What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock and crypto trading app that sets itself apart from its competitors by charging no fees.
A Toronto, Ontario based fintech company launched in Autumn 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown significantly over the past 8 years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows investors trade both stand alone stocks and ETFs without needing to pay any fees. The exception is when trading ETFs and stocks which are denominated in US Dollars. In this case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of paying Upwards of $7 per trade with discount brokerages as was the case only a couple years ago.
How Much Money Will I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of only $1. Most traditional banks and discount brokerages have large min deposit amounts of $1,000-$5,000. This makes it hard for the typical new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers registered and non-registered accounts. You are free to choose both RRSP and TFSA accounts during the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on both Apple and also Google Play. The mobile app makes the signup steps and trading of stocks and ETFs incredibly simple.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management (AUM). They have been doing business for more than 7 years and currently employs over 600 Canadians. The controlling owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
So How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to deposit to your new account. Just connect a chequing or savings account to your Trade account, and then add funds to your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple typically take only a couple of days. Funds can just as easily be moved back to your chequing or savings account with the exact same method.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-Transfers which allow anyone to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your tax return online free. It’s advertised as easy, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to recieve 1% cashback on all your everyday purchases, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a bunch of courses on topics like saving, investments, crypto, mortgages and more.
All of the mentioned products, including Wealthsimple Trade can be accessed within the mobile app and on their site with one login.
So How do I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For an exclusive signup bonus to our audience you will receive the cash value of a random stock valued at $25 up to $4,500 CAD when you fund your account.
What if I Still Have Additional Questions About Wealthsimple Gic?
If this review didn’t given you the answers to all of your questions, and you’re browsing for more facts about Wealthsimple Gic, check out the Wealthsimple site for answers to all your questions.