What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stock and crypto trading platform that distinguishes itself from the competition by charging no fees.
A fintech company launched in the Fall of 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the last 8 years to also feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers trade both individual stocks and ETFs without having to pay commissions. The exception is when trading ETFs and stocks that are displayed in USD. In that case, they do charge a small currency conversion fee both when buying and selling. But, behind us are the days of having to pay $7-12 for each trade with discount brokerages as was the norm only a few years ago.
How Much in Funds Will I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have sizeable min deposit amounts of $1000-$5,000. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered accounts. One are free to choose between both RRSP and TFSA account types during the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is available on both IOS and also Google Play. The smartphone app makes the signup phase and the trading of stocks and ETFs super a breeze.
But Is Wealthsimple Trade Legit?
. Wealthsimple Trade is secure. Wealthsimple has over 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and at this time employs roughly 600 Canadians. The majority owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to fund your new account. Simply connect to a chequing or savings account with your Trade account, and fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can also be withdrawn a chequing or savings accounts by the same method.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac E-transfers which allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your tax return online for free. It’s advertised as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings account which allows one to earn 1% cashback on all your spending, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which offers a bunch of online courses on topics like saving, investments, crypto, home buying and much more.
All of the above features, along with Wealthsimple Trade can be found in the app and at their site with a single login.
So How Should I Start With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive registration bonus for our readers you will receive the equivalent cash value of a share valued at $25 up to $4,500 CAD once you fund your account.
What if I Still Have Additional Questions Related to Wealthsimple Down?
If this article hasn’t answered each of your questions, and you’re still looking for additional facts about Wealthsimple Down, visit the Wealthsimple site to find answers to all your questions.