Wealthsimple Levels.fyi

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based Financial, stocks plus crypto trading app that differentiates itself from the competition by charging no fees. 

A fintech company launched in the Fall 2014 exclusively as a robo advisor algorithmic automated trading app named Wealthsimple Invest, it has grown significantly over the last 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian consumers trade both individual stocks and also ETFs without needing to pay any commissions. The exception to this is when you’re trading securities which are listed in USD. In which case, they charge a currency conversion fee both when buying and selling. But, past us are the days of paying $7-12 for each trade with digital discount brokerages as was common only a few years ago.

Exactly How Much Money do I Need in Order to Begin Investing on Wealthsimple Trade?

Wealthsimple is cool such that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large minimum deposit amounts of $1000-5K. This makes it difficult for the every day investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to start trading stocks and ETFs.

Does Wealthsimple Trade Offer RRSP Accounts?

Yes. Wealthsimple Trade has available CRA registered and non-registered account types. One can select between both RRSP and TFSA accounts in the setup process. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app offered on both IOS and also Android. The mobile app makes the registration steps and the trading of stocks and ETFs truly easy.

Is Wealthsimple Trade Secure?

Definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD of Assets Under Management . These folks have been in business for more than 7 years and also currently employs about 600 folks. The main shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.

So How Do I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it straight forward to add money to your new account. Simply connect a chequing or savings account with your Trade account, and add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can just as easily be moved back to your chequing or savings account using the exact same process.

What Other Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac E-transfers which allow anyone to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to prepare for this tax year and file your taxes online for free. It’s described to be simple, accurate and always totally free tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings account that lets you to get 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of courses on saving, investments, crypto, home buying and much more. 

Each of the mentioned products, including Wealthsimple Trade may be found on the app or at the site with one login.

But How Should I Get Started Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For a special signup bonus offer for our readers you’ll receive the equivalent cash value of a Canadian stock valued at up to $4,500 CAD as soon as you deposit to your account.

So What if I Still Have Questions Related to Wealthsimple Levels.fyi?

If this blog post hasn’t given you the answers to each of your questions, and you’re looking for more specific information relating to Wealthsimple Levels.fyi, check out the Wealthsimple website for answers to all your questions.