How Does Wealthsimple Work

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, stocks and crypto trading web app that differentiates itself from other apps by charging absolutely no fees. 

A online financial services business founded in the Autumn of twenty fourteen exclusively as a robo-advisor automated trading app called Wealthsimple Invest, it has evolved significantly over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian consumers trade both individual stocks and ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs which are displayed in USD. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, past us are the times of paying $7-12 per trade with digital discount brokerages as was expected just a few years past.

How Much in Funds do I Need in Order to Start on Wealthsimple Trade?

Wealthsimple is cool such that they allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large min deposit amounts of 1k-5K. This makes it impossible for the everyday new investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has registered and non-CRA-registered accounts. One may choose between both RRSP and TFSA accounts in the setup wizard. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app offered on both Apple and also Google Play. The smartphone app makes the signup process and the trading of stocks and ETFs incredibly simple.

So Is Wealthsimple Trade Safe?

For sure. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). They have been expanding for more than 7 years and also employs over 600 folks. The controlling shareholder is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.

So How Do I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so simple to add funds to your new account. Just connect the app to a chequing or savings account with your Trade account, and add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple typically take just a few days. Funds can the same way can be moved to your chequing or savings account with the same process.

Which Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac e-Transfers which allow you to quickly and efficiently send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax year and submit your tax return online free. It’s described as easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to earn 1% cashback on your spending, as well as get a very competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of different courses on saving, investing, crypto, real estate and more. 

All of the above features, including Wealthsimple Trade may be accessed in the mobile app or from their site with your Wealthsimple login.

How do I Begin Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For a special signup bonus to our audience you’ll receive the equivalent cash value of a Canadian stock worth up to $4,500 Canadian once you fund your account.

What if I Still Have Questions Related to How Does Wealthsimple Work?

If this article hasn’t answered all of your questions, and you’re browsing for more information relating to How Does Wealthsimple Work, visit the Wealthsimple website for answers to every one of your questions.