What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, securities plus crypto trading app that differentiates itself from other apps by charging no fees.
A fintech company founded in the Fall 2014 exclusively as a robo-advisor automated trading platform called Wealthsimple Invest, it has grown significantly over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors trade both individual stocks and also ETFs without paying any commissions. The exception to this is when you’re trading ETFs and stocks that are denominated in USD. In that case, they charge a currency conversion fee both when buying and selling. However, gone are the times of paying Upwards of $7 per trade with digital discount brokerages as was expected a few years ago.
How Much Money Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is special in that they allow Canadians to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large initial deposit amounts of 1K-5k. This makes it hard for the normal investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You are able to select between both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both Apple and also Android. The app makes the registration steps and also the trading of stocks and ETFs super simple.
But Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD in Assets Under Management . This company has been expanding for more than 7 years and at this time employs over 600 Canadians. The majority shareholder is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
But How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add funds to a new account. Simply connect the app to a chequing or savings account with your Trade account, then fund your account in simply a few clicks. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can also be moved back to a chequing or savings account using the same method.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-transfers which allow anyone to quickly and easily transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your tax return online for free. It’s described as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which allows one to earn 1% cashback on your spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a ton of different courses on topics like saving, investments, crypto, real estate and much more.
All of the above products, along with Wealthsimple Trade may be accessed on the mobile app or on their site with one login.
So How do I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive registration bonus for our readers you’ll receive the cash value of a Canadian stock valued at up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Additional Questions Concerning Katchen Wealthsimple?
If this blog post still hasn’t answered all of your questions, and you’re browsing for more specific information about Katchen Wealthsimple, go to the Wealthsimple website for answers to all your questions.