What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks and crypto trading app that distinguishes itself from the competition by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in Autumn of 2014 originally as a robo advisor trading platform called Wealthsimple Invest, it has grown substantially over the last 8 years to also include Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers to trade individual stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks and ETFs which are listed in USD. In which case, they charge a small currency conversion fee both when buying and selling. However, behind us are the times of having to pay $7-12 per trade with discount brokerages as was normal a couple years past.
How Much Money do I Need in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have large minimum deposit amounts of $1000-5k. This makes it impossible for the common new investor to start. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade has available both CRA registered and non-registered account types. You are free to select both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on both Apple and Android. The mobile app makes the signup phase and the trading of stocks and ETFs painless.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and at this time employs roughly 600 Canadians. The majority owner is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage to operate in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add money to an account. Simply connect to a chequing or savings account with your Trade account, and add money to your account in simply a couple of clicks. Deposits from your bank to Wealthsimple normally take only a few days. Funds can just as easily be withdrawn a chequing or savings accounts by the exact same process.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-Transfers which allow you to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and file your taxes online for free. It’s pitched to be simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that allows you to recieve 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of courses on different topics such as saving, investing, crypto, home buying and much more.
Every one of the listed features, along with Wealthsimple Trade can be accessed in the mobile app and at their site with a single login.
But How Can I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For a special signup bonus for our readers you’ll get the cash value of a random share worth $25 up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions About Koho Wealthsimple?
If this review still hasn’t given you the answers to all of your questions, and you’re looking for more answers relating to Koho Wealthsimple, go to the Wealthsimple site to find answers to every one of your questions.