What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, stock and crypto trading app that differentiates itself from other apps by charging no fees.
A leading Canadian online financial services company launched in the Autumn of 2014 originally as a robo-advisor trading platform named Wealthsimple Invest, it has changed significantly over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade both single stocks and also ETFs without having to pay commissions. The exception is when you’re trading ETFs and stocks which are denominated in USD currency. In which case, they do charge a small currency conversion fee both when buying and selling. However, behind us are the days of having to pay more than $7 per each trade with digital discount brokerages as was normal a couple years past.
How Much Money do I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is special such that they will allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have quite large minimum deposit amounts of $1000-$5000. This makes it hard for the every day investor to start. With Wealthsimple Trade, you won’t need to be wealthy to begin trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. You can select both RRSP and TFSA account types in the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on both iOS and also Android. The smartphone app makes the enrollment steps and the trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD in Assets Under Management (AUM). they’ve been doing business for more than 7 years and also right now employs roughly 600 Canadians. The majority owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.
How Can I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so simple to deposit to an account. Just connect to a chequing or savings account with your Trade account, then fund your account in just a couple of steps. Deposits from banks to Wealthsimple typically take a few days. Funds can also be moved back to a chequing or savings account using the same steps.
What Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to Interac E-transfers that allows you to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online for free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which lets you to recieve 1% cashback on your purchases, as well as get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform which includes a bunch of online courses on saving, investments, crypto, mortgages and much more.
Each of the mentioned features, including Wealthsimple Trade can be found on the app and at their site with your Wealthsimple login.
So How Can I Start With Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. As an exclusive signup bonus for our readers you’ll get the equivalent cash value of a random Canadian stock worth up to $4,500 CAD once you deposit to your account.
What if I Still Have Questions About Wealthsimple S&p 500?
If this review hasn’t answered all of your questions, and you’re still looking for further information relating to Wealthsimple S&p 500, check out the Wealthsimple website for answers to every one of your questions.