Everybody wants to invest their money and get good returns, but investing can be tough if you are a beginner and are investing in riskier asset classes like stocks.

Let’s see some pointers which will help us decide whether Wealthsimple is good for beginners or not!

Easy to download, link bank account, and start trading

The Wealthsimple app is available at Play Store and Apple Store, and it's very easy to download, login, link bank account, and start trading. The only thing is it takes some some to link and transfer money.

Clean, simple, and easy to use interface

The application interface is really clean and simple. There is no jargon used, it's pretty easy for novice traders to understand. And with just a few taps on your screen, you can buy stocks, add them to watchlists, and quickly sell whenever you feel.

No or Low commissions

Wealthsimple offers commission free trading. In their basic plan, you can instantly trade upto $1500 with no commission. So, unlike other brokers, it will not create any pressure upon new traders that they have to minimum earn upto the charges and commissions of brokers even to remain at par.

Therefore, it is a good thing that whatever they earn, they do not have to share anything, and it's all theirs.

No inactivity fees

There are no inactivity fees which Wealthsimple Trader charges from you. So, even if you do not trade for a year or two, you will not be paying any fee or penalty to your broker, which comes as a relief to beginners. It is very rare and the other players in the industry charge you inactivity fees.

No account minimums

There is no account minimum which we think beginners would love. So you can even open your account and start trading with just $1, and that too without commission.

Wide offering of Canadian and US exchanges' stocks and ETFs

Wealthsimple offers a large variety of stocks and ETFs listed on all popular Canadian and US exchanges. Therefore, you have a pool of stocks and ETFs to choose from.

Protection upto $1,000,000 by CIPF

As the broker is regulated by IIROC and CIPF, it clears the doubt in the minds of beginners that the broker is safe. Being a member of CIPF, your account is also provided protection upto $1,000,000.

No account opening and closing fees

You can open and close your trading account whenever you feel and the broker will not charge you for any of these activities. Therefore, there are no barriers on your entry and exit from the markets.

No withdrawal fees

Wealthsimple so not charge you anything when you withdraw your funds to your bank account. This feature is always attractive for beginners.

Free e-Statements

You can download free e-Statements of your account anytime. It provides transparency and builds trust.

Although the broker lacks research reports, analysis, asset class varieties, technical tools, real-time quotes, and account types, it is still one of the best brokers for beginners.