What is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian online investing, stock and crypto trading platform that differentiates itself from other apps by charging no fees.
A online financial services company founded in Fall of 2014 originally as a robo advisor automated trading app named Wealthsimple Invest, it has evolved significantly over the last 8 years to also feature Wealthsimple Trade, a zero fee discount brokerage service.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets Canadian consumers to trade both single stocks and also ETFs without paying any commissions. The exception is when trading securities which are listed in USD currency. In which case, they will charge a currency conversion fee when buying and selling. However, past us are the times of paying $7-12 per trade with online discount brokerages as was expected only a few years past.
How Much in Funds Will I Need in Order to Begin Investing on Wealthsimple Trade?
Wealthsimple is awesome such that they will allow investors to make a minimum deposit of only $1. Most alternative banks and discount brokerages have large initial deposit amounts of 1k-5K. This makes it difficult for the everyday new investor to start investing. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have Registered Accounts?
It does. Wealthsimple Trade has both CRA registered and non-registered account types. One may choose both RRSP and TFSA accounts in the setup process.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade offers a well designed mobile app offered on Apple and Android. The mobile app makes the registration process and also the trading of stocks and ETFs simple.
So Is Wealthsimple Trade Legit?
Of course. Wealthsimple Trade is legit. Wealthsimple boasts more than 15 billion Canadian in Assets Under Management (AUM). These folks have been expanding for more than 7 years and also employs roughly 600 folks. The primary owner is the large public Canadian conglomerate Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage operating in Canada.
How Can I Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly straight forward to add money to your new account. Simply connect the app to a chequing or savings account to your Trade account, and then add money to 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 accounts through the same method.
Which Other Features and Products Are Offered by Wealthsimple?
Wealthsimple Cash – This is equivalent to e-transfers which allows one to quickly and simply transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your tax return online for free. It’s pitched as simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to get 1% cashback on your spending, and also get a very competitive 1.5% interest rate on savings.
Personal Finance 101 – Wealthsimple’s free personal finance platform which includes a bunch of courses on saving, investments, crypto, mortgages and more.
All of the above products, along with Wealthsimple Trade can be accessed on the app and from their site with a single login.
But How do I Start With Wealthsimple Trade?
Click here to register for a Wealthsimple Trade account. As a special registration bonus offer for our readers you will receive the cash value of a stock worth $25 up to $4,500 CAD once you fund your account.
What if I Still Have Additional Questions About Veqt Wealthsimple Trade?
If this review hasn’t given you the answers to all of your questions, and you’re browsing for further specific answers relating to Veqt Wealthsimple Trade, check out the Wealthsimple site for answers to each your questions.