What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities and crypto trading web app that differentiates itself from its competitors by charging no fees.
A online financial services company launched in the Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has improved significantly over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and also ETFs without paying commissions. The exception to this is when you’re trading stocks that are listed in USD currency. In which case, they will charge a small currency conversion fee both when buying and selling. But, gone are the times of paying $7-12 per trade with discount brokerages as was expected just a couple years ago.
Exactly How Much Cash do I Need to Start on Wealthsimple Trade?
Wealthsimple is awesome in that they will allow new customers to make a minimum deposit of only $1. Many alternative banks and brokerages have quite large initial deposit amounts of 1K-5K. This makes it tough for the normal investor to start investing. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Yes. Wealthsimple Trade has registered and non-CRA-registered account types. One can select both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on both iOS and Google Play. The mobile app makes the enrollment steps and also the trading of stocks and ETFs truly a breeze.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management . they’ve been doing business for more than 7 years and currently employs about 600 Canadians. The majority owner is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to fund an account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of clicks. Deposits from your bank to Wealthsimple typically take a couple of days. Funds can just as easily be moved to a chequing or savings accounts by using the exact same steps.
What Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent 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 prepare for this tax year and submit your taxes online free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to earn 1% cashback on your everyday spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of different courses on saving, investments, crypto, home buying and more.
Every one of the listed features, including Wealthsimple Trade can be accessed inside the mobile app and from the website with one login.
So How Can I Start Using Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will get the cash value of a random stock worth $25 up to $4,500 Canadian when you add funds to your account.
What if I Still Have Questions Related to Wealthsimple Help?
If this article didn’t answered each of your questions, and you’re searching for further answers about Wealthsimple Help, visit the Wealthsimple site for answers to each your questions.