What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock and crypto trading app that sets itself apart from other apps by charging no fees.
A leading Canadian fintech business founded in Autumn of 2014 exclusively as a robo advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved considerably over the past 8 years to also include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade both stand alone stocks and also ETFs without needing to pay any commissions. The exception is when trading stocks and ETFs that are denominated in USD currency. In that case, they charge a nominal currency conversion fee when buying and selling. However, behind us are the times of paying $7-12 per each trade with online discount brokerages as was expected just a couple years ago.
Exactly How Much Cash Will I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and discount brokerages have quite large minimum deposit amounts of 1K-$5,000. This makes it hard for the every day investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has available both registered and non-registered accounts. One can select both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is offered on both IOS and Android. The app makes the registration phase and also the trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD of Assets Under Management . they’ve been expanding for more than 7 years and employs roughly 600 people. The main owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
So How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very straight forward to add funds to a new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in only a couple of clicks. Deposits from your bank to Wealthsimple normally take just a few days. Funds can also be moved to a chequing or savings account by the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to e-transfers which allows you to quickly and easily send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and submit your tax return online free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows you to recieve 1% cashback on all your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a variety of courses on different topics such as saving, investing, crypto, home buying and more.
Each of the listed products, along with Wealthsimple Trade may be found inside the mobile app and from the website with one login.
But How Can I Begin With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll get the cash value of a random Canadian stock worth up to $4,500 CAD when you fund your account.
But What if I Still Have Questions Related to Wealthsimple Card?
If this review still hasn’t given you the answers to each of your questions, and you’re still looking for further specific answers relating to Wealthsimple Card, check out the Wealthsimple site for answers to every one of your questions.