Expired Hot Deals

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

  • Last Updated:
  • Feb 18th, 2020 10:55 pm
[OP]
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Mar 19, 2005
1267 posts
127 upvotes

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

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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?
133 replies
Deal Addict
Jul 22, 2010
1037 posts
199 upvotes
toronto
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(?)
Member
Mar 7, 2011
459 posts
342 upvotes
Ottawa
Thanks OP, signed up. Currently #6940 on the waitlist..
Newbie
Oct 8, 2014
78 posts
132 upvotes
ontario
Was at 106 earlier in the day, guessing after rfd effect I'll be >10k Face With Tears Of Joy
Sr. Member
Jun 10, 2013
588 posts
255 upvotes
9:49 am EST/DST 8/16/2018:

You're in line!

7299 ahead of you,
0 behind you.
Deal Addict
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Feb 1, 2004
2289 posts
1961 upvotes
Mississauga
$1000 limit on trades is pretty low.

Hopefully they eventually go the Robinhood route and offer options trading.
Sr. Member
Aug 15, 2003
714 posts
454 upvotes
Looks interesting. Got on the list.
Newbie
User avatar
Jan 11, 2013
76 posts
41 upvotes
Toronto
Will only support non-registered accounts at the moment but I'm really looking forward to registered accounts in the future!
Deal Addict
Jul 22, 2010
1037 posts
199 upvotes
toronto
If you refer each other you can get up the list faster
Sr. Member
Dec 8, 2006
964 posts
574 upvotes
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.
Zoomer Wireless user 😄
Sr. Member
Dec 8, 2006
964 posts
574 upvotes
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.
Zoomer Wireless user 😄
Sr. Member
Feb 4, 2017
846 posts
632 upvotes
Toronto
Sounds interesting. Too bad they won't support transfers from existing brokerages at launch.
Deal Addict
Nov 7, 2006
1329 posts
184 upvotes
why free? what's the catch
Deal Addict
Jul 22, 2010
1037 posts
199 upvotes
toronto
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.
Deal Addict
Nov 7, 2006
1329 posts
184 upvotes
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....
Deal Addict
Jul 22, 2010
1037 posts
199 upvotes
toronto
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.
Deal Addict
Nov 7, 2006
1329 posts
184 upvotes
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.
Deal Fanatic
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Jun 19, 2009
6019 posts
1866 upvotes
Scarborough
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
Deal Addict
Jul 22, 2010
1037 posts
199 upvotes
toronto
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.

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