Nest Wealth Vs Wealthsimple

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading platform that differentiates itself from its competitors by charging absolutely no fees.

A Toronto, Ontario based fintech business founded in the Autumn twenty fourteen exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has improved considerably over the last eight years to feature Wealthsimple Trade, a zero fees discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian investors trade both individual stocks and ETFs without having to pay commissions. The exception to this is when you’re trading stocks which are listed in USD. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 per trade with digital discount brokerages as was the case only a couple years past.

How Much in Funds Will I Need in Order to Start With Wealthsimple Trade?

Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of 1k-5K. This makes it hard for the typical investor to get started. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

It does. Wealthsimple Trade offers registered and non-CRA-registered accounts. One are able to choose between both RRSP and TFSA account types in the setup wizard.

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app offered on both iOS and also Android. The mobile app makes the registration process and also trading of stocks and ETFs very easy.

So Is Wealthsimple Trade Secure?

Most definitely. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). This company has been in business for more than 7 years and now employs over 600 folks. The main owner is the admired publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.

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

The Wealthsimple Trade smartphone app makes it so straight forward to fund your account. Just connect the app to a chequing or savings account with your Trade account, and then add funds to your account in simply a few steps. Deposits from banks to Wealthsimple typically take just a few days. Funds can the same way can be moved back to a chequing or savings account by the same process.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to e-transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your taxes online free. It’s described to be simple, accurate and always totally free tax filing.

Wealthsimple Spend – A combination prepaid visa and savings product which lets you to get 1% cashback on your purchases, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different courses on topics like saving, investing, crypto, mortgages and more.

Each of the listed features, including Wealthsimple Trade can be accessed within the mobile app and on their site with your Wealthsimple login.

So How Should I Begin Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For a special signup bonus to our readers you’ll receive the equivalent cash value of a stock worth up to $4,500 CAD when you deposit to your account.

What if I Still Have Questions Related to Nest Wealth Vs Wealthsimple?

If this review still hasn’t given you the answers to all of your questions, and you’re still browsing for additional specific answers relating to Nest Wealth Vs Wealthsimple, visit the Wealthsimple site for answers to each your questions.