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Wealthsimple TRADE Review & App Demo | Amazing Adviser

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.  

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.
Image Credit - Google Images | Wall Street Survivor Blog


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. 

 

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Now very important to note here.  The data is delayed by 15 min.  I'm 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.  


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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.


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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 reading and I will see you next  time. 

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