Wealthsimple Review 2022: Questrade Vs Wealthsimple Trade Reddit

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from other apps by charging no fees. 

A fintech company launched in the Fall of twenty fourteen originally as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved significantly over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets consumers trade both individual stocks and also ETFs without having to pay commissions. The exception is when trading stocks and ETFs which are listed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, behind us are the days of having to pay Upwards of $7 per each trade with online discount brokerages as was normal just a couple years ago.

How Much Money do I Need to Get Started With Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have large minimum deposit amounts of $1000-$5,000. This makes it difficult for the common new investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

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

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app that is available to download on both IOS and Android. The app makes the enrollment process and the trading of stocks and ETFs super painless.

So Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been operating for more than 7 years and also now employs roughly 600 Canadians. The primary shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage operating in Canada.

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

The Wealthsimple Trade mobile app makes it quite easy to fund your new account. Just connect to a chequing or savings account to your Trade account, and add funds to your account in simply a few steps. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be moved back to your chequing or savings account through the same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – An alternative to Interac e-transfers which allows one to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax year and file your taxes online free. It’s described as easy, accurate and always free income tax filing.

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

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a variety of different online courses on different topics such as saving, investments, crypto, real estate and more. 

All of the listed products, along with Wealthsimple Trade may be accessed within the mobile app or at their site with one login.

But How Can I Start With Wealthsimple Trade?

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

So What if I Still Have Additional Questions Concerning Questrade Vs Wealthsimple Trade Reddit?

If this review didn’t given you the answers to all of your questions, and you’re still searching for additional answers relating to Questrade Vs Wealthsimple Trade Reddit, check out the Wealthsimple website for answers to every one of your questions.