What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks plus crypto trading platform that sets itself apart from its competitors by charging no fees.
A fintech company founded in Autumn 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has grown considerably over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers to trade both stand alone stocks and ETFs without having to pay commissions. The exception to this is when you’re trading securities that are denominated in USD. In this case, they do charge a nominal currency conversion fee both when buying and selling. However, past us are the days of paying Upwards of $7 per trade with digital discount brokerages as was normal only a few years ago.
How Much Cash do I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and discount brokerages have quite large initial deposit amounts of $1,000-5K. This makes it impossible for the every day investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You may choose between both RRSP and TFSA accounts in the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a modern mobile app available to download on both iOS and Google Play. The mobile app makes the signup steps and trading of stocks and ETFs truly a breeze.
So Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian of Assets Under Management . These folks have been in business for more than 7 years and now employs over 600 folks. The primary shareholder is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to deposit to your new account. Just connect a chequing or savings account with your Trade account, and add money to your account in simply a few clicks. Deposits from financial institutions to Wealthsimple usually take a few days. Funds can also be moved to a chequing or savings account by using the same method.
What Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac E-transfers which allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your taxes online for free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows one to recieve 1% cashback on your purchases, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a bunch of courses on topics like saving, investments, crypto, real estate and much more.
All of the above products, along with Wealthsimple Trade may be found inside the mobile app and on the site with one login.
So How Should I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll receive the cash value of a random stock valued at up to $4,500 CAD as soon as you make an initial deposit to your account.
So What if I Still Have Additional Questions Related to 1 Free Stock Wealthsimple?
If this review hasn’t given you the answers to all of your questions, and you’re still looking for further specific answers about 1 Free Stock Wealthsimple, visit the Wealthsimple website for answers to every one of your questions.