What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading web app that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based online financial services company launched in the Autumn of 2014 exclusively as a robo advisor automated trading app named Wealthsimple Invest, it has evolved significantly over the past 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows consumers trade both stand alone stocks and also ETFs without having to pay any commissions. The exception to this is when trading securities that are displayed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. However, past us are the times of paying Upwards of $7 per trade with discount brokerages as was the norm just a few years past.
How Much in Funds Will I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of just $1. Most alternative banks and discount brokerages have sizeable min deposit amounts of 1k-$5,000. This makes it difficult for the normal 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?
It does. Wealthsimple Trade has both registered and non-CRA-registered account types. You are able to select both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered to download on both IOS and Google Play. The mobile app makes the enrollment process and the trading of stocks and ETFs incredibly simple.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and also now employs about 600 people. The primary owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital discount brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to add funds to an account. Just connect a chequing or savings account with your Trade account, and add money to your account in just a couple of steps. Deposits from banks to Wealthsimple typically take only a few days. Funds can the same way can be moved back to your chequing or savings account with the same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-transfers which allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax season and submit your taxes online free. It’s pitched to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets one to get 1% cashback on all your purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a variety of courses on topics like saving, investments, crypto, real estate and much more.
All of the mentioned products, including Wealthsimple Trade can be accessed within the app and at their website with one login.
So How Should I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus offer for our readers you’ll receive the equivalent cash value of a random stock worth $25 up to $4,500 CAD as soon as you deposit to your account.
So What if I Still Have Additional Questions Concerning Does Wealthsimple Have Fees?
If this article hasn’t answered all of your questions, and you’re looking for additional specific info about Does Wealthsimple Have Fees, go to the Wealthsimple site to find answers to each your questions.