Nerdwallet Wealthsimple: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian web based Financial, stocks and crypto trading platform that distinguishes itself from the competition by charging no fees. 

A fintech company founded in Fall 2014 originally as a robo-advisor trading app called Wealthsimple Invest, it has evolved significantly over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets consumers to trade single stocks and also ETFs without paying commissions. The exception is when you’re trading stocks that are displayed in US Dollars. In that case, they charge a nominal currency conversion fee when buying and selling. However, past us are the times of paying $7-12 per trade with online discount brokerages as was expected a few years past.

How Much in Funds do I Need to Have in Order to Start on Wealthsimple Trade?

Wealthsimple is cool such that they will allow new customers to make a minimum deposit of only $1. Many traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-$5000. This makes it tough for the common new investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to begin trading stocks and ETFs.

So Does Wealthsimple Trade Have RRSP Accounts?

It does. Wealthsimple Trade has available both CRA registered and non-CRA-registered accounts. One are able to choose both RRSP and TFSA account types in the setup process. 

But Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade offers a easy to use mobile app available to download on both Apple and also Google Play. The smartphone app makes the enrollment steps and trading of stocks and ETFs super easy.

Is Wealthsimple Trade Safe?

. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion Canadian of Assets Under Management (AUM). These folks have been operating for more than 7 years and also right now employs over 600 folks. The majority shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage operating in Canada.

So How Can I Deposit to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it incredibly straight forward to add funds to your new account. Simply connect a chequing or savings account with your Trade account, then fund your account in just a few clicks. Deposits from your bank to Wealthsimple typically take just a few days. Funds can the same way can be moved to your chequing or savings account using the same process.

Which Other Benefits and Products Are Available?

Wealthsimple Cash – This is alternative to Interac E-transfers which allows one to quickly and efficiently send cash to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid debit card and savings account which allows one to earn 1% cashback on all your everyday spending, and also get a competitive 1.5% interest rate on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that offers a ton of online courses on topics like saving, investments, crypto, real estate and more. 

Each of the mentioned features, including Wealthsimple Trade can be found on the app or from their website with your Wealthsimple login.

How do I Get Started Using Wealthsimple Trade?

Click here to setup a new Wealthsimple Trade account. For a special signup bonus for our audience you’ll get the equivalent cash value of a share worth up to $4,500 Canadian as soon as you deposit to your account.

What if I Still Have Additional Questions About Does Wealthsimple Have Options?

If this article still hasn’t given you the answers to all of your questions, and you’re still looking for additional answers relating to Nerdwallet Wealthsimple, go to the Wealthsimple site to get answers to each your questions.