Wealthsimple Invest Vs Trade Reddit: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, securities and crypto trading app that sets itself apart from its competitors by charging absolutely no fees. 

A leading Canadian online financial services company launched in Autumn of twenty fourteen originally as a robo advisor trading app called Wealthsimple Invest, it has grown substantially over the past eight years to include Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets investors to trade individual stocks and also ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs which are listed in US Dollars. In this case, they will charge a currency conversion fee both when buying and selling. But, gone are the times of paying $7-12 for each trade with digital discount brokerages as was expected just a few years past.

Exactly How Much in Funds Will I Need in Order to Get Started on Wealthsimple Trade?

Wealthsimple is cool such that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large min deposit amounts of 1K-5K. This makes it difficult for the everyday new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

Of course. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You can select between both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both Apple and also Google Play. The smartphone app makes the registration steps and the trading of stocks and ETFs painless.

But Is Wealthsimple Trade Safe?

Definitely. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and also now employs more than 600 people. The primary owner is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.

How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite simple to add funds to an account. Just connect a chequing or savings account with your Trade account, and fund your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be moved back to your chequing or savings accounts by using the same steps.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – This is equivalent to e-transfers that allow you to quickly and easily transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax year and submit your taxes online for free. It’s advertised to be simple, accurate and always free income tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account which allows you to get 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a ton of different online courses on topics like saving, investments, crypto, real estate and more. 

Every one of the mentioned products, along with Wealthsimple Trade may be accessed inside the app and at the website with your Wealthsimple login.

But How Should I Start With Wealthsimple Trade?

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

But What if I Still Have Additional Questions Related to Wealthsimple $75 Bonus?

If this review still hasn’t given you the answers to each of your questions, and you’re browsing for more answers about Wealthsimple Invest Vs Trade Reddit, go to the Wealthsimple site for answers to every one of your questions.