What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stock plus crypto trading platform that distinguishes itself from the competition by charging absolutely no fees.
A leading Canadian online financial services business founded in the Autumn of 2014 originally as a robo advisor automated trading platform called Wealthsimple Invest, it has grown substantially over the past eight years to also include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian consumers to trade stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when trading securities which are displayed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. However, gone are the days of having to pay $7-12 for each trade with discount brokerages as was common only a few years past.
Exactly How Much Money Will I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large min deposit amounts of 1K-$5000. 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.
But Does Wealthsimple Trade Have Registered Accounts?
They do. Wealthsimple Trade offers both registered and non-registered account types. You are free to select between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on Apple and Android. The mobile app makes the signup phase and also the trading of stocks and ETFs very simple.
But Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management (AUM). This company has been operating for more than 7 years and also employs roughly 600 folks. The majority shareholder is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
But How Do I Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to add funds to your new account. Simply connect a chequing or savings account to your Trade account, then fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can just as easily be moved back to your chequing or savings account through the same method.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to e-transfers that allows anyone to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your taxes online for free. It’s described to be simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to recieve 1% cashback on all your spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a ton of online courses on saving, investments, crypto, home buying and more.
All of the mentioned products, along with Wealthsimple Trade can be found on the app or at their website with a single login.
But How do I Start With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive registration bonus to our audience you’ll get the cash value of a random stock valued at up to $4,500 CAD when you add funds to your account.
So What if I Still Have Additional Questions About Using Wealthsimple?
If this blog post hasn’t answered each of your questions, and you’re still looking for further facts relating to Using Wealthsimple, visit the Wealthsimple site to find answers to all your questions.