What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks plus crypto trading app that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in the Fall 2014 exclusively as a robo-advisor trading app named Wealthsimple Invest, it has evolved substantially over the past 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian consumers trade single stocks and ETFs without having to pay any commissions. The exception is when trading stocks and ETFs that are listed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, past us are the times of having to pay Upwards of $7 per trade with discount brokerages as was common just a few years past.
How Much in Funds do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have quite large min deposit amounts of $1000-5k. This makes it hard for the everyday investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. You are free to choose between both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available on both iOS and Android. The app makes the enrollment phase and also the trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and also right now employs roughly 600 people. The controlling shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.
But How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to fund a new account. Simply connect a chequing or savings account to your Trade account, and then add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can just as easily be moved to your chequing or savings accounts using the exact same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allows one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online free. It’s described to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows you to get 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of different courses on saving, investments, crypto, real estate and more.
Each of the listed products, along with Wealthsimple Trade may be accessed inside the app or from their site with one login.
So How do I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special signup bonus for our audience you’ll receive the equivalent cash value of a random stock worth $25 up to $4,500 CAD as soon as you add funds to your account.
What if I Still Have Additional Questions About Buying Crypto On Wealthsimple?
If this article hasn’t answered all of your questions, and you’re browsing for more facts about Buying Crypto On Wealthsimple, visit the Wealthsimple site to find answers to every one of your questions.