Wealthsimple Trade Review

1. Open Wealthsimple: Download the Wealthsimple app or visit the site on any browser.

2. Sign in or register: If you do not have an account yet, you will be prompted to register to create your account. To register, you will need to be a Canadian citizen, Canadian resident, or have a valid Canadian visa, have a Social Insurance Number, be of age in your province or territory, have a Canadian address, and proper identification.

3. How to register: To register, select the sign up button which will then ask you to provide your email address and select a password. You will then be prompted to select the Wealthsimple service you are signing up for; select the “Trade and Crypto” option to sign up for Wealthsimple Trade.

4. Link your bank account: To add your bank account, log into Wealthsimple and select “Move”; from there, choose “Manage Bank Accounts,” then “Add a bank account.” There are two ways to add your account: through the “Plaid” sign-in system, or manually. The Plaid system is a secure service that prompts you to log into your online banking and then links the account. The other option is to enter all of your baking info manually, which requires you to also upload an official bank document (a void cheque, for example) to confirm your identity.

5. Adding funds: Once your bank account is linked, you can add funds to your Wealthsimple Trade account. Open the app, select “Move” from the bottom of the screen, and choose “Add Funds.” Select “From,” and the account/s linked to your profile will be displayed. Select the proper account, and enter the amount you wish to deposit. Once you have reviewed all of the transaction details, click “Submit Deposit” to initiate the transaction and your funds will shortly be available in your account. You can also set up regular deposits from your bank account to ensure you have a steady flow of funds into your Wealthsimple Trade account. Deposits up to $1,500 are available instantly, while deposits over $1,500 take 3 business days to be added to your account (deposits over $50,000 take 5 business days).

6. Select your stocks: Now that your account is funded, you can begin selecting the stocks or ETFs to add to your portfolio. You can use the search bar in the app if you know which stocks you are looking for, or you can select the “Browse Stocks” button which provides an easy way to browse stocks by category, popularity, and more.

7. Check the stock details: Once you’ve found a stock or ETF you’re interested in, you can read its chart to determine the price, the exchange its traded on, the 52 week high and low, and much more. This information gives you a clear idea of the history of the particular stock, which you can use to help decide whether now is the time to buy (or sell).

8. Time to buy: If you’re ready to buy a stock or ETF, simply hit “Buy” to start the transaction. From there, you enter how many stocks you are buying. Once you have that entered, you will be asked to confirm the order; if all looks in order, hit “Confirm Order” and the stock will be added to your portfolio!

9. How to sell: Selling a stock on Wealthsimple Trade is as easy as the buying process. To sell a stock or ETF, head to the Dashboard on the app and select the stock you wish to sell. Select “Sell,” and choose how many stocks you are looking to trade. From there, review the information on-screen to ensure everything is accurate and select “confirm order.” You’ve just sold a stock!