Wealthsimple Trade is Canada’s first and only zero-commission trading platform. It is a self-directed investing platform and accessible only with a mobile app. You can also only open a handful of account types and trade in stocks and EFTs on Canadian and U.S. Exchanges.
Summary: Although Wealthsimple Trade has limited trade instruments and research tools, this zero-commission trading platform is an excellent choice for traders who make frequent contributions to their investments.
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|HQ||Toronto, Ontario, Canada|
|Accounts||Personal, TFSA, RRSP|
|Instruments||Stocks and EFTS on Canadian and U.S. Exchanges|
|Minimum Deposit||No account minimum|
|Fees||– Zero- commission trading|
– 1.5%fee for currency conversion
|Trading Platforms||A mobile app that is available on iOS and Android|
Wealthsimple Trade is an entirely self-directed platform that allows users to have complete control over the purchasing and selling of assets within their accounts. It allows you to trade inside a personal, TFSA, or RRSP account.
Wealthsimple Trade was officially launched in March 2019 and started by supporting non-registered trading accounts. Later in the same year, it added RRSP and TFSA account types to its line-up. It is important to note that Wealthsimple Trade is not connected at all to the robo-advisor platform.
Wealthsimple Trade is ideal for new or casual investors who want to test the waters by buying and selling stock without paying a fee. Some of the merits of Wealthsimple Trade include:
The only fee charged is a currency exchange fee of 1.5% when trading USD denominated stocks. Other fees that could be incurred are transactional fees for specified actions.
These fees could include:
To open an account is simple and quick:
There are no account minimums or fees associated with opening an account.
Currently, the only way to move funds into your Wealthsimple Trade account is through electronic and institutional transfers. It may take up to 5 business days for the money to arrive in your account. The time lag is caused by regulatory requirements and the process of banking institutions.
Trading is via their mobile app only, which is available on iOS and Android.
Wealthsimple Trade only offers access to trade U.S. stocks, Canadian stocks, and ETFs. It is important to note that not all Canadian or U.S. listed stocks are available through the platform.
Wealthsimple Trade offers watchlists for its stocks and ETFs, but very little in market insights or forecasting tools.
Wealthsimple Trade has a client success team to handle issues, and they can be reached by submitting a request on the website.
It offers several educational resources to its clients. These include in-house blogs, webinars, and masterclasses to help clients get familiar with self-directed investing. Their website also has extensive FAQ sections to help answer commonly asked questions about how it works.
Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc., a registered investment dealer and a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF). This means that CIPF protects customer accounts within specified limits in case the company becomes insolvent. Coverage up to $1,000,000.
This platform is excellent for any trader or investor that is comfortable with a mobile-only platform. It is especially suited for traders who make frequent contributions to their investments. It does not charge any commission anytime you purchase except currency conversion costs when buying USD denominated stocks.
Also, it’s a good option for any investor who wants to cut down costs. So, if you are a beginner, budget is a concern, and looking to trade frequently, this could be a great way to learn about the world of investing.