[WealthSimple] WealthSimple Trade with $0 min and $0 commission (Early Access)

Aug 16th, 2018 9:22 am

#1

basketball [OP]: Deal Addict; Mar 19, 2005; 1284 posts; 138 upvotes

Aug 16th, 2018 9:22 am

WealthSimple Trade with $0 min and $0 commission (Early Access)

Deal Link:: https://www.wealthsimple.com/en-ca/trade
Retailer:: WealthSimple

Just got an email from WealthSimple they have an Early access to their new stock trade platform with $0 trade commission and no min balance.

From the site
Wealthsimple Trade is a stock-trading service that lets you buy and sell stocks and exchange-traded funds (ETFs) through a simple mobile app, with $0 commissions and no account minimums

https://www.wealthsimple.com/en-ca/trade

Existing members can move up the line with referrals.

Thoughts?

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Got some heat!
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Aug 16th, 2018 9:27 am

#2

Scavos: Deal Addict; Jul 22, 2010; 1311 posts; 287 upvotes; toronto

Aug 16th, 2018 9:27 am

as someone said on PFC, the FAQ Wealthsimple says they will only make money off of the currency exchanges of CAD to USD. Premium features will roll out in the future. Could be a good alternative to questrade(?)

+3

Aug 16th, 2018 9:44 am

#3

sky417: Sr. Member; Mar 7, 2011; 576 posts; 514 upvotes; Vancouver

Aug 16th, 2018 9:44 am

Thanks OP, signed up. Currently #6940 on the waitlist..

Aug 16th, 2018 9:45 am

#4

janarthan01: Newbie; Oct 8, 2014; 80 posts; 132 upvotes; ontario

Aug 16th, 2018 9:45 am

Was at 106 earlier in the day, guessing after rfd effect I'll be >10k

Aug 16th, 2018 9:49 am

#5

Guest9939383742: Deal Addict; Jun 10, 2013; 3914 posts; 2510 upvotes; GrandTheftAutopolis

Aug 16th, 2018 9:49 am

9:49 am EST/DST 8/16/2018:

You're in line!

7299 ahead of you,
0 behind you.

+1

Aug 16th, 2018 9:50 am

#6

SkiLLz: Deal Addict; Feb 1, 2004; 2673 posts; 2936 upvotes; Oakville

Aug 16th, 2018 9:50 am

$1000 limit on trades is pretty low.

Hopefully they eventually go the Robinhood route and offer options trading.

+1

Aug 16th, 2018 9:52 am

#7

M33: Sr. Member; Aug 15, 2003; 731 posts; 483 upvotes

Aug 16th, 2018 9:52 am

Looks interesting. Got on the list.

+1

Aug 16th, 2018 9:54 am

#8

EvanFBC: Jr. Member; Jan 11, 2013; 125 posts; 178 upvotes; Toronto

Aug 16th, 2018 9:54 am

Will only support non-registered accounts at the moment but I'm really looking forward to registered accounts in the future!

+1

Aug 16th, 2018 9:55 am

#9

Scavos: Deal Addict; Jul 22, 2010; 1311 posts; 287 upvotes; toronto

Aug 16th, 2018 9:55 am

If you refer each other you can get up the list faster

+1

Aug 16th, 2018 9:56 am

#10

LDN2012: Deal Addict; Dec 8, 2006; 1387 posts; 1308 upvotes

Aug 16th, 2018 9:56 am

SkiLLz wrote: ↑ $1000 limit on trades is pretty low.

Hopefully they eventually go the Robinhood route and offer options trading.

This might just be for MVP. I cant see them allowing this long term. Wouldnt be competitive.

-

Aug 16th, 2018 10:07 am

#11

LDN2012: Deal Addict; Dec 8, 2006; 1387 posts; 1308 upvotes

Aug 16th, 2018 10:07 am

Scavos wrote: ↑ as someone said on PFC, the FAQ Wealthsimple says they will only make money off of the currency exchanges of CAD to USD. Premium features will roll out in the future. Could be a good alternative to questrade(?)

Wonder if you will be able to do the Norbert Gambit approach for this. But I dont know what type of support they would have to email them for trades.

-

+2

Aug 16th, 2018 10:08 am

#12

CheapMang: Deal Addict; Feb 4, 2017; 1483 posts; 1928 upvotes; Toronto

Aug 16th, 2018 10:08 am

Sounds interesting. Too bad they won't support transfers from existing brokerages at launch.

+1

Aug 16th, 2018 10:10 am

#13

vomer: Deal Addict; Nov 7, 2006; 1352 posts; 189 upvotes

Aug 16th, 2018 10:10 am

why free? what's the catch

Aug 16th, 2018 10:10 am

#14

Scavos: Deal Addict; Jul 22, 2010; 1311 posts; 287 upvotes; toronto

Aug 16th, 2018 10:10 am

vomer wrote: ↑ why free? what's the catch

No catch, i think they're just trying take a bigger slice of the pie. as another poster says there's a 1k limit thou atm.

Aug 16th, 2018 10:12 am

#15

vomer: Deal Addict; Nov 7, 2006; 1352 posts; 189 upvotes

Aug 16th, 2018 10:12 am

Scavos wrote: ↑ No catch, i think they're just trying take a bigger slice of the pie. as another poster says there's a 1k limit thou atm.

Wonder if there is any reason to move from questrade then....

Aug 16th, 2018 10:14 am

#16

Scavos: Deal Addict; Jul 22, 2010; 1311 posts; 287 upvotes; toronto

Aug 16th, 2018 10:14 am

vomer wrote: ↑ Wonder if there is any reason to move from questrade then....

Friendlier UX/UI, but would really depend on what premium features are and the price points. i imagine questrade would probably react to them though since they wouldn't want to lose too many users?

Doesn't hurt to try to get access first thou

Last edited by Scavos on Aug 16th, 2018 12:24 pm, edited 1 time in total.

+1

Aug 16th, 2018 10:15 am

#17

steved54321: Sr. Member; Nov 28, 2009; 764 posts; 731 upvotes; Pickering

Aug 16th, 2018 10:15 am

#8483 looks interesting thanks OP

Aug 16th, 2018 10:15 am

#18

vomer: Deal Addict; Nov 7, 2006; 1352 posts; 189 upvotes

Aug 16th, 2018 10:15 am

Scavos wrote: ↑ Friendlier UX/UI, but would really depends on how and what the price points are for the premium features. i imagine questrade would probably react to them though since they wouldn't want to lose too many users?

Doesn't hurt to try to get access first thou

yup, at this point I only see the benefit being a better app/UI

But competition is always good - not that questerade is bad atm.

Aug 16th, 2018 10:26 am

#19

SkimGuy: Deal Fanatic; Jun 19, 2009; 6134 posts; 1981 upvotes; Scarborough

Aug 16th, 2018 10:26 am

Is there any monetary gain from a referral? If it's just improving your spot in line then that's not the biggest deal.

Already have an account at questrade, which already gives free ETF purchases. No need to open another, but it's good for those who don't have an account and don't want to deal with the minimums at Questrade

Aug 16th, 2018 10:30 am

#20

Scavos: Deal Addict; Jul 22, 2010; 1311 posts; 287 upvotes; toronto

Aug 16th, 2018 10:30 am

SkimGuy wrote: ↑ Is there any monetary gain from a referral? If it's just improving your spot in line then that's not the biggest deal.

Already have an account at questrade, which already gives free ETF purchases. No need to open another, but it's good for those who don't have an account and don't want to deal with the minimums at Questrade

nope not monetary gain just moving up.

+1

WealthSimple Trade with $0 min and $0 commission (Early Access)

WealthSimple Trade with $0 min and $0 commission (Early Access)

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