What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stocks and crypto trading app that sets itself apart from other apps by charging absolutely no fees.
A leading Canadian fintech company founded in the Fall 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the past eight years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors trade both individual stocks and also ETFs without needing to pay fees. The exception to this is when trading stocks and ETFs which are displayed in USD. In that case, they do charge a nominal currency conversion fee both when buying and selling. However, gone are the times of paying more than $7 per each trade with online discount brokerages as was the case just a few years ago.
How Much in Funds Will I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is unique in that they allow investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable min deposit amounts of $1,000-5k. This makes it difficult for the every day new investor to start. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One are free to choose both RRSP and TFSA account types in the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app offered on IOS and also Android. The smartphone app makes the signup steps and also the trading of stocks and ETFs super a breeze.
So Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and also at this time employs roughly 600 folks. The controlling owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to fund an account. Just connect the app to a chequing or savings account to your Trade account, and then add funds to your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can the same way can be moved to your chequing or savings account by the same process.
What Other Features and Products Are Available?
Wealthsimple Cash – An alternative to Interac E-Transfers that allows anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online for free. It’s pitched as easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings account which allows you to recieve 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that offers a bunch of online courses on different topics such as saving, investments, crypto, home buying and much more.
Every one of the listed products, including Wealthsimple Trade can be accessed in the app or from their website with your Wealthsimple login.
How Can I Get Started With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As a special registration bonus offer for our audience you will receive the cash value of a Canadian stock worth $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Questions Related to Wealthsimple Design System?
If this review didn’t given you the answers to each of your questions, and you’re still searching for more facts about Wealthsimple Design System, visit the Wealthsimple website to find answers to every one of your questions.