Difference Between Wealthsimple Trade And Invest: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based investing, securities plus crypto trading platform that sets itself apart from its competitors by charging no fees. 

A online financial services company launched in the Autumn twenty fourteen exclusively as a robo advisor automated trading app called Wealthsimple Invest, it has grown significantly over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors to trade both individual stocks and also ETFs without having to pay any fees. The exception is when you’re trading stocks that are listed in USD. In this case, they charge a currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 for each trade with online discount brokerages as was the case only a couple years past.

Exactly How Much Cash do I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is unique in that they allow investors to make a minimum deposit of just $1. Most alternative banks and discount brokerages have quite large minimum deposit amounts of 1K-$5,000. This makes it hard for the normal new investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade offers CRA registered and non-registered account types. You are free to choose between both RRSP and TFSA accounts in the setup wizard. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app offered to download on both Apple and Android. The smartphone app makes the enrollment process and also the trading of stocks and ETFs incredibly simple.

So Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . they’ve been operating for more than 7 years and employs roughly 600 Canadians. The majority shareholder is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.

How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in simply a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can the same way can be moved back to a chequing or savings account with the same method.

What Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to E-Transfers which allows anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your taxes online for free. It’s described as simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination pre paid debit card and savings account which allows you to get 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a ton of courses on different topics such as saving, investing, crypto, mortgages and more. 

Every one of the mentioned products, including Wealthsimple Trade can be accessed inside the app and on the website with one login.

So How do I Start With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special registration bonus for our audience you will get the cash value of a Canadian stock worth up to $4,500 CAD when you deposit to your account.

What if I Still Have Questions Related to Questwealth Vs Wealthsimple?

If this article didn’t answered all of your questions, and you’re looking for further info about Difference Between Wealthsimple Trade And Invest, go to the Wealthsimple website for answers to each your questions.