Wealthsimple Review 2022: Questrade Vs Wealthsimple Trade

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital Financial, securities plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees. 

A online financial services company launched in the Fall 2014 exclusively as a robo-advisor trading platform called Wealthsimple Invest, it has grown substantially over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows Canadian consumers to trade both individual stocks and ETFs without having to pay any fees. The exception to this is when you’re trading ETFs and stocks that are denominated in US Dollars. In which case, they will charge a small currency conversion fee both when buying and selling. But, behind us are the days of paying more than $7 per trade with discount brokerages as was expected just a couple years ago.

Exactly How Much Money Will I Need in Order to Start Investing on Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large min deposit amounts of 1K-$5000. This makes it difficult for the normal investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

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

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app that is offered on both iOS and Google Play. The mobile app makes the enrollment process and also trading of stocks and ETFs truly a breeze.

Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has in excess of 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and also right now employs about 600 Canadians. The primary shareholder is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.

But How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add money to a new account. Simply connect the app to a chequing or savings account to your Trade account, and add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can just as easily be moved back to a chequing or savings account using the exact same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to E-transfers which allows one to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax year and submit your tax return online free. It’s pitched to be easy, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid prepaid visa and savings account that lets one to earn 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.

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

All of the listed features, along with Wealthsimple Trade can be accessed inside the app or at their site with your Wealthsimple login.

So How Should I Start Using Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. For a special signup bonus offer to our readers you will receive the cash value of a share worth $25 up to $4,500 CAD once you deposit to your account.

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

If this article hasn’t answered each of your questions, and you’re still searching for additional specific info relating to Questrade Vs Wealthsimple Trade, visit the Wealthsimple website to find answers to all your questions.