What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian digital investing, stocks plus crypto trading web app that distinguishes itself from other apps by charging absolutely no fees.
A online financial services business launched in Autumn of 2014 exclusively as a robo advisor trading app named Wealthsimple Invest, it has changed considerably over the previous eight years to also include Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian consumers trade single stocks and ETFs without paying any fees. The exception to this is when trading stocks which are displayed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. But, behind us are the times of paying Upwards of $7 per each trade with discount brokerages as was normal only a couple years past.
How Much in Funds Will I Need to Have to Begin Investing on Wealthsimple Trade?
Wealthsimple is special in that they will allow new customers to make a minimum deposit of just $1. Many alternative banks and brokerages have large initial deposit amounts of 1K-$5,000. This makes it difficult for the typical investor to get started. With Wealthsimple Trade, you don’t have to already be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has both CRA registered and non-registered account types. One are able to choose between both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a easy to use mobile app that is available on both iOS and also Android. The mobile app makes the signup steps and also trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Legit?
For sure. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian of Assets Under Management (AUM). These folks have been operating for more than 7 years and now employs more than 600 Canadians. The controlling owner is the respected publicly traded Canadian entity Power Corp of Canada. Weapthsimple Trade was the first no-fees online discount brokerage operating in Canada.
So How Do I Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it so straight forward to deposit to a new account. Just 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 banks to Wealthsimple typically take a few days. Funds can just as easily be withdrawn your chequing or savings account by the exact same steps.
Which Additional Benefits and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is equivalent to E-transfers which allow anyone to quickly and easily transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll require to get ready for this tax season and submit your tax return online free. It’s advertised to be simple, accurate and always free tax filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings product which allows you to earn 1% cashback on your purchases, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of different online courses on saving, investing, crypto, home buying and more.
Each of the listed features, along with Wealthsimple Trade can be accessed in the mobile app and at the website with one login.
How Should I Begin Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. For an exclusive registration bonus offer for our readers you’ll get the equivalent cash value of a random Canadian stock worth $25 up to $4,500 Canadian when you deposit to your account.
But What if I Still Have Questions Related to Mer Wealthsimple?
If this blog post hasn’t given you the answers to each of your questions, and you’re still looking for further specific answers relating to Mer Wealthsimple, check out the Wealthsimple site to get answers to all your questions.