What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stock plus crypto trading platform that sets itself apart from other apps by charging no fees.
A online financial services business launched in the Fall of 2014 exclusively as a robo advisor algorithmic automated trading platform named Wealthsimple Invest, it has improved considerably over the last 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows consumers to trade both stand alone stocks and ETFs without needing to pay any commissions. The exception is when trading securities which are displayed in US Dollars. In that case, they will charge a currency conversion fee both when buying and selling. However, gone are the days of having to pay Upwards of $7 per trade with discount brokerages as was common just a few years ago.
Exactly How Much Cash Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of just $1. Most traditional banks and discount brokerages have quite large initial deposit amounts of $1,000-5k. This makes it hard for the common new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
Of course. Wealthsimple Trade has both CRA registered and non-registered accounts. One can choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both iOS and Google Play. The mobile app makes the enrollment phase and also the trading of stocks and ETFs super simple.
Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD in Assets Under Management (AUM). These folks have been in business for more than 7 years and currently employs about 600 people. The majority shareholder is the admired public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite easy to deposit to your account. Just connect to a chequing or savings account with your Trade account, and then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple normally take a couple of days. Funds can the same way can be withdrawn your chequing or savings account by using the exact same method.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to e-Transfers that allow you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for this tax season and file your tax return online for free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product that lets one to recieve 1% cashback on all your purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of different courses on different topics such as saving, investments, crypto, mortgages and more.
Every one of the above features, along with Wealthsimple Trade can be found in the mobile app or on their website with one login.
So How Can I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As an exclusive signup bonus offer to our audience you will receive the cash value of a random Canadian stock valued at up to $4,500 Canadian once you add funds to your account.
But What if I Still Have Additional Questions About Reddit Wealthsimple?
If this article hasn’t given you the answers to all of your questions, and you’re browsing for more specific answers relating to Reddit Wealthsimple, visit the Wealthsimple site for answers to every one of your questions.