Pros And Cons Of Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based investing, securities plus crypto trading app that distinguishes itself from other apps by charging absolutely no fees. 

A fintech company launched in the Fall 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has changed considerably over the past 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.

Does Wealthsimple Trade Charge Its Users Fees?

Wealthsimple Trade lets Canadian investors to trade both individual stocks and ETFs without paying any fees. The exception to this is when you’re trading securities that are denominated in US Dollars. In which case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the times of paying more than $7 per each trade with online discount brokerages as was the case a couple years past.

How Much Money do I Need to Start With Wealthsimple Trade?

Wealthsimple is awesome such that they allow Canadian investors to make a minimum deposit of just $1. Many alternative banks and discount brokerages have large initial deposit amounts of $1000-$5,000. This makes it tough for the every day investor to start. With Wealthsimple Trade, one doesn’t need to be wealthy to begin trading stocks and ETFs.

But Does Wealthsimple Trade Offer RRSP Accounts?

They do. Wealthsimple Trade has registered and non-registered accounts. You may choose both RRSP and TFSA accounts during the setup phase. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a easy to use mobile app available to download on iOS and Android. The smartphone app makes the enrollment process and also trading of stocks and ETFs truly easy.

But Is Wealthsimple Trade Trustworthy?

Yes. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . This company has been operating for more than 7 years and also now employs over 600 folks. The controlling shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the very first no-fees online discount brokerage to operate in Canada.

But How Can I Add Money to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it very easy to add funds to a new account. Just connect the app to a chequing or savings account with your Trade account, then fund your account in only a couple of clicks. Deposits from financial institutions to Wealthsimple typically take a few days. Funds can also be moved back to a chequing or savings accounts using the exact same process.

Which Additional Benefits and Products Are Offered by Wealthsimple?

Wealthsimple Cash – This is equivalent to Interac e-transfers which allows anyone to quickly and easily transfer cash to friends and family in Canada.

Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online free. It’s described as easy, accurate and always free tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings product which lets you to earn 1% cashback on your everyday spending, as well as get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a variety of different courses on topics like saving, investing, crypto, mortgages and more. 

All of the above products, including Wealthsimple Trade can be found within the app or at the website with a single login.

So How Should I Begin Using Wealthsimple Trade?

Click here to signup for a Wealthsimple Trade account. As a special signup bonus to our readers you will get the cash value of a Canadian stock valued at $25 up to $4,500 CAD as soon as you add funds to your account.

So What if I Still Have Questions Concerning Wealthsimple 0.5 Interest?

If this blog post still hasn’t answered all of your questions, and you’re looking for additional specific information about Pros And Cons Of Wealthsimple Trade, check out the Wealthsimple site for answers to every one of your questions.