What is Wealthsimple?
Wealthsimple is an easy to use Canadian online investing, securities and crypto trading app that differentiates itself from its competitors by charging absolutely no fees.
A online financial services business founded in the Fall of 2014 exclusively as a robo advisor automated trading platform called Wealthsimple Invest, it has changed significantly over the previous eight years to include Wealthsimple Trade, a zero fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Type of Fees?
Wealthsimple Trade allows Canadian consumers to trade single stocks and ETFs without paying any fees. The exception to this is when trading stocks and ETFs that are displayed in USD currency. In this case, they do charge a nominal currency conversion fee both when buying and selling. However, behind us are the times of having to pay $7-12 per each trade with online discount brokerages as was the norm just a few years ago.
How Much in Funds Will I Need to Have in Order to Get Started on Wealthsimple Trade?
Wealthsimple is cool in that they will allow new customers to make a minimum deposit of just $1. Many traditional banks and discount brokerages have quite large min deposit amounts of 1k-5k. This makes it hard for the common new investor to get started. With Wealthsimple Trade, you don’t have to be wealthy to begin trading stocks and ETFs.
So Does Wealthsimple Trade Offer RRSP Accounts?
Yes. Wealthsimple Trade has available CRA registered and non-CRA-registered accounts. One may choose both RRSP and TFSA accounts in the setup wizard.
But Does Wealthsimple Trade Offer a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app offered on IOS and also Android. The app makes the signup phase and also the trading of stocks and ETFs truly a breeze.
But Is Wealthsimple Trade Legit?
. Wealthsimple Trade is safe. Wealthsimple has more than 15 billion CAD of Assets Under Management (AUM). they’ve been operating for more than 7 years and also now employs roughly 600 Canadians. The majority shareholder is the large publicly traded Canadian corporation Power Corp of Canada. Weapthsimple Trade is the very first no-fees online discount brokerage operating in Canada.
But How Does One Fund a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it quite straight forward to fund a new account. Simply connect to a chequing or savings account to your Trade account, and then fund your account in only a few clicks. Deposits from banks to Wealthsimple usually take a couple of days. Funds can the same way can be moved back to your chequing or savings accounts using the same method.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An equivalent to E-Transfers which allows one to quickly and simply send money to friends and family in Canada.
Wealthsimple Tax – Everything you require to get ready for tax year and file your tax return online for free. It’s advertised to be simple, accurate and always free tax return filing.
Wealthsimple Spend – A combination pre paid debit card and savings product that lets you to recieve 1% cashback on your spending, and also get a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform that includes a bunch of different courses on saving, investing, crypto, real estate and more.
All of the above features, along with Wealthsimple Trade can be found in the app and from their website with one login.
How do I Start Using Wealthsimple Trade?
Click here to register for your Wealthsimple Trade account. As a special registration bonus to our readers you’ll get the equivalent cash value of a random 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 Wealthsimple 0 Commission?
If this article hasn’t answered each of your questions, and you’re still looking for further facts about Wealthsimple 0 Commission, visit the Wealthsimple site for answers to all your questions.