Wealthsimple Brokerage

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital Financial, stock and crypto trading platform that distinguishes itself from other apps by charging no fees. 

A Toronto, Ontario based online financial services company founded in Fall twenty fourteen originally as a robo-advisor automated trading platform called Wealthsimple Invest, it has changed considerably over the last eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows consumers to trade single stocks and ETFs without paying commissions. The exception is when you’re trading ETFs and stocks which are displayed in USD currency. In which case, they charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay $7-12 for each trade with discount brokerages as was normal just a few years past.

How Much Money Will I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is unique such that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have sizeable min deposit amounts of $1000-5K. This makes it tough for the common investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One are free to choose both RRSP and TFSA accounts in the setup phase. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on IOS and also Google Play. The app makes the registration phase and trading of stocks and ETFs very easy.

Is Wealthsimple Trade Legit?

For sure. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD in Assets Under Management . they’ve been in business for more than 7 years and also employs more than 600 folks. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.

So How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very straight forward to deposit to an account. Simply connect to a chequing or savings account to your Trade account, then add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be moved to a chequing or savings account by using the exact same process.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An alternative to e-transfers which allows one to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to get ready for tax season and file your taxes online for free. It’s pitched to be easy, accurate and always free tax return filing.

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

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a variety of different courses on topics like saving, investments, crypto, real estate and much more. 

Each of the listed features, along with Wealthsimple Trade may be accessed in the mobile app and at their website with one login.

How do I Begin Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. As a special registration bonus for our readers you’ll receive the equivalent cash value of a Canadian stock worth up to $4,500 CAD when you add funds to your account.

What if I Still Have Questions Related to Wealthsimple Brokerage?

If this blog post still hasn’t answered each of your questions, and you’re still browsing for additional specific facts relating to Wealthsimple Brokerage, visit the Wealthsimple website to get answers to each your questions.