Wealthsimple Trade is a Canadian-based online brokerage platform that offers commission-free trading of stocks, ETFs, and options. One of the key benefits of Wealthsimple Trade is its commission-free trading model, which allows users to buy and sell stocks and ETFs without paying any additional fees. This can be a significant cost savings for frequent traders and can help to increase overall investment returns.
Wealthsimple Review 2023 –
Wealthsimple trade is a Commission free brokerage service that allows its users to buy and sell thousands of stocks and ETFs on Canada and U.S exchanges.
Benefits of Using Wealthsimple Trade-
1) Commission Free – Wealthsimple is a platform that allows people to buy and sell stocks and ETFs with 0% commission. With Wealthsimple trade we can open an account, buy and sell stocks and withdraw our money without paying a single penny in Commission. On the other hand, some exchanges change from $5 to $30 per transaction. For example – Questrade offer 0% fee on buy orders but you have to pay commission on selling decisions. So in terms of commissions wealthsimple Trade is free to use Exchange.
2) Account Safety – It is good to know that Wealthsimple Trade is run by Canadian Shareowner Investment Inc. It is a member of IIROC and CIPF [ Canadian Investor Protection Fund ]. Means your funds are protected against insolvency up to $1000,000.
3) User Experience – Wealthsimple Trade is an easy to use application and new members can use their interface easily. Moreover, Wealthsimple Trade is also available on Android, iOS and in web version. So in terms of usability, Wealthsimple Trade never disappoint their users.
4) No Minimum Balance – To open an account with wealthsimple Trade you never need tons of money to get started. You can open an account with $0. However, on other trading platforms like Questrade you need $1000 minimum.
5) Fractional Shares- Wealthsimple Trade also offers fractional shares of big companies like Tesla, Amazon. This means small investors can also buy big companies shares.
Limitations of Using Wealthsimple Trade – Each of the things we use have some drawbacks. Similarly wealthsimple trade also have some limitations –
1) Financial Products – WealthSimple Trade offers a variety of Stocks and ETFs but is unable to offer other investment products like mutual funds, options, bonds, OTC assets, IPO’s, precious metals like Gold, silver and more.
2) Account offered – Wealthsimple Trade offer 3 types of Accounts –
– TFSA [ Tax Free Saving Account ]
– RRSP [ Registered Retirement Saving Plan ]
– Personal Account [ On this account no limit on deposit and withdrawal but you have to pay tax on earnings. ]
However, some other exchanges offer other account types like RESP, LIRA, Margin Account, LIF, RIF and Corporate Investment Account.
3) Trading Tools – WealthSimple Trade app is a very user friendly app and includes all necessary tools of investing. However, it does not offer lots of investing tools like Charts, Market Analysis, Stock history.
How to Open Account with WealthSimple Trade [ Get Free Stocks on Sign Up ]
The process of opening account with wealthsimple trade is very easy and you just need to follow simple steps –
1) Download the Application [ Click here to Get Free Stocks on Sign up ]
2) Open any Account [ TFSA or Personal ]
3) Fund your Account by linking to a bank Account.
4) Start buying and selling Stocks.
Bottom line- Wealthsimple Trade is a very easy to use application. And with this app doing investment is very simple. You can subscribe to their Plus version and save 1.5% FX fee on U.S. trades.
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