Is it perfect? Absolutely not! Is it any good though? Yes! Here is my simplistic overview of the Wealth Simple trading app that you might want to consider as a backup or if you are starting with limited funds. My review is by no means complete, but I will do a basic pro vs cons of some of the key points you might want to take into account before deciding if it is right for you. I figured a Simple app deserves a simple review from a simple person.
PRO: No fees! Woooooooooooooo!
CON: Stock restrictions limit this to the TSX and Venture for liquid stocks with a 52 week high of at least 50¢. Fees apply to American stonks. So this means you can’t flip that 2¢ turd co. on the CSE for you half-cent whoring penny flippers out there.
PRO: Simple to use, and was operational during periods where my other brokerage was down.
CON: No L2, delayed quotes, and their charts suck (area type only)
PRO: Allows market buys, limit buys, and stop-limit buys. RBC for example doesn’t offer stop-limit buys – so this gives it an edge here.
CONS: Only applicable for basic accounts such as TFSA, RRSP, and a regular account so not able to set up an account for the kids in the RESP. On top of that, options and warrant traders are SOL here too.
PRO: Allows for a watchlist to be set up and phone and email notifications are sent right away when orders are placed.
CONS: You cannot modify an order, instead you must cancel it and replace it. Fortunately, that is quick to do. Oh, and did I mention that this is a phone app only.
Here are some screenshots I pulled off the internet for a visual reference:
- For people looking to eliminate/reduce fees on certain stocks. It can be great if looking to scale in or out in smaller increments, such as buying a few of your favorite stonks with any dedicated funds each paycheque.
- For people just starting out or rebuilding their trading account and do not have of funds available, or for people looking to experiment with new trading or investing ideas.
- Ease FOMO by buying as little as just ONE share of the hot new ticker and set your mind at peace as you didn’t miss it, but you are not in as big as you may have been if you had to pay commissions from another brokerage.
- As a BACKUP! I hear from many users of many different brokerages such as RBC, TD, Scotia…etc…. that their accounts go down due to technical issues all the time. Having a backup in place just in case can come in handy. Think of it as insurance if you will. Perhaps the day your brokerage goes down is the same day a firesale happens on that stonk you’ve been eyeing.
If you decide this app is right for you or experimenting with to find out (no fees to startup or anything) then please use my referral code. We will both get $10 – win-win!
Disclaimer: I am not a certified comedian – please consult a comedian before having a laugh – same applies to any financial advice you might take away from my posts. If you can donate that would mean a lot to me and help to fuel me to keep going. Also, feel free to give me any feedback. Good, bad, or ugly. Thanks.