Is Wealthsimple Trade Safe: Complete Guide

What is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading web app that sets itself apart from its competitors by charging absolutely no fees. 

A Toronto, Ontario based fintech business launched in Fall of 2014 originally as a robo advisor algorithmic trading platform named Wealthsimple Invest, it has improved considerably over the previous eight years to include Wealthsimple Trade, a zero fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian investors to trade both stand alone stocks and ETFs without having to pay any fees. The exception is when you’re trading stocks that are displayed in US Dollars. In which case, they will charge a small currency conversion fee when buying and selling. But, past us are the days of having to pay $7-12 for each trade with discount brokerages as was the norm a couple years ago.

How Much Money do I Need to Have to Get Started on Wealthsimple Trade?

Wealthsimple is unique in that they allow Canadian investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have large min deposit amounts of $1,000-5K. This makes it tough for the every day new investor to start. With Wealthsimple Trade, you don’t need to already be wealthy to start trading stocks and ETFs.

But Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade has available CRA registered and non-registered accounts. You are free to choose between both RRSP and TFSA account types in the setup process. 

So Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a convenient mobile app available to download on both Apple and Google Play. The mobile app makes the enrollment phase and also the trading of stocks and ETFs very painless.

So Is Wealthsimple Trade Secure?

Most definitely. Wealthsimple Trade is secure. Wealthsimple reports over 15 billion CAD of Assets Under Management . This company has been operating for more than 7 years and also now employs about 600 folks. The main shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.

But How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly easy to fund an account. Just connect to a chequing or savings account with your Trade account, and add money to your account in just a few steps. Deposits from financial institutions to Wealthsimple usually take a couple of days. Funds can also be moved to a chequing or savings account by the exact same process.

Which Additional Features and Products Does Wealthsimple Offer?

Wealthsimple Cash – An equivalent to Interac E-Transfers that allows one to quickly and efficiently send money to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for tax year and submit your taxes online for free. It’s pitched as easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings account which lets you to recieve 1% cashback on your spending, and also get a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of different courses on different topics such as saving, investing, crypto, home buying and much more. 

All of the mentioned products, including Wealthsimple Trade may be found inside the mobile app and from their site with one login.

So How do I Start With Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. As a special registration bonus offer for our audience you will receive the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.

What if I Still Have Questions Related to Wealthsimple Insurance?

If this article still hasn’t given you the answers to all of your questions, and you’re looking for additional specific info relating to Is Wealthsimple Trade Safe, visit the Wealthsimple site to find answers to every one of your questions.