What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based Financial, securities and crypto trading platform that sets itself apart from its competitors by charging no fees.
A leading Canadian online financial services business founded in the Fall 2014 originally as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has grown significantly over the past 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers to trade both individual stocks and also ETFs without paying any fees. The exception to this is when trading stocks which are denominated in US Dollars. In which case, they charge a small currency conversion fee when buying and selling. But, gone are the times of paying $7-12 for each trade with online discount brokerages as was expected only a few years ago.
How Much in Funds Will I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of just $1. Many traditional banks and discount brokerages have sizeable initial deposit amounts of 1k-5K. This makes it difficult for the every day investor to start. With Wealthsimple Trade, you won’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have TFSA Accounts?
They do. Wealthsimple Trade offers both registered and non-CRA-registered account types. One are able to select between both RRSP and TFSA account types in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app available on IOS and Google Play. The mobile app makes the signup phase and also trading of stocks and ETFs truly simple.
Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple boasts more than 15 billion CAD of Assets Under Management (AUM). They have been operating for more than 7 years and also at this time employs about 600 people. The majority owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add money to your new account. Simply connect to a chequing or savings account to your Trade account, and then add money to your account in only a few steps. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can the same way can be moved back to your chequing or savings account using the exact same method.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to Interac e-Transfers that allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for tax year and submit your taxes online free. It’s described to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets you to get 1% cashback on all your spending, and also earn a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of courses on different topics such as saving, investing, crypto, home buying and much more.
Each of the listed products, including Wealthsimple Trade may be accessed in the mobile app or from the site with a single login.
So How Can I Begin With Wealthsimple Trade?
Click here to setup your Wealthsimple Trade account. As a special signup bonus for our audience you’ll get the cash value of a stock worth up to $4,500 Canadian as soon as you fund your account.