Rbc Direct Investing Vs Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, securities and crypto trading app that differentiates itself from the competition by charging absolutely no fees. 

A fintech business launched in Autumn of 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has improved significantly over the last 8 years to feature Wealthsimple Trade, a no fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows investors to trade single stocks and also ETFs without paying fees. The exception is when you’re trading ETFs and stocks that are listed in US Dollars. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 for each trade with online discount brokerages as was expected only a few years past.

How Much Cash do I Need to Have to Get Started on Wealthsimple Trade?

Wealthsimple is awesome in that they allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have sizeable min deposit amounts of $1,000-5k. This makes it tough for the common investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

Of course. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You may choose both RRSP and TFSA account types during the setup wizard. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app that is available on both IOS and also Google Play. The smartphone app makes the signup process and also trading of stocks and ETFs very simple.

But Is Wealthsimple Trade Secure?

Yes. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). These folks have been doing business for more than 7 years and now employs over 600 folks. The controlling shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage to operate in Canada.

But How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to fund your new account. Just connect a chequing or savings account with your Trade account, and add money to your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can the same way can be moved to your chequing or savings accounts through the exact same process.

What Other Features and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac E-transfers which allow one to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your taxes online for free. It’s pitched to be simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A hybrid pre paid visa and savings account which lets you to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a variety of online courses on different topics such as saving, investing, crypto, home buying and much more. 

All of the above features, including Wealthsimple Trade may be accessed in the app and on their website with one login.

How Can I Start With Wealthsimple Trade?

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

So What if I Still Have Additional Questions About Wealthsimple 2021?

If this article didn’t given you the answers to all of your questions, and you’re still looking for more specific facts relating to Rbc Direct Investing Vs Wealthsimple Trade, visit the Wealthsimple website to find answers to each your questions.