Questrade Vs Wealthsimple Trade Reddit

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based Financial, securities plus crypto trading platform that sets itself apart from other apps by charging no fees. 

A online financial services company founded in the Autumn of 2014 exclusively as a robo-advisor trading app called Wealthsimple Invest, it has improved significantly over the last 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian investors to trade stand alone stocks and ETFs without having to pay any fees. The exception to this is when trading securities that are displayed in US Dollars. In that case, they charge a currency conversion fee when buying and selling. But, past us are the times of having to pay more than $7 for each trade with digital discount brokerages as was the norm a couple years ago.

How Much Cash do I Need to Have in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is unique in that they allow new customers to make a minimum deposit of only $1. Many alternative banks and brokerages have large initial deposit amounts of $1,000-5K. This makes it impossible for the typical new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer RRSP Accounts?

They do. Wealthsimple Trade has available both CRA registered and non-registered account types. You can select between both RRSP and TFSA account types during the setup phase. 

Does Wealthsimple Trade Have a Mobile Application?

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

But Is Wealthsimple Trade Trustworthy?

For sure. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). They have been operating for more than 7 years and also at this time employs roughly 600 people. The primary shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.

But How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very simple to add funds to your new account. Simply connect a chequing or savings account to your Trade account, and fund your account in only a few steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can just as easily be withdrawn your chequing or savings accounts through the same method.

Which Additional Features and Products Are Available?

Wealthsimple Cash – An equivalent to Interac E-Transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax season and file your taxes online for free. It’s described as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings product which allows you to recieve 1% cashback on your purchases, and also earn a competitive 1.5% interest on savings.

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

Every one of the mentioned products, including Wealthsimple Trade can be found in the app and on the site with one login.

How do I Begin With Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus offer for our audience you will receive the cash value of a random share worth up to $4,500 CAD once you make an initial deposit to your account.

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

If this blog post still hasn’t given you the answers to each of your questions, and you’re still browsing for further specific answers about Questrade Vs Wealthsimple Trade Reddit, visit the Wealthsimple site for answers to every one of your questions.