What is Wealthsimple?
Wealthsimple is an easy to use Canadian web based Financial, stock and crypto trading platform that sets itself apart from other apps by charging absolutely no fees.
A Toronto, Ontario based fintech business founded in the Fall 2014 originally as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has changed considerably over the previous 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers trade individual stocks and ETFs without having to pay any fees. The exception is when you’re trading securities which are displayed in USD. In this case, they do charge a currency conversion fee both when buying and selling. But, gone are the days of paying $7-12 per trade with discount brokerages as was the norm a few years ago.
How Much Cash Will I Need in Order to Get Started With Wealthsimple Trade?
Wealthsimple is cool such that they will allow investors to make a minimum deposit of only $1. Many alternative banks and discount brokerages have sizeable initial deposit amounts of 1k-$5,000. This makes it tough for the every day new investor to start investing. With Wealthsimple Trade, one doesn’t have to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
They do. Wealthsimple Trade has available both registered and non-CRA-registered accounts. You are free to choose between both RRSP and TFSA accounts in the setup wizard.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available to download on both Apple and also Android. The smartphone app makes the signup steps and the trading of stocks and ETFs very easy.
Is Wealthsimple Trade Secure?
Yes. Wealthsimple Trade is trustworthy. Wealthsimple reports more than 15 billion CAD of Assets Under Management . they’ve been operating for more than 7 years and currently employs about 600 Canadians. The main owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital brokerage to operate in Canada.
So How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it straight forward to add funds to a new account. Simply connect a chequing or savings account with your Trade account, and then fund your account in just a few clicks. Deposits from financial institutions to Wealthsimple usually take only a few days. Funds can just as easily be withdrawn your chequing or savings accounts by using the same steps.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is alternative to e-transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for this tax year and submit your tax return online free. It’s described as easy, accurate and always free income tax filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product that lets you to get 1% cashback on all your spending, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a variety of different courses on saving, investing, crypto, mortgages and more.
All of the listed features, including Wealthsimple Trade may be found inside the app or at the website with one login.
But How do I Start With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. For an exclusive signup bonus offer for our readers you will receive the equivalent cash value of a Canadian stock valued at $25 up to $4,500 Canadian once you add funds to your account.
So What if I Still Have Questions About Giving Sin To Wealthsimple?
If this blog post still hasn’t given you the answers to each of your questions, and you’re still searching for additional specific answers about Giving Sin To Wealthsimple, visit the Wealthsimple website for answers to every one of your questions.