How Does Wealthsimple Make Money

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading platform that sets itself apart from the competition by charging absolutely no fees. 

A Toronto, Ontario based online financial services company launched in the Fall twenty fourteen originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has grown considerably over the past eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows Canadian consumers to trade both stand alone stocks and also ETFs without having to pay commissions. The exception is when trading stocks and ETFs which are denominated in USD. In this case, they charge a nominal currency conversion fee when buying and selling. However, past us are the times of having to pay Upwards of $7 per each trade with discount brokerages as was normal a couple years ago.

How Much Money do I Need to Have in Order to Begin Investing With Wealthsimple Trade?

Wealthsimple is unique in that they will allow Canadian investors to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large min deposit amounts of $1000-5K. This makes it tough for the typical investor to start. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. One can select between both RRSP and TFSA account types during the setup phase. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app offered on both iOS and Google Play. The smartphone app makes the signup process and the trading of stocks and ETFs incredibly a breeze.

But Is Wealthsimple Trade Legit?

Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian in Assets Under Management . they’ve been in business for more than 7 years and also right now employs more than 600 folks. The majority owner is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.

So How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite simple to fund a new account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in just a few clicks. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can also be withdrawn your chequing or savings account with the exact same method.

Which Additional Benefits and Products Does Wealthsimple Offer?

Wealthsimple Cash – An alternative to Interac E-transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax season and submit your taxes online free. It’s advertised as easy, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings product that allows one to get 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on different topics such as saving, investing, crypto, home buying and more. 

All of the listed products, including Wealthsimple Trade can be found within the mobile app or from their site with your Wealthsimple login.

How Can I Begin Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As an exclusive registration bonus for our audience you will receive the cash value of a Canadian stock valued at up to $4,500 Canadian once you make an initial deposit to your account.

But What if I Still Have Additional Questions About How Does Wealthsimple Make Money?

If this article hasn’t given you the answers to each of your questions, and you’re still browsing for more specific information about How Does Wealthsimple Make Money, go to the Wealthsimple site to get answers to every one of your questions.