Wealthsimple Trade Guide – How to Buy and Sell Stocks and Crypto in Canada

Open Wealthsimple Trade and fund your account directly from your Canadian bank. The process is instant with electronic fund transfer (EFT), so you can start trading without the typical multi-day wait. For your first move, consider a low-risk exchange-traded fund (ETF) like VFV to track the S&P 500, a solid foundation for any new portfolio.

Placing a trade is straightforward. Navigate to the search bar, type the company name or stock ticker (e.g., SHOP for Shopify), and tap ‘Buy’. You can choose between a market order for immediate execution at the current price or a limit order to name your desired price. For most beginners, market orders during standard trading hours (9:30 AM – 4:00 PM ET) provide a predictable entry point.

Wealthsimple Trade offers commission-free CAD stock trading, meaning you pay $0 to buy and sell Canadian equities. This model saves you considerably compared to traditional brokerages. Remember that a 1.5% foreign exchange fee applies to all US stock transactions; one common strategy to minimize this is using Norbert’s Gambit for larger conversions.

The platform also integrates crypto trading for Bitcoin and Ethereum, treating these assets like stocks on your main dashboard. Every buy or sell order is subject to a spread, typically between 1-2%, which is how Wealthsimple generates revenue from these trades. Your crypto assets are held in custody with Gemini Trust Company, a regulated entity.

Wealthsimple Trade Guide: Buy & Sell Stocks and Crypto in Canada

Download the Wealthsimple Trade app from the iOS App Store or Google Play Store. Open your account by providing your personal details, Social Insurance Number (SIN), and answering a few questions about your investment knowledge and goals. The entire setup typically takes under ten minutes.

Fund your account directly from your Canadian bank account. Link your bank through a secure, instant verification process or use a manual bank transfer. Deposits are usually available for trading within one to three business days, depending on the method you select.

Search for any stock or ETF using its name or ticker symbol (e.g., SHOP for Shopify, XIC for a broad Canadian market ETF). For crypto, you can buy Bitcoin (BTC), Ethereum (ETH), and a selection of other altcoins. Tap the “Buy” button, choose between a dollar amount or share quantity, and review the order. Confirm the trade; it executes instantly during market hours.

Wealthsimple Trade uses a flat, transparent fee structure. Canadian-listed stocks and ETFs trade with a 0% commission. For US-listed securities, a 1.5% currency conversion fee applies on both the buy and sell. Consider the Premium plan ($10/month) if you trade frequently in US dollars, as it includes no conversion fees on US trades and provides other benefits like instant deposits.

Monitor your portfolio’s performance on the app’s clean, intuitive home screen. To sell, navigate to the holding in your portfolio, select “Sell,” specify the order type, and confirm. Proceeds from Canadian stock sales settle immediately, while crypto and US stock sales may take a moment to process.

Enable two-factor authentication (2FA) in your security settings for enhanced account protection. All Canadian client accounts are protected by CIPF insurance, covering up to $1 million in cash and securities. Crypto assets are held in cold storage and are not CIPF-insured.

Use the “Recurring Plans” feature to automate your investing. You can schedule daily, weekly, or monthly purchases of any stock or ETF, building your portfolio gradually without manual intervention. This is an effective strategy for long-term wealth building.

How to Place Your First Stock Trade on Wealthsimple Trade

Open your Wealthsimple Trade app and tap the search icon at the bottom of the screen. Type the company name or its ticker symbol, like “Shopify” or “SHOP”. Select the correct result to view the stock’s detail page, which shows the current price, a chart, and key information.

Tap the “Buy” button to open the order ticket. You will choose between a market order and a limit order. A market order executes immediately at the best available price. A limit order only fills at a specific price you set, giving you more control but no guarantee of execution.

Enter the number of shares you want to purchase. The app automatically calculates the estimated total cost, including the currency exchange fee if you’re buying a US-listed stock. Wealthsimple charges a 1.5% fee for converting CAD to USD and back on every trade.

Review your order details carefully. Confirm you are comfortable with the amount and the type of order you’ve selected. Once you tap “Review” and then “Confirm”, your trade is placed. For market orders, it typically processes within seconds. You can view your open orders and filled trades in the “Activity” tab of your portfolio.

Steps to Buy and Sell Cryptocurrency in the Wealthsimple App

Open your Wealthsimple Trade app and log into your account. Ensure you have a positive CAD cash balance or have connected your bank account for funding.

Tap the Search icon and type the name of the crypto asset you want, like Bitcoin (BTC) or Ethereum (ETH). Select it from the results to view its detailed price chart.

Press the large Buy button. Enter the amount you wish to purchase in Canadian dollars or specify a number of coins. Review the estimated trade value, including the 1.5-2% spread fee, before confirming.

Authorize the trade with your passcode, Face ID, or Touch ID. Your purchase executes immediately, and the crypto settles directly into your Wealthsimple account.

To sell, navigate to your portfolio view and select the specific cryptocurrency holding. Tap Sell, choose the amount to sell, and confirm the transaction. The proceeds from the sale will be deposited as CAD cash into your account, ready for withdrawal or reinvestment.

Track your portfolio’s performance and set up price alerts to monitor significant market movements for your assets.

FAQ:

What is the minimum deposit required to start trading with Wealthsimple Trade in Canada?

There is no minimum deposit required to open a Wealthsimple Trade account. You can start with any amount you’re comfortable with. To buy a stock, you only need enough to cover the cost of at least one share and any potential currency exchange if the stock is listed on a U.S. exchange. For fractional shares, which Wealthsimple Trade offers for many stocks and ETFs, you can invest with as little as $1. This makes it accessible for beginners who want to start investing with small amounts of money.