Investing

Wealthsimple Trade for iOS and Android

  • Last Updated:
  • Mar 13th, 2019 9:58 pm
[OP]
Deal Addict
User avatar
Dec 4, 2007
3474 posts
1202 upvotes
Quebec
why? i find this thing perfect for noob with not much money to learn and start investing. its definetly not for expenrienced trader with a good amount of money.

1st november, i opened a questrade account. had a promotion that paid 88$ in comission (ecn and other fees not included) but have only 60 days to "spend" it.

because i had less than 5k value in the account, it would cost me 25$ quarter inactivities fees, so i have the choice to put more money in or sell everything at loss (at that time)

any, sure wealth simple trade is not for everyone, but i am really happy to have a no minimum quarterly fees, no tradings commisions fees.

of course, its missing lots of investment products, but i guess, thats the price to pay for a no fees investing broker app.
Sr. Member
Apr 14, 2017
866 posts
407 upvotes
DT Calgary
You cannot trade the same stock in the same day? Silly.
[OP]
Deal Addict
User avatar
Dec 4, 2007
3474 posts
1202 upvotes
Quebec
really?? thats really annoying and limit our trading activities.
Jr. Member
Mar 21, 2018
103 posts
24 upvotes
I got tired of moving down on the waiting list, signed up for questrade.
If they pick up the pace will reconsider.
[OP]
Deal Addict
User avatar
Dec 4, 2007
3474 posts
1202 upvotes
Quebec
your not missing much, this apps have very limited feature and, according to another user, you cant buy and sell the same stock during the day.
[OP]
Deal Addict
User avatar
Dec 4, 2007
3474 posts
1202 upvotes
Quebec
finally made my first trade with the app, it allowed me to buy and sell the same stock during the day, dont know what the other guy is saying.
Sr. Member
Apr 9, 2012
581 posts
164 upvotes
Markham
HyperTech wrote:
Jan 8th, 2019 10:00 am
finally made my first trade with the app, it allowed me to buy and sell the same stock during the day, dont know what the other guy is saying.
They are saying that you can potentially be flagged and blocked from trading again. That's what the poster said.
Sr. Member
Apr 9, 2012
581 posts
164 upvotes
Markham
I dont understand why people would complain about ZERO cost trading. You can easily split your trading into one with WealthSimple and other one with Interactive Brokers. Trade ETFs for free or some long term holds while short term trades using IB.
Jr. Member
Sep 21, 2017
125 posts
57 upvotes
Vancouver
The app does have some limited features but can't really complain about no trading costs. It just seems a novelty to be able to say okay I'm gonna buy like 1 share of TD or whatever without the fees. I started with $100 for fun, gained a couple dollars. Once they offer Registered accounts it will be better tho so you don't have to keep track of every buy and sell.
I don't like the 15 minute delay but I can use other sites to get up to the minute info.

Also I had like $0.45 left and tried to buy something and it seems like it works but then gets cancelled so I guess they really don't want people trading literal penny stocks, hence the $0.50 minimum. Overall I 'll probably just use it for fun money or something.
Penalty Box
Apr 19, 2017
828 posts
637 upvotes
Can someone please provide screenshots.
Thanks.
CucuCovers, GreatCanadianRebates, LendingLoop, Mintos, PayMi, Stack, Tangerine, TransferWise, Uber, Wealthsimple
Sr. Member
Jun 18, 2018
585 posts
285 upvotes
Toronto
Behind by around 150 people...

Do they only offer non-registered?
Can you purchase US stocks and how does the currency exchange work?

I was hoping to open a TFSA and buy some CDN stocks but curious about the above
Jr. Member
Jun 14, 2016
189 posts
54 upvotes
Calgary
Electrah wrote:
Jan 10th, 2019 4:02 pm
Behind by around 150 people...

Do they only offer non-registered?
Can you purchase US stocks and how does the currency exchange work?

I was hoping to open a TFSA and buy some CDN stocks but curious about the above
From reading the FAQ, they're only offering non-registered accounts at the moment. Registered accounts are in the works.

You can purchase US stocks, they'll charge exchange +1.5%. They hope to offer USD accounts in the future.
Member
Dec 19, 2010
248 posts
15 upvotes
Been day trading weed stocks for 2 weeks using the app, so far I'd give it a 7/10. Orders are slow to fill and has limited options (only market and limit orders, no trailing stops, stop limits...etc). Only cash accounts for now, no registered or US accounts. However, I can't complain about no commission, especially when day trading. I'm just glad we finally have a no commission broker here in Canada, been hearing about Robinhood down in the states. Can anyone share their experiences regarding comparisons between Wealthsimple and Robinhood app?

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