Wealthsimple Quicken

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian digital investing, securities and crypto trading app that distinguishes itself from similar apps by charging no fees. 

A Toronto, Ontario based online financial services company launched in the Autumn of twenty fourteen exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has grown substantially over the last eight years to feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade allows Canadian consumers trade both individual stocks and also ETFs without needing to pay fees. The exception to this is when you’re trading securities that are displayed in USD currency. In this case, they will charge a currency conversion fee when buying and selling. But, past us are the days of having to pay more than $7 for each trade with online discount brokerages as was the case just a couple years ago.

How Much Money do I Need to Have to Start With Wealthsimple Trade?

Wealthsimple is cool in that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable minimum deposit amounts of 1k-5k. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You can select between both RRSP and TFSA account types during the setup wizard. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade has a easy to use mobile app that is available on both IOS and Android. The smartphone app makes the registration process and the trading of stocks and ETFs truly painless.

Is Wealthsimple Trade Safe?

For sure. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and employs over 600 folks. The main shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.

So How Does One Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly simple to fund your new account. Simply connect a chequing or savings account to your Trade account, then fund your account in only a few steps. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can also be moved back to your chequing or savings account by using the same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – This is alternative to Interac e-transfers that allow anyone to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for tax year and submit your tax return online free. It’s pitched to be simple, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to earn 1% cashback on all your everyday purchases, as well as earn a competitive 1.5% interest rate on savings.

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

All of the mentioned products, including Wealthsimple Trade can be found in the app or at the site with your Wealthsimple login.

So How do I Start Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. As an exclusive registration bonus offer for our readers you will get the equivalent cash value of a stock worth $25 up to $4,500 CAD once you add funds to your account.

What if I Still Have Questions Related to Wealthsimple Quicken?

If this blog post didn’t given you the answers to each of your questions, and you’re still looking for additional information relating to Wealthsimple Quicken, check out the Wealthsimple website to get answers to every one of your questions.