What is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stock plus crypto trading web app that distinguishes itself from other apps by charging absolutely no fees.
A leading Canadian online financial services business founded in Fall 2014 exclusively as a robo-advisor algorithmic automated trading platform called Wealthsimple Invest, it has grown significantly over the last eight years to also include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Its Users Fees?
Wealthsimple Trade allows consumers to trade both single stocks and also ETFs without paying any commissions. The exception is when you’re trading stocks and ETFs which are denominated in US Dollars. In this case, they will charge a nominal currency conversion fee both when buying and selling. However, past us are the times of having to pay more than $7 per each trade with digital discount brokerages as was common only a couple years ago.
How Much in Funds Will I Need to Have to Begin Investing With Wealthsimple Trade?
Wealthsimple is special such that they will allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of $1,000-5K. This makes it impossible for the everyday new investor to start investing. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Offer RRSP Accounts?
It does. Wealthsimple Trade has both registered and non-registered account types. You are free to choose both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a modern mobile app that is available to download on iOS and Google Play. The smartphone app makes the registration process and also trading of stocks and ETFs easy.
But Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is secure. Wealthsimple has in excess of 15 billion Canadian in Assets Under Management (AUM). These folks have been operating for more than 7 years and currently employs roughly 600 people. The majority owner is the admired publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the very first no-fees digital discount brokerage to operate in Canada.
How Do I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it very easy to deposit to your new 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 clicks. Deposits from your bank to Wealthsimple typically take a few days. Funds can also be moved to a chequing or savings account with the exact same method.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An alternative to E-Transfers which allow one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and submit your taxes online for free. It’s pitched as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A hybrid prepaid debit card and savings product which allows you to earn 1% cashback on your everyday purchases, as well as earn a 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 saving, investments, crypto, home buying and much more.
Every one of the above features, including Wealthsimple Trade may be accessed inside the app and at their website with a single login.
So How Should I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. For a special signup bonus to our audience you will get the equivalent cash value of a stock valued at $25 up to $4,500 Canadian as soon as you add funds to your account.
But What if I Still Have Questions Related to Growth Portfolio Wealthsimple?
If this review hasn’t given you the answers to all of your questions, and you’re still searching for further answers relating to Growth Portfolio Wealthsimple, go to the Wealthsimple site to get answers to all your questions.