Wealthsimple Trade Vs Robinhood: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online Financial, securities and crypto trading platform that differentiates itself from its competitors by charging absolutely no fees. 

A leading Canadian fintech business launched in Autumn twenty fourteen originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the past eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows investors to trade individual stocks and ETFs without having to pay any commissions. The exception to this is when you’re trading stocks and ETFs which are displayed in USD. In that case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of having to pay more than $7 for each trade with online discount brokerages as was expected just a few years past.

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

Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and discount brokerages have sizeable min deposit amounts of $1,000-$5000. This makes it impossible for the normal investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Have Registered Accounts?

Of course. Wealthsimple Trade has available registered and non-registered accounts. One are free to choose between both RRSP and TFSA accounts during the setup process. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app that is available to download on both IOS and also Google Play. The smartphone app makes the registration phase and also trading of stocks and ETFs painless.

So Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). This company has been doing business for more than 7 years and also now employs about 600 people. The controlling owner is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.

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

The Wealthsimple Trade smartphone app makes it easy to add money to your account. Just connect the app to a chequing or savings account to your Trade account, and then add money to your account in simply a couple of steps. Deposits from banks to Wealthsimple usually take just a few days. Funds can the same way can be withdrawn your chequing or savings accounts using the same steps.

Which Additional Benefits and Products Are Available?

Wealthsimple Cash – This is equivalent to e-transfers which allows you to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for this tax season and file your tax return online free. It’s described as simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination prepaid debit card and savings product that allows one to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a ton of online courses on topics like saving, investments, crypto, home buying and more. 

Every one of the listed products, along with Wealthsimple Trade may be found within the app or from the site with your Wealthsimple login.

How Should I Begin With Wealthsimple Trade?

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

What if I Still Have Additional Questions Concerning Wealthsimple Raises 750 Million?

If this review hasn’t answered all of your questions, and you’re still searching for further specific information relating to Wealthsimple Trade Vs Robinhood, go to the Wealthsimple site to get answers to all your questions.