Wealthsimple Trade Premium Review: Real-Time Data and Instant Deposits

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by Enoch Omololu

Updated

Advertiser Disclosure

Wealthsimple Trade is quite popular as Canada’s only stock trading platform to offer non-commissioned trades for both stocks and ETFs.

While other independent brokerage platforms like Questrade and Qtrade allow you to purchase some or all ETFs free, you pay trading commissions when you sell (or buy/sell stocks).

That said, the free Wealthsimple Trade account has some limitations which the recent premium subscription offer aims to resolve.

Wealthsimple Trade Premium

The recently introduced premium subscription for Wealthsimple Trade offers access to:

  • Real-time market data
  • $1,000 instant deposit limit

The market data that comes with the standard free Wealthsimple Trade account is delayed by 15 minutes.

What this means is that the price quotes you are looking at are at least 15 minutes old and are not suitable if you are making short-term decisions (certainly not for day trading).

With an upgrade to Premium, you can view real-time quotes by refreshing the price feed at any time.

This on-demand market data is also known as “snap” quotes and is one step-down from “streaming” market data.

With a standard Wealthsimple Trade account, you can deposit funds using Electronic Funds Transfer.

Deposits of $250 or less are available instantly and this limit resets every 3 business days. If you fund with more than $250, your funds are deposited within 3 business days.

A premium subscription increases your instant deposits to $1,000 every 3 business days.

GET WEALTHSIMPLE TRADE + $25 BONUS

Wealthsimple Trade Premium Subscription Fee

You can get the premium features for $3 per month (plus tax).

Users continue to pay zero-commissions when trading thousands of stocks and ETFs. There are also no fees to deposit or withdraw money.

When you trade a U.S. security, a foreign exchange fee applies to the CAD-USD conversion. This FX fee is equivalent to 1.5%.

You can cancel your premium subscription at any time.

Wealthsimple Trade Alternatives

If you would like to trade more than just stocks and ETFs, and want to save on fees, the following brokerage platforms are worth checking out:

Questrade

Questrade allows investors to buy and sell stocks, ETFs, options, foreign exchange, mutual funds, bonds, GICs, precious metals, CFDs, and new issues.

ETF purchases are free; $4.95 to $9.95 per trade when you sell ETFs (and when you buy and sell stocks).

You can invest using a variety of registered and non-registered accounts, and snap quotes are free.

Learn more in this Questrade review or get $50 in free trades.

CIBC Investor’s Edge

CIBC Investor’s Edge has one of the most competitive fees for a brokerage platform owned by a Canadian big bank.

It can be used to trade stocks, bonds, ETFs, mutual funds, options, and precious metal certificates.

While CIBC Investor’s Edge does not waive trading commissions when you purchase ETFs, its fees are competitive and range between $4.95-$6.95 per trade.

Apply online or read my detailed CIBC Investor’s Edge Review.

Conclusion

Wealthsimple Trade makes it easier for newbies to begin investing.

With your free account, you can buy and sell stocks and ETFs without paying commissions.

Also, the minimum account investment is $1, which means you don’t need a lot of money to get started.

This platform is backed by a legit company and you can rest easy that your portfolio (up to $1 million) is protected against insolvency by the CIPF.

Related Reading:

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. His writing has been featured or quoted in the Toronto Star, The Globe and Mail, MSN Money, Financial Post, Winnipeg Free Press, CPA Canada, Credit Canada, Wealthsimple, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

1 thought on “Wealthsimple Trade Premium Review: Real-Time Data and Instant Deposits”

  1. Hi Enoch,
    Thanks for your great articles. Just a note of caution with WealthSimple Trade to anyone considering, you need to read every single detail possible. I transferred my BMO InvestorLine account to WealthSimple Trade which was very easily done on-line. Later found out that it can only be done on a smartphone not a desk top. Long story short they sold all my securities and invested me with WealthSimple Invest with ETF’s, not Trade account. It was a nightmare dealing with WealthSimple and they did not offer any assistance or help.

    Reply
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