Wealthsimple Luna

What is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, stock and crypto trading app that differentiates itself from other apps by charging no fees. 

A online financial services company launched in the Fall 2014 originally as a robo advisor trading platform named Wealthsimple Invest, it has evolved significantly over the previous 8 years to feature Wealthsimple Trade, a no fee discount brokerage service.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade lets consumers to trade both single stocks and also ETFs without needing to pay commissions. The exception to this is when you’re trading securities that are listed in US Dollars. In that case, they do charge a currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 for each trade with online discount brokerages as was normal just a couple years ago.

How Much Money do I Need to Get Started on Wealthsimple Trade?

Wealthsimple is unique in that they allow investors to make a minimum deposit of only $1. The majority of alternative banks and brokerages have large initial deposit amounts of $1000-$5,000. This makes it impossible for the typical investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You are able to choose between both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app available on Apple and also Google Play. The app makes the enrollment process and also trading of stocks and ETFs painless.

But Is Wealthsimple Trade Trustworthy?

Most definitely. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). This company has been in business for more than 7 years and employs roughly 600 folks. The majority owner is the respected public 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 Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your account. Just connect to a chequing or savings account with your Trade account, then add funds to your account in simply a few clicks. Deposits from banks to Wealthsimple typically take a couple of days. Funds can just as easily be moved back to a chequing or savings account by the same method.

What Other Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is alternative to Interac E-transfers that allows you to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax year and file your tax return online for free. It’s advertised as simple, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings account that allows one to earn 1% cashback on all your purchases, as well as get a very competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a variety of courses on topics like saving, investments, crypto, mortgages and more. 

Each of the above features, along with Wealthsimple Trade may be accessed on the app and from their site with one login.

How Should I Begin With Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As a special registration bonus offer for our audience you’ll receive the cash value of a share valued at up to $4,500 Canadian as soon as you fund your account.

What if I Still Have Questions Concerning Wealthsimple Luna?

If this review hasn’t answered each of your questions, and you’re browsing for more specific info relating to Wealthsimple Luna, visit the Wealthsimple website to get answers to each your questions.