Wealthsimple Trade in-depth review 2023: The pros and cons of investing on this app + MORE Jun 12th

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Best student credit cards in Canada for 2023
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.

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The best rewards debit cards in Canada for 2023
These are the debit cards that can earn you rewards like cash back, PC Optimum points, Scene+ points and Air Miles.

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CategoryAccountBest for PC Optimum pointsPC Money AccountBest for Scene+ pointsScotiabank Ultimate Package*Best for Air MilesBMO Air Miles Chequing AccountBest for studentsScotiabank Student Banking Advantage Plan*Best for cash backKoho Easy*

Why trust us

MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners…

Investing

Wealthsimple Trade in-depth review 2023
Is it easy to buy and sell stocks and ETFs? Is it safe for Canadian investors? Find out the pros and cons of trading on the Wealthsimple app and website.

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Since making its debut in 2014, Wealthsimple has helped to demystify investing for hundreds of thousands of regular people in Canada who want to grow their money. The company’s success thus far is unquestionable. 

As of September 2022, Wealthsimple’s AUM (assets under management) has been valued at $17.5 billion, and its online investment management tools have won multiple awards. In March 2019, Wealthsimple introduced Wealthsimple Trade, a self-directed investment platform. It immediately attracted lots of attention for its ability to allow Canadians to buy and sell individual stocks and ETFs (exchange-traded funds) with zero commission fees…

Since launching in 2014, Wealthsimple has developed a strong reputation for offering online, easy-to-use, low-fee financial services. It’s come a long way since its humble beginnings exclusively as a robo-advisor (now known as Invest, having branched out its services to include a discount brokerage (formerly its own app called Wealthsimple Trade), spending and saving accounts with a prepaid rewards debit card (Cash), and an online tax filing service (Wealthsimple Tax). Which, if any, of these services are right for you? Here’s what you need to know about investing or trading with Wealthsimple, including its various product offerings, how it works, and their associated fees.

If you’ve used Wealthsimple in the past or used some of its products, know that while Invest, Trade and Cash were offered under separate apps, they’re now all part of just one Wealthsimple app—which has made the user experience more convenient. Only Wealthsimple Tax maintains a separate app/platform.

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Ask MoneySense
My husband and I are struggling with the classic “do we pay down the mortgage or do we make minimum payments and put all of our extra money into investments” question. Our situation is a bit unique in that we are in our early 40s, have no consumer debt, one adult child, we owe about $200,000 on our home and have about $250,000 in investments. We earn just over $200,000 per year combined and would like to buy a second home in a warmer climate, but we aren’t sure what would be the best financial strategy to make it happen.–Chantal

Paying off a mortgage sooner versus investing that cash

You’re not unlike many Canadians, Chantal. You have limited dollars chasing multiple priorities. Making the right choice boils down to prioritizing and projecting. If you prioritize your goals and project the likely outcomes, you can decide if the financial and lifestyle implications are in check if you make one choice over the other.

Here’s the thing: Mortgage debt repayment is investing…