What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A leading Canadian fintech company launched in the Fall 2014 exclusively as a robo advisor algorithmic trading platform called Wealthsimple Invest, it has changed significantly over the previous eight years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows investors trade both single stocks and ETFs without having to pay any commissions. The exception is when trading securities that are listed in USD currency. In which case, they will charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of having to pay Upwards of $7 per trade with discount brokerages as was the norm just a few years ago.
Exactly How Much Money Will I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is awesome in that they allow Canadians to make a minimum deposit of just $1. The majority of alternative banks and discount brokerages have sizeable min deposit amounts of 1k-5K. This makes it hard 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 Offer TFSA Accounts?
It does. Wealthsimple Trade has both registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA accounts during the setup process.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a well designed mobile app that is available on iOS and also Android. The smartphone app makes the signup process and the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is legit. Wealthsimple reports more than 15 billion CAD in Assets Under Management (AUM). These folks have been expanding for more than 7 years and employs roughly 600 Canadians. The controlling owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees online brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it simple to add funds to your new account. Simply connect the app to a chequing or savings account to your Trade account, and fund your account in just a few clicks. Deposits from your bank to Wealthsimple normally take just a couple of days. Funds can just as easily be moved back to a chequing or savings account using the exact same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-transfers which 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 season and submit your taxes online for free. It’s pitched to be simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings account which allows one to recieve 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform which includes a variety of different online courses on topics like saving, investing, crypto, home buying and much more.
Each of the listed products, along with Wealthsimple Trade may be found within the mobile app or from their website with a single login.
How do I Begin Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special signup bonus offer for our audience you will receive the equivalent cash value of a random stock worth $25 up to $4,500 Canadian as soon as you add funds to your account.
But What if I Still Have Additional Questions About Does Wealthsimple Have Fees?
If this blog post still hasn’t answered each of your questions, and you’re browsing for more specific information relating to My Wealthsimple Tax Review, visit the Wealthsimple website for answers to each your questions.