What is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading platform that distinguishes itself from other apps by charging no fees.
A fintech company launched in the Autumn 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has improved significantly over the last 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors trade both individual stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading securities that are denominated in USD. In that case, they charge a currency conversion fee both when buying and selling. However, past us are the times of having to pay $7-12 per each trade with discount brokerages as was expected only a few years past.
How Much Money Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have sizeable minimum deposit amounts of 1k-5K. This makes it hard for the common new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are able to select both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both IOS and also Android. The mobile app makes the registration steps and trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian of Assets Under Management . This company has been in business for more than 7 years and currently employs more than 600 folks. The main owner is the publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee online discount brokerage operating in Canada.
But How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to deposit to a new account. Just connect 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 to a chequing or savings account by using the same process.
Which Other Features and Products Are Available?
Wealthsimple Cash – An equivalent to e-Transfers that allow one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax year and submit your taxes online free. It’s pitched as easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to recieve 1% cashback on all your everyday spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the above products, along with Wealthsimple Trade can be found inside the mobile app and from their website with one login.
How Can I Get Started Using Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. For a special signup bonus to our audience you will get the equivalent cash value of a share worth up to $4,500 CAD once you add funds to your account.
But What if I Still Have Additional Questions Concerning Can You Trade Options On Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re browsing for further specific facts about Can You Trade Options On Wealthsimple, go to the Wealthsimple website to get answers to each your questions.