A month ago I did a demo on Wealthsimple Trade, the $0 commission stock trading app, or as
some call it, the Robinhood for Canadians.
I did a very detailed review on the app features and bought some Apple shares in my last video.
Today, I will be just selling those Apple and stocks to buy Aurora Cannabis.
I’ll walk you guys through the order executions in Wealthsimple Trade step by step.
So be sure to like and subscribe to this video.
Here we go!
Launching the app here entering my passcode.
This is the home screen.
You can see my $1000 Canadian I deposited last month is now $1021.
Wow McDonalds on me tonight.
Scrolling down this is my current portfolio in Wealthsimple Trade.
I funded this account strictly for the sake of trying it out and creating the review.
You can see I currently hold Apple and Microsoft stock.
If you go to the left sidebar here you can see my trade history.
I deposited $1000 at the end of january and bought 2 Apple shares for the last demo on
Feb 4.
Here’s the trade confirmation.
And then i also bought Microsoft stock on the eighth.
Apple paid me a dividend on the nineteenth, about $0.73 cents US per share.
But it’s paid out in Canadian dollars because Wealthsimple trade doesn’t hold USD yet.
Now let’s go sell my Apple stock.
Scroll down and you can see some stats about the stock here.
Click sell.
I only have two shares.
On the top you can see your order type.
You can click and switch to limit if you want to, but for this demo I’m just going to
use market order.
Click continue and the app is asking me to confirm the sale of 2 shares.
Note that Wealthsimple trade does charge an exchange conversion fee of 1.5%, which is
included in this estimated exchange rate here.
I know this is going to eat into my profit but its ok I’m just doing a demo.
If you stay to the end I’ll explain about the Wealthsimple currency exchange fees at
the end of this video.
So now I click confirm order its sending it out.
Now my orders sent yay!
You can see here I have one order pending.
My shares havent been executed yet.
This can take 30 seconds to a minute here even with a market order.
And there well go.
Sell order executed.
You can click the sell here and see the exact price I sold my apple shares at and these
nasty exchange conversion fees.
Next I’ll do the same to sell my $MSFT shares.
Click microsoft and scroll down to sell.
You can see my buy here on Feb 8.
Now click sell and enter share size once again.
Confirm.
Order sent out to space.
And here we go.
Order executed at $109.52 USD per share.
You can see that they’ve sent me an email confirmation as well.
Now back at the dashboard I now have $1003.18 CAD to buy Aurora Cannabis shares.
Now im going to scroll down to my watchlist.
I already have Aurora here.
You can see its trading at $10.50 Canadian, which means I won’t need to pay any currency
exchange rate this time around.
I’m going to click buy.
Enter 50 shares, again I’ll just use market order.
Here it tells me the estimated price I’ll get executed at should be around $10.49 and
the total cost basis is $524.
And confirm.
So my order is now sent.
Market buy pending 50 shares of ACB Aurora Cannabis.
Oh i just received the email confirmation.
Let’s see what price I got filled at.
Here we go I now have 50 shares of ACB with an average of $10.47.
And now its 100% of this portfolio because that’s the only stock I have here in this
account.
Again down here you can see some company summary details, and past stock performance if you
wish.
Now if you go to my trade history again.
You will see all the past orders i’ve executed.
Apple buys and sells, same as microsoft.
Dividend payout from apple and now my buy on Aurora.
And I only have $479 dollars available to trade in this account.
Before we jump to talk about this app’s exchange conversation fees, if you want to
skip that and go watch video of an in depth review and interface feature walk through
instead, click this link on the top right.
Ok Finally it’s time to talk about Wealthsimple Trade exchange rates, which is one of the
many ways they actually make money.
Here, how do Wealthsimple Trade’s currency conversion fee compare to other brokers.
Its 1.5% here when you buy or sell american stocks in this app.
It’s true that this is the standard, which is 1.5%-2% depending on which broker.
They have to do this to make money.
But the users like you and I should be mindful for that, because it could eat into your profit.
Personally, I don’t recommend buying US listed stocks with wealthsimple trade.
I did it in my last video and this way just as a demo, and it was only three shares in
total so the fees weren’t significant.
Wealthsimple trade says here they will roll out the option of opening USD accounts in
the future, but it’s unclear to us when that update will happen.
So I’d totally use this app to buy and sell Canadian stocks like Aurora, Canopy growth,
Canadian banks like RBC or Shopify.
But for US listed stocks I’d use other more sophisticated brokers like Questrate.
With Questrade you’d have the option of opening US dollar accounts, or registered
accounts TFSA or RRSP.
With Wealthsimple trade right now you’d be paying for the high exchange rate and only
cash account option.
But if you are interested in buying US dollar stocks the CHEAPEST way possible, I will have
a video on how to do that step by step with Questrade.
I have links down in the description for signing up in line for Wealthsimple trade, as well
as a link to Questrade and get $50 dollars worth of FREE commissions.
If you want a more detailed walk through going over Wealthsimple Trade interface features.
I have a video for that down below as well.
Please dont forget to hit the like button if you found this video helpful.
And subscribe for more videos like these in future.