What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech company founded in Fall of 2014 originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers to trade stand alone stocks and ETFs without having to pay any fees. The exception to this is when you’re trading ETFs and stocks which are displayed in USD currency. In that case, they do charge a currency conversion fee when buying and selling. But, past us are the days of having to pay $7-12 per each trade with digital discount brokerages as was common a couple years past.
How Much Cash Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have large min deposit amounts of 1k-$5,000. This makes it tough for the every day new investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered account types. You are free to choose between both RRSP and TFSA accounts during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on IOS and also Google Play. The mobile app makes the signup phase and also trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). They have been in business for more than 7 years and also at this time employs about 600 folks. The primary owner is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to add funds to an account. Simply connect the app to a chequing or savings account to your Trade account, and then add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can just as easily be moved back to your chequing or savings account by the exact same process.
What Other Features and Products Are Available?
Wealthsimple Cash – An equivalent to e-transfers that allow one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your taxes online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets one to get 1% cashback on all your spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a variety of different courses on different topics such as saving, investments, crypto, real estate and more.
Every one of the above products, along with Wealthsimple Trade may be found inside the mobile app or at their website with your Wealthsimple login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you’ll receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 CAD when you deposit to your account.
So What if I Still Have Additional Questions About Wealthsimple Trade?
If this blog post didn’t given you the answers to each of your questions, and you’re still browsing for additional specific answers relating to Wealthsimple Trade, go to the Wealthsimple site for answers to each your questions.