Questrade Vs Wealthsimple Trade 2021

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian digital investing, securities plus crypto trading platform that differentiates itself from similar apps by charging no fees.

A Toronto, Ontario based online financial services company launched in Autumn of 2014 originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown significantly over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade allows consumers trade stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading stocks and ETFs that are listed in USD currency. In this case, they will charge a nominal currency conversion fee when buying and selling. But, gone are the days of having to pay $7-12 per each trade with online discount brokerages as was common a few years ago.

How Much Money Will I Need to Have to Begin Investing on Wealthsimple Trade?

Wealthsimple is special such that they 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 $1,000-$5,000. This makes it difficult for the normal new investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Offer RRSP Accounts?

Of course. Wealthsimple Trade offers registered and non-CRA-registered accounts. One can choose between both RRSP and TFSA accounts in the setup phase.

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app available on both IOS and also Android. The smartphone app makes the enrollment phase and also trading of stocks and ETFs painless.

So Is Wealthsimple Trade Secure?

. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management . They have been in business for more than 7 years and now employs about 600 Canadians. The majority shareholder is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage operating in Canada.

So How Do I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very simple to add money to a new account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in only a couple of clicks. Deposits from banks to Wealthsimple usually take only a few days. Funds can the same way can be moved to your chequing or savings account with the exact same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – An equivalent to Interac E-transfers which allows you to quickly and efficiently transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your taxes online free. It’s advertised to be easy, accurate and always free tax return filing.

Wealthsimple Spend – A combination prepaid debit card and savings product which lets one to earn 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 learning platform which offers a ton of courses on different topics such as saving, investing, crypto, mortgages and much more.

All of the listed products, along with Wealthsimple Trade may be found in the mobile app and at the site with a single login.

How Can I Begin With Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will get the equivalent cash value of a Canadian stock worth $25 up to $4,500 CAD when you add funds to your account.

What if I Still Have Questions Related to Questrade Vs Wealthsimple Trade 2021?

If this article still hasn’t given you the answers to all of your questions, and you’re searching for further specific answers about Questrade Vs Wealthsimple Trade 2021, go to the Wealthsimple website to get answers to all your questions.