What is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stocks and crypto trading platform that differentiates itself from similar apps by charging no fees.
A fintech business founded in the Fall of 2014 originally as a robo advisor algorithmic automated trading app called Wealthsimple Invest, it has changed substantially over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors to trade both individual stocks and ETFs without paying any commissions. The exception is when trading stocks and ETFs which are denominated in USD currency. In that case, they will charge a nominal currency conversion fee when buying and selling. However, behind us are the times of paying $7-12 per trade with online discount brokerages as was normal a couple years ago.
How Much in Funds Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they allow investors to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large minimum deposit amounts of $1,000-$5000. This makes it tough for the typical new investor to start. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
Of course. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You can choose between both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app offered to download on both iOS and Android. The app makes the registration phase and trading of stocks and ETFs truly easy.
But Is Wealthsimple Trade Legit?
Yes. Wealthsimple Trade is safe. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). This company has been in business for more than 7 years and at this time employs over 600 folks. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
But How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to fund a new account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in just a few steps. Deposits from banks to Wealthsimple normally take a few days. Funds can just as easily be withdrawn a chequing or savings accounts by using the exact same steps.
What Other Features and Products Are Available?
Wealthsimple Cash – This is equivalent to e-Transfers which allows one to quickly and simply transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and file your tax return online for free. It’s pitched as simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to earn 1% cashback on your spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which offers a bunch of online courses on different topics such as saving, investments, crypto, home buying and more.
All of the above features, along with Wealthsimple Trade can be found inside the app and from the site with one login.
But How do I Begin With Wealthsimple Trade?
Click here to signup for a new Wealthsimple Trade account. As a special signup bonus offer to our readers you’ll get the equivalent cash value of a random stock worth up to $4,500 Canadian as soon as you fund your account.
What if I Still Have Questions About Wealthsimple Watchlist?
If this article hasn’t answered all of your questions, and you’re still looking for further information about Wealthsimple Watchlist, check out the Wealthsimple website for answers to all your questions.