What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading platform that distinguishes itself from other apps by charging no fees.
A Toronto, Ontario based online financial services company launched in Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has changed considerably over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian investors to trade both stand alone stocks and also ETFs without having to pay fees. The exception is when you’re trading stocks and ETFs which are displayed in US Dollars. In this case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the days of paying Upwards of $7 per trade with digital discount brokerages as was the case just a couple years ago.
How Much in Funds do I Need to Have to Get Started on Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadians to make a minimum deposit of only $1. Many traditional banks and brokerages have sizeable initial deposit amounts of 1k-5k. This makes it tough for the everyday new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Of course. Wealthsimple Trade has registered and non-registered accounts. You are free to select between both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available to download on IOS and also Google Play. The mobile app makes the registration phase and also trading of stocks and ETFs simple.
So Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management . This company has been operating for more than 7 years and also now employs more than 600 Canadians. The primary owner is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to your new account. Just connect to a chequing or savings account to your Trade account, and then add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be moved back to a chequing or savings accounts through the exact same process.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-Transfers which allows you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and submit your tax return online for free. It’s described to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product which allows one to get 1% cashback on your everyday spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of online courses on saving, investing, crypto, mortgages and much more.
Every one of the listed features, along with Wealthsimple Trade can be found on the app or at the website with a single login.
How Can I Begin Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special signup bonus offer for our audience you’ll receive the equivalent cash value of a Canadian stock worth up to $4,500 CAD when you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Betterment?
If this article didn’t answered each of your questions, and you’re still browsing for additional specific info relating to Wealthsimple Betterment, check out the Wealthsimple website to get answers to every one of your questions.