What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian web based investing, stock plus crypto trading platform that distinguishes itself from its competitors by charging absolutely no fees.
A fintech company founded in the Autumn 2014 originally as a robo-advisor algorithmic trading platform named Wealthsimple Invest, it has changed considerably over the past eight years to feature Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian consumers trade single stocks and ETFs without needing to pay commissions. The exception is when trading securities that are listed in US Dollars. In that case, they do charge a currency conversion fee both when buying and selling. But, past us are the days of paying more than $7 per trade with online discount brokerages as was expected a couple years ago.
How Much Cash Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they allow Canadian investors to make a minimum deposit of just $1. Many traditional banks and discount brokerages have large initial deposit amounts of 1k-$5,000. This makes it hard for the everyday new investor to start. With Wealthsimple Trade, one doesn’t have to already be wealthy to begin trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade offers CRA registered and non-CRA-registered accounts. One can choose between both RRSP and TFSA account types during the setup phase.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available to download on both iOS and Google Play. The mobile app makes the registration steps and trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Safe?
Definitely. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD in Assets Under Management . These folks have been expanding for more than 7 years and now employs about 600 folks. The majority shareholder is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fee digital discount brokerage operating in Canada.
But How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to deposit to your account. Simply connect the app to a chequing or savings account with your Trade account, and add funds to your account in only a couple of clicks. Deposits from your bank to Wealthsimple usually take a couple of days. Funds can the same way can be moved to your chequing or savings accounts using the exact same method.
Which Other Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to Interac e-transfers which allows anyone to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and submit your tax return online free. It’s pitched to be simple, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid visa and savings product which lets one to get 1% cashback on your everyday spending, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that offers a variety of different online courses on different topics such as saving, investing, crypto, real estate and much more.
All of the above products, including Wealthsimple Trade can be found in the mobile app and at the website with your Wealthsimple login.
So How Should I Get Started With Wealthsimple Trade?
Click here to register for a new Wealthsimple Trade account. As a special signup bonus offer to our readers you’ll receive the cash value of a random share worth up to $4,500 Canadian when you add funds to your account.
But What if I Still Have Questions Related to Getting Started With Wealthsimple?
If this article hasn’t given you the answers to each of your questions, and you’re browsing for additional specific answers about Getting Started With Wealthsimple, check out the Wealthsimple website to find answers to each your questions.