Wealthsimple Trade - Free stock/ETF trades - Now available to all
- Deal Link:
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: ↑ 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CAD only Canadian dollars can be funded and withdrawn from account.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: ↑ 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.