Buying an ETF at Wealthsimple

If you don't have an account yet, you can sign up with my referral link. Full disclosure: fund an account through it and we both get a small cash bonus, and the regular signup works exactly the same if you'd rather skip that. Open the account type that fits your goal (a TFSA, RRSP, or FHSA for most people), move some money in, and pick your fund from the asset allocation guide.

Placing the order

1. Open the Wealthsimple app and tap the search tab at the bottom of the screen.
2. Type your fund's ticker, like VEQT, and select it from the list.
3. Tap Buy.
4. Choose the order type at the top. A market order buys right away at the current price; a limit order lets you set the most you'll pay per share.
5. Enter the number of shares. Wealthsimple sells fractions, so any amount over $1 works, or tap Max to invest everything available.
6. Choose the account you're buying in, like your TFSA.
7. Tap Review, check the details, and tap Submit order.

For the order type, use a limit order and set your limit a few cents above the current price. It fills right away, the way a market order would, but it caps what you pay if the price jumps while your order goes through. I do this on every buy, whatever the amount.

The website works the same way: search the ticker, click Buy on the right, and follow the same fields. Orders placed outside market hours (9:30 to 4:00 Eastern, weekdays) wait until the next open, which is normal.

What it costs

Wealthsimple charges no commissions on Canadian ETFs, so the fund's MER is your only ongoing cost.