What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stocks plus crypto trading platform that sets itself apart from similar apps by charging absolutely no fees.
A fintech company launched in Fall of 2014 originally as a robo advisor algorithmic trading app called Wealthsimple Invest, it has improved substantially over the last eight years to feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets investors trade both stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading securities that are displayed in USD currency. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of paying Upwards of $7 per trade with online discount brokerages as was the case a couple years past.
How Much Money do I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is special in that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and brokerages have sizeable minimum deposit amounts of 1K-$5,000. This makes it impossible for the every day investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-registered accounts. One are free to choose between both RRSP and TFSA accounts during the setup phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app that is offered on both iOS and Google Play. The smartphone app makes the signup steps and also the trading of stocks and ETFs incredibly simple.
But Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is safe. Wealthsimple boasts over 15 billion CAD of Assets Under Management . This company has been doing business for more than 7 years and right now employs more than 600 folks. The controlling shareholder is the large public Canadian company Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage operating in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it easy to fund your account. Simply connect a chequing or savings account to your Trade account, and fund your account in simply a few clicks. Deposits from banks to Wealthsimple usually take a few days. Funds can just as easily be moved back to a chequing or savings account by using the same process.
What Other Benefits and Products Are Available?
Wealthsimple Cash – This is equivalent to e-transfers that allows you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your taxes online free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets one to get 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform that includes a variety of courses on saving, investments, crypto, mortgages and much more.
Each of the listed features, along with Wealthsimple Trade may be accessed on the app and from the website with a single login.
But How Can I Start With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As an exclusive registration bonus offer for our audience you’ll get the cash value of a stock valued at up to $4,500 Canadian as soon as you fund your account.
But What if I Still Have Questions About Can You Short On Wealthsimple?
If this review still hasn’t given you the answers to all of your questions, and you’re still looking for more answers about Can You Short On Wealthsimple, check out the Wealthsimple website to find answers to all your questions.