Questrade Vs Wealthsimple: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, stock and crypto trading web app that distinguishes itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based fintech business founded in the Autumn twenty fourteen originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has improved significantly over the last eight years to include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors trade individual stocks and ETFs without paying fees. The exception is when trading securities which are listed in USD. In that case, they will charge a nominal currency conversion fee when buying and selling. But, past us are the times of having to pay $7-12 for each trade with digital discount brokerages as was expected only a few years past.

Exactly How Much in Funds Will I Need to Have to Start on Wealthsimple Trade?

Wealthsimple is special in that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of $1000-$5000. This makes it difficult for the common new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has available both registered and non-registered accounts. One may choose between both RRSP and TFSA accounts during the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app that is available to download on both IOS and also Android. The app makes the enrollment phase and also the trading of stocks and ETFs very simple.

But Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and currently employs more than 600 folks. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage operating in Canada.

So How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite straight forward to deposit to your account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in just a couple of steps. Deposits from banks to Wealthsimple normally take a couple of days. Funds can the same way can be moved back to your chequing or savings account through the exact same steps.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac e-Transfers that allow one to quickly and easily transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax year and submit your taxes online free. It’s pitched as easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account which allows one to get 1% cashback on your spending, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of courses on saving, investing, crypto, real estate and more. 

Each of the mentioned features, along with Wealthsimple Trade can be accessed within the mobile app and on their site with your Wealthsimple login.

How do I Begin Using Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. For a special registration bonus offer to our audience you’ll get the equivalent cash value of a random share worth up to $4,500 CAD when you add funds to your account.

What if I Still Have Questions About Wealthsimple 13?

If this article hasn’t given you the answers to all of your questions, and you’re searching for additional specific facts about Questrade Vs Wealthsimple, visit the Wealthsimple site to find answers to each your questions.