Wealthsimple Invest is for beginners and is fully automated, whereas Wealthsimple trade is for experts to buy and sell shares manually. Let’s see which option to choose within the Wealthsimple platform.
What is Wealthsimple?
Wealthsimple has been a complete package in offering financial services and wealth management to Canadian investors since 2014. It offers distinct products that cover both investment crackerjacks and tyros.
The experts are open to using self-directed trading tools and beginners can seek the help of automated investing products. The five main products of Wealthsimple are as follows:
- Wealthsimple Cash
- Wealthimple Trade
- Wealthsimple Invest
- Wealthsimple Tax
- Wealthsimple Crypto
What Is Wealthsimple Invest?
“Invest” was the pilot product floated out by Wealthsimple in the year 2014. This product is completely automated and works through a Robo-advisor. As soon as you open an account with this platform, you will be required to fill up a questionnaire to figure out your objectives, investment timeframe, and risk appetite.
In addition to the risk tolerance, you have the option to invest in three different cores:
- Standard portfolio
- Socially responsible portfolio and
- Halal portfolio.
Based on your responses, you will be categorized as a conservative, balanced, or growth investor. After the assessment, your funds will be invested in a pre-determined blend of Exchange Traded Funds (ETFs) that is in line with your risk profile. The platform offers automatic rebalancing of funds based on market trends.
What is Wealthsimple Trade?
“Trade” is just like any other investment platform and involves manual buying and selling of shares and ETFs, based on your market research. The platform was launched in the year 2019.
Wealthsimple Invest vs WealthsimpleTrade – Comparison of Features
Wealthsimple Invest vs WealthsimpleTrade – Comparison of Fee Structures
Wealthsimple Invest vs Wealthsimple Trade - Which is better?
Both platforms are unique in their own way and serve different types of investors. If you are a rookie, it is best you opt for Wealthsimple Invest and get access to professional portfolio management at a low cost. The fund managers opt for strategies that are tried and true. You can have the peace of mind that your money is being handled by those who are accomplished in the field of investing.
On the contrary, if you are an expert yourself and if you have the time to research and track the markets, you can be onboard with** Wealthsimple Trade** and enjoy commission-free trading in a user-friendly interface.