Wealthsimple Review 2022: Can You Day Trade On Wealthsimple

What is Wealthsimple?

Wealthsimple is a convenient and easy to use Canadian online Financial, stocks plus crypto trading web app that distinguishes itself from other apps by charging absolutely no fees. 

A Toronto, Ontario based fintech company launched in the Fall twenty fourteen originally as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has evolved considerably over the past 8 years to feature Wealthsimple Trade, a no fee discount brokerage app.

Does Wealthsimple Trade Charge Any Kind of Fees?

Wealthsimple Trade lets Canadian consumers trade single stocks and also ETFs without paying fees. The exception is when you’re trading stocks that are denominated in US Dollars. In that case, they charge a currency conversion fee both when buying and selling. But, past us are the times of paying $7-12 per trade with digital discount brokerages as was common just a few years ago.

How Much in Funds Will I Need in Order to Get Started on Wealthsimple Trade?

Wealthsimple is cool in that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and brokerages have sizeable initial deposit amounts of 1k-5k. This makes it hard for the everyday new investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.

So Does Wealthsimple Trade Offer TFSA Accounts?

They do. Wealthsimple Trade offers CRA registered and non-registered accounts. You are able to choose between both RRSP and TFSA account types in the setup phase. 

Does Wealthsimple Trade Offer a Mobile Application?

Yes, Wealthsimple Trade has a easy to use mobile app that is available to download on both iOS and also Google Play. The app makes the signup phase and also the trading of stocks and ETFs incredibly painless.

Is Wealthsimple Trade Secure?

. Wealthsimple Trade is secure. Wealthsimple reports in excess of 15 billion Canadian in Assets Under Management . This company has been in business for more than 7 years and also employs more than 600 Canadians. The main owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage operating in Canada.

How Does One Add Funds to a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite easy to add funds to a new account. Simply connect to a chequing or savings account with your Trade account, and then add funds to your account in simply a couple of clicks. Deposits from financial institutions to Wealthsimple normally take just a few days. Funds can just as easily be moved to your chequing or savings accounts by the exact same method.

What Other Features and Products Are Available?

Wealthsimple Cash – An alternative to E-transfers that allows you to quickly and simply transfer 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 free. It’s pitched to be easy, accurate and always totally free income tax filing.

Wealthsimple Spend – A combination prepaid debit card and savings product which lets you to get 1% cashback on your everyday spending, and also get a competitive 1.5% interest on savings.

Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of different online courses on different topics such as saving, investments, crypto, mortgages and more. 

All of the listed features, along with Wealthsimple Trade can be accessed inside the app or from their website with a single login.

How Can I Get Started With Wealthsimple Trade?

Click here to create a Wealthsimple Trade account. For an exclusive registration bonus for our audience you’ll get the equivalent cash value of a random stock valued at up to $4,500 CAD once you add funds to your account.

But What if I Still Have Questions About Can You Day Trade On Wealthsimple?

If this article still hasn’t given you the answers to each of your questions, and you’re looking for further specific facts relating to Can You Day Trade On Wealthsimple, visit the Wealthsimple website to find answers to all your questions.