What is Wealthsimple?
Wealthsimple is a simple to use Canadian digital investing, stocks and crypto trading platform that sets itself apart from other apps by charging no fees.
A fintech business founded in the Fall of 2014 exclusively as a robo advisor algorithmic trading app called Wealthsimple Invest, it has changed considerably over the past 8 years to include Wealthsimple Trade, a no fees discount brokerage platform.
Does Wealthsimple Trade Charge Any Kind of Fees?
Wealthsimple Trade lets consumers to trade both stand alone stocks and ETFs without having to pay any fees. The exception is when you’re trading ETFs and stocks that are denominated in US Dollars. In this case, they charge a small currency conversion fee when buying and selling. But, gone are the days of paying $7-12 per trade with digital discount brokerages as was the case only a few years ago.
Exactly How Much Cash do I Need to Have to Start With Wealthsimple Trade?
Wealthsimple is awesome such that they allow new customers to make a minimum deposit of only $1. The majority of traditional banks and discount brokerages have sizeable minimum deposit amounts of $1,000-$5,000. This makes it hard for the normal new investor to start. With Wealthsimple Trade, you don’t have to be wealthy to start trading stocks and ETFs.
So Does Wealthsimple Trade Offer Registered Accounts?
It does. Wealthsimple Trade has registered and non-registered accounts. You can select between both RRSP and TFSA account types during the setup wizard.
But Does Wealthsimple Trade Have a Mobile App?
Yes, Wealthsimple Trade offers a well designed mobile app that is available to download on iOS and Google Play. The app makes the enrollment process and the trading of stocks and ETFs incredibly easy.
So Is Wealthsimple Trade Secure?
For sure. Wealthsimple Trade is safe. Wealthsimple reports in excess of 15 billion CAD in Assets Under Management (AUM). These folks have been expanding for more than 7 years and right now employs over 600 people. The main owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade is the first no-fee online discount brokerage to operate in Canada.
How Does One Deposit to a Wealthsimple Trade Account?
The Wealthsimple Trade smartphone app makes it very easy to add money to your account. Just connect the app to a chequing or savings account to your Trade account, then add money to your account in just a couple of steps. Deposits from your bank to Wealthsimple usually take a few days. Funds can just as easily be moved to your chequing or savings accounts using the exact same process.
Which Other Benefits and Products Are Offered by Wealthsimple?
Wealthsimple Cash – An alternative to E-Transfers which allow one to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you’ll need to get ready for this tax year and file your tax return online free. It’s advertised as simple, accurate and always totally free tax filing.
Wealthsimple Spend – A combination prepaid debit card and savings product that allows you to get 1% cashback on all your everyday purchases, and also get a very competitive 1.5% interest on savings.
Personal Finance 101 – Wealthsimple’s free personal finance learning platform that includes a ton of courses on saving, investing, crypto, home buying and more.
Each of the mentioned features, along with Wealthsimple Trade can be accessed on the mobile app and at their website with your Wealthsimple login.
How Should I Begin With Wealthsimple Trade?
Click here to create a new Wealthsimple Trade account. For an exclusive signup bonus for our audience you’ll receive the equivalent cash value of a share worth $25 up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions About Wealthsimple Bitcoin?
If this blog post didn’t answered all of your questions, and you’re still browsing for more information relating to Wealthsimple Bitcoin, go to the Wealthsimple site to get answers to each your questions.