Day trading is not generally encouraged in our trading accounts, however, it is possible. Assets are immediately available to sell after being purchased, and when an asset is sold, the proceeds are available to use towards a new purchase right away.
Keep in mind
- If you're not a Plus subscriber, you'll be charged a currency conversion fee on all trades (buys and sells) for U.S.-denominated assets in your trading accounts.
- There can be tax implications associated with day-trading in all account types, including RRSPs and TFSAs. If you are considering day-trading, we recommend speaking with a tax specialist to understand any potential implications.
As a member firm of the Investment Industry Regulatory Organization of Canada (IIROC), Wealthsimple reserves the right to monitor trading activity and block transactions at our discretion if the trading activity is determined to be inappropriate.
There is no set threshold or a number of trades that would be considered “inappropriate”. The expectation is that clients are using the platform for its intended use - i.e. investing in stocks and ETFs without the use of electronic aids (such as APIs, Algorithms, etc.)