What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, stock plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A leading Canadian online financial services business founded in Fall of 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has changed substantially over the past 8 years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and ETFs without needing to pay any fees. The exception is when you’re trading securities that are displayed in US Dollars. In this case, they do charge a nominal currency conversion fee both when buying and selling. However, gone are the days of paying more than $7 per trade with digital discount brokerages as was the case just a couple years ago.
How Much Cash Will I Need to Start Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow new customers to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have sizeable min deposit amounts of $1,000-5K. This makes it impossible for the typical new investor to get started. With Wealthsimple Trade, one doesn’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered accounts. One may choose between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered to download on both Apple and Google Play. The app makes the enrollment process and trading of stocks and ETFs super painless.
Is Wealthsimple Trade Legit?
. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management . This company has been doing business for more than 7 years and now employs roughly 600 Canadians. The primary shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add funds to your account. Simply connect a chequing or savings account with your Trade account, then add funds to your account in just a couple of clicks. Deposits from your bank to Wealthsimple usually take only a few days. Funds can the same way can be moved back to your chequing or savings account using the same steps.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-transfers that allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax year and file your tax return online free. It’s advertised to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which lets one to recieve 1% cashback on your spending, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of different courses on topics like saving, investing, crypto, mortgages and much more.
Every one of the listed products, along with Wealthsimple Trade can be accessed within the mobile app and from their website with your Wealthsimple login.
So How do I Get Started Using Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive registration bonus offer to our readers you will get the cash value of a random stock valued at up to $4,500 CAD as soon as you deposit to your account.
What if I Still Have Additional Questions Concerning Fees On Wealthsimple Trade?
If this article still hasn’t answered all of your questions, and you’re looking for more facts about Fees On Wealthsimple Trade, go to the Wealthsimple site for answers to every one of your questions.