Should I Use Wealthsimple Trade Or Invest: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, stocks and crypto trading platform that differentiates itself from similar apps by charging no fees. 

A leading Canadian online financial services business founded in Autumn 2014 exclusively as a robo-advisor algorithmic trading app called Wealthsimple Invest, it has changed considerably over the past eight years to also feature Wealthsimple Trade, a zero fees discount brokerage platform.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian consumers to trade both stand alone stocks and ETFs without having to pay fees. The exception is when trading ETFs and stocks that are listed in USD. In this case, they charge a nominal currency conversion fee both when buying and selling. However, past us are the days of having to pay more than $7 per each trade with digital discount brokerages as was common only a couple years past.

Exactly How Much Cash do I Need to Have to Get Started on Wealthsimple Trade?

Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of only $1. Many traditional banks and brokerages have large minimum deposit amounts of $1,000-5k. This makes it impossible for the every day new investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Have Registered Accounts?

It does. Wealthsimple Trade has both CRA registered and non-CRA-registered account types. One may select between both RRSP and TFSA accounts during the setup process. 

But Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade offers a convenient mobile app that is available to download on iOS and also Google Play. The app makes the signup phase and trading of stocks and ETFs super easy.

Is Wealthsimple Trade Safe?

Yes. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management . This company has been operating for more than 7 years and currently employs over 600 Canadians. The main shareholder is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage to operate in Canada.

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

The Wealthsimple Trade smartphone app makes it simple to fund your new account. Simply connect the app to a chequing or savings account with your Trade account, and fund your account in simply a few steps. Deposits from banks to Wealthsimple normally take only a few days. Funds can the same way can be withdrawn a chequing or savings accounts through the same steps.

Which Additional Features and Products Are Offered by Wealthsimple?

Wealthsimple Cash – An equivalent to E-Transfers which allow one to quickly and easily send cash to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax year and file your taxes online for free. It’s pitched as simple, accurate and always totally free tax filing.

Wealthsimple Spend – A hybrid pre paid debit card and savings product that allows you to earn 1% cashback on all your purchases, and also get a very competitive 1.5% interest rate on savings.

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

All of the above products, along with Wealthsimple Trade can be found on the mobile app and from the website with a single login.

But How Can I Start Using Wealthsimple Trade?

Click here to signup for your Wealthsimple Trade account. As a special signup bonus offer for our readers you’ll receive the equivalent cash value of a stock valued at up to $4,500 CAD once you deposit to your account.

So What if I Still Have Additional Questions Related to Wealthsimple 3 Business Days?

If this review didn’t answered each of your questions, and you’re browsing for more specific information about Should I Use Wealthsimple Trade Or Invest, visit the Wealthsimple website for answers to all your questions.