What I like is you can make a small share count of canadian stocks no fees and its like a mini etf without a mer. Yes. Please contact us. For those with more heavily diversified investment interests (such as buying U.S. equities) or who need access to trading tools and analytics. Wealthsimple Trade is an online broker that's available in Canada. There’s no way to sign into or view your Wealthsimple Trade account on your laptop or desktop, even if you have a regular Wealthsimple account. Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc., an organization that has been around for 30+ years. But if you’re a passive, long-term investor without a lot of experience, you’re probably not going to mind. MoneySense is not responsible for content on external sites that we may link to in articles, . Is it secure and safe to use? This is not insurance to help you recover from a bad investment decision. Zero-commission trading: Wealthsimple Trade charges $0 for buying and selling stocks, including ETFs, which can result in huge savings if you trade frequently. When you add the ability to buy/sell crypto on your account, Wealthsimple is great in communicating some of the risks. What is Wealthsimple? So you’ll probably want to stick with the smartphone app for now. If a link has an asterisk (*) at the end of it, that means it's an affiliate link and can sometimes result in a payment to MoneySense (owned by Ratehub Inc.) which helps our website stay free to our users. This only covers you should Wealthsimple go bankrupt. Personally, I wouldn’t commit … Wondering if Wealthsimple Trade is right for you? You’ll need to transfer your investment funds in the form of cash, however. Since making its debut in 2014, Canada’s Wealthsimple has helped to demystify investing for hundreds of thousands of regular people who want to grow their money. Wealthsimple has several products in addition to robo-advising, including a stock broker platform called Wealthsimple Trade and a high-interest checking and savings account called Wealthsimple Cash. Share on Email, Your email address will not be published. The “browse” feature on the app sorts trending stocks by different markets and categories. If you’re in a hurry to access your funds, new deposits may take up to three business days to process, and users can’t automate recurring deposits. Your crypto investments are part of a non-registered account on Wealthsimple Trade, so you will have to pay taxes on any gains you make (note there are ways to invest in crypto within a registered account to avoid this—just not through Wealthsimple). I’ve invested $50,00 a year for 50 years and have never had or paid for financial advice. MoneySense is fully owned by Ratehub Inc. but remains editorially independent. Is your credit card’s travel insurance enough? Trading crypto with Wealthsimple Trade. is thrown around far too often, particularly in reference to technological innovations. But Wealthsimple Trade truly has transformed investing for countless Canadians who previously were too intimidated by the process to try their hand. Customer accounts protected by CIPF within specified limits in the event ShareOwner becomes insolvent. Find out the pros and cons of the Wealthsimple Trade app and website. (Unfortunately, you can’t open RRIF or a LIRA accounts with Wealthsimple Trade.). You link your bank account to your Wealthsimple Trade account and input the amount you want to move (up to $50,000 per transfer). The company’s success thus far is unquestionable: As of late February 2021, its AUM (assets under management) have been valued at $8.4 billion, and its online investment management tools have won multiple awards. For more information, please read our policies. This is exceptional in a market where the trading fees are between $4-$10. “Are they reputable? Fees Spread added to orders. It can’t be overstated how key this is to Wealthsimple’s success—it’s the only trading platform in Canada without commissions on trade, whereas many of its competitors charge a flat rate of around $5 to $10 per trade, or a percentage of your trade value. It’s for this reason that more ambitious or experienced investors may opt for the likes of Qtrade or Questrade*—which, while not as easy to use as Wealthsimple (and with different fees), offer a greater range of options. Is it easy to buy and sell stock? None of the research we have done suggests that WealthSimple is not a safe place to invest your hard-earned money. There are small fees associated with other transactions—such as $45 for a broker-assisted phone trade, or $20 for a paper account statement—but you’ll rarely, if ever, require these. So, if you want to, for example, buy mutual funds or participate in a company’s IPO, you’ll have to go elsewhere. Wealthsimple Trade is a stock and ETF trading platform and the only discount brokerage in Canada to offer commission-free trades. You will have access to current prices as well as history charts, too. So really read the disclaimer–don’t just check the box to move on to the next screen like it’s an online cookies agreement. Take comfort in knowing Wealthsimple’s products, including Wealthsimple Trade, are widely trusted. Wealthsimple Trade is an investing app for Canadians which offers commission free trading in Canada. An additional layer of comfort: Wealthsimple is regulated by the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada—just like all of Canada’s major financial institutions. It’s important to read the fine print as your trades could potentially still have some costs baked into them. 277 votes, 122 comments. The short answer is: Yes. What’s more interesting is asking your dad why he thinks banks are safe. Your investments needn’t have a U.S. or Canadian bias, since you’ll have access to index funds and ETFs listed on the above-mentioned exchanges with diversified holdings that track international companies and virtually all sectors. I do agree if you need to talk to someone its a problem. You can contact them by email or contact them by phone through this link. Are my cash and assets safe with Wealthsimple Trade? The desktop version of Trade was originally in beta and is now fully rolled out to all Trade users. According to their website: They have standard bankruptcy and deposit protection, … And it also shared that instant deposits up to $1,000 would be available soon, so you won. 6. Pros. While the platform is missing some features that may enhance its appeal to more sophisticated investors (such as analytics tools or the ability to employ Norbert’s gambit), those things may likely come with time. We are committed to looking at all available products in the market, and where a product ranks in our article or whether or not it's included in the first place is never driven by compensation. But Wealthsimple Trade truly has transformed investing for countless Canadians who previously were too intimidated by the process to try their hand. Take comfort in knowing Wealthsimple’s products, including Wealthsimple Trade, are widely trusted. Note that I didn’t say “completely” free. Michael White on March 5, 2021, By Any chance of collapse and taking my money with them? Whether you’re signing up on your phone or computer, it’s very simple and it takes just a few minutes. You can start your account with a minimum of $1 (but that’s not going to buy you much right now). Across all of its platforms in the UK, US, and Canada, Wealthsimple has more than £5 billion in assets under management. 14.9k members in the Wealthsimple_Trade community. If you’ve ever used PayPal or done an Interac e-Transfer, you’ll find this just as easy. Making sense of the markets this week: April 19, 2021. Other activities, such as trading mutual funds or purchasing IPOs, are not available. With Wealthsimple, and roboadvisor’s in general being relatively new, you are probably asking “Is Wealthsimple Safe?” this question really can be taken several different ways: Is it safe from an investment perspective? Each time I called, I waited for over 30 minutes and then the calls were disconnected from WealthSimple’s side! Wealthsimple Save : Fee: Above $1: None: Wealthsimple Other Products. They have a great track record and maintain a $200 million commercial criminal insurance policy to protect against the theft of Cryptocurrency. Wealthsimple Trade . How can I enable Two-Step Verification (2FA). Regardless, this is an online investing tool that lives up to the hype, and is as good a place as any to get started if you’re ready to dip your toe in the waters of the stock market. Wealthsimple also uses bank-level encryption and other high-powered security measures to keep your financial information safe. Wealthsimple Pros & Cons. Simply search stocks by their three- or four-letter ticker abbreviation, then click to buy shares. Again, this is a particular boon for passive, long-term investors, who now can build a well-diversified portfolio for absolutely no commissions. For more information, please read, Calculating how much money you’ll need at retirement. You can buy everything from emerging-market ETFs to cryptocurrency ETFs that track market performance in various sectors. Quotes on Wealthsimple Trade have a 15-minute delay, so prices aren’t live up-to-the minute. That said, it’s safe to say that Wealthsimple Trade may be a better fit if you don’t have lots of money to invest right off the bat. Wealthsimple has an impressive and wide range of products. Wealthsimple holds just over $3 billion in assets for clients (this includes our Wealthsimple Invest platform), so you're certainly not alone when it comes to trusting us with your hard-earned money! For beginner and passive investors seeking long-term growth with minimal action required on their part, this is a great platform to try—not least because there are no commission fees, and very few fees of any kind. Wealthsimple is also regulated by the IIROC (. Personally, I have contacted them through email in the past and I’m satisfied with their service. Since making its debut in 2014, Canada’s Wealthsimple has helped to demystify investing for hundreds of thousands of regular people who want to grow their money. Wealthsimple Trade is a division of Canadian ShareOwner Investments Inc. which is a member of IIROC and the Canadian Investor Protection Fund (CIPF). It's important to note that our editorial content will never be impacted by these links. As safe as houses, as they say. To help guide your choices, you can also access basic statistics about specific equities, such as their. Does Wealthsimple sell my data or information to any third parties? Enter your email address and a password of your choosing (if you already have a Wealthsimple account, just use your existing login info), then the app/site guides you through the rest. You get free access to thousands of stocks and ETFs listed on North America’s largest exchanges, such as the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX), as well as cryptocurrencies, such as bitcoin and ethereum, too. The company’s success thus far is unquestionable: As of late February 2021, its AUM (assets under management) have been valued at $8.4 billion, and its online investment management tools have won multiple awards. Wealthsimple trade is the … I was wondering if wealthsimple is a safe place to invest $5000 in a TFSA with mainly Canadian ETFs like VSP, XUU, XQQ, etc, with a $2500-$5000 contribution each year for 20 years. The phone app offers the best trading experience for now. And it is. Visit Wealthsimple. It’s for this reason that more ambitious or experienced investors may opt for the likes of. Wealthsimple Trade vs. Questrade As mentioned above in the “cons” section, it can take up to three business days to process your deposit, and there’s no feature to automate your deposits, so you’ll want to manually set calendar reminders/notifications if you want to regularly set up deposits to benefit from dollar-cost averaging. The company seems to be in tune with what Canadian investors are looking for, and has launched a series of products that are aimed to suit those needs: 1. There are no fees for buying and selling stock and EFTs on the Wealthsimple Trade platform. Buying and selling cryptocurrencies as an investment asset is a risky business and you could lose 100% of your money. If you’re honest about your risk tolerance, then your money should be invested in a way that suits your needs. Again, these can be found with just a click or two. f you prefer working on a laptop or desktop computer over your smartphone for investing, be advised the web-based version is still in beta (testing) stage. Here, we present the pros and cons of Wealthsimple Trade, as well as take a deeper dive into its features and how it works, so you can decide. However, the management fees are quite high. In contrast, Wealthsimple (known as Wealthsimple Invest ) allows you to grow your money based on your goals and risk appetite with the help of an experienced portfolio manager who has control over your investments. This isn’t exclusive to Wealthsimple, but whereas some other platforms allow you to hold U.S. dollars and leverage “, ” (meaning you can strategically and cheaply convert your Canadian dollars to buy U.S. stocks), Wealthsimple doesn’t. As far as their security - I have no information. When you sign up, you will receive a bonus of up to $25 when you invest your first $100. The term “game-changer” is thrown around far too often, particularly in reference to technological innovations. Wealthsimple Trade is a safe option since it’s backed by over $265 million in investments from some of the world’s largest financial institutions. , you’ll find this just as easy. By MoneySense continues to update and make changes to correct any factual errors. 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