How to Buy XEQT in Canada: A Step-by-Step Guide to Placing Your First Order

When I placed my first ETF order, I stared at the screen for a solid 10 minutes wondering if I was doing it right. I had spent weeks reading about what XEQT is, why it made sense for my portfolio, and which account type to use. I felt confident in the why. But when it came time to actually tap the “Buy” button, I froze.

Market order or limit order? How many shares? What if I mess up and buy the wrong thing? What if the price changes while I am placing the order? My finger hovered over the screen like I was about to launch a missile instead of buying $500 worth of an all-in-one ETF.

Looking back, I wish someone had just walked me through the entire process, step by step, in plain language. That is exactly what this guide is. No theory about asset allocation. No debate about XEQT vs XGRO. Just the practical, mechanical, “here is exactly how to place your first order” walkthrough that I wish I had when I started.

If you already know why you want to buy XEQT and you just need to know how, you are in the right place. Let’s get your first order placed.

1. Prerequisites: What You Need Before Buying XEQT

Before you can place your first XEQT order, you need three things in place. If you already have these sorted, skip ahead to section 3.

A Brokerage Account

You need an account with a Canadian brokerage that lets you buy ETFs on the Toronto Stock Exchange. The most popular options are Wealthsimple, Questrade, and Interactive Brokers. For most beginners, I recommend Wealthsimple because it offers commission-free ETF purchases and the simplest interface. You can read our full best broker comparison if you want to weigh all your options.

If you do not have an account yet, the sign-up process typically takes 15-20 minutes and involves:

• Providing your name, address, and date of birth
• Your Social Insurance Number (SIN) for tax reporting
• A piece of government-issued ID
• Linking your bank account for deposits

It usually takes 1-3 business days to get fully verified.

The Right Account Type

You will need to choose an account type when you sign up. The most common options for XEQT investors are:

• TFSA (Tax-Free Savings Account) – The best starting point for most Canadians. All gains and withdrawals are completely tax-free. If you have contribution room available, start here.
• RRSP (Registered Retirement Savings Plan) – Best for higher-income earners who want to defer taxes. Contributions reduce your taxable income now, but withdrawals in retirement are taxed.
• FHSA (First Home Savings Account) – If you are saving for your first home, this gives you a tax deduction on contributions and tax-free withdrawals for a qualifying home purchase.
• Non-registered (Personal/Taxable) – Use this after your registered accounts are maxed. No tax sheltering, but no contribution limits either.

Not sure which to pick? Our Wealthsimple account types guide breaks down the decision in detail.

Money in Your Account

You need to fund your brokerage account before you can buy anything. On Wealthsimple, you can:

• Make a one-time deposit via electronic funds transfer (EFT) from your bank
• Set up a recurring deposit from your chequing account
• Transfer funds from another brokerage

Bank transfers typically take 1-3 business days to settle. Wealthsimple sometimes makes a portion available instantly for trading, but the full amount may take a few days to clear.

Quick tip: Decide how much you want to invest before transferring money. Even $100 is a perfectly fine starting point. If you want help figuring out the right amount, our guide on starting with $100 per month lays out exactly how small contributions add up.

2. Market Orders vs Limit Orders Explained

This is the part that trips up most beginners. When you go to buy XEQT, you will be asked to choose an order type. Here are the two that matter:

Market Order

A market order tells your broker: “Buy XEQT right now at whatever the current price is.” It executes almost instantly during market hours. You are guaranteed to get your shares, but you are not guaranteed the exact price – it could be a few cents higher or lower than what you see on screen.

Limit Order

A limit order tells your broker: “Buy XEQT only if the price is at or below the price I specify.” You set the maximum price you are willing to pay. If XEQT is trading at $35.20 and you set a limit at $35.25, your order will fill at $35.25 or less. If the price jumps above your limit before the order fills, it simply will not execute.

Which Should You Use?

Here is a comparison:

My recommendation for most XEQT buyers: Use a market order. XEQT is one of the most liquid ETFs on the TSX, which means the difference between the bid and ask price (the “spread”) is usually just one or two cents. On a $500 purchase, slippage might cost you a nickel. It is not worth the hassle of setting a limit order for such a small difference.

That said, if you are investing a larger amount – say $10,000 or more in a single order – a limit order gives you a bit more control. Set your limit a penny or two above the current ask price to ensure it fills quickly while still protecting you from any sudden price spike.

3. Step-by-Step: How to Buy XEQT on Wealthsimple

Here is the exact process, from opening the app to owning shares of XEQT. These steps are for Wealthsimple, since it is the most popular platform for Canadian ETF investors, but the general flow is similar on Questrade and other brokerages.

Step 1: Log into Wealthsimple. Open the Wealthsimple app on your phone or visit wealthsimple.com on your browser. Enter your credentials and complete any two-factor authentication.

Step 2: Select the account you want to buy in. From the home screen, tap on the account where you want to hold your XEQT – your TFSA, RRSP, FHSA, or non-registered account. Make sure you are in the right account before proceeding. Buying in the wrong account type is a common beginner mistake that can have tax consequences.

Step 3: Search for XEQT. Tap the search icon and type “XEQT.” You are looking for iShares Core Equity ETF Portfolio (XEQT) listed on the Toronto Stock Exchange. It should appear as the top result. Tap on it to open the XEQT detail page.

Step 4: Tap “Buy.” On the XEQT detail page, you will see the current price, a chart, and some basic information. Tap the green “Buy” button at the bottom of the screen.

Step 5: Choose your order type. Wealthsimple will ask whether you want to place a market order or a limit order. For most people, a market order is the simplest choice (see section 2 above). If you want more price control, select a limit order and enter your maximum price.

Step 6: Enter the amount. You have two options here:

• Dollar amount: Enter how much money you want to invest (e.g., $500). Wealthsimple will calculate how many shares (including fractional shares) that buys.
• Number of shares: Enter the number of whole shares you want to purchase.

I recommend using the dollar amount option. It is simpler, and Wealthsimple’s fractional shares feature means every dollar gets invested – no leftover cash sitting idle.

Step 7: Review your order. Wealthsimple will show you a summary: the number of shares you are buying, the estimated price per share, the total cost, and any fees (which on Wealthsimple are $0 for Canadian ETFs). Double-check everything.

Step 8: Confirm and submit. Tap “Confirm” or “Submit order.” That is it. If you placed a market order during trading hours, your order will fill within seconds.

Step 9: Check your confirmation. You should see a confirmation screen showing your order was placed. Within moments, you can go back to your account and see XEQT listed among your holdings. Congratulations – you are now an XEQT investor.

4. Best Time of Day to Buy XEQT

The Toronto Stock Exchange is open from 9:30 AM to 4:00 PM Eastern Time, Monday through Friday (excluding holidays). You can only execute market orders during these hours. But not all times are created equal.

Avoid the First 30 Minutes (9:30 - 10:00 AM ET)

The opening of the market is chaotic. Overnight news, pre-market orders, and institutional trading activity all hit at once. Spreads (the gap between the buy and sell price) tend to be wider, and prices can swing more dramatically. You might get a slightly worse fill during this window.

Avoid the Last 30 Minutes (3:30 - 4:00 PM ET)

The final stretch of the trading day sees a similar burst of activity as institutional investors rebalance and day traders close positions. Spreads can widen again, and price movements can be erratic.

The Sweet Spot: 10:00 AM - 3:30 PM ET

The middle of the trading day is when XEQT’s price tends to be most stable, spreads are tightest, and your market order is most likely to fill at a price very close to what you see on screen. This is when I place my orders.

But here is the honest truth: for a long-term XEQT investor buying $500 or even $2,000 at a time, the time of day makes an almost imperceptible difference. We are talking fractions of a cent per share. If your lunch break is at 12:30 and that is when you have time to invest, that is the best time to buy. Do not rearrange your day to shave a penny off your purchase price.

If you are placing an order outside of market hours, your broker will hold it as a “pending” order and execute it when the market opens the next trading day. On Wealthsimple, this means your order fills at whatever the market price is at open – which brings us back to the “avoid the first 30 minutes” advice. If possible, place your order during market hours.

5. Fractional Shares: Investing Any Dollar Amount

One of the best features of modern brokerages like Wealthsimple is the ability to buy fractional shares. In the old days, if XEQT was trading at $35 per share and you had $500 to invest, you could buy 14 whole shares for $490 and the remaining $10 would sit as uninvested cash. Not anymore.

With fractional shares, Wealthsimple lets you invest your full $500. You would own approximately 14.29 shares of XEQT, and every dollar is working for you from day one.

Why Fractional Shares Matter

• Every dollar gets invested. No leftover cash dragging down your returns.
• You can invest any amount. Want to put in $73.50 this week? Go for it. You do not need to round to a “nice” number.
• Dollar-cost averaging becomes seamless. When you set up recurring purchases with a fixed dollar amount, fractional shares ensure consistent investment regardless of price fluctuations. This pairs perfectly with a dollar-cost averaging strategy.
• Lower barrier to entry. You do not need $35 to buy your first share. You can start with $1 if you want.

A Note on Other Brokerages

Not all brokerages support fractional shares for ETFs. Questrade, for example, only allows whole share purchases for most ETFs. This means your uninvested cash sits in your account until you have enough for another full share. It is a small inconvenience, but over years of investing, that idle cash adds up. This is one of the reasons Wealthsimple is particularly well-suited for beginners buying XEQT.

6. Common Mistakes New XEQT Buyers Make

After helping friends and family place their first XEQT orders, I have seen the same mistakes come up over and over. Here is what to watch out for:

Mistake 1: Buying in the Wrong Account

This is the single most common – and most consequential – error. You log in, see your non-registered account balance, and buy XEQT there instead of your TFSA. Now your gains are taxable when they did not need to be. Always double-check which account you are in before tapping “Buy.” If you are unsure which account to prioritize, read our TFSA vs RRSP vs FHSA priority guide.

Mistake 2: Waiting for a Dip That Never Comes

You have your account funded and ready to go, but XEQT is “at an all-time high” so you decide to wait for a pullback. Here is the thing – the market hits all-time highs constantly. That is what a long-term upward trend looks like. Studies consistently show that investing immediately outperforms waiting roughly two-thirds of the time. Stop trying to time it and just buy.

Mistake 3: Placing an Order Outside Market Hours Without Realizing It

If you place a market order at 10 PM on a Tuesday, it will not execute until the market opens at 9:30 AM the next morning. The price could be different from what you saw the night before. This is not a disaster – XEQT rarely moves dramatically overnight – but it can cause confusion when your fill price does not match what you expected. If precision matters to you, buy during trading hours.

Mistake 4: Obsessing Over the Share Price After Buying

You buy XEQT at $35.20, and an hour later it is $35.05. You feel sick. You think you made a mistake. You did not. Daily price fluctuations are noise. XEQT is a long-term investment – think years and decades, not hours and days. If you find yourself checking your portfolio compulsively, that is a sign you need to step back and remember why you chose a boring, diversified, buy-and-hold strategy in the first place.

Mistake 5: Investing Money You Will Need Soon

XEQT is a 100% equity fund. It can and will drop 20-30% at some point. If you need your money within the next 3-5 years – for a down payment, an emergency, or a big purchase – XEQT is not the right place for it. Make sure the money you invest is truly long-term money. Keep your short-term savings in a high-interest savings account or HISA ETF.

Mistake 6: Over-Complicating Your First Purchase

Some beginners feel like they need to split their money across multiple ETFs, set up complex limit orders, and time the market perfectly – all on their very first trade. You do not. Your first purchase can be $100 of XEQT via a simple market order. Get the mechanics down, see how it feels, and build from there. Simplicity is the entire point of choosing an all-in-one ETF.

7. What Happens After You Buy

You have placed your order and it has been confirmed. Here is what to expect in the minutes, hours, and days after your purchase.

Immediate: Order Confirmation

Wealthsimple will show you a confirmation screen with the details of your trade – the number of shares purchased, the price per share, and the total cost. You can also find this in your activity feed or trade history.

Within Seconds to Minutes: It Appears in Your Portfolio

Your XEQT shares will show up in your account holdings almost immediately. You will see the number of shares you own, the current market value, and your average cost per share. Do not be alarmed if the market value differs slightly from what you paid – that is just the real-time price fluctuating.

T+1 Settlement

In Canada, stock and ETF trades settle on a T+1 basis, meaning the trade officially completes one business day after you place it. During this settlement period, the shares are in your account and the value is reflected in your portfolio, but the transaction is not fully “closed” on the back end. For a buy-and-hold XEQT investor, settlement is something that happens in the background and does not affect you in any practical way.

Your First Dividend

XEQT pays dividends quarterly – typically in March, June, September, and December. You will receive a small cash payment based on the number of shares you own on the record date. On Wealthsimple, you can set up DRIP (Dividend Reinvestment Plan) to automatically use that dividend cash to buy more XEQT shares. I highly recommend turning DRIP on – it keeps your money compounding without any effort on your part.

Tracking Your Investment

Your brokerage dashboard will show your XEQT position with key metrics: total shares owned, average cost per share, current market value, and your unrealized gain or loss. For a deeper dive on monitoring your portfolio without obsessing over it, check out our portfolio tracking guide.

8. Setting Up Automatic Purchases

Placing a one-time order is a great start, but the real power of XEQT investing comes from consistency. If you want to build serious wealth over time, you should automate your purchases so they happen on a regular schedule without any manual effort.

Wealthsimple makes this straightforward with two features:

• Recurring deposits: Automatically transfer money from your bank account to your Wealthsimple account on a set schedule (weekly, biweekly, or monthly).
• Auto-invest: Automatically buy XEQT (or any ETF) whenever cash lands in your account.

When you combine these two features, you create a fully automated investing pipeline: money moves from your bank, lands in your brokerage, and gets invested in XEQT – all without you lifting a finger. It is the ultimate “set it and forget it” system.

We have a complete walkthrough in our auto-invest setup guide, including how to choose the right frequency, how to align it with your payday, and how to troubleshoot common issues. If you are serious about building wealth with XEQT, automation is the single most impactful thing you can do after placing your first order.

For a broader look at building an investing system around your payday, that guide covers the strategy behind when and how much to invest each cycle.

9. You Have Done the Hardest Part

Here is something nobody tells you: placing your first order is the hardest part of investing. Not because it is technically difficult – as you have seen, it takes about two minutes. It is hard because it requires you to move past the analysis, the overthinking, and the fear of making a mistake, and just do it.

Every seasoned investor remembers their first trade. The nervous energy. The double-checking. The rush of seeing those shares appear in your account for the first time. And then, gradually, the realization that it was not nearly as scary as it seemed.

Now that you know the mechanics, here is what I want you to take away:

• Start with whatever you have. $50, $200, $1,000 – the amount does not matter nearly as much as the habit. Your first purchase is about building momentum.
• Do not wait for the “perfect” time. There is no perfect time. The best time to invest was yesterday. The second best time is today.
• Automate as soon as you are comfortable. Once you have placed a manual order and understand how it works, set up recurring purchases so you never have to rely on motivation or memory again.
• Keep learning, but keep it simple. This blog has guides on everything from dollar-cost averaging to account strategies to what to do after maxing your TFSA. Read at your own pace, but do not let learning become a substitute for action.

The difference between someone who knows about XEQT and someone who owns XEQT is a two-minute order. You now know exactly how to place that order. Go do it.