What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, securities and crypto trading platform that sets itself apart from similar apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Autumn of 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has improved substantially over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and ETFs without paying any fees. The exception is when trading stocks that are listed in USD. In this case, they do charge a currency conversion fee both when buying and selling. But, gone are the days of paying more than $7 per each trade with discount brokerages as was common just a couple years ago.
How Much Money Will I Need to Have in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadians to make a minimum deposit of just $1. Most traditional banks and brokerages have quite large initial deposit amounts of 1K-$5,000. This makes it tough for the normal new investor to start investing. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade offers CRA registered and non-CRA-registered account types. You are free to select between both RRSP and TFSA accounts in the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a easy to use mobile app available to download on iOS and also Android. The smartphone app makes the enrollment phase and trading of stocks and ETFs super painless.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). they’ve been doing business for more than 7 years and also now employs roughly 600 Canadians. The primary owner is the large publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the very first no-fees digital brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to deposit to an account. Just connect the app to a chequing or savings account with your Trade account, and then add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can the same way can be withdrawn your chequing or savings account using the same steps.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to E-transfers that allows anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax season and submit your taxes online free. It’s advertised as simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to get 1% cashback on all your purchases, and also earn 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, mortgages and much more.
All of the above products, including Wealthsimple Trade may be accessed within the mobile app or on the site with your Wealthsimple login.
How do I Start Using Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. For an exclusive registration bonus offer for our audience you will get the cash value of a share valued at up to $4,500 CAD when you add funds to your account.
What if I Still Have Additional Questions About Wealthsimple Widget?
If this review didn’t given you the answers to each of your questions, and you’re searching for additional specific facts about Wealthsimple Widget, go to the Wealthsimple website to find answers to each your questions.