What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading web app that sets itself apart from the competition by charging no fees.
A Toronto, Ontario based online financial services business launched in the Fall 2014 originally as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved substantially over the last 8 years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and ETFs without needing to pay commissions. The exception to this is when trading securities that are displayed in USD currency. In this case, they charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 per trade with online discount brokerages as was normal just a few years ago.
How Much Cash do I Need to Have to Get Started With Wealthsimple Trade?
Wealthsimple is awesome in that they will allow investors to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable minimum deposit amounts of 1K-5k. This makes it impossible for the every day new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has registered and non-registered account types. You are able to select both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on Apple and also Android. The smartphone app makes the enrollment process and also the trading of stocks and ETFs super a breeze.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management . They have been expanding for more than 7 years and right now employs about 600 folks. The majority owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
So How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add money to your account. Just connect to a chequing or savings account with your Trade account, and then add money to your account in just a few clicks. Deposits from your bank to Wealthsimple normally take only a couple of days. Funds can the same way can be moved to a chequing or savings accounts by using the same steps.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to E-transfers which allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax season and submit your tax return online for free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows you to recieve 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 platform which includes a ton of courses on different topics such as saving, investments, crypto, home buying and much more.
Every one of the mentioned features, including Wealthsimple Trade can be found in the mobile app or from their website with one login.
But How do I Get Started With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus offer to our readers you’ll receive the equivalent cash value of a share worth up to $4,500 CAD when you fund your account.
So What if I Still Have Additional Questions Related to Wealthsimple Account?
If this review still hasn’t given you the answers to all of your questions, and you’re looking for additional specific answers about Wealthsimple Account, visit the Wealthsimple site to find answers to each your questions.