1042-s Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading app that sets itself apart from other apps by charging no fees. 

A Toronto, Ontario based fintech business launched in Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has improved substantially over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian consumers trade both single stocks and also ETFs without having to pay fees. The exception is when trading ETFs and stocks that are displayed in USD currency. In that case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying more than $7 per each trade with digital discount brokerages as was common only a few years past.

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

Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have large initial deposit amounts of $1,000-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

Of course. Wealthsimple Trade has available CRA registered and non-registered account types. You are able to select both RRSP and TFSA account types in the setup phase. 

Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both Apple and Android. The mobile app makes the registration phase and also the trading of stocks and ETFs very a breeze.

So Is Wealthsimple Trade Safe?

Most definitely. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion CAD in Assets Under Management . This company has been in business for more than 7 years and currently employs roughly 600 folks. The primary owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage operating in Canada.

But How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very straight forward to deposit to a new account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a few days. Funds can the same way can be withdrawn your chequing or savings accounts with the exact same steps.

What Other Features and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac E-transfers that allows anyone to quickly and simply send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for tax season and submit your taxes online for free. It’s pitched as simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination pre paid debit card and savings product which allows one to get 1% cashback on your everyday purchases, and also earn a competitive 1.5% interest on savings.

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

Every one of the mentioned features, including Wealthsimple Trade can be found on the app or on their website with one login.

How do I Begin With Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. As a special signup bonus offer for our audience you’ll receive the cash value of a random stock worth up to $4,500 CAD when you fund your account.

What if I Still Have Questions Concerning 1042-s Wealthsimple?

If this article didn’t answered all of your questions, and you’re still searching for more specific information relating to 1042-s Wealthsimple, go to the Wealthsimple website for answers to each your questions.