What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian digital Financial, securities and crypto trading app that distinguishes itself from other apps by charging absolutely no fees.
A fintech business founded in Fall 2014 originally as a robo-advisor algorithmic automated trading app called Wealthsimple Invest, it has grown significantly over the last 8 years to also include Wealthsimple Trade, a no fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors trade individual stocks and ETFs without paying any commissions. The exception is when you’re trading securities which are displayed in USD currency. In that case, they do charge a currency conversion fee both when buying and selling. But, past us are the days of paying $7-12 per trade with digital discount brokerages as was expected just a couple years past.
Exactly How Much Money Will I Need in Order to Start Investing With Wealthsimple Trade?
Wealthsimple is unique such that they allow Canadians to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large min deposit amounts of $1,000-5k. This makes it impossible for the every day new investor to start investing. With Wealthsimple Trade, you won’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered account types. One are free to select both RRSP and TFSA account types in the setup phase.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a easy to use mobile app that is available on both IOS and Google Play. The app makes the registration phase and also trading of stocks and ETFs very a breeze.
So Is Wealthsimple Trade Trustworthy?
Of course. Wealthsimple Trade is legit. Wealthsimple has more than 15 billion CAD in Assets Under Management (AUM). This company has been doing business for more than 7 years and employs more than 600 Canadians. The primary owner is the publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees digital brokerage to operate in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to a new account. Simply connect a chequing or savings account to your Trade account, and then add funds to your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple usually take just a couple of days. Funds can just as easily be withdrawn a chequing or savings account through the exact same process.
Which Additional Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – An equivalent to e-transfers that allow you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to prepare for tax year and file your taxes online free. It’s pitched as simple, accurate and always free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings account that lets you to earn 1% cashback on your everyday purchases, as well as earn a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of online courses on topics like saving, investing, crypto, real estate and much more.
Each of the mentioned features, along with Wealthsimple Trade may be found on the app and at their site with one login.
But How Should I Get Started Using Wealthsimple Trade?
Click here to setup a Wealthsimple Trade account. As a special signup bonus offer for our readers you will receive the cash value of a random Canadian stock valued at $25 up to $4,500 CAD when you fund your account.
But What if I Still Have Additional Questions Concerning How To Trade On Wealthsimple?
If this blog post still hasn’t given you the answers to all of your questions, and you’re still looking for more specific answers relating to How To Trade On Wealthsimple, visit the Wealthsimple site to find answers to each your questions.