What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock plus crypto trading app that differentiates itself from similar apps by charging absolutely no fees.
A online financial services company founded in Fall 2014 exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed substantially over the past eight years to also include Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade allows investors to trade both single stocks and also ETFs without having to pay fees. The exception to this is when you’re trading stocks that are listed in USD currency. In which case, they charge a small currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 per trade with online discount brokerages as was common only a couple years ago.
Exactly How Much in Funds Will I Need to Start on Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadians to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have quite large initial deposit amounts of 1k-5k. This makes it difficult for the everyday investor to get started. With Wealthsimple Trade, one doesn’t need to be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade offers both registered and non-CRA-registered account types. One can choose between both RRSP and TFSA account types during the setup phase.
So Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is available on Apple and also Android. The app makes the registration process and trading of stocks and ETFs incredibly a breeze.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports in excess of 15 billion CAD of Assets Under Management (AUM). they’ve been doing business for more than 7 years and employs about 600 folks. The controlling shareholder is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the very first no-fee online brokerage operating in Canada.
How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to deposit to your new account. Simply connect to a chequing or savings account to your Trade account, and add funds to your account in only a few clicks. Deposits from your bank to Wealthsimple typically take only a few days. Funds can also be withdrawn a chequing or savings account through the same process.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is alternative to E-transfers that allow you to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your taxes online free. It’s pitched as simple, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets one to earn 1% cashback on your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of online courses on different topics such as saving, investing, crypto, home buying and much more.
All of the above features, along with Wealthsimple Trade may be accessed in the app or from their site with one login.
But How Can I Get Started With Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will get the cash value of a Canadian stock valued at up to $4,500 Canadian as soon as you add funds to your account.
What if I Still Have Questions Related to E Transfer To Wealthsimple?
If this article still hasn’t answered all of your questions, and you’re looking for further specific info relating to E Transfer To Wealthsimple, go to the Wealthsimple site for answers to every one of your questions.