What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, securities and crypto trading platform that differentiates itself from other apps by charging no fees.
A leading Canadian fintech company launched in Autumn 2014 exclusively as a robo-advisor automated trading app named Wealthsimple Invest, it has improved substantially over the last eight years to also feature Wealthsimple Trade, a zero fees discount brokerage service.
Does Wealthsimple Trade Charge Fees?
Wealthsimple Trade allows investors trade both stand alone stocks and ETFs without paying fees. The exception is when you’re trading securities that are denominated in USD currency. In which case, they will charge a currency conversion fee both when buying and selling. But, behind us are the times of paying $7-12 per trade with online discount brokerages as was common just a couple years past.
Exactly How Much in Funds Will I Need to Have in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is cool in that they allow investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large initial deposit amounts of $1000-5k. This makes it impossible for the normal investor to get started. With Wealthsimple Trade, you won’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
It does. Wealthsimple Trade has registered and non-CRA-registered accounts. One are able to select between both RRSP and TFSA account types during the setup wizard.
So Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade offers a convenient mobile app available on both iOS and Android. The mobile app makes the registration steps and trading of stocks and ETFs truly simple.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). They have been operating for more than 7 years and now employs roughly 600 folks. The controlling owner is the public Canadian entity Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
So How Do I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly simple to add funds to a new account. Simply connect the app to a chequing or savings account to your Trade account, then add funds to your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can just as easily be moved back to your chequing or savings accounts with the same process.
What Additional Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac E-transfers which allow you to quickly and efficiently send money to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and submit your taxes online free. It’s pitched as easy, accurate and always free tax filing.
Wealthsimple Spend – A combination pre paid debit card and savings account which allows you to earn 1% cashback on your purchases, as well as get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a variety of different courses on saving, investing, crypto, mortgages and more.
Every one of the listed products, including Wealthsimple Trade may be accessed in the mobile app and at their website with your Wealthsimple login.
But How do I Begin Using Wealthsimple Trade?
Click here to signup for a Wealthsimple Trade account. For a special registration bonus for our audience you will receive the equivalent cash value of a random share worth up to $4,500 Canadian as soon as you add funds to your account.
So What if I Still Have Questions Related to Resp Wealthsimple?
If this blog post didn’t answered each of your questions, and you’re still looking for more info relating to Resp Wealthsimple, check out the Wealthsimple website for answers to each your questions.