Wealthsimple Review 2022: Questrade Vs Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stock and crypto trading app that differentiates itself from the competition by charging no fees. 

A online financial services business founded in the Autumn 2014 exclusively as a robo advisor automated trading platform named Wealthsimple Invest, it has changed substantially over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian consumers to trade individual stocks and ETFs without paying any commissions. The exception is when you’re trading ETFs and stocks which are listed in USD. In which case, they charge a nominal currency conversion fee when buying and selling. But, gone are the times of having to pay more than $7 per each trade with digital discount brokerages as was the norm a couple years past.

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

Wealthsimple is awesome in that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable min deposit amounts of 1k-5k. This makes it tough for the typical investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have TFSA Accounts?

Yes. Wealthsimple Trade has available both registered and non-registered account types. One may select both RRSP and TFSA accounts in the setup wizard. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is available to download on IOS and Google Play. The app makes the enrollment process and also trading of stocks and ETFs incredibly a breeze.

Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is legit. Wealthsimple boasts in excess of 15 billion Canadian in Assets Under Management (AUM). They have been expanding for more than 7 years and employs about 600 people. The controlling shareholder is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online brokerage to operate in Canada.

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

The Wealthsimple Trade mobile app makes it incredibly easy to fund a new account. Simply connect to a chequing or savings account with your Trade account, then fund your account in simply a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can also be moved back to your chequing or savings accounts using the exact same process.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An alternative to Interac e-Transfers which allows one to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online for free. It’s described to be simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination prepaid visa and savings account that lets you to get 1% cashback on all your spending, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a bunch of courses on different topics such as saving, investing, crypto, mortgages and more. 

All of the above features, including Wealthsimple Trade may be found inside the mobile app and at their website with your Wealthsimple login.

But How do I Begin With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. As a special registration bonus for our readers you will receive the cash value of a Canadian stock valued at up to $4,500 Canadian once you make an initial deposit to your account.

What if I Still Have Questions Concerning Questrade Vs Wealthsimple?

If this review didn’t answered all of your questions, and you’re still looking for additional specific facts about Questrade Vs Wealthsimple, go to the Wealthsimple website for answers to all your questions.