Wealthsimple Platform Review - How To Set Up & Use Your Wealthsimple Trade Account

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Steph & Den

Күн бұрын

Пікірлер: 134

@stephandden Ай бұрын

Do you use Wealthsimple to invest? Or do you use another platform? Let us know in the comments! 👀

@tawtaw4232 Ай бұрын

So how you two planning to retire? Like what kind of strategy you guys going to use? Live off dividends? withdraw 4% every year ? 50/50 growth + dividends or etc please

@jedidahcmelly4508 Ай бұрын

Quastrade

@Thepher6 13 күн бұрын

For those of us who were raised to just get wages and pay rent, this kind of walkthrough of how to actually do the things is excellent.

@PinayInCanadaThomaschannel38 Ай бұрын

I have been watching your Videos and I learned a lot! Live in North York Toronto Canada. You guys are very helpful. Good stuff! Keep making videos!

@stephandden Ай бұрын

Thank you so much! We appreciate it - more to come 🙏🏿🙌🏻

@ryanhourston9638 Күн бұрын

Lots of great info there. I currently have some funds tide up with a Tangerine GIC until next year. This video is helping we with my confidence in learning the apps features and I'm looking forward to switching over.

@lemayelaine 6 күн бұрын

well, that was bloody fantastic! thanks to both of you for making this accessible when I was feeling overwhelmed!! many thanks from an investing newbie!

@stephandden 6 күн бұрын

We're so happy to hear that this was helpful! Thanks for your comment 😊

@InvestInFrench Ай бұрын

Love WT! Can't wait for them to have the DRIP per stock instead of per account, it will be a game changer !

@stephandden Ай бұрын

Agreed - we're definitely keeping an eye out for that update!

@HouseOfBurgz Ай бұрын

I hope everyone watching this reaches their financial goals! Keep going 🍊

@stephandden Ай бұрын

Yes to this! 🙏🏿🙌🏻

@noorpatel8185 Ай бұрын

Very well explained. Clear information for someone like me who is a NEW B. Can you please show us how do I buy stocks and etf gold ? Also is there a platform where I can join to get recommendation on which stock to trade.

@JTCal1000 Ай бұрын

WS is awesome! They have evolved over the years. They need to do more fancy looking charts tho! A nice big fat pie chart on asset allocation etc would be nice.

@stephandden Ай бұрын

Agreed, it’s been fun to see the evolution over time! That would be great - I feel like there’s definitely room to have additional charts that still look more simple, and are more easy to read, than the other platform’s charts.

@rustyd870 28 күн бұрын

it's being BETA tested as we read,

@Eassium Күн бұрын

Hi, I appreciate the way you are passing info to the public. I am using a wealth simple to open a TFSA account. But i was not able to find the stocks, options and ETFs which is the self direct investment. Isn't that possible in tfsa account?

@sophzsh 28 күн бұрын

Thank you for making this video! I just started using Wealthsimple so this has been super helpful!!

@stephandden 27 күн бұрын

So glad that you found it helpful! 😊

@brian6811 Ай бұрын

Would you be able to teach us how to transfer TFSA from one platform to another? Thank you for all of your great videos! I’m a huge fan!

@stephandden Ай бұрын

Yes! We’ll be doing a video that covers this sometime soon. And thank you!! 😊

@matthewrichardson3613 Ай бұрын

Amazing video!! Really appreciate the quality of video and the way it’s layed out! Been watching videos for over a year now and have learned so much through your videos! Keep up the great work

@stephandden Ай бұрын

Thank you so much - we’re happy to hear that! 🙏🏿🙌🏻

@Kulu613 Ай бұрын

Wow great video! Now I can just send this to other without having to explain myself 😂

@stephandden Ай бұрын

Ha, we love that! 🙌🏿🙌🏻

@AcrobaticlCow Ай бұрын

I moved from Tangerine to Wealthsimple for most of my stuff

@ishazam5501 Ай бұрын

I've been moving over my accounts over too, it's so much better then Tangerine.

@stephandden Ай бұрын

Nice! How are you finding it so far? 😊

@johnmcdonald5998 Ай бұрын

Well done video. Perhaps you could direct me, is there a video that shows the Robo feature's returns over a 6 month, 1 year, 5 year time period? I realize it is constantly fluctuating, but it would be appreciated to compare the Robo feature to index returns and so forth with commission based providers. Thanks kindly and keep up the good work.

@ArnoldPeterSon 18 күн бұрын

Can you explain the 5 steps of agreement process? The font is too small and it's confusing to read through all that.

@marianarossi7930 Ай бұрын

Hi Steph and Den, I am currently out of a job and using my emergency fund to get by right now. Outside of my emergency fund I have a some money sitting on a HISA. I am a little scared to start investing since I'm out of a job but I'm 25 and everyday that passes feels like a waste but again I don't know how long will this dry period end and not sure if it's the right move to start investing now. I'm a little lost right now. Any insight you can offer would be appreciate it! Thank you for all your work you're the reason why I gather the courage to look at other options other than big banks!

@Logan_Gordon 7 күн бұрын

Money is a deeply personal topic because everyone's situation is different, but what youre feeling is completely justified. Typically, the mindset is don't invest until you have a solid foundation, because you don't want to invest then have to pull the money out in a time of desperation. Philosophically, a lot of youtubers differ in strategy in when is the best time to start investing depending on how conservative they are. But the common theme is stable job, an emergency fund, high interest debt paid off, then investing. After high interest debt is paid off, thats where strategies differ depending on who you listen to, but those beginning steps arent contested by anyone so thats a good place to start 👍 Also, you shouldnt feel uncomfortable with your money. If any financial strategy makes you feel uncomfortable then its probably not the right one for you and should explore options that youre comfortable with :)

@SirMango 12 күн бұрын

Do you have a video of an overview of the Wealthsimple Trade Desktop interface? Thank you

@BarbDesautelsCalgaryRealEstate Ай бұрын

How do you deposit money into your Wellsimple Cash account? I am thinking of getting this account, but I need to understand how to deposit cash if I get it. I love your video and your progress with investing.

@pumkinliu Ай бұрын

I deposited part of my paycheck to the cash account and then auto invested my pay. You can also link another checking account.

@Logan_Gordon Ай бұрын

You can link your bank account (chequing or savings), Interac e-Transfer, use a debit card, or set up a direct deposit with your employer and have your pay check go into the Cash account 👍 hope this helps!

@stephandden Ай бұрын

Good question! Like the other comments said, you can deposit money into your Wealthsimple Cash account via a linked bank account, e-Transfer, direct deposit or pre-authorized debit. 😊

@jessicaawong Ай бұрын

Great video!! Steph - wondering if you still use TD bank? Where does your monthly income get deposited into? Do you every so often move your money from TD/EQ into the Wealthsimple cash?

@stephandden Ай бұрын

Thank you! I switched to Simplii Financial’s chequing account earlier this year, and right now I use EQ Bank or Wealthsimple Cash for my HISA. I also typically only move money from my chequing account to my investment account right now (aka I’m investing every month, not saving, from my monthly income 😊)

@jlb101 Ай бұрын

Very detailed, thanks for that. Curious, is this video sponsered by WS? Or do either of you work for WS? Most of your videos mention WS in one way or another...

@stephandden Ай бұрын

No, it’s not - and no, we don’t! It’s the investment platform that we personally use to invest, so it’s the platform that we like the most, and mention whenever we talk about investing 😊

@condorheroes7728 19 күн бұрын

Great info and very helpful. Tysm guys for the review.

@stephandden 18 күн бұрын

We’re happy to hear that! Thanks for watching 😊

@stargutz2680 Ай бұрын

Do you still use eq bank for emergency fund or it’s mostly in your wealthsimple?

@fisayof6219 Ай бұрын

Thank you for always Steph and Dan….do you have a video for recommended EFTs for CAD

@Logan_Gordon Ай бұрын

I’m fairly certain that both Steph and Dennis are investing in XEQT almost exclusively, she talks about XEQT in the video Investment Results after 3 years + Why I’m Switching etc. And in the most recent RRSP video she talks about how she’s doing VXC because it’s similar to XEQT but it has no exposure to Canada which balances out XEQT. I believe their investing philosophy is one stop ETFs that have all equity global exposure. But if you’re only choosing one ETF I think they’re both heavy in XEQT 👍

@nathalielorca7293 17 күн бұрын

There's an offer from Tangerine for 6% interest rate for 5 months if I open TFSA with them. I am not sure which to choose first. Should I go on to Wealthsimple or take advantage of Tangerine offer and then tranfer my funds to Wealthsimple after? Need guidance please. Thank you!🙏🏻 By the way, your videos are very helpful and I want to thank you both.♥️

@Logan_Gordon 7 күн бұрын

Interesting question. It depends what you want to do with the account, how much you have to spend, and what your contribution room is. WS TFSA does not earn interest but you can invest, Tangerine cant invest but earns interest. The Tangerine teaser rate is 6% for 5 months or 2.5% annualized, which is $250 for every $10,000 invested for 5 months, so not bad. You said you wanted to invest in WS, so the question is, is $250 for every $10,000 worth opening an account, then transferring the assets 5 months from now. Time and effort, will $250 in 5 months outperform my investments in WS for the same time period, if I contribute money into my TFSA now will I be able to recontribute the same amount when I have to pull from one to contribute to the other within the same calendar year in April 2025, or if im going the account transfer route will I invest over $15,000 so that WS covers the $50 transfer fee and doesn’t eat into my interest gained. It really depends what kind of person you are. Some people like simplicity, some people like to maximize the shit out of every opportunity lol, just depends on how much $250 per $10,000 really means to you. Hope this helps!

@wanderlander.abroad Ай бұрын

This video came at the perfect timing as I'm close to saving and wanting to invest with this app (or the bmo investor line haven't made up my mind yet). I live and work in Canada so I'm a resident but my citizenship is Dutch. Can I still use the platform?

@sachininakandala1662 Ай бұрын

Yep, I think you only need a SIN

@stephandden Ай бұрын

That’s great timing! 😊 Good question - in order to use Wealthsimple, you need to live in Canada and be either a Canadian citizen or have a valid Canadian visa. Besides that, you need to meet your province’s age requirement, and have a valid SIN and phone number.

@wanderlander.abroad Ай бұрын

@@sachininakandala1662 ahh ok thanks 😊

@wanderlander.abroad Ай бұрын

@@stephandden well I'm not a citizen or have a visa but I'm a permanent resident holding a permanent resident card so I'm assuming it falls under the same umbrella 😊

@JavierRomero-h6q Ай бұрын

Great video! I am new to investing and would like to know your comments about being enrolled in the wealthsimple's stock lending program? Are your accounts enrolled? Thanks!

@stephandden Ай бұрын

We personally aren't enrolled, and don't ever plan on it. When you invest with a registered Canadian brokerage, your investments are protected by the Canadian Investor Protection Fund (CIPF) up to $1 million - but, when you participate in stock lending, you lose that protection. In our opinion, it's not necessary, and the risk isn't worth it.

@staacey1000 Ай бұрын

Can you show step by step how to change from a manager to self directed TFSA?

@stephandden Ай бұрын

I talk about it more in this video 😊 - kzbin.info/www/bejne/iGLOhmmHZpd8i7c

@bryan-gj2ye Ай бұрын

Since you reached the premieur account have you tried the customer service if yes has it been helpfull?

@Logan_Gordon 7 күн бұрын

Customer service with premium usually responds within one business day. For the most part in my experience theyve been helpful 👍 nice, informative, responsive

@akbaxb165 Ай бұрын

Great video! Thank you. My TFSA is invested in GICs with different maturity dates. I guess it would be difficult to transfer the account from my current bank to my WS TFSA account. What I am thinking is that I will have to first cash out all my GICs (different maturity dates) and then transfer out the cash proceeds over to WS. Any suggestions? Thanks for your insight into the matter.

@danielsteven3554 Ай бұрын

WS doesn't accept GICs or Mutual funds so you're correct, you'd need to liquidate those to cash and then transfer the cash in your TFSA to WS via an account transfer. If your TFSA that you transfer has over $15,000 CAD in it WS will even reimburse you the other institutions transfer fees!

@majapapaya8335 Ай бұрын

Great video! Im new to investing and wondering why and the benefits of using the TSFA to invest in stocks on Wealthsimple? Coming from a super beginner.

@stephandden Ай бұрын

A TFSA is great because it allows you to invest and grow your money tax free. That means that when you go to withdraw your funds, you won’t have to pay any taxes at all. We have a playlist of videos that go through all of the investment accounts in Canada. Check out the TFSA Explained video first. 😊

@stephandden Ай бұрын

Also, congrats on getting started with investing! 👏🏿👏🏻

@majapapaya8335 Ай бұрын

@@stephandden Thanks!

@lee-13 Ай бұрын

Great video! When will you start using non registered account?

@stephandden Ай бұрын

Thank you! Once all of my registered accounts are maxed out 😊

@sidsoares73 Ай бұрын

Awesome video for us Canadians to start investing question and if we wanted to invest in Europe can we?say I’d like to invest in Portugal because once retirement that’s were we will be moving to

@stephandden Ай бұрын

Unfortunately, that’s one of the cons for Wealthsimple. In order for you to continue investing on their platform, they require you to remain a resident of Canada for tax purposes. In theory you could use it up until that point and then move your money to a different brokerage prior to your move, if you choose to. Make sure you look into this further. By the way, we talked more about this at 12:50. 😊

@JamesBrown-ys8bk Ай бұрын

This is one big wealth simple commercial

@stephandden Ай бұрын

It’s a platform review video, that’s completely about Wealthsimple - so, that’s all we’re covering in this video 😊

@iitbftw Ай бұрын

Commercials wont include cons.

@mattramage4389 Ай бұрын

Here is what I don’t like. You can’t manually order your cash accounts, and you can’t e-transfer. Those are my two things I don’t like. We did completely switch away from RBC saving us $360/year in fees. Plus we make hundreds in interest in our cash accounts. Plus we get 1% of the cash card purchases. We started depositing our family income into it. I paired this with a simplii financial account and we have e-transfer. Anything I need large amounts of money, I use credit cards that I pay off from the cash account. If I have to get a lot of money out, you can have cheques and that would let you take large amounts of cash out without limit worries. Banks are designed to make money off of you and pretend to help you build wealth. Wealth simple makes money off of you by actually helping you build wealth. Next, I’d love a way to help my kids get an account with a cash card that we can help manage.

@Logan_Gordon Ай бұрын

Wealthsimple the goat

@tommyngongo8024 Ай бұрын

This must be ur first time in this club don’t worry, it’s a safe space here

@lukegreveling6310 9 күн бұрын

It would be nice if Wealthsimple would calculate money-weighted returns. The simple return only isn't ideal.

@nintendoplays584 12 күн бұрын

Great video ❤❤

@stephandden 12 күн бұрын

Thank you so much 😊

@SongBirdie92 Ай бұрын

Is it best for all of the money to be invested, or are there any advantages to keeing some in an investment account but not invested?

@stephandden Ай бұрын

Ideally you're investing all of the money inside of your investment accounts, so that it's growing 😊 Keep in mind that you'll want to have a emergency fund, too, that's in cash (aka not invested!). You can keep this in a high interest savings account, and ideally you'll have enough money in there to cover at least 3-6 months of your necessary expenses (aka if you spend $2,000/month on rent, food, etc. then you'd want between $6,000-12,000 in your emergency fund).

@dor1994 Ай бұрын

What is the stock lending option on Wealth Simple?

@sincerelyspazz Ай бұрын

What does it mean by interest rates? Is that how much I earn off the amount I have in my TFSA? I confused on that

@sachininakandala1662 Ай бұрын

Thank you for this video Steph & Den! I have a question - so if I were to move some savings into the self-directed TFSA cash account, would there be any management fees on it? Because a high interest cash TFSA in Wealthsimple has a management fee right?

@Logan_Gordon Ай бұрын

So cash held in your self directed TFSA does not earn interest, but there’s also no management fees either. Wealthsimple doesn’t charge any management fees for self directed accounts which is awesome! They do charge fees when you convert currency between CAD to USD though (not recommended due to high fees, 1.5% of the total amount every time). If you open up a cash account, you’ll earn interest with no management fees from Wealthsimple but the interest will be taxable by CRA. Hope this helps!

@sachininakandala1662 Ай бұрын

@@Logan_Gordon thank you so much Logan! That makes sense, appreciate it!

@fiercelnu6985 7 күн бұрын

@@Logan_Gordon. How does this work for aboriginal First Nations since we don’t pay tax? Do we pay for tax still?

@Logan_Gordon 7 күн бұрын

@@fiercelnu6985 so I did a little digging, and if you Google “Information on the tax exemption under section 87 of the Indian Act”, all information should be there. I’ll try to sum it up, but take into account I’m not a tax professional and for the most accurate and reliable information I would talk to one lol OK SO, it seems like most income generated ON the reserve is tax exempt. Being on the reserve is the key phrase. Talking about interest first: Regular cash or savings accounts that pay interest, or GICs, have to come from a bank or bank branch located on the reserve to be tax exempt. All forms of interest not earned on a reserve are taxable. Dividends: If the business you earn dividends from has their main headquarters/operation on a reserve, then your dividends aren’t taxable. Microsoft, Apple, RBC etc. have their main headquarters off the reserve so it’s taxable. Capital gains: doesn’t explicitly say when talking about stocks, but if a mutual fund’s headquarters/manager is not located on a reserve, all gains/dividends are taxable even if they get deposited into a bank that is on a reserve. You can probably use the same rule for stocks, since the transaction happens on an exchange like the TSX or NYSE and those aren’t on a reserve, any capital gains are taxable. Although I’d contact your tax professional on that because it isn’t clear. SO, going back to your question, if you open up a cash account, or invest in anything via Wealthsimple, interest and dividends and capital gains will be taxable since they don’t have physical branches on reserves and all their assets are either held at headquarters in Toronto or sold on exchanges based not on reserves. Hope this helps! Make sure to Google “Information on the tax exemption under section 87 of the Indian Act”, should be the first thing that comes up, because that’s the way I’ve interpreted it and you could come to another conclusion. Also, see tax professional for the best advice 👍

@Logan_Gordon 7 күн бұрын

@saraollech3567 Ай бұрын

Thanks for the video! 😊

@stephandden Ай бұрын

Thanks for watching! 🙌🏿🙌🏻

@401eastbound4 Ай бұрын

The platform is very easy to understand.compared to others

@stephandden Ай бұрын

We agree 🙌🏿🙌🏻

@THEPUNK-x5b 3 күн бұрын

how to use the limit, stop limit etc

@Millan-Charly Ай бұрын

So if I want to trade on the US stock market, Wealthsimple is no the best option, right?

@stephandden Ай бұрын

If you're going to be purchasing US-listed stocks or ETFs, and you'll be completing the Norbert's Gambit process yourself, then no, it's not the best option because you can't do Norbert's Gambit with Wealthsimple. If you'll be purchasing US-listed stocks or ETFs, but you won't be completing the Norbert's Gambit process, then Wealthsimple still might be the best option for you, because Wealthsimple and Questrade both charge the same currency conversion fee (1.5%).

@jeremyarrieta6869 Ай бұрын

honest and curious question here. since weathsimple is similar to a bank now, DO YOU STILL USE ANY CANADIAN BANKS? if you do, why?

@Kulu613 Ай бұрын

Great question

@stephandden Ай бұрын

We both use Simplii Financial for our chequing accounts, and then use EQ Bank and/or Wealthsimple Cash for our high interest savings accounts depending on the current interest rate available. We personally like having separation between our chequing account and saving accounts. There are also still some limitations to using Wealthsimple Cash as a chequing account (for example, you can't deposit cheques, or cash).

@jeremyarrieta6869 Ай бұрын

@@stephandden ohh wow. I didnt expect you guys will reply. I really appreciate that. i’m trying to organize our finances and it excites me to find your channel for canadians. 😇😇 i will do my reseach on the banks that you mention. Keep posting videos like this. Its very helpful for new comers.