My Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian online Financial, stock plus crypto trading web app that differentiates itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based online financial services company founded in Autumn 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has grown significantly over the last eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade allows investors to trade single stocks and also ETFs without needing to pay any commissions. The exception to this is when trading stocks that are displayed in USD currency. In this case, they do charge a nominal currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 for each trade with online discount brokerages as was the norm only a couple years past.

Exactly How Much Cash do I Need in Order to Get Started With Wealthsimple Trade?

Wealthsimple is awesome in that they will allow investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large min deposit amounts of 1k-5K. This makes it hard for the normal new investor to start. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.

Does Wealthsimple Trade Have RRSP Accounts?

Of course. Wealthsimple Trade offers both CRA registered and non-CRA-registered account types. You can choose both RRSP and TFSA accounts during the setup phase. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a convenient mobile app offered to download on both Apple and Android. The smartphone app makes the signup process and trading of stocks and ETFs incredibly a breeze.

So Is Wealthsimple Trade Safe?

Of course. Wealthsimple Trade is safe. Wealthsimple reports more than 15 billion CAD of Assets Under Management . This company has been operating for more than 7 years and right now employs more than 600 people. The main owner is the admired public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.

So How Can I Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade mobile app makes it very easy to fund an account. Just connect the app to a chequing or savings account with your Trade account, and add funds to your account in simply a couple of steps. Deposits from banks to Wealthsimple typically take only a couple of days. Funds can just as easily be moved to a chequing or savings account by the same process.

What Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to Interac E-transfers that allows one to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll require to get ready for tax season and file your tax return online for free. It’s advertised to be simple, accurate and always free tax return filing.

Wealthsimple Spend – A hybrid pre paid visa and savings product which lets you to get 1% cashback on all your spending, and also earn a competitive 1.5% interest rate on savings.

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

Each of the listed features, along with Wealthsimple Trade may be accessed in the app and at their site with one login.

How Can I Begin Using Wealthsimple Trade?

Click here to register for a Wealthsimple Trade account. As a special registration bonus to our audience you’ll receive the equivalent cash value of a stock worth up to $4,500 CAD as soon as you deposit to your account.

But What if I Still Have Questions Related to Wealthsimple Xlm?

If this blog post hasn’t given you the answers to all of your questions, and you’re browsing for further info about My Wealthsimple Trade, visit the Wealthsimple site for answers to all your questions.