Wealthsimple Review 2022: Qtrade Vs Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading platform that distinguishes itself from the competition by charging absolutely no fees. 

A Toronto, Ontario based fintech business founded in Fall 2014 exclusively as a robo-advisor trading app named Wealthsimple Invest, it has changed significantly over the past 8 years to include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows Canadian investors trade single stocks and also ETFs without paying any commissions. The exception to this is when trading stocks which are denominated in USD currency. In which case, they do charge a currency conversion fee when buying and selling. However, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was normal just a few years ago.

Exactly How Much Money Will I Need to Have to Begin Investing With Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and brokerages have quite large min deposit amounts of $1,000-5K. This makes it tough for the typical new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

Of course. Wealthsimple Trade has both registered and non-registered accounts. You may select both RRSP and TFSA accounts during the setup wizard. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app available on both IOS and Google Play. The smartphone app makes the signup steps and the trading of stocks and ETFs super easy.

But Is Wealthsimple Trade Safe?

Yes. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and also currently employs roughly 600 folks. The majority owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.

So How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your new account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take a few days. Funds can also be withdrawn a chequing or savings account by the same steps.

What Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to Interac E-transfers that allow one to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax season and file your tax return online for free. It’s pitched as easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid visa and savings product that lets you to get 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a bunch of courses on saving, investments, crypto, mortgages and much more. 

Every one of the above features, along with Wealthsimple Trade may be accessed on the mobile app or from the website with your Wealthsimple login.

But How Should I Start With Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. For a special registration bonus to our audience you will receive the equivalent cash value of a Canadian stock valued at $25 up to $4,500 CAD when you add funds to your account.

But What if I Still Have Questions Concerning Qtrade Vs Wealthsimple?

If this review didn’t given you the answers to all of your questions, and you’re still searching for additional specific info about Qtrade Vs Wealthsimple, check out the Wealthsimple site to get answers to all your questions.