Understanding Wealthsimple Trade: Complete Guide

What Exactly is Wealthsimple?

Wealthsimple is an easy to use Canadian web based Financial, securities and crypto trading app that differentiates itself from the competition by charging no fees. 

A fintech company founded in Fall of twenty fourteen originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has changed considerably over the previous 8 years to include Wealthsimple Trade, a zero fee discount brokerage service.

Does Wealthsimple Trade Charge Any Fees?

Wealthsimple Trade lets Canadian investors to trade stand alone stocks and ETFs without having to pay commissions. The exception is when trading stocks that are listed in US Dollars. In that case, they will charge a currency conversion fee both when buying and selling. However, past us are the times of having to pay Upwards of $7 per each trade with online discount brokerages as was normal just a few years ago.

Exactly How Much Money Will I Need in Order to Start on Wealthsimple Trade?

Wealthsimple is special such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large min deposit amounts of 1k-5k. This makes it difficult for the common new investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to get started with trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

It does. Wealthsimple Trade has available CRA registered and non-CRA-registered account types. One are free to select both RRSP and TFSA account types in the setup wizard. 

Does Wealthsimple Trade Have a Mobile App?

Yes, Wealthsimple Trade has a well designed mobile app that is offered on IOS and Google Play. The smartphone app makes the signup phase and trading of stocks and ETFs simple.

Is Wealthsimple Trade Legit?

Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian in Assets Under Management (AUM). This company has been in business for more than 7 years and currently employs roughly 600 Canadians. The majority shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital brokerage to operate in Canada.

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

The Wealthsimple Trade mobile app makes it incredibly simple to fund your account. Simply connect to a chequing or savings account with your Trade account, and add funds to your account in only a couple of clicks. Deposits from banks to Wealthsimple typically take a few days. Funds can also be withdrawn your chequing or savings account by the exact same method.

Which Additional Features and Products Are Available?

Wealthsimple Cash – This is alternative to E-transfers that allows anyone to quickly and simply send money to friends and family in Canada.

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

Wealthsimple Spend – A combination prepaid visa and savings account that allows you to get 1% cashback on your spending, and also get a competitive 1.5% interest on savings.

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

Every one of the mentioned products, along with Wealthsimple Trade may be accessed in the app and from their website with your Wealthsimple login.

But How Can I Start Using Wealthsimple Trade?

Click here to register for your Wealthsimple Trade account. For a special signup bonus offer to our audience you will receive the cash value of a stock worth up to $4,500 CAD as soon as you make an initial deposit to your account.

What if I Still Have Questions Related to Wealthsimple Referral $500?

If this blog post didn’t answered all of your questions, and you’re searching for additional answers about Understanding Wealthsimple Trade, visit the Wealthsimple site to find answers to every one of your questions.