What Exactly is Wealthsimple?
Wealthsimple is a simple to use Canadian digital Financial, stock plus crypto trading app that differentiates itself from other apps by charging absolutely no fees.
A Toronto, Ontario based online financial services business launched in Autumn of 2014 exclusively as a robo-advisor trading app called Wealthsimple Invest, it has changed significantly over the last 8 years to include Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade lets investors to trade both single stocks and also ETFs without needing to pay commissions. The exception to this is when trading ETFs and stocks that are listed in USD currency. In that case, they do charge a small currency conversion fee both when buying and selling. But, past us are the times of having to pay $7-12 per trade with digital discount brokerages as was normal just a couple years past.
How Much in Funds Will I Need to Have in Order to Start on Wealthsimple Trade?
Wealthsimple is unique in that they allow new customers to make a minimum deposit of just $1. Many alternative banks and brokerages have sizeable minimum deposit amounts of $1000-5k. This makes it impossible for the everyday investor to start investing. With Wealthsimple Trade, one doesn’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-registered account types. You are able to choose between both RRSP and TFSA account types during the setup wizard.
Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is available on both iOS and also Google Play. The smartphone app makes the signup phase and the trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Secure?
Definitely. Wealthsimple Trade is secure. Wealthsimple boasts more than 15 billion CAD of Assets Under Management . These folks have been expanding for more than 7 years and employs over 600 Canadians. The majority owner is the large public Canadian corporation Power Corp of Canada. Weapthsimple Trade was the first no-fees digital brokerage operating in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it so straight forward to add funds to an account. Simply connect a chequing or savings account to your Trade account, and fund your account in only a couple of steps. Deposits from your bank to Wealthsimple typically take just a few days. Funds can the same way can be withdrawn a chequing or savings account by using the same process.
Which Additional Features and Products Are Available?
Wealthsimple Cash – This is alternative to Interac e-Transfers that allow anyone to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for tax season and file your tax return online free. It’s pitched to be easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid prepaid visa and savings product which lets one to earn 1% cashback on all your purchases, as well as earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform which offers a variety of different online courses on different topics such as saving, investments, crypto, mortgages and more.
All of the listed products, including Wealthsimple Trade may be accessed inside the mobile app or from the website with a single login.
But How Can I Get Started With Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. As a special registration bonus for our audience you’ll receive the cash value of a Canadian stock worth up to $4,500 CAD when you fund your account.
But What if I Still Have Additional Questions About How Much Is Wealthsimple Worth?
If this review hasn’t answered all of your questions, and you’re still looking for more specific answers relating to How Much Is Wealthsimple Worth, go to the Wealthsimple site to get answers to every one of your questions.