What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital Financial, securities plus crypto trading web app that differentiates itself from its competitors by charging no fees.
A Toronto, Ontario based online financial services company founded in Fall 2014 originally as a robo-advisor trading app named Wealthsimple Invest, it has evolved significantly over the last 8 years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian investors trade both stand alone stocks and also ETFs without needing to pay any fees. The exception is when you’re trading stocks that are displayed in US Dollars. In which case, they charge a nominal currency conversion fee when buying and selling. However, past us are the times of having to pay more than $7 for each trade with digital discount brokerages as was common only a few years ago.
Exactly How Much in Funds do I Need to Begin Investing With Wealthsimple Trade?
Wealthsimple is cool in that they will allow Canadian investors to make a minimum deposit of just $1. Most alternative banks and discount brokerages have quite large initial deposit amounts of $1000-$5000. This makes it hard for the everyday new investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered accounts. You are free to select both RRSP and TFSA accounts during the setup process.
But Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app offered to download on both Apple and Android. The smartphone app makes the signup phase and trading of stocks and ETFs incredibly a breeze.
But Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). They have been in business for more than 7 years and right now employs about 600 Canadians. The primary shareholder is the respected publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
But How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very straight forward to add funds to a new account. Just connect the app to a chequing or savings account with your Trade account, and add money to your account in just a couple of steps. Deposits from banks to Wealthsimple usually take only a few days. Funds can just as easily be moved back to your chequing or savings accounts through the same method.
What Additional Features and Products Are Available?
Wealthsimple Cash – An alternative to e-transfers that allow anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax season and file your taxes online free. It’s pitched to be easy, accurate and always totally free income tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings product which lets you to recieve 1% cashback on your purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which includes a bunch of different online courses on saving, investing, crypto, mortgages and much more.
All of the above products, along with Wealthsimple Trade can be found on the app or on the site with a single login.
So How Can I Start With Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special signup bonus to our audience you will receive the cash value of a random Canadian stock worth $25 up to $4,500 Canadian once you deposit to your account.
So What if I Still Have Additional Questions Related to 90 Days Away Program Wealthsimple?
If this blog post didn’t answered all of your questions, and you’re still browsing for additional specific facts about 90 Days Away Program Wealthsimple, visit the Wealthsimple site for answers to every one of your questions.