Wealthsimple Trade Review (January 2023) – Pros, Cons, Features, & Pricing

Get free stocks now when you sign up for Wealthsimple Trade with code KKZH8A. Wealthsimple Trade is a solid platform that offers an excellent opportunity for people to get familiar with investing online. Since the company is fully digital, the financial website gives clients a chance to buy and sell ETFs (exchange-traded funds) and stocks without commission fees. This Wealthsimple Trade review offers some essential details of what to expect from this service and whether it’s right for you. Let’s get into this Wealthsimple Trade review.

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Last Updated: Jan 20, 2023

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Wealthsimple Trade

  • Get free stocks when you sign up
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  • Deposit instantly, start trading in seconds

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What makes Wealthsimple Trade a good option?

If you’re new to investing, this Wealthsimple Trade review will highlight how you can learn and gain confidence quickly on the trading platform. You’ll have access to some of the world’s largest exchanges, including the TSX (Toronto Stock exchange) and the NYSE (New York Stock Exchange). You’ll also have the option of trading with cryptocurrencies, including Bitcoin and Ethereum, and can trade freely between these accounts.

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Pros and Cons of the Wealthsimple Trade Review

If you’re seriously considering opening a trading account with Wealthsimple Trade, it’s essential to review the pros and cons of this service. This Wealthsimple Trade review highlights some essential attributes you should know about before setting up your first account with Wealthsimple Trade. Don’t forget to sign up with Wealthsimple Trade referral link KKZH8A to get free stocks!

Pros of the Wealthsimple TradeCons of the Wealthsimple Trade
+ Low fees
+ Access thousands of EFTs
+ Bonuses
+ App features
– Exchange fees
– Desktop version

Pros of the Wealthsimple Trade Review

  • Low fees
  • Access thousands of EFTs
  • Bonuses
  • App features

One of the significant incentives of signing up for this service is the low fees. While most platforms require a fee per Trade, Wealthsimple Trade doesn’t charge a commission. It’s the only commission-free platform for trading available in Canada. Also, there is no minimum investment required to start your account with just a few dollars.

It’s a great way to access thousands of stocks and EFTs for free through the New York Stock Exchange, Toronto Stock Exchange, and cryptocurrencies. If you’re looking for long-term solutions for savings, you can opt to invest with an RRSP (registered retirement savings plan) or TFSA (tax-free savings account), or other long-term and short-term savings account options that are not registered.

This Wealthsimple Trade review revealed how setting up dividend reinvestments is easy to perform manually on its website, as they are not available as automated transactions. Fortunately, this is an easy task to set up, and you’ll have the option of adding dividends into your cash funds or use them to invest in more shares.

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If you’re looking for an incentive or bonus, Wealthsimple Trade review offers $25 after you sign up and invest $100. This Wealthsimple Trade is a highly reputable company that’s well managed with a total of roughly $8 billion in managed assets. This Wealthsimple Trade review indicates that the company is regulated by the Investment Industry Regulatory Organization of Canada or IIROC and the CIPF or Canadian Investor Protection Fund. Wealthsimple consistently grows, develops new features, and is protected with the highest safety standards, much like significant banking institutions. Don’t forget to sign up with Wealthsimple Trade referral code KKZH8A to get free stocks!

When you download the Wealthsimple Trade app, you’ll find all the features and options easy to use. It’s a convenient way to invest any time, as the platform is open 24/7. You can quickly check on the status of your investments, and transactions take just a few minutes. You’ll also have the option of searching for specific markets and investment products using your app or desktop website.

Cons of the Wealthsimple Trade Review

  • Exchange fees
  • Desktop version needs more features

There are a few drawbacks to consider with the Wealthsimple Trade review, which are essential to consider when considering this trading platform. One of the main disadvantages is not having the ability to hold U.S. dollars in your account, and if you invest in them, you’ll need to pay foreign exchange fees. Also, the Wealthsimple Trade review indicates a focus on cryptocurrency (through the Wealthsimple Crypto app), stocks, and EFTs, and no option to invest in mutual funds or IPOs.

While the phone app is convenient and functions well, it will need further development to offer more features or at least the same level of options as its desktop version. Suppose you’re a beginner in investing or trading. In that case, you may find navigating the platform difficult initially. You may need to research outside of Wealthsimple to gain investment knowledge, educational tools, and other ways to analyze the market.

Withdrawals from your trading account, known as redemptions, may take up to three business days, and you cannot set up to receive a recurring number of deposits from your investment account. If you’re concerned about accessing the funds in your trading account within a short period, you may want to move that portion of funds into a more accessible account to access, such as Wealthsimple Cash.

Finally, if you’re looking for trade quotes, there is a delay of 15 minutes, which means you’re never receiving the price in real-time. There is small collateral of 5% that Wealthsimple offers if there are last significant minute changes.

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Who is Wealthsimple Trade for? Should you use Wealthsimple Trade?

This Wealthsimple Trade review shows a lot of promise with future products, services, and opportunities for investors. You’ll find the website and app are easy to use, though a knowledge of the market, even a basic understanding, is required to make the most out of your investing experience. If you’re looking to expand your investing into cryptocurrency, Wealthsimple Trade is a great way to take that leap into a new way of financial growth. Don’t forget to sign up with Wealthsimple Trade referral link KKZH8A to get free stocks!

Not sure if Wealthsimple Trade is right for you? Alternatives to Wealthsimple Trade you can consider

A quick Wealthsimple Trade review indicates that this platform, and the company, are reputable and offer a solid option for Canadians. If you don’t feel that Wealthsimple meets your investment needs or the products you’re looking for in a trading platform, there are some excellent alternatives to consider.

Questrade is a Canadian trading company that offers impressive investment products, though there are fees for stock trading, precious metals, and trade commission. Despite the higher costs, some people prefer Questrade due to its solid reputation and investment products, including a wider variety than Wealthsimple with ETFs, international equities, precious metals, stocks, and more. The minimum investment required is $1,000, which means you’ll want to ensure you’re serious about committing before you invest. Questrade also offers a mobile app and desktop platform so that you can keep track of your investments in real-time.

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Questrade offers reimbursement for transfer fees in accounts over $5,000, though Wealthsimple will reimburse at any amount. The limit of reimbursements for both companies is capped at $150. A primary reason investors may favor Questrade over Wealthsimple is the access to resources for investors to get familiar with the various markets and assess their following investment goals.

Clients can also create a personal “watch list” to keep an eye on specific funds or stocks to monitor their performance and decide how to invest their money. Questrade offers a much more comprehensive selection of investments and products. Many people may not consider Wealthsimple Trade or similar companies with limited access to exchanges and accounts as a preferred option.

Questrade accommodates U.S.-based accounts, which is where some investors will choose this platform over Wealthsimple Trade, as they do not have this option. There are no penalty fees if there is no activity on our account after a specified period.

CIBC Investor's Edge

  • Flat fee of $6.95 per online equity trade
  • Students & active traders get a discount
  • Access free tools, research, and advice
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CIBC Investor’s Edge

Canadian investors and traders benefit from CIBC Investor’s Edge’s cheap commissions, simple trading interface, and vast asset class selection.

Charting capabilities are included in the CIBC Investor’s Edge trading platform, which is highly advanced. Research materials provided by the broker and third parties are also excellent. There is an annual cost, but the benefits of utilizing this high-quality broker much outweigh any negatives.

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It’s also one of the few brokerages in Canada that offers fractional shares. Investor’s Edge is a good alternative for those who prefer to manage their investments, especially if they already bank with CIBC.

However, compared to cheap Canadian brokerages like Qtrade and Wealthsimple Trade, the costs for typical investors over the age of 24 remain expensive. As fees fall, you’ll be able to put more money toward your long-term financial goals.

Qtrade

  • Get 50 free trades to start your investing journey
  • Invest and save with a variety of accounts
  • Monitor your investment's growth with a secure platform
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Qtrade

**Get 50 free trades with code: 50TRADESFREE. That’s almost $500 in commission-free trades. Conditions apply. Offer ends October 31st, 2022**

Qtrade is an online brokerage that allows you to make investments into products such as Exchange-Traded Funds (ETF), bonds, stocks, options, etc. Trading on Qtrade requires choosing an investment account with relatively high commission fees.

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While you can enjoy access to many portfolio management tools, you may need to pay an account maintenance fee (waived if conditions met). Qtrade offers many comprehensive tools to help you manage your investment portfolio. The Qtrade tools allow you to invest with confidence after taking appropriate risk-management efforts.

Unlike other online brokers specializing in a few financial products, Qtrade offers many options. You could go for ETFs if that’s your thing or choose bonds or stocks. If you’re interested in trading with mutual funds, options, new issues, or Guaranteed Investment Certificates (GICs), Qtrade has you covered.

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The Wealthsimple Trade review offers cryptocurrencies such as Bitcoin and Ethereum, though Questrade offers crypto ETFs. Ideally, the choice you’ll make depends on your level of knowledge, experience with the company, and investment goals for the future.

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Wealthsimple Trade Review Conclusion

Overall, if you’re not too savvy with investing, though you know just a bit more than a beginner, Wealthsimple Trade is a great option for you. Don’t forget to sign up with Wealthsimple Trade referral code KKZH8A to get free stocks! Thanks for checking out our Wealthsimple Trade review.

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FAQs about Wealthsimple Trade

What is Wealthsimple Trade?

Wealthsimple Trade is a safe platform that provides an easy way to invest online. Wealthsimple Trade is digital-based company that gives clients an opportunity to buy and sell exchange-traded funds and stocks without the commission fees.

What makes Wealthsimple Trade a good option?

Wealthsimple Trade is good for those new to investing, you can have access to large exchanges and trade freely between different accounts. You will also have the option to trade with cryptocurrencies including Bitcoin and Ethereum, and can enjoy trade between these accounts.

What are the advantages of Wealthsimple Trade?

There are many advatanges with Wealthsimple Trade. The Wealthsimple Trade app is very simple and easy to navigate, you can easily check the status of your investments in just a few minutes. Wealthsimple Trade is a commission-free platform and you are required no minimum investment to start account, meaning you can start with just a few dollars. Wealthsimple Trade allows incentive and bonuses, for example they offer $25 after you sign up and invest $100.

Who is Wealthsimple Trade for?

Wealthsimple Trade is for those who want to expand their investments, it's a great opportunity for financial growth. It's perfect for those wanting access to thousands of stocks and EFTs for free through the New York Stock Exchange, Toronto Stock Exchange and cryptocurrencies.

Is WealthSimple Safe?

Yes. It has the same security as the big banks and is regulated by the Investment Industry Regulatory Organization of Canada. Similar to banking institutions, they are protected with the highest safety standards.

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October 6, 2022
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