What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, securities plus crypto trading app that sets itself apart from other apps by charging no fees.
A Toronto, Ontario based fintech company founded in the Fall of 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has improved considerably over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade both single stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading stocks and ETFs that are listed in USD. In that case, they charge a small currency conversion fee both when buying and selling. But, gone are the times of having to pay more than $7 for each trade with digital discount brokerages as was expected just a couple years ago.
Exactly How Much Cash Will I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is cool such that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large initial deposit amounts of 1K-5K. This makes it impossible for the common investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
They do. Wealthsimple Trade has both registered and non-CRA-registered accounts. You are able to choose both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered on IOS and Android. The app makes the enrollment steps and trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Secure?
Of course. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). These folks have been in business for more than 7 years and employs over 600 folks. The primary shareholder is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to add money to an account. Just connect to a chequing or savings account to your Trade account, and add money to your account in only a few steps. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can the same way can be moved to a chequing or savings account using the same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac E-Transfers which allow you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and file your tax return online for free. It’s pitched to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which allows one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a ton of different courses on different topics such as saving, investing, crypto, home buying and more.
Every one of the above features, including Wealthsimple Trade may be accessed within the app and at their site with your Wealthsimple login.
How Should I Get Started Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive signup bonus offer for our audience you will receive the cash value of a share worth $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Related to Growth Portfolio Wealthsimple?
If this blog post didn’t answered all of your questions, and you’re still looking for more specific facts relating to Growth Portfolio Wealthsimple, go to the Wealthsimple site to find answers to each your questions.