Wealthsimple Vs Questrade Review: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stock and crypto trading web app that sets itself apart from other apps by charging absolutely no fees. 

A leading Canadian fintech business founded in the Autumn of twenty fourteen exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has evolved significantly over the past eight years to include Wealthsimple Trade, a no fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian investors trade individual stocks and ETFs without having to pay fees. The exception to this is when you’re trading stocks and ETFs which are displayed in USD. In this case, they charge a currency conversion fee when buying and selling. However, behind us are the days of paying Upwards of $7 per each trade with discount brokerages as was expected just a few years ago.

Exactly How Much Money do I Need to Get Started on Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large initial deposit amounts of 1k-5k. This makes it difficult for the everyday investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

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

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app offered on both iOS and Google Play. The app makes the enrollment steps and also the trading of stocks and ETFs very a breeze.

So Is Wealthsimple Trade Legit?

Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . These folks have been doing business for more than 7 years and employs over 600 folks. The main shareholder is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly easy to add money to an account. Simply connect a chequing or savings account to your Trade account, and then add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can just as easily be withdrawn a chequing or savings accounts using the same process.

Which Other Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is alternative to Interac E-transfers that allow you to quickly and efficiently transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax year and file your tax return online for free. It’s described to be simple, accurate and always totally free tax return filing.

Wealthsimple Spend – A combination pre paid debit card and savings product which lets you to recieve 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest on savings.

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

All of the above features, including Wealthsimple Trade can be accessed within the mobile app and from their website with a single login.

So How Can I Begin Using Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. As an exclusive signup bonus to our audience you’ll get the cash value of a share worth up to $4,500 CAD when you fund your account.

So What if I Still Have Questions Related to Wealthsimple Exchange Rate?

If this article didn’t given you the answers to each of your questions, and you’re still searching for more information relating to Wealthsimple Vs Questrade Review, check out the Wealthsimple website to find answers to all your questions.