What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities and crypto trading app that sets itself apart from its competitors by charging no fees.
A Toronto, Ontario based fintech company founded in the Autumn of 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has evolved substantially over the past eight years to also include Wealthsimple Trade, a zero fee discount brokerage platform.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers trade both single stocks and also ETFs without needing to pay commissions. The exception to this is when trading stocks and ETFs that are listed in USD. In which case, they do charge a currency conversion fee both when buying and selling. But, behind us are the days of having to pay more than $7 per each trade with online discount brokerages as was the norm only a couple years past.
How Much Cash do I Need to Have in Order to Begin Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow investors to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large initial deposit amounts of 1k-5k. This makes it hard for the everyday investor to start. With Wealthsimple Trade, you don’t have to be wealthy to get started with trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
Yes. Wealthsimple Trade has registered and non-registered accounts. You are free to choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app offered to download on Apple and also Android. The smartphone app makes the enrollment process and trading of stocks and ETFs incredibly painless.
Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management (AUM). These folks have been doing business for more than 7 years and now employs about 600 people. The main shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee online discount brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add funds to a new account. Just connect the app to a chequing or savings account with your Trade account, and then fund your account in just a couple of steps. Deposits from your bank to Wealthsimple usually take only a couple of days. Funds can just as easily be moved back to a chequing or savings account with the same steps.
Which Other Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to e-Transfers that allow anyone to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for tax season and submit your tax return online for free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings account that lets you to get 1% cashback on all your everyday purchases, as well as earn a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which includes a variety of different courses on saving, investments, crypto, home buying and more.
Every one of the mentioned products, along with Wealthsimple Trade can be found in the app and on their website with your Wealthsimple login.
So How Should I Start With Wealthsimple Trade?
Click here to create your Wealthsimple Trade account. For a special signup bonus for our audience you’ll receive the cash value of a random Canadian stock worth up to $4,500 Canadian once you deposit to your account.
But What if I Still Have Additional Questions Concerning Wealthsimple Support Phone?
If this review hasn’t answered all of your questions, and you’re looking for further specific facts about Vgro Wealthsimple Trade, check out the Wealthsimple site to find answers to every one of your questions.