Wealthsimple Review 2022: Questrade Vs Wealthsimple Reddit

What Exactly is Wealthsimple?

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

A Toronto, Ontario based fintech business founded in the Fall twenty fourteen exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has changed considerably over the past eight years to also include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows investors to trade both stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when trading ETFs and stocks which are displayed in USD currency. In that case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the days of having to pay $7-12 per each trade with discount brokerages as was normal just a few years past.

How Much Cash Will I Need to Have in Order to Start Investing With Wealthsimple Trade?

Wealthsimple is cool in that they will allow new customers to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have large min deposit amounts of $1000-$5000. This makes it hard for the normal investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. You are free to select both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app offered to download on both Apple and also Android. The app makes the registration process and the trading of stocks and ETFs incredibly a breeze.

Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . This company has been expanding for more than 7 years and currently employs more than 600 people. The controlling shareholder is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.

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

The Wealthsimple Trade smartphone app makes it very easy to deposit to a new account. Simply connect to a chequing or savings account to your Trade account, then fund your account in simply a few steps. Deposits from your bank to Wealthsimple usually take just a few days. Funds can also be withdrawn your chequing or savings accounts through the same steps.

What Additional Features and Products Are Available?

Wealthsimple Cash – An equivalent to e-Transfers which allow one to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and file your taxes online free. It’s described as simple, accurate and always totally free tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account that allows one to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.

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

Every one of the above products, along with Wealthsimple Trade can be accessed in the mobile app or from their site with your Wealthsimple login.

But How Can I Begin Using Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus to our readers you’ll get the equivalent cash value of a random stock worth up to $4,500 CAD once you fund your account.

But What if I Still Have Questions Related to Questrade Vs Wealthsimple Reddit?

If this article didn’t given you the answers to all of your questions, and you’re still browsing for further info relating to Questrade Vs Wealthsimple Reddit, check out the Wealthsimple website to get answers to all your questions.