Is Wealthsimple Good For Trading: Complete Guide

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading platform that distinguishes itself from other apps by charging absolutely no fees. 

A leading Canadian online financial services company launched in the Autumn twenty fourteen exclusively as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has grown considerably over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade allows investors trade both stand alone stocks and ETFs without needing to pay fees. The exception to this is when you’re trading stocks and ETFs which are displayed in USD currency. In that case, they do charge a small currency conversion fee when buying and selling. However, past us are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was the norm just a couple years past.

Exactly How Much Money Will I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is unique such that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have sizeable min deposit amounts of 1k-5K. This makes it tough for the normal investor to get started. With Wealthsimple Trade, one doesn’t have to already be wealthy to get started with trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

They do. Wealthsimple Trade has CRA registered and non-CRA-registered accounts. You are free to select both RRSP and TFSA accounts in the setup phase. 

So Does Wealthsimple Trade Have a Mobile Application?

Yes, Wealthsimple Trade offers a well designed mobile app offered to download on both iOS and also Android. The app makes the enrollment phase and trading of stocks and ETFs incredibly easy.

So Is Wealthsimple Trade Trustworthy?

Definitely. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and also right now employs over 600 folks. The majority owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.

So How Do I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to fund an account. Just connect a chequing or savings account to your Trade account, and then fund your account in simply a couple of steps. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can also be withdrawn your chequing or savings accounts by using the same method.

Which Additional Features and Products Are Available?

Wealthsimple Cash – This is equivalent to Interac e-Transfers that allow one to quickly and easily transfer money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings product that allows one to get 1% cashback on all your everyday purchases, as well as get a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a variety of courses on different topics such as saving, investing, crypto, mortgages and more. 

Every one of the above features, along with Wealthsimple Trade can be found inside the app or from the site with one login.

So How Can I Begin With Wealthsimple Trade?

Click here to signup for a new Wealthsimple Trade account. For a special signup bonus to our audience you will receive the equivalent cash value of a random stock valued at $25 up to $4,500 CAD once you deposit to your account.

But What if I Still Have Questions About Opening A Tfsa With Wealthsimple?

If this blog post hasn’t given you the answers to all of your questions, and you’re still looking for further info about Is Wealthsimple Good For Trading, visit the Wealthsimple website for answers to each your questions.