What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities and crypto trading web app that differentiates itself from similar apps by charging absolutely no fees.
A fintech company launched in the Fall 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has grown significantly over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets consumers trade stand alone stocks and ETFs without paying fees. The exception is when you’re trading stocks and ETFs which are displayed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, gone are the times of having to pay Upwards of $7 per each trade with discount brokerages as was expected only a few years past.
How Much in Funds Will I Need to Get Started With Wealthsimple Trade?
Wealthsimple is special in that they allow new customers to make a minimum deposit of only $1. Most traditional banks and brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it tough for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has CRA registered and non-registered accounts. One are able to select both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is offered on Apple and Google Play. The app makes the signup steps and the trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is legit. Wealthsimple has over 15 billion CAD of Assets Under Management . This company has been doing business for more than 7 years and right now employs over 600 people. The primary shareholder is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage to operate in Canada.
But How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add funds to an account. Simply connect a chequing or savings account with your Trade account, then fund your account in just a couple of steps. Deposits from banks to Wealthsimple usually take a couple of days. Funds can just as easily be withdrawn a chequing or savings account using the same method.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-transfers which allows anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for this tax season and file your taxes online for free. It’s described to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product which allows you to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that includes a bunch of courses on different topics such as saving, investments, crypto, real estate and much more.
Each of the above products, along with Wealthsimple Trade can be found in the mobile app or from the website with a single login.
But How do I Get Started With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you will receive the equivalent cash value of a random share valued at $25 up to $4,500 CAD when you deposit to your account.
But What if I Still Have Questions Related to Young And Thrifty Wealthsimple?
If this review didn’t answered all of your questions, and you’re looking for more specific info about Young And Thrifty Wealthsimple, visit the Wealthsimple site to get answers to all your questions.