What Exactly is Wealthsimple?
Wealthsimple is a convenient and easy to use Canadian web based investing, stocks plus crypto trading app that sets itself apart from its competitors by charging no fees.
A online financial services company founded in the Fall 2014 originally as a robo-advisor algorithmic automated trading app named Wealthsimple Invest, it has improved significantly over the last 8 years to feature Wealthsimple Trade, a zero fees discount brokerage app.
Does Wealthsimple Trade Charge Any Fees?
Wealthsimple Trade lets Canadian investors to trade single stocks and also ETFs without needing to pay fees. The exception to this is when trading securities which are displayed in USD. In that case, they charge a small currency conversion fee both when buying and selling. But, behind us are the times of paying $7-12 for each trade with discount brokerages as was normal just a few years ago.
How Much Cash Will I Need to Have in Order to Get Started With Wealthsimple Trade?
Wealthsimple is awesome such that they will allow Canadians to make a minimum deposit of only $1. Most traditional banks and brokerages have quite large minimum deposit amounts of $1000-5k. This makes it impossible for the typical investor to start. With Wealthsimple Trade, one doesn’t need to already be wealthy to start trading stocks and ETFs.
Does Wealthsimple Trade Have RRSP Accounts?
They do. Wealthsimple Trade offers registered and non-registered accounts. One are able to select both RRSP and TFSA account types during the setup process.
Does Wealthsimple Trade Offer a Mobile App?
Yes, Wealthsimple Trade has a convenient mobile app that is offered on IOS and also Google Play. The smartphone app makes the signup steps and trading of stocks and ETFs a breeze.
So Is Wealthsimple Trade Trustworthy?
Most definitely. Wealthsimple Trade is trustworthy. Wealthsimple reports over 15 billion Canadian of Assets Under Management (AUM). They have been expanding for more than 7 years and employs over 600 folks. The controlling owner is the respected public Canadian company Power Corp of Canada. Weapthsimple Trade was the very first no-fee digital discount brokerage to operate in Canada.
So How Does One Add Money to a Wealthsimple Trade Account?
The Wealthsimple Trade mobile app makes it straight forward to add funds to your new account. Simply connect the app to a chequing or savings account to your Trade account, and then fund your account in only a few clicks. Deposits from financial institutions to Wealthsimple normally take just a couple of days. Funds can also be moved back to a chequing or savings accounts using the exact same method.
What Additional Benefits and Products Are Available?
Wealthsimple Cash – This is alternative to Interac E-Transfers which allows anyone to quickly and efficiently transfer cash to friends and family in Canada.
Wealthsimple Tax – Everything you require to prepare for tax season and submit your taxes online free. It’s pitched to be easy, accurate and always free tax return filing.
Wealthsimple Spend – A combination prepaid visa and savings account which lets you to earn 1% cashback on all your everyday spending, as well as get a very competitive 1.5% interest on savings.
Personal Finance 101 – This is Wealthsimple’s free personal finance learning platform which offers a bunch of online courses on saving, investing, crypto, home buying and much more.
Every one of the mentioned products, including Wealthsimple Trade can be accessed within the app and from their site with one login.
But How do I Start Using Wealthsimple Trade?
Click here to setup a new Wealthsimple Trade account. As a special registration bonus to our readers you’ll get the cash value of a random Canadian stock worth up to $4,500 CAD once you make an initial deposit to your account.
So What if I Still Have Questions Concerning Wealthsimple Card?
If this article still hasn’t answered all of your questions, and you’re still browsing for additional specific facts relating to Wealthsimple Card, go to the Wealthsimple website to find answers to all your questions.