Wealthsimple Commerce Assessment 2025 – Execs, Cons & Promo

What’s Wealthsimple Self-Directed Investing (Previously Wealthsimple Commerce)?

Wealthsimple self-directed investing is a web-based brokerage that permits you to purchase particular person shares and different property. It’s a part of the Wealthsimple ecosystem – a monetary firm (primarily owned by the huge Quebec-based conglomerate Energy Corp) that has 2.6 million clients and oversees $50 billion+ in property. Wealthsimple itself kicked off in 2014, whereas the self-directed platform formally made its debut in 2019.

In contrast to Wealthsimple Managed Investing (previously referred to as Wealthsimple Make investments) and different Canadian robo advisors, Wealthsimple Commerce is absolutely hands-on. Meaning you’re the one doing the analysis, selecting which shares or ETFs to purchase, and deciding when to promote. Positive, that may imply that you simply save a bit on charges by doing your personal homework – however it additionally ramps up the chance issue.

In case you’re questioning how robo-advisors differ from self-directed brokerages, you would possibly need to take a look at our Wealthsimple vs Qtrade article, in addition to our Wealthsimple vs Questrade information.

On this Wealthsimple Commerce assessment, we’ll stroll you thru all of the ins and outs of the platform, lay out what’s nice and what’s missing, after which examine it to Qtrade – my private favourite amongst Canada’s finest on-line brokers. Lastly, we’ll let who this platform is smart for, and whether or not it’s value your time and your cash. (*Spoiler: most likely not – until dabbling in crypto.)

Is Wealthsimple Commerce Secure?

Wealthsimple is, certainly, legit. Wealthsimple Commerce is regulated by IIROC (Funding Trade Regulatory Group of Canada) and has business backing to the tune of $380 million from a few of the world’s largest banks. Their majority proprietor is Energy Company of Canada, which has been round for greater than 100 years.

Not solely is Wealthsimple legit, it’s protected. Their custodial dealer, Canadian ShareOwner (the corporate that holds your funds) is Canadian Investor Safety Fund (CIPF) protected as much as $1 million per account. They use 2-factor authentication for his or her apps and browser interface and have bank-level safety together with a 128-bit SSL certificates and the backup packages and firewalls which might be commonplace within the monetary business.

Wealthsimple Commerce Assessment: Buying and selling Charges & Fees

Wealthsimple Commerce was the primary on-line brokerage in Canada to cost no commissions in any respect. It has since been joined by Nationwide Financial institution Low cost Brokerage. Most different on-line brokerages cost between $4.95 and $9.95 per commerce.

Wealthsimple Commerce offers you free entry to 1000’s of shares and ETFs on North America’s largest inventory exchanges, in addition to 20+ sorts of cryptocurrency in the event you add on Wealthsimple Crypto.

Now, any sincere Wealthsimple Commerce assessment has to notice close to the highest that despite the fact that you aren’t paying upfront in your commerce, you’re paying via the promoting of your market commerce data to meta-buyers. These patrons pay Wealthsimple in your buying and selling data in order that they will then front-run trades utilizing algorithms.

Mainly, the phrase: In case you aren’t paying for the product, you ARE the product – has by no means been extra true.

Wealthsimple additionally makes substantial cash on the forex conversion charges from while you buy US shares, in addition to the money balances sitting in your account. 

You haven’t any required minimal stability to start investing, and you should purchase fractional shares as little as $1. That is useful in the event you’re beginning out and don’t have so much to speculate. 

Observe: not all shares can be found for fractional share buy.

Account And Transaction Charges

Wealthsimple Commerce actually means it after they say no charges for buying and selling. 

They do cost a 1.5% base conversion price when making US trades, so maintain that in thoughts in the event you’re enthusiastic about cross-border funding. In case you plan to strive methods like Norbert’s Gambit, this isn’t the platform for you. 

Additionally they cost a hefty 1.5-2% price for cryptocurrency transactions.

There’s a $20 price for paper statements (save a tree, everybody). There’s additionally an elective premium service, which we’ll get into shortly.

Wealthsimple has been criticized up to now for shifting clients away from their earlier laser give attention to low-fee investing to its way more worthwhile cryptocurrency buying and selling arm, in addition to its buying and selling platform.

Out there Investments With Wealthsimple Commerce

Wealthsimple Commerce offers you entry to 1000’s of US and Canadian shares and ETFs which might be listed on the next exchanges:

• Toronto Inventory Trade (TSX)
• TSX Enterprise Trade (TSXV)
• New York Inventory Trade (NYSE)
• NASDAQ
• NEO
• Canadian Securities Trade (CSE)
• BATS Trade

Wealthsimple Commerce does not help investments aside from shares or ETFs. Because of this the following property should not out there for buying and selling on this platform:

• Mutual Funds
• Most well-liked Shares
• Choices
• Securities that commerce over-the-counter (OTC)
• Forwards & Futures
• Rights and Warrants
• Bonds
• Funding Financial savings Accounts & Cash Markets
• Non-North American ETFs and shares

Wealthsimple Commerce Assessment: Account Choices

For a very long time Wealthsimple self directed investing solely had fundamental non-registered accounts, RRSPs, and TFSAs. Nonetheless, they’ve not too long ago fleshed out a extra full vary of choices together with:

• Particular person brokerage account
• Enterprise brokerage account
• Tax-free financial savings account (TFSA)
• Registered retirement financial savings plan (RRSP)
• Spousal RRSP
• Registered schooling financial savings plan (RESP)
• Locked-in retirement account (LIRA)
• First Residence Financial savings Account (FHSA)

General, whereas they don’t have fairly as many choices as another brokerages, they will cowl the overwhelming majority of what the common Canadian investor would want.

Wealthsimple Commerce Premium Program: Actual-time Inventory Costs

Two different downsides of Wealthsimple Commerce are the 3-4 day maintain on deposits over $1500 and the truth that the inventory costs and market knowledge on the platform are quarter-hour outdated. If both (or each!) of these issues hassle you, you could possibly contemplate registering for Wealthsimple Commerce Premium.

For $3/mo (plus tax) you possibly can entry Snap Quotes (actual time inventory costs and as much as the minute market knowledge out there between 9:30 am and 4:00 pm Japanese time). You additionally quadruple your most immediate deposit, permitting you to immediately add as much as $5000 each 3-4 enterprise days.

On the one hand, we’re pleased they provide these choices for an affordable value… however then again, in the event you’re critical sufficient about buying and selling that you simply want as much as the minute inventory costs, there are different platforms that offer you extra knowledge and analytics, plus extra asset and account choices, as a part of their fundamental package deal. 

You possibly can be taught extra about what different buying and selling apps have to supply in our assortment of The Finest Inventory Buying and selling Apps in Canada. 

How To Signal Up For Wealthsimple Commerce

To open a Wealthsimple account, you have to be a Canadian resident on the authorized age of majority in your province (18 or 19, relying on the place you reside).

Signing up is straightforward. First, obtain the app. Then enter your private data and banking information. Wealthsimple will ask in your:

• Full Identify
• Electronic mail
• Social Insurance coverage Quantity (SIN)
• Date of Delivery
• Tackle
• Telephone Quantity
• Employment data

When you’ve linked a checking account, you possibly can transfer cash into your account (you need to be capable to deposit as much as $1500 immediately, however bigger transactions can take about 3 days) after which start investing.

You probably have a Wealthsimple Make investments account you should use your current credentials to open an account, however your accounts shall be separate. You possibly can have separate TFSAs, RRSPs, and private accounts with each Wealthsimple Commerce and Wealthsimple Make investments.

Wealthsimple Commerce Welcome Bonus and Extra

Wealtsimple self-directed investing’s newest welcome bonus is $50, plus some free trades.

As well as, You probably have an account with one other brokerage, and switch your account to Wealthsimple, they are going to reimburse the $150 switch price.

Frankly, that massively pales compared to the unimaginable deal that Qtrade has going. Try my Qtrade promo code article for extra particulars. However lengthy story quick, you may get $400 immediately with a $5,000 deposit (plus free trades, plus free account switch). In case you’re shifting over a much bigger account, you possibly can stand up to $2,150 money again!

Wealthsimple’s buying and selling platform just isn’t our favorite (to say the least).

It’s streamlined to the purpose of oversimplification. Additionally, the browser model is comparatively new and liable to be buggy.

The Wealthsimple web site has some video assets like an investing grasp class that “will flip you right into a monetary genius in lower than 45 minutes.” [Spoiler alert: it doesn’t]

Wealthsimple Commerce Cell App

Wealthsimple Commerce was Canada’s first free buying and selling app.

They satisfaction themselves on a clear design and intuitive person interface… which is why we have been shocked once we tried it and located it clunky and complicated.

Whereas it does present fundamental efficiency data for property, the Wealthsimple interface doesn’t offer you the evaluation instruments or in-depth data that many traders search for. You additionally don’t have a approach to robotically purchase or promote investments. And until you’re giving Wealthsimple $3/month for the premium service, your inventory quotes are all the time quarter-hour old-fashioned. It’s undoubtedly tailor-made for the brand new or informal investor.

One other draw back for Wealthsimple Make investments clients who need to strive their hand at energetic investing: your Wealthsimple Make investments and Wealthsimple Commerce accounts aren’t linked. You possibly can switch funds between them, however solely as money.

Wealthsimple Commerce Assessment: Buyer Service

Wealthsimple Commerce is designed for traders who need to do it themselves – and so they took that to coronary heart with their customer support! 

They’ve a Commerce Assist Centre (principally an FAQ) plus an electronic mail handle in case you possibly can’t discover the reply to a query your self. They’ve not too long ago added a digital assistant service and precedence customer support help for Premium and Era purchasers. Compared to one of the best on-line brokerages, it’s nonetheless extraordinarily restricted.

The MDJ editorial workforce was unanimous in saying that we had acquired extra complaints in regards to the Wealthsimple Commerce platform in 2021 than every other broker-related concern from any of the platform choices. Presently it has a 2.1 star customer support score on TrustPilot.

Wealthsimple Commerce or Wealthsimple Make investments?

Wealthsimple presents two methods to speculate. On this part of our Wealthsimple Commerce Assessment, we’ll have a look at the professionals and cons of every.

Wealthsimple Commerce

By Wealthsimple Commerce, traders will tackle a extra hands-on method. They’ll commerce their very own shares and ETFs, and can want to ensure to rebalance it often. 

Once you use Wealthsimple Commerce, you’ll have entry to:

• Fee-free buying and selling
• North American Inventory Exchanges (however might want to pay a 1.5% forex trade price to be able to commerce US shares)
• Crypto buying and selling
• Canadian financial savings accounts reminiscent of TFSA and RRSP

What you won’t be able to do with a Wealthsimple Commerce account is buy Mutual Funds, or bounce onto an IPO buy.

Whereas Wealthsimple Commerce started as an app solely platform, it’s now accessible out of your PC, Mac or laptop computer. The interface is much like the app by way of simplicity and ease of use. 

So far as the app goes, there have been identified to be lags in getting up-to-the-minute quotes in addition to accessing your funds while you need to withdraw.

Wealthsimple

Wealthsimple, additionally referred to as Wealthsimple Make investments, is a robo advisor service that gives a various vary of portfolio selections for purchasers to select from, making it simple to begin investing.

Once you use Wealthsimple you’ll have entry to:

• Along with extra conventional ETFs, you’ll be capable to select from a collection of 6 ETFs, every providing a vetted group of corporations that mirror purchasers’ specific values. For instance, it presents a halal investing portfolio, and socially accountable portfolio.
• Automated rebalancing shall be achieved robotically, in order wanted, purchases of shares and bonds wanted for a properly–balanced portfolio shall be made with out you needing to fret about it.
• 3 ranges of accounts with various companies and charges: Fundamental, Black and Era

Whereas Wealthsimple does supply a variety of distinctive choices, it comes at a price with a administration price of 0.4-0.5% relying on account stability. That is larger than most different robo advisor companies. As well as, the platform doesn’t supply a few of the instruments and assets many different platforms do.

Wealthsimple Commerce vs Qtrade

Our Wealthsimple Commerce assessment wouldn’t be full with out placing it head-to-head with Qtrade, our most advisable low cost dealer. You could find the essential particulars and a few normal feedback right here, however remember to take a look at our Qtrade vs Wealthsimple article as properly.

Canadian ETFs	Free to purchase and promote	Free to purchase and promote
Person Expertise	Wonderful – persistently ranked #1 in Canada. Constructed for Canadian customers solely.	Common. Customer support will be tough to succeed in, and there have been complaints about order processing occasions.
Account Choices	RRSP, RESP, TFSA, LIRA, RRIF, LIF,LIRA, FHSA, USD accounts. Joint, company, and belief choices.	Private / enterprise, TFSA, RRSP, RESP, LIRA, FHSA
Security	CIPF Member, IIROC regulated	CIPF Member, IIROC regulated
Mutual Fund Purchases	Out there, Freed from cost	Not Out there
Funding choices	Shares, ETFs, mutual funds, bonds, new points (IPOs and secondary/treasury choices), GICs, choices.	Shares and ETFs, crypto.
promotion	Prompt Signal Up Bonus: $150-$2,150	$50 Money Bonus
Signal Up	Go to Qtrade	Go to Wealthsimple Commerce

Now we have a full Qtrade assessment along with our comparability article, so you possibly can dig deeper in order for you all the small print…however right here’s the gist: If you wish to do greater than scratch the floor of DIY investing, Qtrade is the clear selection. The one benefit we see in Wealthsimple Commerce is that it’s free…and that’s simply not adequate.

Wealthsimple Commerce Assessment FAQ

Ought to You Use Wealthsimple Commerce?

With regards to choosing the proper brokerage, price is often one of many first issues that involves thoughts. Positive, there are perks to paying subsequent to nothing for your entire buying and selling wants, however all the time ask your self, “What are the hidden prices?”

Within the case of Wealthsimple Commerce, the associated fee may not be financial, however you’re paying for it together with your private data. This may not sit properly with some. As well as, as a result of it’s a fundamental app with simplistic performance and intensely restricted customer support, you may not be capable to get help when you actually need it.

For a greater high quality service, you’ll pay just a little further, however for some it will likely be properly value the associated fee. In case you are in search of extra out of your brokerage than Wealthsimple Commerce has to supply, take a look at our record of Finest On-line Brokers in Canada. You’ll see that Qtrade tops our record. To search out out why, head over to our full Qtrade assessment.