Wealthsimple Trade In-Depth Review 2021: The Pros And Cons

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However, there are moderate potential fees that you will want to know about.

When trading US stocks listed on the New York Stock Exchange, you must pay a 1.5% foreign exchange fee because the trade is a non-Canadian currency. Not only does this apply to Wealthsimple, but some other platforms allow you to hold US dollars and leverage. “Norbert’s move”(That is, you can strategically and cheaply convert your Canadian dollars to buy US stocks), Wealthsimple can’t. One benefit, however, is that you can buy ETFs and stocks that are listed on Canadian stock exchanges that track the performance of several US companies (such as the Vanguard S & P 500 Index ETF).

There are low fees associated with other transactions, e.g. B. $ 45 for a broker-supported phone trade or $ 20 for a paper-based statement. However, these are rarely, if ever, needed.

Is there something you tilt buy at Wealthsimple Trade?

Yes. But if you’re a passive, long-term investor with little experience, you probably won’t mind.

Wealthsimple customers are limited to trading stocks such as stocks and ETFs. For example, if you want to buy mutual funds or get a company going public, you need to go elsewhere. Because of this, more ambitious or experienced investors can go for these Qtrade or Questrade *– which are not as easy to use as Wealthsimple (and with different fees), but offer a wider range of options. Wealthsimple is also restricted to exchanges in North America and therefore excludes major international exchanges.

Using the Wealthsimple Trade interface

At the time of this writing, the desktop version of Wealthsimple Trade was still in beta (testing). So you should stick to the smartphone app for now.

However, buying stocks and ETFs is as easy as it gets. Just search for stocks with the three or four letter ticker abbreviation, then click to buy stocks. Done!

To make your choice easier, you can also access basic statistics on specific stocks, such as: B. the P / E ratio (price-earnings ratio) as well as snapshots of trend and top stocks in various market segments and categories. These, too, can be found with just a click or two. The overall experience is extremely intuitive, so inexperienced investors are unlikely to be intimidated.

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