What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks and crypto trading app that distinguishes itself from its competitors by charging no fees.
A Toronto, Ontario based fintech business founded in the Autumn 2014 originally as a robo advisor automated trading platform named Wealthsimple Invest, it has changed substantially over the last eight years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian investors trade single stocks and ETFs without having to pay fees. The exception to this is when trading stocks that are listed in USD currency. In which case, they charge a small currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 per each trade with discount brokerages as was the norm a few years ago.
How Much Money Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large min deposit amounts of 1k-$5000. This makes it impossible for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade offers registered and non-registered accounts. One are able to choose both RRSP and TFSA account types in the setup process.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app that is offered on both iOS and also Android. The app makes the signup phase and the trading of stocks and ETFs very simple.
Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and also right now employs over 600 Canadians. The main owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital discount brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to deposit to your account. Simply connect the app to a chequing or savings account to your Trade account, then fund your account in only a few clicks. Deposits from banks to Wealthsimple normally take a few days. Funds can the same way can be withdrawn your chequing or savings accounts with the exact same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-Transfers which allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax year and file your taxes online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account that allows you to earn 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of courses on different topics such as saving, investing, crypto, real estate and more.
All of the above products, including Wealthsimple Trade may be accessed in the app or from their website with a single login.
So How Can I Begin Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you will receive the equivalent cash value of a stock valued at up to $4,500 CAD once you add funds to your account.
But What if I Still Have Questions Concerning About Wealthsimple Trade?
If this review didn’t given you the answers to each of your questions, and you’re still looking for more specific answers about About Wealthsimple Trade, go to the Wealthsimple site to get answers to each your questions.