What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A fintech business founded in the Autumn 2014 originally as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has evolved significantly over the last 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors to trade individual stocks and ETFs without needing to pay any commissions. The exception is when trading stocks which are denominated in USD. In this case, they charge a nominal currency conversion fee when buying and selling. However, past us are the times of paying Upwards of $7 per each trade with digital discount brokerages as was the case just a couple years ago.
How Much Money do I Need to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow new customers to make a minimum deposit of only $1. Many traditional banks and brokerages have large initial deposit amounts of $1000-$5,000. This makes it impossible for the everyday new investor to start. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade has available registered and non-CRA-registered account types. One are free to select both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered to download on both IOS and also Google Play. The smartphone app makes the registration phase and the trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is secure. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). They have been operating for more than 7 years and also employs over 600 people. The main shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee digital brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund a new account. Just connect a chequing or savings account with your Trade account, then add money to your account in just a few steps. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be moved back to your chequing or savings accounts by the same method.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to Interac E-Transfers which allow one to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and submit your tax return online free. It’s advertised to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that allows you to get 1% cashback on all your everyday spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of different online courses on different topics such as saving, investments, crypto, mortgages and more.
Each of the above features, along with Wealthsimple Trade can be accessed in the mobile app and from the website with one login.
How Can I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As an exclusive signup bonus offer for our audience you’ll get the equivalent cash value of a random share worth $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Questions Concerning Wealthsimple Instagram?
If this blog post hasn’t answered each of your questions, and you’re looking for more specific information about Wealthsimple Instagram, check out the Wealthsimple website to find answers to every one of your questions.