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Wealthsimple TRADE Review & App Demo | FREE Stock Trading in Canada - YouTube
Channel: Humbled Trader
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Today I will provide a in app walk through
of Wealthsimple Trade.
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This is an app that allows you to trade stocks
for FREE.
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Basically the equivalent of Robinhood for
Canadians.
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I鈥檒l be
Reviewing the app鈥檚 interface features and
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as well placing my first trade right there
on screen.
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So let鈥檚 get right into it.
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And here we are.
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We are looking at Wealthsimple Trade app.
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I had received early to this app a couple
of weeks ago but it took forever for them
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to deposit my money.
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But I finally have my funds available today.
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This is the home screen when you open the
app.
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You see your account balance, you can see
I have deposited $1,000 CAD to test this app.
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Down here you can see my wealthsimple trade
portfolio.
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It鈥檚 currently empty, but I鈥檒l buy placing
some trades later in this video, so stay till
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the end if you want to see my trade.
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Available funds, again $1000.
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Down here is my watchlist.
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I have gone ahead and added the stocks I look
at everyday here.
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And let鈥檚 go ahead to add some stocks to
our watchlist.
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Let鈥檚 add apple.
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$AAPL.
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You get a brief mountain chart of several
time frames.
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You can see the stock鈥檚 performance in dollar
amount as well as the percentage growth.
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Intraday, one week, 1m. 5M, 1 year, 5 yr.
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Down here you have some stock summary stats.
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You see the intraday open, high, low, market
cap, 52W highs and lows etc, and the company
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info.
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Now very important to note here.
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The data is delayed by 15 min.
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Im think this is because its a beta version.
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Because how are traders supposed to buy and
sell with delayed quotes?
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So hopefully this gets fixed soon.
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And another thing, the chart.
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Wealthsimple Trade uses these mountain/ area
charts.
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And I know Robinhood uses line chart.
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To me as a trader, these two kinds of charts
are very counter intuitive.
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It only tells me a basic trend up or down
and not a lot of information other than that.
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It鈥檚 not like the candlestick chart where
by reading it i can see the open and close,
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patterns, where the buyers and sellers are
etc.
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I mean, it makes sense, this is a free commission
trading app after all, hosting all those candlestick
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charts, level two quotes etc would cost them
a fortune.
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So I still think free apps like these, Wealthsimple
trade for Canadians, Robinhood for American
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traders, are still great ideal for longer
term swing trading, and very casual day trading.
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If you want to be a serious day trader.
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You gotta go to some other day trading brokers
I mentioned in my other video that breaks
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down the brokers for day trading in both US
and Canada.
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But anyways let鈥檚 continue here.
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Let鈥檚 look up some stocks.
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They have the basic watchlists here, most
active, top gainers, top losers.
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And here we can search for our own stocks.
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I noticed they have most the major stocks
and etfs.
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Like SPY, SQQQ, but they do have JNUG, they鈥檙e
missing LABU, which is outrageous.
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They do have XLF, XLE.
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But they don鈥檛 have a lot of the small caps
or penny stocks on the NASDAQ.
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Let鈥檚 see, the small caps i traded recently
$LMFA, $SAEX,$MBOT interestingly
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they have $KTOV, and $DRYS.
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No $LFIN though that's a shame.
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Hopefully Wealthsimple gets better in the
official launch and have more options for
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us degenerate small cap traders.
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Now the exciting part.
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Let鈥檚 go ahead and place my first order
in Wealthsimple Trade.
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So I want to buy some $AAPL stock today.
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Click buy, and here it shows the current price.
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You can see my $1000 CAD is worth a whopping
$749 USD.
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That鈥檚 some wacky rate right here.
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I can do my forex on other brokers with a
much better rate.
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Anyways, there is the option up here for the
type of order you want to place.
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You have the option of placing a market order,
or a limit order.
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Market order means you just want to be filled
instantly regardless of what the bid or the
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ask price is.
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Limit order means you鈥檇 only want to buy
if the price of $AAPL comes to let鈥檚 $170.50.
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And if the current price is $170.60.
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Your order will be pending until the price
dips.
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Depending on the stock liquidity, limit order
comes in handy, especially with small caps.
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But with the current beta testing of this
app, the data quote is delayed.
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So there鈥檚 really no point of buying limit
since you don鈥檛 have the LIVE quotes.
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For the sake of this demo I will purchase
2 shares of $AAPL with market order.
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And here it says my estimate cost is, my available
funds.
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I want 2 shares.
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And continue.
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Here we go.
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That was my first trade order on Wealthsimple
trade.
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You can see that I have 2 shares of $AAPL
in my portfolio.
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Now I just hold these two shares and wait
for Apple to go to $1 Million per share like
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bitcoin.
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And I鈥檒l be as rich as those crypto millionaires
out there.
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Overall I think Wealthsimple Trade app is
extremely easy to use for beginner or novice
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traders.
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At the moment they do not have TFSA account,
just like Robinhood don鈥檛 offer IRA accounts.
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Hopefully wealthsimple will roll out more
account options later, and host LIVE quotes
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so important for us day traders.
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Right now i think It鈥檚 great for casual
day trading and swing trading, because it鈥檚
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commission free.
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If you want to utilize your TFSA or RRSP and
start investing smarter and hassle free.
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They have an investing service separate from
Wealthsimple Trade.
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It鈥檚 called Wealthsimple robo investing,
is a great option to put your investing on
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autopilot and have the robo advisors manage
your investments for you.
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Their fees are only 0.4 to 0.5% per year,
which is extremely low compared to the banks.
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Wealthsimple builds a customized portfolio
for you according to your risk tolerance and
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your investing goals.
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You can get your first $10,000 managed for
FREE by signing up with my link in the description
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down below.
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There鈥檚 also a link to sign up to get in
line for Wealthsimple Trade early access.
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If you found this video useful dont forget
to smash that like button.
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And as always, comment down below if you have
any questions regarding the market, Wealthsimple
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, or trading brokers in general.
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This is the humbled trader.
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Thanks for watching and I will see you next
time.
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