Funding Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based Financial, securities plus crypto trading web app that distinguishes itself from its competitors by charging no fees. 

A online financial services company launched in Fall of 2014 exclusively as a robo-advisor automated trading platform named Wealthsimple Invest, it has grown substantially over the previous 8 years to include Wealthsimple Trade, a no fees discount brokerage app.

Does Wealthsimple Trade Charge Fees?

Wealthsimple Trade allows Canadian investors trade single stocks and ETFs without having to pay commissions. The exception is when trading ETFs and stocks which are listed in US Dollars. In which case, they will charge a currency conversion fee when buying and selling. But, gone are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was normal a couple years past.

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

Wealthsimple is unique such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large min deposit amounts of 1k-$5,000. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Have TFSA Accounts?

Of course. Wealthsimple Trade offers CRA registered and non-registered account types. You are able to select between both RRSP and TFSA account types during the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a modern mobile app available to download on IOS and Google Play. The smartphone app makes the enrollment steps and also the trading of stocks and ETFs incredibly painless.

So Is Wealthsimple Trade Secure?

Yes. Wealthsimple Trade is safe. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). they’ve been doing business for more than 7 years and right now employs over 600 people. The majority owner is the respected public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.

How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very simple to fund an account. Just connect a chequing or savings account to your Trade account, then fund your account in only a couple of steps. Deposits from banks to Wealthsimple typically take a couple of days. Funds can the same way can be moved to your chequing or savings accounts by using the same method.

What Additional Benefits and Products Are Available?

Wealthsimple Cash – This is alternative to e-transfers that allow one to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you need to prepare for tax season and file your taxes online free. It’s pitched to be simple, accurate and always free tax return filing.

Wealthsimple Spend – A combination prepaid debit card and savings account which allows you to earn 1% cashback on your spending, as well as earn a very competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a bunch of different online courses on saving, investments, crypto, mortgages and much more. 

All of the listed features, including Wealthsimple Trade may be accessed in the app or on their site with a single login.

But How do I Get Started With Wealthsimple Trade?

Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus offer to our readers you will get the cash value of a random Canadian stock worth $25 up to $4,500 Canadian as soon as you add funds to your account.

What if I Still Have Additional Questions Related to Wealthsimple Safe?

If this article hasn’t given you the answers to each of your questions, and you’re searching for more specific information about Funding Wealthsimple Trade, visit the Wealthsimple website to find answers to all your questions.