What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stocks and crypto trading app that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business founded in the Autumn 2014 exclusively as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has improved considerably over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows Canadian consumers to trade both individual stocks and ETFs without needing to pay commissions. The exception to this is when you’re trading ETFs and stocks that are displayed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. However, behind us are the times of paying $7-12 per each trade with digital discount brokerages as was the norm a few years ago.
Exactly How Much Money do I Need to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large initial deposit amounts of 1k-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has available both CRA registered and non-registered accounts. One are free to choose between both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on IOS and also Android. The mobile app makes the registration phase and the trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Safe?
Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). they’ve been operating for more than 7 years and also currently employs about 600 folks. The primary owner is the respected public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage operating in Canada.
So How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to add money to your account. Just connect to a chequing or savings account to your Trade account, and add money to your account in only a couple of steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be withdrawn your chequing or savings account by the same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – An equivalent to E-transfers that allows you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and file your taxes online free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that allows you to earn 1% cashback on all your everyday spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a variety of different courses on topics like saving, investing, crypto, real estate and more.
Each of the mentioned features, including Wealthsimple Trade can be found in the app or from their site with one login.
How Should I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus to our readers you’ll get the cash value of a Canadian stock valued at up to $4,500 CAD once you fund your account.
What if I Still Have Questions Related to Instant Deposit Wealthsimple?
If this blog post didn’t given you the answers to all of your questions, and you’re still browsing for additional information relating to Instant Deposit Wealthsimple, check out the Wealthsimple site for answers to all your questions.