Is Wealthsimple Trade Good For Crypto: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian digital investing, stock and crypto trading platform that distinguishes itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based fintech business launched in the Fall of 2014 originally as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has grown considerably over the previous 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian investors to trade individual stocks and also ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs that are displayed in USD. In this case, they will charge a currency conversion fee when buying and selling. But, past us are the times of paying more than $7 per each trade with digital discount brokerages as was common a couple years ago.

Exactly How Much in Funds Will I Need to Have in Order to Get Started on Wealthsimple Trade?

Wealthsimple is unique such that they allow investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have sizeable minimum deposit amounts of 1k-5K. This makes it tough for the every day investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. One can choose between both RRSP and TFSA account types during the setup phase. 

So Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app offered on both iOS and also Android. The app makes the enrollment phase and the trading of stocks and ETFs super simple.

But Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is secure. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also now employs over 600 folks. The majority shareholder is the large publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online brokerage operating in Canada.

So How Does One Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it so straight forward to fund an account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in just a couple of clicks. Deposits from financial institutions to Wealthsimple typically take just a couple of days. Funds can the same way can be moved back to a chequing or savings accounts by using the exact same steps.

What Other Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – This is equivalent to e-Transfers that allows anyone to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you need to get ready for tax season and submit your tax return online free. It’s advertised to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination pre paid visa and savings account that lets one to earn 1% cashback on your everyday spending, as well as get a competitive 1.5% interest on savings.

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

Every one of the above products, including Wealthsimple Trade may be accessed on the mobile app or on their website with a single login.

So How Should I Start Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special signup bonus offer to our readers you’ll get the cash value of a Canadian stock worth $25 up to $4,500 CAD when you add funds to your account.

So What if I Still Have Additional Questions Related to Tfsa Wealthsimple?

If this blog post hasn’t given you the answers to all of your questions, and you’re still searching for further answers about Is Wealthsimple Trade Good For Crypto, visit the Wealthsimple site to get answers to each your questions.