What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, securities plus crypto trading platform that distinguishes itself from other apps by charging absolutely no fees.
A fintech company founded in the Autumn 2014 exclusively as a robo-advisor trading app called Wealthsimple Invest, it has grown considerably over the last 8 years to also include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers to trade both single stocks and ETFs without having to pay any commissions. The exception is when you’re trading stocks and ETFs that are denominated in USD. In this case, they charge a currency conversion fee when buying and selling. However, past us are the days of having to pay $7-12 per each trade with discount brokerages as was common only a couple years ago.
How Much in Funds Will I Need to Have to Start on Wealthsimple Trade?
Wealthsimple is unique such that they allow new customers to make a minimum deposit of only $1. The majority of alternative banks and discount brokerages have sizeable initial deposit amounts of $1000-5K. This makes it difficult for the normal new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer Registered Accounts?
Yes. Wealthsimple Trade offers both registered and non-registered account types. One can choose both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app offered on both iOS and Android. The app makes the enrollment steps and the trading of stocks and ETFs easy.
Is Wealthsimple Trade Trustworthy?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts over 15 billion CAD in Assets Under Management . This company has been expanding for more than 7 years and right now employs roughly 600 people. The main owner is the public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so easy to add funds to your account. Simply connect the app to a chequing or savings account with your Trade account, and then add money to your account in just a few steps. Deposits from banks to Wealthsimple typically take a few days. Funds can also be withdrawn your chequing or savings accounts by the exact same process.
What Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to E-transfers that allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to prepare for this tax year and submit your tax return online free. It’s described as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which allows you to earn 1% cashback on all your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a ton of different courses on saving, investments, crypto, mortgages and much more.
All of the above products, along with Wealthsimple Trade can be accessed in the app and on the site with your Wealthsimple login.
But How Can I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus offer to our readers you will get the equivalent cash value of a random stock worth $25 up to $4,500 CAD when you fund your account.
What if I Still Have Additional Questions Concerning Does Wealthsimple Have Fees?
If this blog post still hasn’t answered all of your questions, and you’re searching for further specific answers relating to Does Wealthsimple Have Fees, go to the Wealthsimple site for answers to each your questions.