7 Wealth Building Habits: Complete Guide

What is Wealthsimple?

Wealthsimple is a simple to use Canadian online investing, stock plus crypto trading platform that differentiates itself from other apps by charging no fees. 

A Toronto, Ontario based online financial services business founded in the Autumn 2014 exclusively as a robo advisor automated trading app named Wealthsimple Invest, it has changed considerably over the past 8 years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets investors to trade both single stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading stocks which are denominated in USD. In which case, they do charge a small currency conversion fee when buying and selling. However, past us are the days of having to pay Upwards of $7 for each trade with online discount brokerages as was the norm a couple years ago.

How Much in Funds do I Need to Start With Wealthsimple Trade?

Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of just $1. Most alternative banks and discount brokerages have sizeable min deposit amounts of $1,000-$5,000. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Yes. Wealthsimple Trade has registered and non-CRA-registered accounts. One can select between both RRSP and TFSA accounts during the setup wizard. 

But Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app that is offered on iOS and Google Play. The app makes the registration phase and the trading of stocks and ETFs very painless.

Is Wealthsimple Trade Safe?

For sure. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management . they’ve been in business for more than 7 years and also right now employs about 600 Canadians. The majority owner is the publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.

But How Does One Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it incredibly simple to add funds to your new account. Just connect to a chequing or savings account with your Trade account, then fund your account in only a few steps. Deposits from banks to Wealthsimple usually take a few days. Funds can just as easily be moved to your chequing or savings account through the same method.

What Other Benefits and Products Are Available?

Wealthsimple Cash – An alternative to e-Transfers that allow one to quickly and easily send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for this tax year and file your tax return online free. It’s described to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product that allows you to get 1% cashback on all your purchases, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a bunch of different courses on topics like saving, investments, crypto, real estate and much more. 

Each of the above features, along with Wealthsimple Trade may be accessed on the app and on their site with one login.

But How Can I Get Started Using Wealthsimple Trade?

Click here to setup your Wealthsimple Trade account. As a special registration bonus offer for our readers you will get the cash value of a random Canadian stock valued at $25 up to $4,500 Canadian as soon as you fund your account.

But What if I Still Have Additional Questions Concerning How To Trade Options On Wealthsimple?

If this article still hasn’t given you the answers to all of your questions, and you’re still searching for more facts about 7 Wealth Building Habits, visit the Wealthsimple website to find answers to each your questions.