What is Wealthsimple?
Wealthsimple is a simple to use Canadian online investing, stock plus crypto trading platform that sets itself apart from the competition by charging absolutely no fees.
A Toronto, Ontario based fintech business launched in Autumn 2014 exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed significantly over the previous 8 years to include Wealthsimple Trade, a no fee discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade allows Canadian investors trade single stocks and also ETFs without paying fees. The exception to this is when you’re trading securities which are displayed in USD currency. In which case, they do charge a small currency conversion fee when buying and selling. But, past us are the days of having to pay Upwards of $7 for each trade with discount brokerages as was the norm only a few years ago.
Exactly How Much Money Will I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is unique in that they will allow Canadians to make a minimum deposit of just $1. The majority of traditional banks and discount brokerages have large minimum deposit amounts of $1,000-$5000. This makes it difficult for the normal new investor to get started. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
But Does Wealthsimple Trade Have RRSP Accounts?
Yes. Wealthsimple Trade has available both CRA registered and non-registered accounts. You can choose both RRSP and TFSA accounts during the setup process.
Does Wealthsimple Trade Have a Mobile Application?
Yes, Wealthsimple Trade has a convenient mobile app offered on Apple and also Android. The mobile app makes the signup steps and the trading of stocks and ETFs very painless.
But Is Wealthsimple Trade Safe?
Of course. Wealthsimple Trade is secure. Wealthsimple reports more than 15 billion Canadian in Assets Under Management (AUM). This company has been doing business for more than 7 years and now employs roughly 600 folks. The majority owner is the respected publicly traded Canadian conglomerate Power Corp of Canada. Weapthsimple Trade is the very first no-fee online discount brokerage operating in Canada.
How Can I Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it incredibly easy to add funds to an account. Simply connect the app to a chequing or savings account with your Trade account, and then fund your account in simply a couple of steps. Deposits from financial institutions to Wealthsimple normally take only a couple of days. Funds can also be moved back to a chequing or savings accounts through the same steps.
What Other Features and Products Does Wealthsimple Offer?
Wealthsimple Cash – This is 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 season and submit your taxes online for free. It’s pitched as simple, accurate and always free income tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product which allows one to earn 1% cashback on all your purchases, as well as earn a competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance education platform which offers a bunch of online courses on saving, investments, crypto, real estate and more.
Each of the listed features, along with Wealthsimple Trade can be accessed within the app and from their site with your Wealthsimple login.
But How Can I Begin With Wealthsimple Trade?
Click here to signup for your Wealthsimple Trade account. As an exclusive signup bonus offer to our readers you’ll get the cash value of a share worth $25 up to $4,500 CAD as soon as you fund your account.
What if I Still Have Additional Questions Related to Wealthsimple 4x Reward?
If this review hasn’t answered all of your questions, and you’re still looking for further specific answers relating to Wealthsimple 4x Reward, go to the Wealthsimple website for answers to every one of your questions.