What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online Financial, stocks plus crypto trading platform that differentiates itself from similar apps by charging absolutely no fees.
A leading Canadian online financial services company founded in Autumn 2014 exclusively as a robo advisor algorithmic trading app named Wealthsimple Invest, it has evolved considerably over the last eight years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade lets Canadian investors trade individual stocks and ETFs without needing to pay fees. The exception to this is when trading ETFs and stocks that are listed in USD. In that case, they charge a currency conversion fee both when buying and selling. However, gone are the days of having to pay more than $7 for each trade with online discount brokerages as was the case a couple years ago.
Exactly How Much Cash Will I Need in Order to Start With Wealthsimple Trade?
Wealthsimple is unique such that they will allow Canadians to make a minimum deposit of just $1. Many alternative banks and brokerages have quite large min deposit amounts of $1000-5k. This makes it difficult for the typical investor to get started. With Wealthsimple Trade, you won’t have to already be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Of course. Wealthsimple Trade offers both registered and non-registered account types. One can choose between both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app available to download on IOS and Android. The app makes the registration process and trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Safe?
For sure. Wealthsimple Trade is legit. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management (AUM). they’ve been doing business for more than 7 years and right now employs more than 600 people. The majority owner is the publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.
But How Does One Add Funds to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so simple to fund an account. Simply connect a chequing or savings account to your Trade account, and fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be moved back to your chequing or savings accounts by the same steps.
What Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to E-Transfers which allow one to quickly and simply send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your taxes online free. It’s pitched as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to get 1% cashback on your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of online courses on different topics such as saving, investing, crypto, home buying and much more.
All of the listed products, along with Wealthsimple Trade can be accessed on the mobile app or on their website with a single login.
But How do I Start Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For an exclusive registration bonus to our readers you will get the cash value of a random Canadian stock valued at up to $4,500 Canadian when you add funds to your account.
So What if I Still Have Additional Questions About Wealthsimple Usd Fee?
If this review didn’t given you the answers to all of your questions, and you’re browsing for further facts about How Does Wealthsimple Trade Work, go to the Wealthsimple site for answers to each your questions.