What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities plus crypto trading platform that distinguishes itself from the competition by charging no fees.
A leading Canadian online financial services company launched in the Autumn of 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has changed considerably over the previous eight years to also feature Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian investors trade both stand alone stocks and ETFs without having to pay any fees. The exception to this is when trading securities which are denominated in US Dollars. In this case, they charge a currency conversion fee when buying and selling. But, behind us are the times of paying $7-12 per trade with discount brokerages as was the case a couple years past.
How Much Money do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of only $1. Most alternative banks and brokerages have sizeable minimum deposit amounts of $1,000-$5,000. This makes it difficult for the typical investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has registered and non-CRA-registered accounts. One can select both RRSP and TFSA accounts during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available to download on both Apple and also Google Play. The mobile app makes the signup phase and the trading of stocks and ETFs very easy.
So Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion CAD of Assets Under Management (AUM). These folks have been operating for more than 7 years and at this time employs roughly 600 Canadians. The majority shareholder is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage operating in Canada.
So How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite straight forward to add funds to your new account. Simply connect to a chequing or savings account to your Trade account, and then add money to your account in only a couple of steps. Deposits from your bank to Wealthsimple normally take a few days. Funds can just as easily be moved back to a chequing or savings account using the exact same method.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers that allow one to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your tax return online free. It’s described as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to recieve 1% cashback on all your purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that offers a bunch of different courses on saving, investing, crypto, mortgages and more.
Every one of the above features, including Wealthsimple Trade can be accessed on the app and from their website with a single login.
So How Should I Get Started With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special registration bonus offer for our readers you will get the equivalent cash value of a random stock valued at up to $4,500 CAD as soon as you make an initial deposit to your account.
What if I Still Have Additional Questions Related to Wealthsimple Funding?
If this blog post didn’t given you the answers to each of your questions, and you’re searching for additional specific facts relating to Wealthsimple Funding, visit the Wealthsimple website for answers to all your questions.