Wealthsimple Alternatives Canada

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading app that differentiates itself from the competition by charging no fees. 

A leading Canadian online financial services business founded in the Autumn of twenty fourteen originally as a robo advisor trading app named Wealthsimple Invest, it has evolved considerably over the previous eight years to include Wealthsimple Trade, a zero fee discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when you’re trading stocks which are denominated in US Dollars. In that case, they do charge a currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 per trade with online discount brokerages as was expected just a couple years past.

Exactly How Much Cash Will I Need in Order to Start Investing With Wealthsimple Trade?

Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of 1K-5k. This makes it impossible for the typical new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has available both registered and non-registered account types. One are able to choose both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app available on both Apple and also Android. The app makes the signup phase and also the trading of stocks and ETFs incredibly painless.

Is Wealthsimple Trade Secure?

. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and also employs about 600 folks. The majority shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.

But How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very straight forward to add funds to an account. Just connect to a chequing or savings account with your Trade account, and then fund your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can also be moved back to your chequing or savings accounts by the exact same steps.

What Additional Features and Products Are Available?

Wealthsimple Cash – This is alternative to Interac e-transfers which allow one to quickly and simply send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings product that lets one to get 1% cashback on your everyday spending, and also earn a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of different online courses on saving, investments, crypto, real estate and much more. 

All of the listed features, along with Wealthsimple Trade can be accessed in the app and from the website with your Wealthsimple login.

So How do I Begin Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special signup bonus offer for our audience you will receive the equivalent cash value of a random share valued at up to $4,500 CAD when you make an initial deposit to your account.

So What if I Still Have Questions About Wealthsimple Alternatives Canada?

If this article didn’t given you the answers to each of your questions, and you’re looking for more specific answers about Wealthsimple Alternatives Canada, check out the Wealthsimple website to find answers to every one of your questions.