Wealthsimple Review 2022: Can You Trade Options On Wealthsimple

What is Wealthsimple?

Wealthsimple is a simple to use Canadian web based investing, securities plus crypto trading app that sets itself apart from similar apps by charging no fees. 

A Toronto, Ontario based online financial services company launched in the Autumn of twenty fourteen originally as a robo-advisor trading app named Wealthsimple Invest, it has improved significantly over the past 8 years to also feature Wealthsimple Trade, a no fee discount brokerage platform.

Does Wealthsimple Trade Charge Any Type of Fees?

Wealthsimple Trade lets Canadian consumers to trade single stocks and ETFs without needing to pay commissions. The exception is when you’re trading ETFs and stocks that are listed in USD currency. In that case, they will charge a currency conversion fee when buying and selling. But, behind us are the days of paying $7-12 per each trade with discount brokerages as was expected just a few years ago.

Exactly How Much Cash Will I Need to Begin Investing on Wealthsimple Trade?

Wealthsimple is special such that they allow new customers to make a minimum deposit of just $1. The majority of traditional banks and brokerages have quite large minimum deposit amounts of $1,000-5K. This makes it difficult for the normal new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to get started with trading stocks and ETFs.

But Does Wealthsimple Trade Have RRSP Accounts?

Of course. Wealthsimple Trade has CRA registered and non-registered accounts. One are free to select both RRSP and TFSA account types during the setup phase. 

But Does Wealthsimple Trade Offer a Mobile App?

Yes, Wealthsimple Trade offers a modern mobile app offered on both IOS and also Google Play. The mobile app makes the enrollment process and the trading of stocks and ETFs truly easy.

So Is Wealthsimple Trade Trustworthy?

Definitely. Wealthsimple Trade is safe. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management . They have been in business for more than 7 years and also employs about 600 folks. The majority shareholder is the large publicly traded Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage to operate in Canada.

So How Can I Fund a Wealthsimple Trade Account?

The Wealthsimple Trade smartphone app makes it quite simple to deposit to a new account. Just connect the app to a chequing or savings account to your Trade account, and add funds to your account in simply a few clicks. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can the same way can be withdrawn a chequing or savings account by the exact same process.

What Additional Benefits and Products Are Available?

Wealthsimple Cash – An equivalent to Interac E-Transfers that allow you to quickly and simply transfer money to friends and family in Canada.

Wealthsimple Tax – Everything you require to prepare for this tax season and submit your taxes online for free. It’s pitched to be simple, accurate and always free income tax filing.

Wealthsimple Spend – A hybrid prepaid debit card and savings account which lets you to earn 1% cashback on your everyday purchases, as well as get a competitive 1.5% interest rate on savings.

Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a bunch of courses on topics like saving, investing, crypto, home buying and much more. 

Every one of the listed products, along with Wealthsimple Trade can be found inside the mobile app or at the website with a single login.

But How do I Begin With Wealthsimple Trade?

Click here to register for a new Wealthsimple Trade account. For a special signup bonus for our audience you’ll get the cash value of a random stock worth up to $4,500 CAD when you fund your account.

But What if I Still Have Additional Questions Related to Can You Trade Options On Wealthsimple?

If this blog post still hasn’t answered each of your questions, and you’re still looking for additional specific answers about Can You Trade Options On Wealthsimple, go to the Wealthsimple website for answers to every one of your questions.