What Exactly is Wealthsimple?
Wealthsimple is an easy to use Canadian online Financial, stock and crypto trading platform that distinguishes itself from similar apps by charging absolutely no fees.
A Toronto, Ontario based online financial services company founded in Autumn of 2014 exclusively as a robo-advisor algorithmic automated trading platform named Wealthsimple Invest, it has evolved substantially over the previous 8 years to also feature Wealthsimple Trade, a no fee discount brokerage service.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian investors trade stand alone stocks and also ETFs without paying any fees. The exception to this is when you’re trading stocks and ETFs which are denominated in USD currency. In which case, they will charge a nominal currency conversion fee both when buying and selling. However, behind us are the days of having to pay $7-12 per trade with digital discount brokerages as was common only a couple years ago.
How Much Cash Will I Need in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool such that they will allow Canadian investors to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of 1K-5K. This makes it difficult for the everyday investor to start investing. With Wealthsimple Trade, you don’t need to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Have Registered 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 phase.
But Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade offers a modern mobile app that is offered to download on Apple and Android. The app makes the registration phase and also the trading of stocks and ETFs truly painless.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is safe. Wealthsimple boasts in excess of 15 billion CAD of Assets Under Management (AUM). They have been doing business for more than 7 years and employs about 600 folks. The controlling owner is the public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fees online brokerage operating in Canada.
So How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it quite easy to add money to a new account. Simply connect the app to a chequing or savings account with your Trade account, then fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple usually take just a few days. Funds can also be withdrawn a chequing or savings account using the same process.
What Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to Interac e-transfers that allows one to quickly and efficiently send cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax season and file your tax return online free. It’s advertised as easy, accurate and always totally free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings product that lets one to earn 1% cashback on all your spending, and also earn a competitive 1.5% interest rate on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform that offers a bunch of online courses on saving, investing, crypto, home buying and much more.
All of the above products, including Wealthsimple Trade may be found on the app and on the site with a single login.
So How Should I Start Using Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. As a special signup bonus offer to our readers you’ll get the equivalent cash value of a share worth $25 up to $4,500 Canadian once you make an initial deposit to your account.
So What if I Still Have Questions Related to S&p 500 Wealthsimple?
If this blog post hasn’t answered all of your questions, and you’re still browsing for more specific facts about S&p 500 Wealthsimple, check out the Wealthsimple site for answers to every one of your questions.