Wealthsimple TRADE Review & App Demo | FREE Stock Trading in Canada

Wealthsimple TRADE Review & App Demo | FREE Stock Trading in Canada


Today I will provide a in app walk through
of Wealthsimple Trade. This is an app that allows you to trade stocks
for FREE. Basically the equivalent of Robinhood for
Canadians. I’ll be
Reviewing the app’s interface features and as well placing my first trade right there
on screen. So let’s get right into it. And here we are. We are looking at Wealthsimple Trade app. I had received early to this app a couple
of weeks ago but it took forever for them to deposit my money. But I finally have my funds available today. This is the home screen when you open the
app. You see your account balance, you can see
I have deposited $1,000 CAD to test this app. Down here you can see my wealthsimple trade
portfolio. It’s currently empty, but I’ll buy placing
some trades later in this video, so stay till the end if you want to see my trade. Available funds, again $1000. Down here is my watchlist. I have gone ahead and added the stocks I look
at everyday here. And let’s go ahead to add some stocks to
our watchlist. Let’s add apple. $AAPL. You get a brief mountain chart of several
time frames. You can see the stock’s performance in dollar
amount as well as the percentage growth. Intraday, one week, 1m. 5M, 1 year, 5 yr. Down here you have some stock summary stats. You see the intraday open, high, low, market
cap, 52W highs and lows etc, and the company info. Now very important to note here. The data is delayed by 15 min. Im think this is because its a beta version. Because how are traders supposed to buy and
sell with delayed quotes? So hopefully this gets fixed soon. And another thing, the chart. Wealthsimple Trade uses these mountain/ area
charts. And I know Robinhood uses line chart. To me as a trader, these two kinds of charts
are very counter intuitive. It only tells me a basic trend up or down
and not a lot of information other than that. It’s not like the candlestick chart where
by reading it i can see the open and close, patterns, where the buyers and sellers are
etc. I mean, it makes sense, this is a free commission
trading app after all, hosting all those candlestick charts, level two quotes etc would cost them
a fortune. So I still think free apps like these, Wealthsimple
trade for Canadians, Robinhood for American traders, are still great ideal for longer
term swing trading, and very casual day trading. If you want to be a serious day trader. You gotta go to some other day trading brokers
I mentioned in my other video that breaks down the brokers for day trading in both US
and Canada. But anyways let’s continue here. Let’s look up some stocks. They have the basic watchlists here, most
active, top gainers, top losers. And here we can search for our own stocks. I noticed they have most the major stocks
and etfs. Like SPY, SQQQ, but they do have JNUG, they’re
missing LABU, which is outrageous. They do have XLF, XLE. But they don’t have a lot of the small caps
or penny stocks on the NASDAQ. Let’s see, the small caps i traded recently
$LMFA, $SAEX,$MBOT interestingly they have $KTOV, and $DRYS. No $LFIN though that’s a shame. Hopefully Wealthsimple gets better in the
official launch and have more options for us degenerate small cap traders. Now the exciting part. Let’s go ahead and place my first order
in Wealthsimple Trade. So I want to buy some $AAPL stock today. Click buy, and here it shows the current price. You can see my $1000 CAD is worth a whopping
$749 USD. That’s some wacky rate right here. I can do my forex on other brokers with a
much better rate. Anyways, there is the option up here for the
type of order you want to place. You have the option of placing a market order,
or a limit order. Market order means you just want to be filled
instantly regardless of what the bid or the ask price is. Limit order means you’d only want to buy
if the price of $AAPL comes to let’s $170.50. And if the current price is $170.60. Your order will be pending until the price
dips. Depending on the stock liquidity, limit order
comes in handy, especially with small caps. But with the current beta testing of this
app, the data quote is delayed. So there’s really no point of buying limit
since you don’t have the LIVE quotes. For the sake of this demo I will purchase
2 shares of $AAPL with market order. And here it says my estimate cost is, my available
funds. I want 2 shares. And continue. Here we go. That was my first trade order on Wealthsimple
trade. You can see that I have 2 shares of $AAPL
in my portfolio. Now I just hold these two shares and wait
for Apple to go to $1 Million per share like bitcoin. And I’ll be as rich as those crypto millionaires
out there. Overall I think Wealthsimple Trade app is
extremely easy to use for beginner or novice traders. At the moment they do not have TFSA account,
just like Robinhood don’t offer IRA accounts. Hopefully wealthsimple will roll out more
account options later, and host LIVE quotes so important for us day traders. Right now i think It’s great for casual
day trading and swing trading, because it’s commission free. If you want to utilize your TFSA or RRSP and
start investing smarter and hassle free. They have an investing service separate from
Wealthsimple Trade. It’s called Wealthsimple robo investing,
is a great option to put your investing on autopilot and have the robo advisors manage
your investments for you. Their fees are only 0.4 to 0.5% per year,
which is extremely low compared to the banks. Wealthsimple builds a customized portfolio
for you according to your risk tolerance and your investing goals. You can get your first $10,000 managed for
FREE by signing up with my link in the description down below. There’s also a link to sign up to get in
line for Wealthsimple Trade early access. If you found this video useful dont forget
to smash that like button. And as always, comment down below if you have
any questions regarding the market, Wealthsimple , or trading brokers in general. This is the humbled trader. Thanks for watching and I will see you next
time.

22 Comments

  1. Percy Annabeth says:

    Thank you! I think I’m 30th in line as of now… I’m excited to download the app.

  2. Humbled Trader says:

    Have you gotten access to Wealthsimple Trade yet? If you did, let me know! Are there some features you enjoyed but was not included in my video? Let me know your thoughts. Is this beta version a yay or a nay? 🙋

  3. Car Addict says:

    i had acces for a while and its pretty good one thing is do not buy american stock on this app cause its 1.5% fee on exchange …pretty expensive .great video !

  4. Star87 says:

    So far I like it, although many improvements need to be done. It’s important to mention that’s just a beta and for sure it will be getting better.

  5. Slickpete83 says:

    so there is no commision for buying/selling Canadian stocks that trade on tsx when using CAD$ in your account right ?

    i know for US stocks they charge a 1.5% fee to convert CAD to USD

  6. Wilmer Angulo says:

    Hi, the app
    have access to buy early market?

  7. Rj Yuggy says:

    Can I short using this platform?

  8. StudentsOfMoney says:

    Amazing video!!! Keep up the good work!!! Just subscribed!!!

  9. Mark Zamora says:

    if you buy and hold a stock is there a fee?

  10. Humbled Trader says:

    🔥 UPDATE :  The app is now officially available to ALL in the app store! Download yours now and start trading for FREE   ❤️

  11. WyattEntertainment says:

    thank you, you deserve my referal enjoy

  12. Olivier Cabot says:

    Hi I wanted to know how did you linked tour account to this platform? It seems to have issues with that.

  13. Abu Yiesir says:

    is there any daily trade limit? can i buy and sell unlimited in the same day? thanks

  14. Family Learning Fun says:

    The only thing this app has going is free commissions and even that is questionable. It takes too long to buy/sell shares, I put in an order to sell at market price, i got an email 2mins later stating it's in progress, then 2mins later another email saying it's pending, then finally an email stating I sold my shares.

    Now, when I processed the order, I was up 66.20, once it got sold I recieved 52.xx. What happened? I called them, they said 15min lag, price dropped!!!

    Just as the above person mentioned, quotes are 15min delayed and now I know why. I also use Questrade (shows stock price in real time) and I noticed this constant lag in quotes! Ex. Stock NBEV: Questrade shows 5.12$, Wealth shows 5.30$ both viewed at the same moment! If I am to use Wealth Simple Trade and buy at market price, Wealth will then buy at 5.13 (which is the real listed price) then sell to me at 5.30$ making the difference immediately!!! This is why they have a 15min delay! For the super computer to calculate and re-route your oder…

    No options, charts, studies, editable buy/sell, by far complete…

  15. chocolate bar says:

    So basically, if you buy and hold CAD inside the app for long-term, that would be absolute $0 right? What if I have another 1k extra and I put inside the Wealthsimple app, they wouldn't charge me anything right? Thanks so much for the video btw 🙂

  16. Msmoney magnet says:

    So with wealth simple you can only trade stocks but not currency?

  17. Msmoney magnet says:

    Do you have to start with $1000?

  18. raphael deschenes says:

    they do not have Disney (DIS) 🙁

  19. Olanrewaju Folarin says:

    Hello, do I have to deposit a huge amount to be able to buy stocks? I transferred $10 to RRSP account I created with WealthSimple to see if I get the interface but nothing. Should I open a Smart Savings account with WS and transfer money to be able to buy stocks?

  20. Xenno Beats says:

    acb is my favourite stock to trade

  21. limuel cartago says:

    Hi, I have a question about ETFs. What affects their prices? I know that they follow a certain future and Index. Does it mean that their price doesn't rely on volume? Do they also follow a certain price structure or action? Trying to learn as much as I can. Thanks and more power to you!

  22. CamAndJayToday says:

    Really like how clear and easy you made this! I'm just starting and I litterally know nothing! Going to watch all your videos now, lol thanks!

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