Questrade Vs Wealthsimple Trade Reddit 2021: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online investing, securities plus crypto trading app that differentiates itself from its competitors by charging no fees. 

A Toronto, Ontario based fintech company launched in the Fall of twenty fourteen originally as a robo advisor automated trading platform named Wealthsimple Invest, it has grown substantially over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors trade individual stocks and also ETFs without paying any fees. The exception is when you’re trading stocks and ETFs that are displayed in USD currency. In this case, they do charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay $7-12 per trade with discount brokerages as was expected only a few years ago.

How Much Money Will I Need to Have to Start With Wealthsimple Trade?

Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large min deposit amounts of 1K-5k. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have TFSA Accounts?

It does. Wealthsimple Trade has registered and non-registered accounts. You are able to select between both RRSP and TFSA account types in the setup wizard. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a modern mobile app available on both IOS and Android. The app makes the enrollment process and trading of stocks and ETFs super easy.

So Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD in Assets Under Management . These folks have been doing business for more than 7 years and also now employs more than 600 people. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly simple to add money to your new account. Simply connect to a chequing or savings account with your Trade account, and then add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can also be withdrawn a chequing or savings account by using the exact same method.

Which Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow one to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax season and file your taxes online free. It’s advertised as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid prepaid visa and savings product which lets you to recieve 1% cashback on your everyday purchases, as well as earn a competitive 1.5% interest on savings.

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

Every one of the mentioned products, including Wealthsimple Trade can be found inside the app or on the site with one login.

How Can I Get Started Using Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As an exclusive signup bonus to our audience you’ll get the cash value of a Canadian stock valued at $25 up to $4,500 CAD as soon as you add funds to your account.

What if I Still Have Questions Related to Wealthsimple 101?

If this blog post hasn’t given you the answers to each of your questions, and you’re browsing for additional info about Questrade Vs Wealthsimple Trade Reddit 2021, go to the Wealthsimple site to find answers to each your questions.