What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based investing, stocks and crypto trading web app that differentiates itself from similar apps by charging no fees.
A leading Canadian fintech company launched in Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown substantially over the last eight years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows Canadian investors to trade stand alone stocks and also ETFs without paying commissions. The exception is when you’re trading stocks and ETFs that are displayed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of paying more than $7 for each trade with discount brokerages as was the norm only a few years past.
Exactly How Much in Funds do I Need to Have to Start Investing on Wealthsimple Trade?
Wealthsimple is cool such that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and brokerages have quite large initial deposit amounts of $1000-$5000. This makes it impossible for the everyday new investor to start. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
Of course. Wealthsimple Trade offers registered and non-CRA-registered accounts. You are able to choose between both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app available to download on both IOS and Android. The smartphone app makes the signup phase and the trading of stocks and ETFs a breeze.
But Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). they’ve been doing business for more than 7 years and also now employs roughly 600 Canadians. The controlling owner is the admired publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage to operate in Canada.
So How Can I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very simple to add funds to your account. Just connect to a chequing or savings account to your Trade account, then add money to your account in simply a couple of clicks. Deposits from your bank to Wealthsimple typically take just a couple of days. Funds can also be moved to a chequing or savings accounts using the exact same method.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-transfers that allows one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your tax return online for free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that allows one to recieve 1% cashback on all your everyday spending, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that includes a variety of courses on saving, investments, crypto, home buying and more.
All of the above products, including Wealthsimple Trade can be found on the app and on the website with one login.
So How do I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As a special registration bonus offer for our audience you’ll get the cash value of a Canadian stock worth $25 up to $4,500 Canadian when you add funds to your account.
So What if I Still Have Questions Concerning What Is Wealthsimple Trade?
If this review still hasn’t answered each of your questions, and you’re looking for further specific answers about What Is Wealthsimple Trade, visit the Wealthsimple site to get answers to all your questions.