Wealthsimple Review 2022: Wealthsimple Vs Questrade

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online investing, stock plus crypto trading platform that differentiates itself from the competition by charging no fees. 

A fintech business launched in the Fall of 2014 exclusively as a robo advisor automated trading app named Wealthsimple Invest, it has improved substantially over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets consumers trade both stand alone stocks and also ETFs without having to pay fees. The exception is when trading stocks that are displayed in USD currency. In that case, they will charge a nominal currency conversion fee both when buying and selling. But, gone are the days of having to pay more than $7 per trade with discount brokerages as was common just a couple years past.

Exactly How Much Cash Will I Need to Begin Investing on Wealthsimple Trade?

Wealthsimple is awesome such that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have quite large initial deposit amounts of 1K-5k. This makes it tough for the common investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer TFSA Accounts?

It does. Wealthsimple Trade has CRA registered and non-CRA-registered account types. One may choose both RRSP and TFSA accounts during the setup process. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a modern mobile app offered to download on both iOS and Google Play. The app makes the signup steps and also trading of stocks and ETFs super painless.

Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and employs more than 600 people. The majority owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.

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

The Wealthsimple Trade smartphone app makes it quite easy to add money to a new account. Simply connect to a chequing or savings account to your Trade account, and then fund your account in simply a couple of clicks. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can the same way can be withdrawn a chequing or savings account by using the exact same steps.

Which Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac e-Transfers that allows anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax season and submit your tax return online free. It’s advertised to be simple, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings account that lets one to get 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of courses on topics like saving, investing, crypto, home buying and more. 

Each of the mentioned products, along with Wealthsimple Trade can be found within the mobile app or from the site with your Wealthsimple login.

But How Should I Start With Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll get the equivalent cash value of a share valued at $25 up to $4,500 CAD when you deposit to your account.

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

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