What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock and crypto trading platform that sets itself apart from its competitors by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in the Fall of 2014 exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has changed substantially over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers trade single stocks and ETFs without having to pay commissions. The exception to this is when trading securities that are listed in US Dollars. In this case, they will charge a small currency conversion fee when buying and selling. However, behind us are the times of having to pay more than $7 for each trade with online discount brokerages as was the norm a couple years past.
How Much Money Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large min deposit amounts of $1000-$5000. This makes it impossible for the every day investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One can choose between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on both iOS and also Google Play. The mobile app makes the registration steps and also the trading of stocks and ETFs simple.
So Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . They have been expanding for more than 7 years and also now employs about 600 folks. The primary shareholder is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it simple to deposit to your account. Just connect 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 typically take just a couple of days. Funds can the same way can be moved to your chequing or savings accounts by using the exact same steps.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-Transfers that allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax year and file your taxes online for free. It’s described as easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows you to earn 1% cashback on all your purchases, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of online courses on topics like saving, investments, crypto, mortgages and much more.
Every one of the mentioned products, along with Wealthsimple Trade can be accessed within the app or at the website with a single login.
How do I Get Started Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus for our audience you’ll get the equivalent cash value of a random share valued at $25 up to $4,500 Canadian when you make an initial deposit to your account.
What if I Still Have Questions Related to Wealthsimple Cash App?
If this blog post didn’t answered each of your questions, and you’re browsing for further specific information relating to Wealthsimple Cash App, check out the Wealthsimple site for answers to all your questions.