Reddit Wealthsimple Trade Vs Questrade: Complete Guide

What Exactly is Wealthsimple?

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

A leading Canadian fintech business launched in Fall 2014 originally as a robo-advisor trading app called Wealthsimple Invest, it has grown considerably over the last eight years to also include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets investors to trade single stocks and also ETFs without having to pay fees. The exception is when you’re trading stocks and ETFs which are denominated in USD currency. In which case, they do charge a currency conversion fee when buying and selling. But, gone are the days of having to pay more than $7 per each trade with discount brokerages as was the norm a couple years ago.

How Much Money Will I Need to Get Started on Wealthsimple Trade?

Wealthsimple is awesome such that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large initial deposit amounts of 1k-5k. This makes it difficult for the common investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

It does. Wealthsimple Trade has registered and non-CRA-registered account types. You can choose both RRSP and TFSA account types during the setup phase. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app that is offered to download on iOS and Android. The smartphone app makes the signup process and also trading of stocks and ETFs easy.

But Is Wealthsimple Trade Safe?

Of course. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and also now employs more than 600 people. The primary shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage operating in Canada.

So How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite easy to add funds to an account. Just connect to a chequing or savings account to your Trade account, then add funds to your account in just a few steps. Deposits from your bank to Wealthsimple normally take only a few days. Funds can also be moved to a chequing or savings account by using the same process.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to Interac E-Transfers that allows one to quickly and simply transfer cash to friends and family in Canada.

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

Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets one to earn 1% cashback on all your purchases, as well as get a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which offers a ton of different online courses on different topics such as saving, investments, crypto, real estate and much more. 

Every one of the listed features, including Wealthsimple Trade can be found on the mobile app and from the site with your Wealthsimple login.

So How Should I Get Started Using Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As an exclusive registration bonus offer to our audience you will receive the equivalent cash value of a random Canadian stock valued at $25 up to $4,500 CAD once you fund your account.

But What if I Still Have Additional Questions About Wealthsimple 2022 Performance?

If this blog post didn’t given you the answers to all of your questions, and you’re still searching for further info relating to Reddit Wealthsimple Trade Vs Questrade, check out the Wealthsimple site for answers to every one of your questions.