Quick Trade Vs Wealthsimple: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading web app that distinguishes itself from its competitors by charging no fees. 

A fintech business founded in the Autumn of 2014 exclusively as a robo-advisor trading app named Wealthsimple Invest, it has grown considerably over the previous 8 years to feature Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian consumers to trade individual stocks and ETFs without having to pay any fees. The exception to this is when you’re trading securities which are denominated in US Dollars. In this case, they charge a small currency conversion fee when buying and selling. But, gone are the times of paying $7-12 for each trade with discount brokerages as was common only a couple years past.

How Much Money do I Need to Start Investing With Wealthsimple Trade?

Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large minimum deposit amounts of $1000-5K. This makes it difficult for the typical investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer Registered Accounts?

They do. Wealthsimple Trade offers registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on both iOS and also Android. The app makes the enrollment phase and also the trading of stocks and ETFs very simple.

Is Wealthsimple Trade Safe?

Yes. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). This company has been in business for more than 7 years and also right now employs over 600 Canadians. The majority owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.

But How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to a new account. Simply connect a chequing or savings account to your Trade account, then fund your account in only a couple of steps. Deposits from banks to Wealthsimple typically take a few days. Funds can just as easily be withdrawn your chequing or savings accounts through the same steps.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to Interac E-transfers which allows you to quickly and easily send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account which lets you to recieve 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.

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

All of the above features, including Wealthsimple Trade may be found within the app and from their site with your Wealthsimple login.

How Should I Start Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. For a special registration bonus for our readers you’ll receive the equivalent cash value of a random stock valued at $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.

What if I Still Have Questions About Wealthsimple 1500 Instant Deposit?

If this article hasn’t answered all of your questions, and you’re searching for further facts relating to Quick Trade Vs Wealthsimple, visit the Wealthsimple website for answers to all your questions.