Scotia Itrade Vs Wealthsimple Trade: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stock plus crypto trading web app that differentiates itself from its competitors by charging absolutely no fees. 

A fintech business launched in Fall of 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has improved significantly over the past eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers trade both stand alone stocks and ETFs without paying commissions. The exception is when you’re trading stocks which are displayed in USD currency. In which case, they do charge a currency conversion fee both when buying and selling. But, gone are the days of having to pay $7-12 for each trade with digital discount brokerages as was the norm just a few years ago.

How Much Cash do I Need to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique such that they allow investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large initial deposit amounts of 1k-$5000. This makes it hard for the common new investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has both registered and non-registered account types. You are able to select both RRSP and TFSA account types during the setup phase. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app available on IOS and also Android. The mobile app makes the enrollment steps and also trading of stocks and ETFs incredibly easy.

So Is Wealthsimple Trade Trustworthy?

. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion Canadian in Assets Under Management . These folks have been operating for more than 7 years and also currently employs roughly 600 people. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it so simple to deposit to a new account. Just connect the app to a chequing or savings account to your Trade account, and then fund your account in just a couple of clicks. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can just as easily be moved back to your chequing or savings account by the exact same steps.

Which Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to e-transfers which allows you to quickly and simply transfer money to friends and family in Canada.

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

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

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of courses on different topics such as saving, investments, crypto, mortgages and much more. 

Each of the above products, along with Wealthsimple Trade may be accessed inside the app or at their website with your Wealthsimple login.

How Should I Get Started With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special registration bonus for our audience you will get the cash value of a random stock valued at $25 up to $4,500 CAD when you deposit to your account.

What if I Still Have Questions Concerning Wealthsimple Relevé 31?

If this blog post still hasn’t given you the answers to all of your questions, and you’re still searching for further specific facts about Scotia Itrade Vs Wealthsimple Trade, visit the Wealthsimple website to find answers to all your questions.