Wealthsimple Trade FULL REVIEW & TUTORIAL - The NEW Best Platform In Canada? (2022)

[@beaviswealth]

What do you think of Wealthsimple Trade with all of the new features? Leave a comment below! :) Also, if you decide to sign up you can get a $50 bonus when you deposit and trade $150 or more, OR get 2 free stocks when you sign up! $50 Cash Bonus - wealthsimple.sjv.io/zQ1d6 2 Free Stocks - wealthsimple.sjv.io/BX29X1 📈📚 As always, if you're a beginner to the Stock Market in Canada and you're looking for a step-by-step blueprint on how to get started... Find out more about our Investing Academy here - bit.ly/theinvestingacademy

[@ShawnMcShane]

I've been using Wealthsimple for about 4 months now. It's been a great way for me to get started and learn. I've found being "invested" is a much better way to learn. (rather than just watching vids.Very easy to use, and the online support is fantastic so far.

[@emmanuellaemene9669]

what does 2 free stocks mean ?

[@chadpenton2071]

@@emmanuellaemene9669 they give the cash equivalent of 2 stocks. So quite literally, and people have, you could receive 2 stocks with 1 being Amazon or Shopify and they would deposit the cash equivalent into your account. Of course the odds are slim but it has happened

[@kristenshaylor3021]

Can you create accounts in trust for children with this app?

[@hirockblinkmonstiez]

been using wealthsimple trade since it was an app only trading platform....its really great to see the evolution of the platform in a short matter of time. Hoping to see more updates like being able to hold both USD & CAD in your WS account.

[@khuo0219]

I asked them to add the "1 month" option to the price chart while transferring some funds from another account, and they implemented it a week later. I like that.

[@KimJilene]

Every time I watch a Brandon video, I just think "This boy was raised right" 😆 I am 38 years old and have never invested. This video sold it for me and I will be opening up a WealthSimple account TODAY. Time for the wealth building to begin!

[@sixra]

2 month update?

[@chrisreid7373]

Let's go!

[@mtndanville9300]

You are a bot 100% u are 1

[@mtndanville9300]

@@sixra Why u need a 2 month update???

[@alishahorwood231]

Just got the wealth simple visa debit that gives 1% cash back on all purchases, enjoying wealthsimple so far!

[@derekcox6531]

One thing I’d point out with respect to those WealthSimple users who want to avoid currency exchange and still hold foreign stocks,is the ETF route. One can buy various ETF products in Canadian dollars on the tsx,which hold some of the great international companies that people love to own. Again,it’s not a perfect solution ,but definitely a solid option! Also, I wouldn’t hold my breath waiting for the big 4 Canadian banks to give us free trading. After all,they have very little competition in Canada and pretty much do whatever they want and Canadians just pay for it. Now, if tomorrow, TD started offering free trading? We MIGHT see a move by the other banks,but it might be like watching a glacier move.

[@JohnSmith-zr4tn]

TD will not do it alone. All big banks of Canada have secret meetings for their VPs (literally - somewhere in hidden places - conspiracy), where they discuss what to offer clients and what - not. They don't want to compete & reduce prices (commissions, maintenance fees, trailer fees etc.) on the market.

[@MikoPellas]

absolutely agree with buying CAD ETFs of international stocks. I wanted to invest in SPY to have some stake in the S&P, but realized quite a bit of my money will be lost just because of the foreign exchange fees (especially on Wealthsimple). So I wondered "Is there a Canadian equivalent of SPY?" and that's how I found out about VFV. I also like QQC to track the NASDAQ100

[@davidjr1365]

Wealthsimple is actually amazing. Would love to have a US account integrated in the future 👍

[@lilsabin]

Not so sure , they need to make money 🙂

[@johnnyv5995]

Once again, very well detailed and 'sponsor free' opinion provided on the Pros/Cons - Thanks Brandon!

[@neildbarker]

Great review and I'm a new user of Wealthsimple. The no commission trading is great and I'm much more active investing with them than my TD account. I'm a new investor with a small portfolio and am not a fan of paying fees everytime I buy/sell in my TD TFSA. Thanks for sharing.

[@humblehooligan]

My thoughts on the comment on inability to hold US stocks: the easiest (and IMO the best) way to get into any foreign market is by buying Index fund ETF. This can be bought with 0 conversion fee and no complexity the a foreign currency would bring to the table since there are quite a number of index funds that track the global markets and most are available in Wealthsimple. I'm only adding this comment because your video is meant for viewers who are total beginners and may not know this. And the video gives an impression that there's no way for wealthsimple users to get exposed to US markets without being hit by the 1.5% conversion fee. Apart from that, this is a useful video and will certainly help people who want to try trading in Canada. Cheers

[@madeleinewinterdown3256]

it's actually a 3% conversion fee because they ding you both ways.

[@judgesmith2658]

Am no more a debtor , am now an investor,thank God for this platform

[@michaelcarroca9181]

Great info great video...I've never invested cause I don't know much about the market trade.I'll be signing up I'll let u all how it went God Bless...

[@brianmason5500]

Brandon thank you for the review. At 67 yrs I opened a TFSA trading account with WS earlier this summer to see what it is all about. I use it to deposit small sums and then buy a high dividend split share fund FFN. I plan to reinvest the monthly dividends and let it grow for 15 to 20 years. Most of my investing is with TD and it is not viable to make small trades on their platform. The biggest downside to WS is not having a USD account. Just think of the possibilities of no trade costs used in conjunction with Norbert's Gambit. What a wonderful world that would be.

[@colinmackenzie2650]

Hello sir how long do I keep the stocks I buy ?

[@williammg9135]

Hi Brandon, really appreciate your straight forward explanations. Very clear and easy to follow. Thank you.

[@PrickPaintsPot]

Absolutely a concise, straight forward analysis video on WS. Well done !

[@freedom888888]

I am researching on wealth simple mormally I just invest through my bank.

[@kriskafowlski4463]

Hi Brandon. Thanks for video. Do you know why you can’t trade Lira with Wealthsimple trade. I know you can with Questtrade and Qtrade

[@reptilianskin]

The ability to buy and hold USD should be standard. I like to see my US holdings in US dollars, I want my US dividends to be paid in US dollars and not converting, and if I want to sell a US position and buy another US position, I want it all to be in US funds.

[@dungnguyen-tg5uy]

if they add all of that, i off to wealthsimple asap.

[@madeleinewinterdown3256]

EXACTLY!

[@diab748]

Plus account with Weslthsimple releasing soon

[@mozmagic]

awesome video. I have a question regarding TFSA account if i Max out my account and receive dividends in that account is that a over-contribute to your TFSA? Or can i reinvest them right into new stocks / etf even tough I am now at a higher amount than what was my max ?

[@LarissaVeloso-Planttubber]

Thanks for such a complete analysis! It's great to get these videos targeted to the Canadian investors =)

[@gabadrouyel]

Hi Brandon! I am a fairly young investor and I got in CNR some months ago. After the recent boom, I am wondering what are the things I should consider when reevaluating my position in the company? Love the new intro style btw!

[@rudykatwaroo8260]

I got started back in Apr of this year. it's been an interesting journey. when do the management fees for those funds come out? Do they take it directly out of your TFSA? does that mean you need to keep some cash in there for those purposes?

[@saiborg3992]

Dude seriously, thanks!

[@madiab21]

What about "Plus" version for $10/month? What are you thoughts on that? Worth it?

[@capitalzgrowth2147]

Love wealthsimple for Canadian divi stocks!

[@jonisousa-guthrie3121]

You have just convinced me about Wealth Simple. Thank you. 👍

[@mozmagic]

awesome video! Quick question: with a dividend payment do they go right to your bank account? or how is it handled?

[@angelaclarke8624]

Hi there ..would you also recommend TD Investing as a reputable broker to use for trading stock options?

[@mdnasim-n7i6j]

very straight forward speaking thx

[@smokey8400]

I am with WealthSimple Invest and I have a spousal RRSP and LIRA so I would say it is coming to Trade soon.

[@kriskafowlski4463]

Unfortunately you can’t trade Lira with Wealthsimple Trade. Not sure why? I just had a phone meeting with them. The person I spoke to couldn’t answer why You can trade Lira with Questtrade and Qtrade

[@danoliver9852]

I also would like to see wealth simple incorporate an account that can hold usd so there is no continous converting from cad to usd and back again. I think that would be a game changer for wealth simple. I would imagine that there are alot of swing traders that would like this feature. Not sure about day traders but that may be a good thing for them as well if the buy and fill times are great.

[@jazzy6136]

Hey Brandon. How much is the investing academy for the beginners level? I’m interested in joining and starting my investing journey!

[@vangua306]

Thank you for the information. Could you do video on best on where parents can teach their kids to start learning about investments and buying stocks in Canada? I have been researching and I keep getting Stockpile. What do you think of Stockpile?

[@Figgy20000]

I only invest in Canadian dividend stocks so Wealthsimple was a no brainer above every other app. 0$ trading means my first months of dividends aren't immediately eaten by fees which removes the entire point in the first place and sell whenever I want to without restrictions. There is absolutely no reason as a Canadian I need to invest in the US market, we have tons of amazing high paying options that don't need to be effected by a conversion rate.

[@shubhamgurjar28698]

Does opening a tfsa with wealth simple runs a credit check?

[@PhuongBui-dc1hw]

Hi Brandon.Cuold you help me how to open the wealth simple please. Thank you so much.

[@noahr3216]

The conversion fee hits hard if you day trade. Not a big deal for a long term investor

[@samuelmancusa7059]

Is this app still available? I cannot find the trade app on the appstore

[@angelaclarke8624]

Hi Brandon... I have a question I hope you can assist me please. I'm looking into trading stock options can you tell me the best broker to use here in Canada because from the looks of it it doesn't appear that Wealth Simple offers this based on what I see on their website. Your assistance is greatly appreciated thank you.

[@19733665]

Hello guys, Iam a new in a wealthsimple trade. How much supposed to be to buy? for example in Apple.

[@MrFernandoBedoya]

Hello, Great video. One question. If the reinvesting option is not available, then how do you reinvest when you have earnings on a given share? Thanks.

[@Houda.Albounni]

You answered all my questions! Thank you so much 😊

[@abelscryptogang3871]

Wow, that's impressive!!! Let's go Cryptogang!😈

[@Hardikpatel-td5he]

It's safe to invest student gic in TFSA ? As it's not beneficial in bank account because bank don't give much interest. And when i can withdraw my money?

[@210901398]

how do we trade index options in canada. which broker allows us to do that?

[@khaledbenali5736]

How about NBC now with their 0 commission offer ?

[@thebethadjsalah2598]

Does the platform allow commodities trading?

[@yisroelnissanoff7994]

Can you tell me , with the Questrade, when you buy a US stock, they convert your Canadian currency into US but when you sell it , I understand you get to keep it in US currency , but when you withdraw your money, you would have the only option is to have it converted Into Canadian for fee before you can withdraw your funds ?

[@TamerAzizz]

You can withdraw funds from your Questrade account in USD or CAD. Conversion Fees apply if you only have one or the other. Does that answer your question?

[@yisroelnissanoff7994]

@@TamerAzizz Conversion fees applied if you only have one or the other what exactly do you mean by that? Thank you

[@chadpenton2071]

@@yisroelnissanoff7994 You can use Norbert's gambit to convert your funds from CAD to USD and vice versa. But, you can indeed choose to withdraw your money in either currency.

[@EspressoRob]

do I need to transfer my account with funds before I view stocks ? I made it into signing in two step verification and wanted to view stocks before adding to my account and it seems non functional the option that says "find a stock "

[@abrhaleyyemane3144]

Which brokerag is free commsion in canada?

[@chadpenton2071]

There are only two true 0 dollar commission brokerages right now and that's WS (Canadian only) and National Bank of Canada (both for CAN and US stocks and EFT's)

[@Pinsquare]

Hi Brandon, just want to ask if I open a TFSA account and put 100 to invest on wealthsimple. So , what if the market lost that 100, will the market cost more than 100 that I invest?

[@AbdullahJirjees]

Hi and thank you for the video, I want to ask is it safe to share the personal details with Wealthsimple?

[@j4jimmydsouza]

Very Good Explanation. 🙏

[@cesarthephysio]

Thanks for sharing this info. Very informative and practical.

[@jekken333]

I would love to know your thoughts/review on magnet forensics stock.

[@sapphiregarden5]

Hi there, how does simplewealth works? What to do with a gain or loss? What can you buy on it besides stock?

[@aashishpednekar7119]

What's the percentage we get of dividend stock ? Why does 6 percent has a value of x 0.006 and why not x 0.06. ?

[@AceVenturaXii]

August 2023 Any updates on this? I’ll be opening a TFSA for my 18yr old daughter and I’m considering WealthSimple. Any info to add to this video?

[@nuwang2381]

How are you gonna open a TFSA in her name? Also personally as a 19yr/old as long as you buy low volume and only cad stocks/ETFs it seems like the best TFSA brokerage

[@Mrgueffects]

Hey Brandon, talk about CDR's on Wealthsimple in a future video. Awesome video 👌

[@ab.4425]

Thanks for the update Brandon!!

[@gilles2448]

Thanks Brandon, but I like A Canadian base trader where will have access to an agent or an account rep. !

[@Omni-knight]

Which brokerage here in Canada is closely similar to Webull?

[@teresa4565]

Can I buy ENS Class A using wealthsimple?

[@bglee7035]

What do you think about national bank new $0 commission for Canada and USA stocks

[@okayman2057]

WOAH!!!! Are you saying I can actually transfer over my TFSA direct investing account without selling my shares?? This is the first time hearing about the In-Kind option. Ie Can I move an TD TFSA direct investing to WS or maybe CIBC?

[@chadpenton2071]

Any reputable brokerage gives the option of an 'in-kind' transfer option. You can for sure do exactly what you're saying. Unless of course there are any securities you have that are not offered by the other broker but I'm sure the odds are low on that front. Not sure why anyone would move from a bank to bank (other than NB right now) as you won't really gain any advantages but that's my opinion

[@shayfeshiphrah4058]

I think they now have the Disney stock hedged by a canadian company. Got one yesterday. Love this video by the way. In 2021 I watched the video where you first compared both questtrade and wealthsimple. I decided to wait till I gathered $1000 to invest in using questrade because at the time wealth simple did not offer tfsa accounts. Glad I waited 😃.

[@kingtsik]

Eh brandon.. i am a beginner, 40 at age, interested about investing. Worried about my retirement, i got 20k and unsure where to invest? Thinking of indexes.. any advice as which, index, broker or bank to invest? Your reply would be much appreciated. Thanks

[@TamerAzizz]

Dope overall summary on WST Brandon. Keep it up 🙌🔥

[@ilocke2007]

IMHO new investors can build a semi-decent growth and very-decent dividend portfolio with Wealthsimple on the Canadian markets. Things get more interesting and complex with USD. One thing to consider is, if you're thinking about your RSP, you can have a USD RSP account and you can get USD in an RSP from a USD cash account without converting it. There's a few steps, you can do this on TD. Potentially lucrative for long term RSP growth and dividend portfolios. Not sure if this topic has come up on your channel.

[@wrentube]

Curious why you don't mention that Wealthsimple Trade is perfect for index investing? One can buy and rebalance each index freely or just buy an asset allocation ETF no cost and minimal MER? Aka VEQT or the sub ETF's inside.

[@Nethermane]

Have you considered doing a video on CDRs? They're pretty new to the Canadian market and there isn't that much info about them that is easily digestible. I am really curious how they (the custodians) make their money and your and/or your father's opinion on them as an alternative to fractional trading which doesn't require conversion fees or executing Norbert's gambit.

[@donnacudoy1368]

Hello new to your channel..i want to start investing in wealtgsimple..

[@derrickc3693]

New to investing, currently have my kids RESP in mutual funds. And mutual fund RRSP. Any advice where to start? Thanks

[@chadpenton2071]

Just be careful with the MF's. I, too, fell for this but only after doing research and talking to them directly and asking questions do you see how much you're losing in management fees. AND, you're getting dinged twofold. They do everything to hide these fees in an actual dollar amount. I bet (depending on how long you've been investing in both) if you called and asked how much money you've given them to run both accounts, it would make your hair blow back regardless of how well the funds may have been for you thus far

[@elwynpeters499]

Great review!

[@khuo0219]

Brandon, please do a comprehensive review of Questrade vs. National Bank Direct Brokerage. I am intrigued by the National Bank offering and wonder if I should transfer my Questrade Accounts over (all over the minimum to avoid annual account fees).

[@zq9813]

Just moved==

[@tc5991]

Looks like National Market Q platform is similar TOS platform. Having Canadian and US accounts and options at $1.25 they will be contending with Wealth Simple by the looks of it.

[@dividean]

I usually do a norberts gambit on questrade to convert larger sums to usd. Have you looked into doing this on wealthsimple trade Brandon?

[@chadpenton2071]

Norbert's gambit doesn't exist with WS. You cannot hold USD on the platform and a huge reason why some people hold an account with both WS and QT

[@bobernst6693]

Can you easily transfer $ from your current RRSP account to a RRSP account with Wealthsimple Trade?

[@sabrinan.4180]

I laughed at the "idk who would buy mutual funds by CHOICE unless you're uneducated" so backhanded 😂

[@johnkobialko4765]

Great platform

[@luxmark]

Hopefully this forum is still active? Very informative video BUT there is one topic that is not talked about is record keeping, monthly statements, buy/sell conformations, receiving year end documents for income taxes, ability to link to CRA to simplify Income Tax filing.If anyone has comments or knowledge on this subject please respond.Also your experiences with money transfers and closing the account. Often it is very easy to transfer money to these accounts but taking money out is sometimes a tricky process, any view appreciated.

[@patassion]

Isn’t it better to have US dollar account we’re you deposit US dollars into. Then the buy and sell is all in USA dollars.

[@lekang8179]

IBKR is best in Canada right now. No broker is even close.

[@jgra]

Is that a Rhude tee?

[@macioluko9484]

@3:10 Yes. The reason being: 99% of wealth managers suck! @5:23 Uuuuuuuh… if they want to retain their clients… Yeah! @11:22 Bless your patient heart.

[@alyvia97]

How much wealth simple trade charge when you sell the stock?

[@Rubbinz24]

1.5%

[@luxmark]

@@Rubbinz24 Are you talking US or Can. stocks or both?

[@diab748]

They're announcing a plus account for 10$/month. That's gonna change everything

[@gidifihrer3966]

Conversion fees are not an issue if you use CDRs

[@jvalue7204]

Great stuff!

[@AndyinMTL]

Awesome video B. Say Hi to your dad for me I hope he's doing well!!!!

[@brybry111]

no auto deposit is annoying on WS too.

[@chadpenton2071]

You can indeed setup auto deposits

[@brybry111]

@@chadpenton2071 I stand corrected. Its a a new feature they added.

[@mariazapata1534]

Thats awesome I really like like you keep it honest aweosme keep it up .:)

[@tigray4858]

Why Is mutual fund investment not good? I am so much interested please need clearty why?

[@chadpenton2071]

Because of the fees involved. The MER (management expense ratio) are high because mutual funds are usually considered 'actively managed' meaning you have someone or a team constantly adding/removing stocks every day to try and beat the market and get the best return for everyone involved. Paying these fees for 10-30 years eats into your total return. Mutual funds are losing their footing because people are now investing in much cheaper ETF's

[@tigray4858]

@@chadpenton2071 thank you

[@beaviswealth]

Hi @Tigray. I wouldn't say that mutual funds are 'not good'. They do serve a purpose for a segment of investors. Mostly, smaller amounts of money, and with the desire to totally delegate the management to someone else, a fund manager. In this case, an investor may benefit from using mutual funds, even with their higher (relative) fees. As Chad suggests in his reply, though, in most cases at some point you will look at options other than mutual funds. Once your account grows larger, you become more experienced, etc., it often makes sense to change to ETFs, or even individual securities. Hope this helps. - Marc

[@cree8vision]

I see Wealthsimple doesn't have real time quotes which doesn't work for me. I also can't see that they don't offer options trading.

[@alaadekhili9229]

I moved a big chunck of stocks out of wealthsimple recently and i got an email saying USD accounts are coming very soon!!!

[@jordan_.zx10r]

What’s a usd account ?

[@lynxacresb5331]

I actually like that it doesn’t have options trading. Also, I’m not sure why you would want to invest in mutual funds…

[@applecrumbleee]

Can you do a video on options trading?

[@SherlockMahomes99]

Also its instant deposits upto 5k now 😎

[@nepaldee]

Hi Brandon, I have recently sign up Wealth simple and deposited money and invested as well. How can I get $50 bonus?

[@abenaoteng2912]

Hey can someone explain why mutual funds are bad?

[@Creamy_Goodness]

The fund managers charge too much money. You're better off with passive index ETFs with low management fees. Like XQQ or VFV

[@shivamchadha207]

Waiting for options play soon on Wealthsimple

[@Prabh892]

Wealthsimple don’t have options and some stocks tickers not available and no day trading platform 😬

[@Prabh892]

Can you do options yet