Question 1

Is Wealthsimple trade legit?

Accepted Answer

Yes, Wealthsimple Trade is 100% legitimate. It is a platform provided by the well-known Canadian company Wealthsimple. Moreover, it is regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor’s Protection Fund (CIPF), meaning that accounts up to $1,000,000 have protection against insolvency (not market volatility).

Question 2

How does Wealthsimple Trade make money?

Accepted Answer

Wealthsimple Trade earns most of its revenue by charging a 1.5% currency conversion fee for CAD to USD and USD to CAD conversion. They also plan on adding more premium offerings to the platform that will require fees to use, so stay tuned. It’s also worth nothing that Wealthsimple Trade is one piece of a very large company (Wealthsimple) that offers many other products and services that generate revenue.

Question 3

What is the difference between Wealthsimple and Wealthsimple Trade?

Accepted Answer

Wealthsimple Trade offers 0 commission trades and allows you full control to buy stocks and ETFs without worrying about being charged fees. In contrast, Wealthsimple (known as Wealthsimple Invest) allows you to grow your money based on your goals and risk appetite by using their portfolio management services which have control over your investments.

Question 4

Does Wealthsimple Trade charge fees?

Accepted Answer

No, Wealthsimple Trade does NOT charge fees. There are absolutely no fees charged to your account when you buy or sell stocks and ETFs. Additionally, there are also no account-minimums, so you can easily create am account and get comfortable with the platform before you decide to transfer money into it.

Question 5

Can I day trade on Wealthsimple?

Accepted Answer

Yes, you can day trade on the Wealthsimple Trade platform. It is important to note that while it is possible, it is not encouraged by the company. Furthermore, there are also tax implications associated with day trading, so if this is something you are looking to get into, it’s definitely worth learning about all relevant regulations and tax rules.

Question 6

Is Wealthsimple good for beginners?

Accepted Answer

Yes, Wealthsimple is great for beginners. They offer many free resources such as videos and informational guides to help you learn more about taking control of your personal finances and investments. Additionally, Wealthsimple Trade and Wealthsimple Invest, are both fairly to use platforms with the varying degrees of control over your investments making them perfect for different levels of experience.

Question 7

How do I withdraw money from Wealthsimple?

Accepted Answer

1. Login to your trading account 2. Click “Funding” near the top left of your profile and then click “Withdraw Funds” 3. Choose your account (TFSA or RRSP) and enter the value you would like to withdraw 4. Click “Set Withdrawal” If you have additional questions, you can reach out to the Wealthsimple customer support team on their web site.

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