Using WealthSimple as a beginner Investor
As someone who lives in Canada, whenever I watch YouTube video, it felt like nine times out of ten, there was an advertisement to start investing using Wealthsimple (I swear the song would get stuck in my head. If you know, you know). I noticed a lot of these ads last year, just as we entered the pandemic and I needed to look for some new ways to start making some money. Everyone always says start investing (since the market took a massive toll back in March), so I decided to look into Wealthsimple, downloaded the App, and started by Investing journey at the age of 19.
For those who are unfamiliar with WealthSimple, it is a relatively new app and company that allows people to buy and sell stocks, with the selling point of having a $0 commission fee. So, its always about your money, and what you own, and WealthSimple does not take any cut of whatever money you make through your investments. What is great about WealthSimple is that, while it is a Canadian company, as a user, I am able to buy and sell stocks in the United States as well. They also provide other services, such as the ability to now buy Cryptocurrency as well as savings accounts, but I have been using WealthSimple simply for buying and selling my stocks.
To open a WealthSimple account, it was too easy and only took me about 10 minutes max. Just make an account, select the type of account you want (savings, TFSA, etc.), add money to the account by connecting it with your bank and you are ready to go! The deposit from my main bank account into the WealthSimple account took a couple of business days. After that, I was buying stocks!
It was perfect timing for me since Apple had just split their stocks, so I was able to acquire five shares of Apple at the time. When buying the stocks, since I was a Canadian buying stocks of a US company, Wealthsimple makes it extremely clear and easy to understand the conversion, and how much I am actually spending, and showing what was remaining. From there, I bought a few more penny stocks, playing around with it a little because this was all so new to me. Since I started investing only a year ago, I have made some mistakes and bad calls with some of my investments, loosing a little bit of money. But, I believe that this is always the risk when you are handling all your investments yourself.
However, I was able to have a better understanding of what was going on with my money since Wealthsimple makes it extremely easy to understand how much I am making, how much I am losing, provides all the information I need for a particular stock, and how my investments are doing as a whole. This is probably my favourite feature about Wealthsimple. I was someone who has just started to invest, so I need things to be as clear as day and easy to understand, especially when it comes to my money. Graphs, email updates, watchlists, lists about the top traded stocks and more have all made trading a much more enjoyable, easy experience.
I absolutely love Wealthsimple as someone who has just started investing and can take a few risks. I love the $0 commission fee so I am getting the full benefits of my investments! The money that I move around and play with has been the biggest learning experience of the stock market. I lost some, but gained more, and I learned more about myself as an investor! Some people are more comfortable taking risks, and others want to always play it safe. Since I did end up losing a bit of money, and hated that feeling, I think I have learned to save and buy safe stocks that I know will make me money, whether it be slow or fast.
For now, since I have really enjoyed my experience with the App, I don’t see myself moving to a bank to do my investments for the time being. Obviously, this might change decades down the line, but for the new couple of years, I think I am very happy with trading on the app.