What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading web app that sets itself apart from similar apps by charging no fees.
A online financial services company launched in the Fall of 2014 exclusively as a robo advisor trading platform called Wealthsimple Invest, it has improved substantially over the previous 8 years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian investors trade stand alone stocks and also ETFs without needing to pay any fees. The exception to this is when you’re trading ETFs and stocks that are denominated in USD currency. In which case, they will charge a nominal currency conversion fee when buying and selling. However, gone are the days of having to pay $7-12 for each trade with online discount brokerages as was the case only a few years past.
How Much Cash Will I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is unique in that they will allow investors to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large min deposit amounts of 1K-$5,000. This makes it impossible for the everyday new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has CRA registered and non-registered accounts. You are free to select both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered to download on both iOS and also Google Play. The smartphone app makes the registration process and trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple has over 15 billion Canadian of Assets Under Management (AUM). These folks have been doing business for more than 7 years and right now employs about 600 folks. The majority owner is the large public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee online brokerage operating in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite simple to deposit to your account. Simply connect to a chequing or savings account with your Trade account, and then fund your account in simply a few steps. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved to a chequing or savings account with the exact same method.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to e-Transfers which allow you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax season and submit your tax return online free. It’s advertised to be simple, accurate and always totally free income tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to get 1% cashback on all your everyday purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a ton of different online courses on different topics such as saving, investing, crypto, home buying and more.
All of the listed products, along with Wealthsimple Trade can be found inside the app or from the website with your Wealthsimple login.
But How do I Start With Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus for our readers you’ll get the cash value of a random stock worth $25 up to $4,500 Canadian when you add funds to your account.
What if I Still Have Questions Concerning Wealthsimple Crunchbase?
If this review still hasn’t answered each of your questions, and you’re looking for further specific info relating to Wealthsimple Employee Reviews, check out the Wealthsimple website for answers to every one of your questions.