Wealthsimple Review 2022: Qtrade Vs Questrade Vs Wealthsimple

What is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading web app that differentiates itself from similar apps by charging absolutely no fees. 

A fintech business founded in the Autumn of twenty fourteen originally as a robo-advisor trading app called Wealthsimple Invest, it has changed significantly over the last 8 years to also include Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors trade individual stocks and also ETFs without having to pay commissions. The exception to this is when you’re trading stocks and ETFs that are listed in US Dollars. In which case, they charge a currency conversion fee when buying and selling. But, behind us are the times of paying $7-12 per each trade with online discount brokerages as was the case just a couple years past.

Exactly How Much in Funds do I Need to Begin Investing With Wealthsimple Trade?

Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large min deposit amounts of 1k-$5000. This makes it difficult for the typical investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer RRSP Accounts?

They do. Wealthsimple Trade has available both registered and non-registered accounts. One are free to choose between both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Offer a Mobile Application?

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

But Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion Canadian of Assets Under Management . These folks have been operating for more than 7 years and employs about 600 Canadians. The majority shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.

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

The Wealthsimple Trade smartphone app makes it very straight forward to deposit to an account. Just connect to a chequing or savings account with your Trade account, and then fund your account in only a few steps. Deposits from banks to Wealthsimple usually take only a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts by using the same steps.

Which Other Features and Products Are Available?

Wealthsimple Cash – An equivalent to E-transfers that allow you to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online free. It’s described to be easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to earn 1% cashback on all your everyday spending, and also earn a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different courses on different topics such as saving, investments, crypto, mortgages and much more. 

Every one of the listed products, along with Wealthsimple Trade may be found inside the mobile app or on the website with one login.

How do I Get Started With Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the cash value of a random Canadian stock valued at $25 up to $4,500 CAD as soon as you deposit to your account.

But What if I Still Have Questions About Qtrade Vs Questrade Vs Wealthsimple?

If this blog post didn’t answered each of your questions, and you’re still looking for additional specific info relating to Qtrade Vs Questrade Vs Wealthsimple, go to the Wealthsimple website to find answers to each your questions.