What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from similar apps by charging no fees.
A Toronto, Ontario based fintech company launched in Fall twenty fourteen exclusively as a robo advisor trading app named Wealthsimple Invest, it has evolved considerably over the last 8 years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets Canadian consumers to trade individual stocks and also ETFs without having to pay fees. The exception to this is when trading stocks which are displayed in USD currency. In that case, they do charge a nominal currency conversion fee when buying and selling. But, gone are the times of having to pay $7-12 per each trade with online discount brokerages as was expected only a couple years ago.
Exactly How Much Cash do I Need to Have in Order to Start Investing on Wealthsimple Trade?
Wealthsimple is special such that they allow Canadian investors to make a minimum deposit of only $1. Most alternative banks and brokerages have quite large initial deposit amounts of 1k-$5,000. This makes it difficult for the normal investor to get started. With Wealthsimple Trade, you won’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade has both registered and non-CRA-registered accounts. You can choose both RRSP and TFSA account types in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a well designed mobile app available on Apple and also Android. The smartphone app makes the enrollment steps and the trading of stocks and ETFs super painless.
Is Wealthsimple Trade Secure?
Most definitely. Wealthsimple Trade is legit. Wealthsimple boasts over 15 billion CAD of Assets Under Management . These folks have been doing business for more than 7 years and also currently employs over 600 folks. The controlling shareholder is the admired public Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to add money to an account. Simply connect to a chequing or savings account to your Trade account, and fund your account in only a couple of steps. Deposits from financial institutions to Wealthsimple usually take only a couple of days. Funds can the same way can be moved to your chequing or savings accounts with the exact same steps.
What Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac e-transfers which allows anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for tax season and submit your tax return online for free. It’s advertised to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to get 1% cashback on your everyday spending, and also earn a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a ton of different online courses on topics like saving, investing, crypto, real estate and more.
Each of the listed products, including Wealthsimple Trade can be found in the mobile app or at their site with a single login.
So How do I Get Started With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For a special registration bonus to our readers you’ll get the equivalent cash value of a random stock worth $25 up to $4,500 Canadian when you deposit to your account.
What if I Still Have Questions About Wealthsimple Affiliate Program?
If this blog post still hasn’t answered all of your questions, and you’re still searching for further information relating to Wealthsimple Cash Account Review, check out the Wealthsimple website for answers to each your questions.