What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities and crypto trading platform that differentiates itself from other apps by charging no fees.
A leading Canadian fintech company launched in the Fall of 2014 exclusively as a robo-advisor trading app called Wealthsimple Invest, it has grown substantially over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and ETFs without needing to pay fees. The exception is when you’re trading ETFs and stocks that are listed in USD. In which case, they do charge a nominal currency conversion fee when buying and selling. However, gone are the times of paying $7-12 for each trade with online discount brokerages as was expected a few years past.
How Much in Funds Will I Need to Get Started on Wealthsimple Trade?
Wealthsimple is unique in that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it difficult for the everyday new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have Registered Accounts?
Yes. Wealthsimple Trade has both registered and non-CRA-registered accounts. One are free to select both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered to download on iOS and also Android. The app makes the signup process and also the trading of stocks and ETFs very a breeze.
Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). They have been expanding for more than 7 years and also employs about 600 Canadians. The controlling shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to deposit to a new account. Just connect to a chequing or savings account with your Trade account, then fund your account in just a couple of clicks. Deposits from banks to Wealthsimple typically take a couple of days. Funds can also be moved back to your chequing or savings accounts by using the same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to E-transfers that allow anyone to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your taxes online free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which lets one to earn 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a variety of different online courses on topics like saving, investments, crypto, mortgages and more.
All of the mentioned products, along with Wealthsimple Trade can be accessed within the mobile app and at the site with one login.
So How do I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As a special registration bonus for our audience you’ll get the cash value of a random Canadian stock valued at up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions About Wealthsimple Black?
If this blog post didn’t given you the answers to all of your questions, and you’re still looking for additional information relating to Wealthsimple Black, visit the Wealthsimple site for answers to all your questions.