Wealthsimple Trade Tutorial 2023 (Step-by-Step Guide for Beginners)

Sign up for Wealthsimple Trade here and get a $25 bonus: my.wealthsimple.com/app/publi...
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In today's video I walk through a full, step-by-step tutorial on how to use Wealthsimple trade, including:
- how to sign up
- what account to invest with
- different features of the app
- how to research stocks
- how to buy and sell stocks (many different ways)
I also show you my RRSP investment portfolio, discuss my investing strategy, and make a few trades for you to see exactly how it works.
Hopefully you find this helpful!
0:00-0:55 How to Get Started
0:55-4:25 What Type of Account to Invest In
4:25-8:39 How to Research Stocks & ETFs
8:39-9:59 Other Useful Features
9:59-13:15 My Investment Portfolio / Strategy (RRSP)
13:15-15:56 How to Buy & Sell Stocks
15:56-16:56 When to Sell
16:56-17:32 Dividend vs. Growth Investing
17:32-18:27 Tax Implications
#wealthsimple #stocks #etfs
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Disclaimer & Notice: All videos on the channel are for entertainment purposes only. I am not a certified financial advisor. Always conduct your own research before making investment decisions. Occasionally, affiliate links will be left in the description box and/or comment section of my videos. I may derive monetary benefits as a result of viewers' engagement with these affiliate links. The channel name, logo mark, and content are copyrighted.

[@MarkFarfan]

Sign up for Wealthsimple Trade today and get a $25 bonus: my.wealthsimple.com/app/public/trade-referral-signup?code=7ZXHGQ

[@Canadabestie]

Hey I signed up through your affiliate link, how to claim $50 now.

[@rajatamil5781]

The BEST video for beginners to get started today! I've been searching for weeks and finally found a video that is acutally helping beginners like me. Thank you so much!

[@Beautiful__Diamond]

Thank you for taking the time to make this. Can’t tell you how much I was looking for something like this. ❤

[@thehistoriographer]

You earned youself a sub. Short, clean, and to the point.

[@daviddean6032]

Absolutely amazing video and I understood it totally. Thank you.

[@antwistephen9399]

Thanks man this is exactly what I was looking for now I have a base on where to start 🙏🏿🙏🏿🙏🏿

[@kristopherjan935]

Thanks, this cleared a lot up for me!

[@SaranyaMano]

Thank you so much for this. As someone who's a beginner, I didn't know what I was doing on the app. You explained very well :) Please keep going!

[@shainazvelji2050]

wow this was SO helpful. thank you for taking time for sharing your knowledge. just starting out and this feels overwhelming, your video helped thank you again.

[@thomaspascalvolker]

Really clear video, thank you Sir for these insights.

[@user-lk5pg8zh2f]

Hey thanks for the very informative video. Can you please make another video about your TFSA portfolio and your thoughts on it?

[@king_sam272]

Wow don't really stop much to say this much, but amazing video. Made each and everything you spoke on understandable to someone literally just beginning. Thanks alot.

[@MarkFarfan]

Thanks! I appreciate the comment. It takes a lot of work to make these and it’s nice to know people actually find them useful

[@morganwilliams4560]

Thank you for this!! super easy to follow! I was wondering about what were the platforms you use to trade US?

[@user-zi5li9xl6x]

Hello Mark. You mentioned that you use other software for buying of US's Equity, please advise which oneare good these days?

[@dmfwaaron7015]

Would you reccomend the savings account as a decent place to safely hold money and accrue intrest?

[@SM-qp4qw]

The Non-Registered account you can write your losses off at tax time but with the TFSA you can't do that. Not sure about the RRSP but I don't think so? What do you think about that as a better option for beginners?

[@user-ys2mz7mq2s]

Nice video. Just one question. If I am initiating an interac e-transfer transaction through my bank via Wealthsimple website into my TFSA, does Wealthsimple charge a fee for that? Grateful if you would advise. Thank you

[@AKBARACADEMY631]

thank you so much you

[@MarkFarfan]

Glad you found it useful!

[@angelabuitrago9226]

What other platform do you recommend for US shares? Is Questrade okay? By the way, I'm in Canada.

[@azamghamari2737]

Thanks for your video. Actually at the end of the video you said "for cash account that is 4% interest, we need to talk to a professional person before buying because when we sell it, we need to pay its tax just if there is a capital gain", what do you menan by that?

[@bhumapatel1151]

Can you suggest more of good dividend stocks

[@anniebell2822]

Hi Which platform is best to use for US stocks to buy and sell from Canada? Thank you

[@gandhis01]

i have a question ..why dont you buy from your TFSA and is it wrong to buy from my TFSA

[@HalberdAbuser100]

I don't understand I keep searching but I can't find the wealthsimple trading app (the green logo) ,when I get on the app there's no options for accounts

[@marthalee6914]

❤ your video I’m a brand new investor, mother with four children, so if you want to do a little bit of daytrading, can you do that from your RRSP account? Also, can you give some tips on what stock that you know of in Canada pays the highest dividends? And what is the Canadian S&P called? Last question you said that you like to invest in the states EFT but are you paying the interest rate on that? Also, do you help set up portfolios for beginners? Thank you in advance for your advice and for the video I have a bunch of family members that would like to start a simple account and we will definitely use your code .

[@jonathanlapierre5254]

If you do a limit buy at 4,50 $ and the price go lower at 3,95 $ before the end of the day ., the price of your buy will be ajusted at 5 pm ??

[@patelparth]

Options trading in index available?

[@user-ut6jg3vt9t]

How can I sell my holdings in wealthsimple which I buy. Please reply because my contract is expire this week

[@seanwilliams8833]

It does not appear that the Top Lists is a feature anymore. I can't see the Top Canadian Stocks list on the app anywhere

[@harshihooda4502]

How did you change the currency from usd to cad?

[@Emm_Ess]

Can we buy and sell in TFSA ?

[@raymondzaza1883]

Was trying to use your promo code, but it keeps saying only eligible for new sign-ups. I never had a wealthsimple acc before your video made me to want to start

[@harisrg92]

Hi I have a question. You mentioned at around 10:08 that you avoid investing in US companies because of higher exchange rates but you have shown at 11:09 that you have invested in US ETF's. What I wanted to know is whether the advice to avoid investing in US companies applies only to stocks or ETFs too? Also at around 11:38 you mention that investing in US stock market is safe..? Can you please elaborate? Thanks :)

[@ammykrai]

Yes, I had the same question

[@majaziz]

When he recommended not investing in USD stocks, he talked only about wealth simple because of exchange rate, he said that he uses other platforms to invest on USD shares.

[@sandeepsidhu9813]

Can I do trading in canada while on maternity leave benefits?

[@cryptotrader-zn2pk]

hi Mark, I'm from Canada, your channel is too good to know about crypto and all things related to investment but I still have few questions in mind, can you please answer? If I'm investing in crypto (wealthsimple app) Will I've to pay taxes to government? Is it easy to withdraw from my crypto account existing in wealthsimple to my regular TD account ? And one more question, for the day trading do I have to take permission of CRA first or what's the procedure? Please guide.

[@benitogarrido3406]

Need help!!!! How I can sell using the app , just have the buy option 🤷🏻‍♂️🤷🏻‍♂️,

[@kinleychimi1533]

hi mark i tried using your referal code but its not working. what shall i do?

[@PanikSnail]

Hi I'm just getting started into investing, and I was curious about the tax implications. I was thinking of having some Dividends in a TFSA, in Canada would they tax me severely or am I pretty safe, depending on how many stocks I buy?

[@MarkFarfan]

Dividends in a TFSA should still be tax exempt so generally no worries - regardless of how many stocks you buy (but I'm not a tax expert so you should definitely consult the CRA website and/or speak to a tax advisor if you're concerned about your specific circumstances)

[@beaubjarnason4759]

Keep in mind the CRA doesn’t have a great record of providing accurate advice either…

[@seventh7orbit]

Does WS Trade charge an Annual Administration Fee for RRSP (and now RRIF is available).❓

[@fiveofdawn5008]

what is the expense ratio for wealthsimple

[@user-kr8gq7xt9i]

Your cat 🐈 so cute

[@RajdeepKaur-zs6qw]

How soon can you sell that it's not considered day trading?

[@ayeshan478]

Can we do day trading

[@Vancouver_Island_Guy]

So if you are buying canadian stocks there is no fee when you buy and when you sell? Great video bro thanks again!!

[@MarkFarfan]

Yessir! And thanks, glad you found it useful 👍

[@Mikey-ic8ke]

​@@MarkFarfanis this only if it's a tfsa or is it any stock you buy/sell there being no fee

[@MarkFarfan]

@@Mikey-ic8ke any account on WS trade - no fees for trading. But if it's not a TFSA then you do have to pay capital gains taxes

[@gordonburling4989]

Are you able to do really quick trades on wealthsimple? For example, let's say right now is a certain price, I buy it, then in 15 minutes it goes up 10cents. Can I sell immediately to profit that 10cents a share?

[@MarkFarfan]

Yes you can but it's not the ideal platform for 'day trading' like that because the quotes on stock prices are delayed 15 mins. When you place a buy/sell order, it's executed at the actual current market price but you will have to monitor charts somewhere that's not on WS Trade. For that type of trading, other platforms may be better

[@gordonburling4989]

@@MarkFarfan Thanks for your reply. Are there any platforms in particular that you would recommend?

[@stunnin420ify]

@@MarkFarfanthat’s pretty sad considering I wanted to use wealth simple and I’ve been practicing with stock market simulators that don’t even have a delay…. Tuhhh fuhhhh ws. Maybe I’ll find something else or just try their managed portfolios

[@hw7228]

I currently have a TFSA with RBC. My question is, am I able to have a TFSA on Wealthsimple at the same time, or can I transfer my funds from my RBC TFSA to a new Wealthsimple TFSA? Thanks for the great video! 👏🏼👏🏼

[@MarkFarfan]

Hey, you can have multiple TFSAs as long as their combined total balance doesn't exceed your limit! I have 3 different TFSA accounts with 3 different brokerages

[@hw7228]

@@MarkFarfan great, thank you for the reply!

[@RanaRanbir19]

@@MarkFarfanwhat is the limit on Tfsa

[@gorjelu]

@@RanaRanbir19 88K up to now

[@anvarkurbanov951]

Check your latest Letter of assessment from CRA

[@Successlover508]

Hey I’ve been trading with my friend in the states using his Robin Hood account but since it’s not available in Canada do you suggest using Wealth simple

[@StocksOnTheGo]

Yes definitely

[@tanuarora7383]

Hi is there any limit on amount to be invested on each one ie tfsa rrsp??or we can just invest 6500 as the gov allows?

[@MarkFarfan]

It’s an annual allocation so every year since you became eligible for a TFSA you can contribute again

[@lookingforwardto]

I have a question, is there any mandatory requirement to deposit money into TFSA on a regular basis, for example, deposit 100 cad weekly.

[@MarkFarfan]

Nope, no such requirement !

[@WelcomeToMyPepTalk]

As an international student, I've opened a non-registered account (cash account) because as I've understood, a TFSA isn't applicable to non-residents, is that accurate or would it still be more beneficial to open a TFSA?

[@MarkFarfan]

I believe that non residents can open a TFSA if they have a valid SIN # but you should do some digging in that. TFSA is better than cash account if you can get one

[@goodkid1985]

​@@MarkFarfanyes you can

[@BananaKiddo-cp3uv]

Is there a credit check when we sign up account ?

[@kunalvids]

No

[@whitelovenice]

I have been worked in Canada for 3 months. Can I open account?

[@anusubedi19]

Yes

[@diogoreis2240]

Ur showing how to trade, show us how to create the account how to add funds etc

[@StocksOnTheGo]

kzbin.info/www/bejne/aYKogHxsjdJ0mtEsi=AD47m1aLEtuM7mGF

[@lishancupcakes]

why won't it let me go past the "Let's start with some details about you." when trying to do my taxes?

[@nirajkpatel9617]

Future & options available??

[@MarkFarfan]

Yes you can trade simple options contracts with wealthsimple - check the time stamps of the vid

[@idek394]

What do you use to invest in US stocks if not Wealthsimple?

[@DrugandTravel]

We can trade forex thought wealthsimple ?

[@StocksOnTheGo]

No

[@Dlclrh9011]

if you ever gonna purchase US quest trade is the best for us stock

[@MarkFarfan]

yeah, that's what I use for most of my USD investing!

[@xkrimzonxrsps]

How come I'm with questrade (edgemobile) it's pretty garb, for 1. I can't see option purchase price to do a sell to close limit order, 2. The layout of chart bugs out and is sometimes unavailable, 3. The charting sucks its not accurate at all, 4. A lot of news report doesn't appear at the bottom of a stock that can be extremely bullish like the other day it was a company reporting a +.24c eps they didn't even list it and or sometimes the articles they use are off compared to several others... there's more, oh don't get me started with the ending with seeing if you actually have enough buy power to execute.. it won't even tell you how much you're missing.

[@xkrimzonxrsps]

I've tried the other apps idk just garbage with 10 to easy 20$ commission per trade for options and need to upgrade to get better

[@princemushfiq]

Which app to use for US stocks ?

[@MarkFarfan]

I usually use Questrade. Wealthsimple does have a premium account feature where you can trade in USD but that’s only a good deal if you buy/sell relatively frequently. For low frequency trading I think Questrade saves money

[@archie5385]

Does anyone have an app in Canada that has no delay for day trading? Wealthsimple has 15 mins delay

[@MarkFarfan]

Yeah most of the other ones that aren’t “zero fee” … that’s basically the trade off. Pay $5 or $10 per trade with the other options vs Wealthsimples payment for order flow business model (with quotes delayed by about 15 mins)

[@archie5385]

@@MarkFarfan is Questmobile no delay? I rather 5 bucks then waiting for 15 min delay very frustrating when it comes to day trading

[@realrealwithkimmy1851]

Hi which brokerage can i use to trade that uses trailing stop loss

[@normguindon9919]

Can you make a video about the new wealthsimple regulation effective 1 January 2024 ??? « Your crypto account, and our crypto platform, will be overseen by the Canadian Investment Regulatory Organization (CIRO).

[@MAliHussain-pg8ds]

did you farted at 3:47. i see your cat put his hand on the nose lol jk

[@jaychen8809]

you can only trade call options....

[@zamantamji6047]

Please stop background music

[@michelefisher5171]

Do you have money?

[@Overpopulationcodm]

I opened a tsfa account on wealth simple and I transfers money from my td bank to my tsfa account. My tsfa account showed the balance and I was able to buy some stock but money was never deducted from my td bank account. Should I be worried?

[@MarkFarfan]

I would reach out to TD to confirm! But probably smart not to try and double spend it ;)

[@julien2231]

Why no stop loss? This app is garbage like any others in canada.

[@lartdelecture4540]

it is not reliable. Scam. keep your money. Binance is better but it is blocked by the Canadian authorities

[@jessewilson1622]

Very expensive Trading Platform

[@MarkFarfan]

how so? $0 trades for CAD and if you use limit orders you can't do any better...

[@jessewilson1622]

My limit orders rarely get fulfilled.

[@jessewilson1622]

Wealthsimple Exchange charged 2% to buy and 2% to sell. If I put in 100 000 they will take 4 000. 2% on entry and 2% on exit. Day trading with them makes you broke

[@KamaiyahFurriends]

I'm using it to hold and sell only once it reaches a certain amount ? What would you suggest ?

[@Candate]

​@@jessewilson1622 any good alternatives?

[@dreamlandtales_ssdb]

Hi @MarkFarfan , which app do you use to invest on stocks that are traded in USD , please advise ?

[@MarkFarfan]

questrade

[@Raghava_Akula]

@MarkFarfan I'm new to this and found the information very useful. However, I couldn't use your promo code.