What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock and crypto trading platform that differentiates itself from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech company launched in Autumn twenty fourteen originally as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved significantly over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade single stocks and also ETFs without paying any commissions. The exception to this is when trading securities that are displayed in USD currency. In that case, they charge a nominal currency conversion fee when buying and selling. But, behind us are the times of having to pay $7-12 per trade with online discount brokerages as was the case a few years ago.
How Much Money do I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is special in that they will allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have quite large minimum deposit amounts of 1K-$5000. This makes it hard for the everyday investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available registered and non-CRA-registered accounts. You are free to select both RRSP and TFSA account types in the setup process.
So Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is available to download on Apple and Google Play. The mobile app makes the signup process and the trading of stocks and ETFs easy.
So Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). This company has been expanding for more than 7 years and also at this time employs over 600 Canadians. The main shareholder is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add funds to your new account. Just connect to a chequing or savings account with your Trade account, and then fund your account in only a few steps. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can the same way can be moved back to your chequing or savings accounts using the exact same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-transfers that allows one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your taxes online for free. It’s pitched to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account that lets one to earn 1% cashback on all your purchases, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of online courses on saving, investments, crypto, real estate and more.
Each of the above features, along with Wealthsimple Trade can be found within the mobile app or at their website with your Wealthsimple login.
So How Can I Start Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. As a special registration bonus offer to our readers you’ll get the cash value of a stock worth $25 up to $4,500 Canadian once you add funds to your account.
What if I Still Have Additional Questions About How To Use Wealthsimple?
If this review hasn’t answered each of your questions, and you’re browsing for further answers about How To Use Wealthsimple, check out the Wealthsimple website for answers to each your questions.