Wealthsimple Wallet

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading platform that sets itself apart from its competitors by charging no fees. 

A leading Canadian fintech business launched in Fall of 2014 exclusively as a robo advisor automated trading platform named Wealthsimple Invest, it has grown significantly 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 consumers trade individual stocks and also ETFs without needing to pay any commissions. The exception is when trading stocks and ETFs which are denominated in USD currency. In which case, they do charge a currency conversion fee both when buying and selling. But, gone are the times of having to pay $7-12 for each trade with online discount brokerages as was expected a few years ago.

How Much Cash do I Need to Have to Get Started With Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and brokerages have sizeable minimum deposit amounts of $1,000-$5,000. This makes it difficult for the everyday investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. One are free to choose both RRSP and TFSA account types during the setup wizard. 

Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app offered on both iOS and also Google Play. The smartphone app makes the enrollment steps and the trading of stocks and ETFs very simple.

But Is Wealthsimple Trade Secure?

. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . They have been in business for more than 7 years and also at this time employs roughly 600 Canadians. The main shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage to operate in Canada.

So How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very easy to deposit to your new account. Just connect the app to a chequing or savings account to your Trade account, and add funds to your account in simply a couple of steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can also be withdrawn a chequing or savings accounts with the same steps.

Which Other Features and Products Are Available?

Wealthsimple Cash – An equivalent to E-transfers which allows you to quickly and simply transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax year and file your taxes online free. It’s advertised to be easy, accurate and always totally free tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account which lets one to earn 1% cashback on all your everyday spending, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a ton of different online courses on saving, investing, crypto, real estate and much more. 

Every one of the mentioned products, including Wealthsimple Trade can be accessed on the mobile app and from their website with your Wealthsimple login.

So How do I Start Using Wealthsimple Trade?

Click here to create a new Wealthsimple Trade account. For an exclusive registration bonus for our audience you’ll receive the cash value of a stock worth $25 up to $4,500 Canadian as soon as you fund your account.

So What if I Still Have Questions Concerning Wealthsimple Wallet?

If this blog post didn’t answered all of your questions, and you’re looking for more info relating to Wealthsimple Wallet, go to the Wealthsimple site for answers to all your questions.