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.

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