Wealthsimple Trade App Pros and Cons (Honest Review) ❌

Published on August 16, 2021

Latest full length videos highly rated Market Indexes, Stock Market Quotes, Share Market, Online Penny Stock Broker, and Can You Buy Individual Stocks on Wealthsimple, Wealthsimple Trade App Pros and Cons (Honest Review) ❌.

Wealthsimple Trade is an investing app for Canadians which offers commission free trading in Canada. Wealthsimple trade app does have pros and cons and we will go over why you may NOT want to use it. Is Wealthsimple Trade a Scam? Wealthsimple is milking the whole commission free title here, when really the problem goes much further than just no commissions. With all the cons, you will end up paying more than commissions from your current broker.

The Pros:
Wealthsimple Trade is Canada’s first COMMISSION FREE broker. This means on any trade you make on the platform, they will not charge you a commission when you buy or when you sell. Next is that there’s No account minimum which is ideal for students. The last is whether you have $100 or $100,000 – my final pro is that your account is CIPF protected – up to $1,000,000.

Is this too good to be true? What’s the catch? Lets go over the CONS:

1) No real time quotes (15 min delay on everything). When trading, its crucial to have up to date charts, with no delays – because that could be the difference of exiting at a gain or loss.

2) All trades settle in CAD. If you plan to purchase US stocks – don’t even think of using this broker as the fees you will pay will add up and actually impact your gains. They do not allow you to store USD in the account, so when you purchase a US stock, it converts from CAD to USD, with a 1.5% fee. And when you sell, it has to convert back to CAD to you get charged another 1.5% fee. THIS ADDS UP – take my word for that one. So unless you plan to only trade stocks on the TSX, this is not a viable option. Questrade offers “Norbert Gambit” – check out my video on that to save these fees.

3) No pre market or after hours trading. This one is not as bad, but it’s still a drawback if you plan to be an active trader. Sometimes the best opportunities are found outside of regular market hours, but with WS Trade, you don’t have an option here.

4) You don’t have access to us purchasing Option Contract. Again, a big drawback here – as Options, although risky, can make you a lot of money – and traders love using options to get quick gains even on small price movement. Along with no options, you also can’t buy mutual funds (why would you anyway?), GICs or Bonds – this account is strictly for stocks and ETFs.

5) Even the stocks here have limitations. You can only trade stocks that are at least 50c/share, and have at least 50,000 daily avg. volume. This IMO is good, because it prevent penny stock trading in beginners where they will most likely lose their money. But the fact that a broker is controlling what stocks I can and cannot buy doesn’t sit well with me.

6) There’s no registered account support currently. This means you cant open a TFSA or RRSP to do these trades in. Most of us do our trades in one of these accounts, to save on taxes, but if you choose WS Trade, you need to open a cash account which you will get taxed on for capital gains.

7) No DRIP support – which is a big deal for dividend investors. So now that we’ve ruled out people who want to trade penny stocks, people who want to trade US stocks, people who want to trade options, and people who want to trade in a registered account – let’s also limit dividend investors! There’s no way to enroll your stocks in DRIP, so like they say, all dividends get paid out in cash and “From that point it’s your choice what you would like to do with the amounts!” – LOL.

Biggest CON: If you expected to sign up for Wealthsimple TRADE to TRADE – you may get flagged. They state that they highly discourage day trade, and that if you do day trade, your account can be flagged with inappropriate trading activity and then Wealthsimple reserves the right to block transactions and accounts at our discretion at this point”. So don’t think that you can sign up on Wealthsimple TRADE and do some TRADING on it because like they said, you could get your account blocked.

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Can You Buy Individual Stocks on Wealthsimple

Can You Buy Individual Stocks on Wealthsimple, Wealthsimple Trade App Pros and Cons (Honest Review) ❌.

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