Wealthsimple Review 2022: Reddit Questrade Vs Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stocks and crypto trading platform that differentiates itself from similar apps by charging no fees. 

A online financial services business launched in the Autumn of 2014 exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has improved significantly over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets consumers to trade both single stocks and ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs which are listed in USD. In that case, they will charge a currency conversion fee both when buying and selling. However, behind us are the times of having to pay $7-12 per each trade with online discount brokerages as was expected only a few years ago.

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

Wealthsimple is awesome such that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable min deposit amounts of 1k-5k. This makes it tough for the typical investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade has both registered and non-CRA-registered account types. One can choose both RRSP and TFSA accounts during the setup wizard. 

So Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a well designed mobile app available on both IOS and also Android. The mobile app makes the registration process and the trading of stocks and ETFs super a breeze.

So Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management . they’ve been in business for more than 7 years and currently employs more than 600 folks. The majority shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.

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

The Wealthsimple Trade smartphone app makes it quite straight forward to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be withdrawn a chequing or savings account by the same process.

Which Additional Benefits and Products Are Available?

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

Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online free. It’s pitched to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings account that lets you to recieve 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest on savings.

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

All of the above products, including Wealthsimple Trade may be found in the app or from the website with a single login.

So How Can I Begin With Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. As an exclusive registration bonus for our readers you will receive the equivalent cash value of a stock worth $25 up to $4,500 Canadian as soon as you make an initial deposit to your account.

What if I Still Have Questions About Reddit Questrade Vs Wealthsimple?

If this blog post still hasn’t answered each of your questions, and you’re searching for more info relating to Reddit Questrade Vs Wealthsimple, check out the Wealthsimple site to find answers to all your questions.