007
2797 posts
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Sorry, i have no idea how to know what number i was in line.
Newbie
Sep 21, 2017
89 posts
35 upvotes
Vancouver
HyperTech wrote:
Dec 5th, 2018 6:03 am
Sorry, i have no idea how to know what number i was in line.
I just checked on the website and it seems like it's updating as people sign up so I'm 400 something now, so it doesn't matter anyway. But I'm just excited to be able to buy with no commission.
[OP]
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Dec 4, 2007
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Hope u get ur account soon.

Anyway, i understand its free, but can't find anywhere their inactivity fees if there is any.

And, since i started "investing" on 1st November, i am now minus 150-200$. And this is not counting all my transactions fees of 5$ +ecn for each transaction i have done...looks like, free or not, i am not really good at trading, i am hesiting to subscribe to realtime market data because of my poor performance.
Jr. Member
Apr 19, 2017
158 posts
86 upvotes
HyperTech wrote:
Dec 6th, 2018 2:16 pm
Hope u get ur account soon.

Anyway, i understand its free, but can't find anywhere their inactivity fees if there is any.

And, since i started "investing" on 1st November, i am now minus 150-200$. And this is not counting all my transactions fees of 5$ +ecn for each transaction i have done...looks like, free or not, i am not really good at trading, i am hesiting to subscribe to realtime market data because of my poor performance.
https://tradehelp.wealthsimple.com/hc/e ... ple-Trade-

$0 inactivity fee
[OP]
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Dec 4, 2007
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Thank you so much for the link.
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Apr 12, 2012
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Toronto
Seems like a lot of securties are not available on wealth simple trade. Most of the RBC ETFs are not there, Invesco ETFs are not there. A lot of the ishares are not there. But suprisingly VGRO is available.
[OP]
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Dec 4, 2007
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bnc doesnt charge for etf transaction (buy and sell) over 100 shares.

questrade doesnt charge for buying etf, but cost 5-10$ for selling.

what i find very expensive is to withdraw money from the account, 125$ to remove everything and 75$ for a partial withdraw.

once the money inside wealthsimple, its expensive to remove it.
Newbie
Dec 2, 2017
64 posts
26 upvotes
HyperTech wrote:
Dec 6th, 2018 6:16 pm
bnc doesnt charge for etf transaction (buy and sell) over 100 shares.

questrade doesnt charge for buying etf, but cost 5-10$ for selling.

what i find very expensive is to withdraw money from the account, 125$ to remove everything and 75$ for a partial withdraw.

once the money inside wealthsimple, its expensive to remove it.
Deposits & Withdrawals via Bank Transfer (EFT) $0

Transfer out fees are a bit different.
[OP]
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Dec 4, 2007
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i am not sure to understand the difference....
Newbie
Dec 2, 2017
64 posts
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HyperTech wrote:
Dec 6th, 2018 7:36 pm
i am not sure to understand the difference....
You can sell your stocks and transfer your money to a bank of your choice via Bank Transfer without any commission.
When you do "transfer out" your account to another financial institution, that transfers your whole account as is (with stocks and ETF that it holds).
[OP]
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Dec 4, 2007
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ohhhh, okay. i c. thank you very much for the explanation.
Deal Addict
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Dec 28, 2009
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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.

Can I remove my name from the waiting list? Man, I’ll gladly pay $9.99 to trade elsewhere.

I had high hopes, this is a joke!

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