What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, securities plus crypto trading app that sets itself apart from other apps by charging absolutely no fees.
A online financial services business launched in the Autumn 2014 exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has improved considerably over the previous eight years to feature Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets investors trade stand alone stocks and ETFs without having to pay any fees. The exception is when trading securities that are listed in USD currency. In which case, they do charge a currency conversion fee both when buying and selling. However, behind us are the times of paying $7-12 per each trade with discount brokerages as was the norm a couple years ago.
Exactly How Much Money do I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of 1k-5K. This makes it hard for the normal investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is offered on both Apple and Android. The app makes the signup process and the trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Legit?
Most definitely. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian of Assets Under Management (AUM). They have been in business for more than 7 years and also now employs more than 600 people. The main owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees online brokerage operating in Canada.
So How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add funds to an account. Simply connect a chequing or savings account with your Trade account, and add money to your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can also be moved back to your chequing or savings accounts by using the exact same steps.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allow you to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and submit your taxes online free. It’s described to be easy, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account that lets one to get 1% cashback on your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a bunch of different online courses on saving, investments, crypto, home buying and more.
Every one of the listed products, along with Wealthsimple Trade may be accessed within the app and on the website with a single login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus to our readers you’ll get the equivalent cash value of a share worth up to $4,500 Canadian once you fund your account.
But What if I Still Have Questions About Wealthsimple Keeps Logging Me Out?
If this review hasn’t answered each of your questions, and you’re browsing for more specific information relating to Wealthsimple Keeps Logging Me Out, check out the Wealthsimple website for answers to all your questions.