What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital investing, stock and crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A fintech company launched in the Autumn 2014 originally as a robo advisor trading app called Wealthsimple Invest, it has grown substantially over the last eight years to also feature Wealthsimple Trade, a no fee discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors trade both individual stocks and also ETFs without paying any fees. The exception is when trading stocks that are displayed in US Dollars. In that case, they do charge a nominal currency conversion fee when buying and selling. But, past us are the times of having to pay more than $7 per each trade with digital discount brokerages as was the norm only a couple years past.
How Much in Funds do I Need to Have to Start Investing With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow new customers to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of $1000-5k. This makes it tough for the everyday new investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-registered accounts. You may select between both RRSP and TFSA accounts in the setup wizard.
So Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app offered on both IOS and also Google Play. The app makes the signup process and trading of stocks and ETFs incredibly simple.
But Is Wealthsimple Trade Trustworthy?
Yes. Wealthsimple Trade is legit. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). These folks have been expanding for more than 7 years and at this time employs about 600 people. The primary shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fees online brokerage to operate in Canada.
How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to add money to an account. Just connect a chequing or savings account to your Trade account, then add money to your account in just a few clicks. Deposits from banks to Wealthsimple usually take just a couple of days. Funds can just as easily be moved back to a chequing or savings accounts through the same method.
Which Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-transfers that allow anyone to quickly and efficiently transfer money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax year and file your taxes online for free. It’s described to be easy, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid visa and savings account which allows one to recieve 1% cashback on all your spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a variety of different online courses on saving, investing, crypto, home buying and more.
Every one of the above features, including Wealthsimple Trade may be found in the mobile app and on the site with a single login.
So How do I Start With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As an exclusive registration bonus offer to our readers you will receive the cash value of a random share valued at $25 up to $4,500 Canadian once you make an initial deposit to your account.
What if I Still Have Questions About Can You Short On Wealthsimple?
If this review hasn’t given you the answers to each of your questions, and you’re browsing for additional information about Can You Short On Wealthsimple, visit the Wealthsimple site to get answers to each your questions.