What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock and crypto trading web app that sets itself apart from its competitors by charging absolutely no fees.
A fintech company launched in the Fall 2014 exclusively as a robo-advisor algorithmic trading platform called Wealthsimple Invest, it has evolved substantially over the past eight years to feature Wealthsimple Trade, a no fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and ETFs without paying commissions. The exception to this is when you’re trading stocks and ETFs which are listed in US Dollars. In that case, they will charge a currency conversion fee both when buying and selling. But, behind us are the times of paying more than $7 per trade with online discount brokerages as was the norm a few years past.
How Much in Funds do I Need to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they allow Canadian investors to make a minimum deposit of just $1. The majority of alternative banks and brokerages have large initial deposit amounts of 1K-5K. This makes it tough for the everyday investor to start investing. With Wealthsimple Trade, you won’t need to be wealthy to get started with trading stocks and ETFs.
But Does Wealthsimple Trade Offer TFSA Accounts?
It does. Wealthsimple Trade has both registered and non-registered accounts. One may choose between both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app that is offered on both IOS and Google Play. The mobile app makes the enrollment process and also trading of stocks and ETFs truly easy.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is trustworthy. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). They have been operating for more than 7 years and at this time employs about 600 Canadians. The primary owner is the admired public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the first no-fee digital brokerage operating in Canada.
How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it incredibly straight forward to fund your account. Just connect a chequing or savings account to your Trade account, and then fund your account in simply a couple of steps. Deposits from your bank to Wealthsimple normally take a few days. Funds can also be withdrawn a chequing or savings account with the same steps.
Which Other Features and Products Are Available?
Wealthsimple Cash – An equivalent to Interac E-Transfers that allows you to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to get ready for this tax season and file your tax return online free. It’s described as easy, accurate and always free tax return filing.
Wealthsimple Spend – A hybrid pre paid debit card and savings account that allows one to earn 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance platform that offers a bunch of online courses on topics like saving, investing, crypto, mortgages and much more.
Every one of the listed features, including Wealthsimple Trade may be accessed within the mobile app and at their website with your Wealthsimple login.
But How do I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus offer for our audience you’ll receive the equivalent cash value of a stock valued at $25 up to $4,500 Canadian when you make an initial deposit to your account.
So What if I Still Have Additional Questions About Penny Stocks On Wealthsimple?
If this blog post didn’t answered all of your questions, and you’re looking for more specific facts about Penny Stocks On Wealthsimple, check out the Wealthsimple website for answers to every one of your questions.