What is Wealthsimple?
Wealthsimple is a simple to use Canadian web based Financial, securities plus crypto trading platform that sets itself apart from similar apps by charging no fees.
A Toronto, Ontario based online financial services company launched in Autumn of 2014 originally as a robo-advisor algorithmic trading app named Wealthsimple Invest, it has improved considerably over the last eight years to include Wealthsimple Trade, a zero fee discount brokerage app.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows consumers trade both stand alone stocks and ETFs without needing to pay fees. The exception is when trading stocks and ETFs which are denominated in USD. In that case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of having to pay more than $7 for each trade with online discount brokerages as was common only a couple years past.
How Much in Funds do I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is special such that they will allow Canadian investors to make a minimum deposit of only $1. Most traditional banks and brokerages have large initial deposit amounts of 1k-5k. This makes it difficult for the typical new investor to start investing. With Wealthsimple Trade, you won’t have to be wealthy to get started with trading stocks and ETFs.
Does Wealthsimple Trade Have TFSA Accounts?
It does. Wealthsimple Trade offers both CRA registered and non-registered accounts. You can select both RRSP and TFSA account types in the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a modern mobile app available on both IOS and Google Play. The smartphone app makes the registration steps and trading of stocks and ETFs truly easy.
Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion CAD of Assets Under Management (AUM). This company has been in business for more than 7 years and also right now employs roughly 600 people. The majority owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online discount brokerage to operate in Canada.
But How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very simple to fund your new account. Just connect to a chequing or savings account to your Trade account, and then add money to your account in just a few clicks. Deposits from financial institutions to Wealthsimple typically take only a few days. Funds can the same way can be moved back to your chequing or savings account by using the exact same process.
What Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to Interac e-Transfers which allow anyone to quickly and easily send cash to friends and family in Canada.
Wealthsimple Tax – Everything you need to prepare for this tax year and file your taxes online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A hybrid pre paid visa and savings product that allows you to recieve 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance education platform that includes a bunch of different online courses on saving, investments, crypto, real estate and much more.
All of the above products, along with Wealthsimple Trade may be accessed inside the mobile app and on their site with one login.
So How Can I Get Started Using Wealthsimple Trade?
Click here to create a Wealthsimple Trade account. For a special registration bonus to our readers you’ll get the cash value of a stock valued at up to $4,500 CAD when you fund your account.
What if I Still Have Questions About Robinhood Vs Wealthsimple?
If this review didn’t given you the answers to each of your questions, and you’re still looking for further answers about Robinhood Vs Wealthsimple, visit the Wealthsimple site for answers to all your questions.