How to Buy XEQT on Wealthsimple: Step by Step

Why Wealthsimple?

Wealthsimple is Canada's largest online brokerage by account holders and the most beginner-friendly platform for buying XEQT. There are no trading commissions on Canadian ETFs. The mobile app is exceptionally clean. Account opening takes five minutes.

For comparison, traditional bank brokerages like TD Direct Investing, RBC Direct Investing, and BMO InvestorLine typically charge $9.95 per trade. On a $500 monthly XEQT purchase, that commission represents 2% of your investment before you even start. Over a decade of monthly purchases, those commissions alone compound into several thousand dollars you never had to spend.

Questrade is the other popular commission-free option for ETF purchases. It has more advanced features and is worth considering as your portfolio grows, but Wealthsimple's simplicity and mobile experience make it the recommended starting point for most investors buying XEQT for the first time. See the full Wealthsimple vs Questrade comparison if you want to compare both before deciding.

What you need before you start

Have these ready before opening your account. It takes about five minutes if you have everything at hand.

Step 1: Open the account

Go to Wealthsimple's website or download the Wealthsimple app. Click "Get started" or "Open an account." You will be prompted to create an account with your email address and a password.

If you use our referral link (the green button below), the $25 bonus is automatically attached to your account. You do not need to enter a code. It activates once you fund your account with at least $200.

Wealthsimple's identity verification process has improved significantly in recent years. For most applicants, it is fully digital: you take a photo of your ID with your phone camera, confirm a few personal details, and your identity is verified within minutes. No paper, no mailing, no branch visit required.

You will be asked a series of Know Your Client (KYC) questions about your income, investment knowledge, and risk tolerance. Answer these honestly. They help Wealthsimple verify regulatory compliance and ensure the platform is appropriate for you. They do not restrict what you can buy, including XEQT.

Step 2: Choose your account type

This is the most important decision you make in the entire process. Choose carefully based on your goals. You can always open additional account types later. The TFSA vs RRSP guide explains which account to prioritise for XEQT based on your income and situation.

For most first-time investors, the answer is TFSA. It offers tax-free growth, tax-free withdrawals, and no restrictions on when or why you can take the money out. If you have not checked your TFSA contribution room, log in to CRA My Account before proceeding. Contributing more than your available room triggers a penalty of 1% per month on the excess.

Step 3: Fund the account

Link your Canadian bank account and initiate a deposit. Wealthsimple supports Interac e-Transfer, direct bank link via Plaid, and pre-authorized debit. Most deposits from major Canadian banks clear within 1 to 3 business days.

Wealthsimple often provides instant access to a portion of your deposit while the full transfer clears. This means you can typically buy XEQT on the same day you initiate the transfer, even before the money has fully arrived. The platform covers any shortfall during the settlement period.

There is no minimum deposit to open the account or to start buying XEQT. A single unit of XEQT currently trades at $38.96. You can start there if you want, though most investors deposit a larger initial amount and then set up recurring contributions going forward.

Step 4: Find XEQT

In the Wealthsimple app or web platform, tap the search bar at the top of the screen. Type "XEQT" and select the result that shows "iShares Core Equity ETF Portfolio" listed on the TSX. Verify the ticker says XEQT and the exchange says TSX (not a US exchange).

You will see the current price, a price chart, basic fund information, and a "Buy" button. Before tapping Buy, spend thirty seconds confirming you are looking at the right security. The correct entry is:

Step 5: Place your order

Tap "Buy." You will be prompted to enter either a dollar amount or a number of units. Most beginner investors find the dollar amount easier. Enter how much you want to invest, review the estimated number of units and the estimated total cost, and confirm.

Wealthsimple will show you an order summary before you commit. The "Estimated price" shown is a market order estimate. The actual execution price may be slightly different depending on the exact price at the moment your order reaches the exchange. For a liquid ETF like XEQT trading millions of dollars per day, the difference is typically a few cents per unit.

After confirming, your order is submitted to the exchange. During market hours (9:30 AM to 4:00 PM ET, weekdays excluding holidays), the order typically executes within seconds. Outside market hours, your order will be queued and executed at the market open on the next trading day.

Market vs limit orders

Wealthsimple defaults to market orders for most purchases, meaning your order executes immediately at the best available price when the market is open. For a high-volume ETF like XEQT, market orders are fine. The bid-ask spread (the difference between what buyers will pay and what sellers want) is typically only a cent or two.

A limit order lets you specify a maximum price you are willing to pay. If the market price is above your limit, the order will not execute. For long-term XEQT investors, limit orders are unnecessary complexity. The price difference on a liquid ETF is immaterial over a holding period of years or decades. Use market orders and move on.

After you buy

You now own XEQT. Here is what happens next and what you should know.

Set up automatic investing

The single most powerful habit you can build after your first XEQT purchase is recurring automatic contributions. Wealthsimple lets you set up a pre-authorized debit from your bank account on a schedule you choose: weekly, bi-weekly, or monthly. The money transfers automatically and buys XEQT without any action required from you.

This approach has three advantages. First, it removes the decision entirely. You do not need to remember to invest or summon the willpower to do it. Second, it implements dollar-cost averaging automatically. You buy XEQT at all price levels over time, reducing the risk of putting a large amount in at a market peak. Third, it aligns your investment timing with your income, making investing feel like a fixed expense rather than a discretionary choice.

Even $100 per month, started early and sustained, compounds significantly over decades. The amount matters less than the consistency.

Common first-time mistakes

These are the errors new XEQT investors make most often. Knowing them in advance costs you nothing. Making them can cost real money.