What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian online Financial, stocks plus crypto trading web app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Fall 2014 originally as a robo-advisor automated trading app named Wealthsimple Invest, it has grown substantially over the past eight years to also feature Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian investors to trade both single stocks and ETFs without having to pay any commissions. The exception is when you’re trading securities which are denominated in USD. In which case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the days of paying Upwards of $7 per trade with online discount brokerages as was the case a couple years ago.
Exactly How Much Cash do I Need in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have quite large min deposit amounts of $1000-5K. This makes it difficult for the every day investor to get started. With Wealthsimple Trade, you don’t need to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
They do. Wealthsimple Trade offers both CRA registered and non-registered accounts. You may choose between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a easy to use mobile app that is offered to download on both iOS and Android. The smartphone app makes the registration process and the trading of stocks and ETFs truly simple.
So Is Wealthsimple Trade Trustworthy?
For sure. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management . They have been in business for more than 7 years and also now employs roughly 600 Canadians. The primary shareholder is the public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital discount brokerage to operate in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly easy to fund an account. Just connect a chequing or savings account with your Trade account, and then add money to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be moved back to a chequing or savings account with the exact same process.
Which Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allow one to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax season and submit your tax return online for free. It’s advertised as simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to earn 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which includes a ton of different courses on saving, investing, crypto, real estate and more.
Every one of the listed features, along with Wealthsimple Trade can be found in the app or from the website with a single login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For an exclusive signup bonus to our readers you will get the cash value of a stock valued at up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Additional Questions About Veqt Wealthsimple Trade?
If this review hasn’t answered each of your questions, and you’re looking for further specific information relating to Making Money With Wealthsimple Trade, visit the Wealthsimple site to get answers to each your questions.