Author Topic: Free stock trading at Wealthsimple  (Read 578 times)

Lews Therin

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Free stock trading at Wealthsimple
« on: August 17, 2018, 09:23:46 AM »
Anybody have any information on the fact that Wealthsimple is putting in place free trades for stocks?

http://www.cbc.ca/news/business/wealthsimple-fidelity-free-investing-1.4787710

Intrigue

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Re: Free stock trading at Wealthsimple
« Reply #1 on: August 27, 2018, 06:36:40 AM »
It's not available yet and they do not know when it will be available.

But yes, you will be able to trade without commission.
It's going to be the "robinhood" of canada.

When it will be live, you will only have non-registered accounts and they plan to have registered account later on.
Also, you won't be able to transfer funds to it, only cash. (this will change with time)

I've been following them closely since then.

meghan88

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Re: Free stock trading at Wealthsimple
« Reply #2 on: August 27, 2018, 06:00:20 PM »
I have a couple of small accounts with Wealthsimple, including a TFSA.  They are OK.

Sometimes they have issues when they implement a new offering.  Case in point:  they recently began to offer HISAs (high interest savings accounts).

So I opened a brand-new HISA with Wealthsimple, thinking it would make it easier/faster to transfer funds there first and then from my Wealthsimple HISA to my TFSA.  I should have inquired before bothering to open the HISA, because I was told by them after the fact that it would actually be faster to transfer $ from my big-six bank account into my TFSA than from the Wealthsimple HISA.

Maybe they've since ironed out the process, but ... that's counter-intuitive.

I sure hope that when the trading accounts open, it will be instantaneous and seamless to transfer from the HISA to the trading account.  Same as it is when I transfer funds from my big-six bank account to the big-six discount brokerage.

I'll be asking questions first, once they launch.