Wealthsimple Invest Vs Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital Financial, securities and crypto trading platform that sets itself apart from its competitors by charging no fees. 

A Toronto, Ontario based fintech company launched in the Autumn 2014 originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed substantially over the previous eight years to feature Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian consumers to trade stand alone stocks and ETFs without needing to pay commissions. The exception is when you’re trading securities that are denominated in USD. In that case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of paying $7-12 per each trade with discount brokerages as was the case a few years ago.

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

Wealthsimple is cool such that they allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have quite large initial deposit amounts of $1,000-5K. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One can choose between both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app available on both IOS and Google Play. The app makes the registration steps and also trading of stocks and ETFs super a breeze.

So Is Wealthsimple Trade Legit?

Of course. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management . they’ve been doing business for more than 7 years and employs about 600 Canadians. The controlling owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage to operate in Canada.

How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to add funds to your new account. Just connect a chequing or savings account with your Trade account, and then fund your account in just a couple of steps. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can also be moved to a chequing or savings accounts using the exact same steps.

What Additional Benefits and Products Are Available?

Wealthsimple Cash – An alternative to Interac e-Transfers that allows you to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax year and submit your tax return online for free. It’s advertised to be simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account which allows you to earn 1% cashback on your purchases, and also earn a very competitive 1.5% interest rate on savings.

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

All of the listed features, including Wealthsimple Trade may be accessed inside the app or on the site with your Wealthsimple login.

But How Can I Begin Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special signup bonus offer for our readers you’ll get the equivalent cash value of a random share valued at up to $4,500 CAD as soon as you deposit to your account.

But What if I Still Have Additional Questions Related to Wealthsimple Phone Number?

If this blog post hasn’t answered all of your questions, and you’re still browsing for further specific answers relating to Wealthsimple Invest Vs Wealthsimple Trade, visit the Wealthsimple site for answers to each your questions.