What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities plus crypto trading platform that differentiates itself from similar apps by charging no fees.
A Toronto, Ontario based fintech business founded in the Fall 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has improved substantially over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors trade both individual stocks and ETFs without having to pay any fees. The exception to this is when trading ETFs and stocks which are denominated in US Dollars. In this case, they charge a currency conversion fee both when buying and selling. But, behind us are the days of paying more than $7 per each trade with discount brokerages as was expected just a couple years past.
Exactly How Much in Funds Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome in that they allow investors to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large minimum deposit amounts of $1,000-5k. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered account types. One may select both RRSP and TFSA account types during the setup phase.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app offered to download on Apple and Android. The smartphone app makes the registration process and also trading of stocks and ETFs a breeze.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is safe. Wealthsimple has over 15 billion CAD in Assets Under Management (AUM). This company has been operating for more than 7 years and employs about 600 people. The primary owner is the respected publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the first no-fees digital discount brokerage to operate in Canada.
How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to add money to an account. Simply connect a chequing or savings account to your Trade account, and add funds to your account in only a few clicks. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can the same way can be withdrawn your chequing or savings accounts using the same steps.
Which Additional Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to e-transfers which allow anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online for free. It’s advertised as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid visa and savings product which lets you to earn 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a variety of courses on topics like saving, investments, crypto, real estate and more.
Every one of the mentioned features, including Wealthsimple Trade may be found in the app or on their site with your Wealthsimple login.
So How do I Begin Using Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special signup bonus offer for our audience you will receive the cash value of a random stock valued at up to $4,500 CAD once you add funds to your account.
But What if I Still Have Additional Questions Related to Wealthsimple Support?
If this blog post didn’t given you the answers to each of your questions, and you’re browsing for further info relating to Wealthsimple Support, visit the Wealthsimple site to get answers to every one of your questions.