Wealthsimple Canada

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian online investing, stocks plus crypto trading platform that distinguishes itself from the competition by charging absolutely no fees. 

A Toronto, Ontario based online financial services business founded in the Fall 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows investors trade both stand alone stocks and also ETFs without having to pay commissions. The exception to this is when trading stocks which are listed in USD. In this case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of having to pay $7-12 per each trade with discount brokerages as was common a few years ago.

How Much Cash Will I Need to Have to Start Investing With Wealthsimple Trade?

Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of just $1. Most traditional banks and discount brokerages have large initial deposit amounts of 1k-5K. This makes it difficult for the typical investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Of course. Wealthsimple Trade offers both CRA registered and non-registered accounts. One are able to choose both RRSP and TFSA account types during the setup process. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app available on both iOS and also Google Play. The app makes the registration steps and also trading of stocks and ETFs super a breeze.

Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD of Assets Under Management . they’ve been expanding for more than 7 years and also right now employs roughly 600 people. The primary shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it quite simple to deposit to your new account. Simply connect a chequing or savings account with your Trade account, and fund your account in simply a couple of clicks. Deposits from banks to Wealthsimple usually take a few days. Funds can just as easily be moved back to a chequing or savings account using the same method.

Which Additional Benefits and Products Are Offered by Wealthsimple?

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

Wealthsimple Tax – Everything you need to get ready for tax year and file your taxes online for free. It’s described to be easy, accurate and always free income tax filing.

Wealthsimple Spend – A combination prepaid visa and savings product that lets you to earn 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of online courses on different topics such as saving, investing, crypto, home buying and much more. 

Each of the above features, including Wealthsimple Trade can be found within the mobile app and at the site with a single login.

But How Can I Begin Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus to our audience you’ll get the cash value of a random share worth $25 up to $4,500 Canadian as soon as you deposit to your account.

What if I Still Have Additional Questions About Wealthsimple Canada?

If this blog post hasn’t answered all of your questions, and you’re still browsing for additional specific information about Wealthsimple Canada, check out the Wealthsimple website to get answers to every one of your questions.