What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stocks plus crypto trading platform that sets itself apart from the competition by charging absolutely no fees.
A leading Canadian fintech company founded in Fall of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has grown significantly over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows investors to trade both single stocks and also ETFs without paying any commissions. The exception to this is when you’re trading ETFs and stocks which are listed in USD. In which case, they charge a small currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 per trade with discount brokerages as was common just a few years past.
How Much in Funds Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of just $1. Most alternative banks and brokerages have quite large initial deposit amounts of 1K-$5,000. This makes it impossible for the typical new investor to start investing. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has available CRA registered and non-registered account types. One are free to select both RRSP and TFSA account types in the setup wizard.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on IOS and Android. The app makes the signup process and also trading of stocks and ETFs incredibly easy.
But Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion Canadian of Assets Under Management (AUM). they’ve been expanding for more than 7 years and right now employs about 600 people. The primary owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so easy to add money to an account. Simply connect to a chequing or savings account with your Trade account, and then fund your account in only a few clicks. Deposits from banks to Wealthsimple typically take only a few days. Funds can just as easily be moved to your chequing or savings account by the exact same steps.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to E-transfers that allows one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and submit your tax return online for free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets you to get 1% cashback on your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of online courses on topics like saving, investing, crypto, real estate and much more.
All of the listed products, including Wealthsimple Trade can be accessed in the app and on their site with your Wealthsimple login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For a special registration bonus to our readers you’ll get 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 Additional Questions Related to Losing Money On Wealthsimple?
If this article hasn’t given you the answers to all of your questions, and you’re looking for more specific answers about Losing Money On Wealthsimple, check out the Wealthsimple website to find answers to each your questions.