Investing

Locked: Noob questions about wealthsimple

  • Last Updated:
  • Jan 30th, 2021 3:21 pm
[OP]
Sr. Member
Mar 6, 2010
522 posts
172 upvotes
Brampton

Noob questions about wealthsimple

I was under the impression that wealthsimple is just a robo advisor offering some pre configured mutual funds. But looks there is more to it so throwing the following questions to some of you who are using it.
1.Can one buy Canadian stocks and ETFs on it for free? Sell for free too?
2. Do they have a browser based login (use from a PC desktop) as well or just the app based?
3. Who owns wealthsimple? And do you consider it to be safein the long run- any fear of bankruptcy etc?
4. How easy of difficult it is to transfer money in and out of WS?
I thank you, in advance, for your reply and time.
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4 replies
Sr. Member
Jun 28, 2018
891 posts
620 upvotes
Toronto
1. Yes, separate from robo: https://www.wealthsimple.com/en-ca/product/trade/
2. Yes, they do have desktop sign in as well: https://www.wealthsimple.com/en-ca/product/trade/
3a. Multiple investors including Power Corporation.
3b. To see if you are protected from bankruptcy of any brokerage, look to see if they are protected by https://www.iiroc.ca/ , http://www.cipf.ca/, and http://www.mfda.ca/. However, in this case your investments are held by a company Shareowner. If it helps a bunch of people here use it and I have used it since last year.
Our Trade and Save products are offered by Canadian ShareOwner Investments Inc. (ShareOwner), a registered investment dealer in each province and territory of Canada. Some clients of Wealthsimple for Advisors have accounts with Wealthsimple Advisor Services Inc. (WASI), a registered mutual fund dealer in each province and territory of Canada. Our Cash product is offered by Wealthsimple Payments Inc., a money services business registered by FINTRAC. Money in your Cash account is held in an account with ShareOwner.

ShareOwner is a member of the Investment Industry Regulatory Organization of Canada. Customer accounts held at ShareOwner are protected by CIPF within specified limits in the event ShareOwner becomes insolvent. A brochure describing the nature and limits of coverage is available upon request or at CIPF. Wealthsimple is not a member of IIROC nor a member of CIPF.
4. WS is cash only, no margin. This means you must have cash in your account in order to start buying. Link your Bank Account to WS. However, it is slow (a few days) to post the transfer. Withdraw the same way, but I haven't tried yet to see how long it takes.
Last edited by johnnychi on Jan 30th, 2021 1:55 pm, edited 1 time in total.
The Distracted Investor

Dividends through quality companies 😃 Though I usually lose money with trades :facepalm:
Deal Addict
Aug 15, 2009
1438 posts
1035 upvotes
Montreal
You are confusing WS Investment and WS Trade.

WS Investment is a robo advisor.

WS Trade is self-directed and you can buy/sell stocks.

1.Can one buy Canadian stocks and ETFs on it for free? Sell for free too? With WS Trade yes (TSX free all others is 1.5% fee) WS Investment no you have under 1% of fees every month.
2. Do they have a browser based login (use from a PC desktop) as well or just the app based? Both does (WS Trade is currently in beta and invited basis) as well apps on your phone.
3. Who owns wealthsimple? Power corporation of Canada And do you consider it to be safein the long run- any fear of bankruptcy etc? You are protected buy the CIPF and Cash is now CIDC. I'm not worried.
4. How easy of difficult it is to transfer money in and out of WS? Very easy. Can take 1 to a couple days.
[OP]
Sr. Member
Mar 6, 2010
522 posts
172 upvotes
Brampton
elpaso wrote: You are confusing WS Investment and WS Trade.

WS Investment is a robo advisor.

WS Trade is self-directed and you can buy/sell stocks.

1.Can one buy Canadian stocks and ETFs on it for free? Sell for free too? With WS Trade yes (TSX free all others is 1.5% fee) WS Investment no you have under 1% of fees every month.
2. Do they have a browser based login (use from a PC desktop) as well or just the app based? Both does (WS Trade is currently in beta and invited basis) as well apps on your phone.
3. Who owns wealthsimple? Power corporation of Canada And do you consider it to be safein the long run- any fear of bankruptcy etc? You are protected buy the CIPF and Cash is now CIDC. I'm not worried.
4. How easy of difficult it is to transfer money in and out of WS? Very easy. Can take 1 to a couple days.
Ah! Forgot about WS Trade vs Investment. Thank you.
Moderator
May 28, 2012
11229 posts
3435 upvotes
Saskatoon
Looks like your question has been answered. Further discussion can be had in the main WealthSimple thread.

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