What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, securities and crypto trading platform that distinguishes itself from its competitors by charging absolutely no fees.
A online financial services business launched in Fall of 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has improved significantly over the last eight years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade single stocks and also ETFs without needing to pay commissions. The exception to this is when trading securities that are listed in USD currency. In this case, they do charge a small currency conversion fee when buying and selling. But, behind us are the days of paying Upwards of $7 for each trade with discount brokerages as was the case a couple years ago.
How Much Money Will I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadians to make a minimum deposit of just $1. Most alternative banks and brokerages have large initial deposit amounts of 1K-$5000. This makes it difficult for the every day investor to start. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade offers CRA registered and non-registered accounts. You can choose both RRSP and TFSA accounts in the setup phase.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app that is offered on both Apple and also Android. The mobile app makes the signup steps and the trading of stocks and ETFs super easy.
So Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and currently employs about 600 folks. The main shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add money to your account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can just as easily be moved to your chequing or savings account by the same method.
Which Additional Benefits and Products Are Available?
Wealthsimple Cash – An alternative to E-Transfers which allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax season and file your taxes online for free. It’s pitched as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows you to get 1% cashback on your everyday spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of courses on topics like saving, investments, crypto, real estate and more.
Each of the above features, including Wealthsimple Trade may be found inside the mobile app and on their website with a single login.
So How do I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special signup bonus offer for our readers you’ll receive the cash value of a Canadian stock worth up to $4,500 CAD once you add funds to your account.
What if I Still Have Questions Related to Wealthsimple Careers?
If this blog post didn’t answered each of your questions, and you’re still looking for more specific answers about Wealthsimple Careers, check out the Wealthsimple site for answers to each your questions.