What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock plus crypto trading web app that distinguishes itself from similar apps by charging absolutely no fees.
A leading Canadian online financial services company launched in the Fall 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has changed significantly over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers trade single stocks and ETFs without paying fees. The exception is when you’re trading securities that are listed in USD. In which case, they do charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay $7-12 per trade with digital discount brokerages as was expected a few years ago.
How Much Cash do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and brokerages have sizeable initial deposit amounts of 1K-$5000. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has available CRA registered and non-registered account types. One are free to select between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app offered on both Apple and also Android. The app makes the signup steps and also trading of stocks and ETFs painless.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and at this time employs more than 600 Canadians. The majority owner is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to fund a new account. Just connect the app to a chequing or savings account with your Trade account, then fund your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple typically take a couple of days. Funds can just as easily be withdrawn a chequing or savings accounts by using the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – An equivalent to E-Transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for tax year and submit your taxes online free. It’s pitched to be simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets you to get 1% cashback on your purchases, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a variety of different online courses on topics like saving, investments, crypto, real estate and more.
All of the mentioned products, including Wealthsimple Trade can be found within the app and from their site with your Wealthsimple login.
But How Should I Begin With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus to our audience you will get the equivalent cash value of a Canadian stock worth up to $4,500 Canadian once you fund your account.
So What if I Still Have Questions Related to Wealthsimple Fees?
If this blog post didn’t answered each of your questions, and you’re still browsing for more facts about Wealthsimple Fees, go to the Wealthsimple website for answers to all your questions.